/raid1/www/Hosts/bankrupt/TCRAP_Public/080905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, September 5, 2008, Vol. 11, No. 177

                            Headlines

A U S T R A L I A

ABC LEARNING: To Cut More Than 1,000 Part-Time Jobs
ABC LEARNING: Ex-Auditors Avoid Blame on Delayed Full-Year Results
A.C.N. 110 781 756: Final Meeting Slated for September 9
AC TIPPING: Placed Under Voluntary Liquidation
CONSOLIDATED LABOUR: To Declare Dividend on September 22

DEEPCLEAN PTY: To Declare Dividend on September 26
IAN M: Appoints Barry Cook as Liquidator
INTERNATIONAL AIRLINES: To Declare Dividend on September 26
JENKINS INTERNATIONAL: Final Meeting Set for September 26
PIPETECH EQUIPMENT: Placed Under Voluntary Liquidation

SHARPER IMAGE: Vornado Air Slams US$1 Million Legal Fee Requests
STYLE IMPORTS: Creditors' Final Meeting Set for September 16
TIPPING SALES: Appoints Barry Cook as Liquidator
VINEYARD MANAGEMENT: To Declare Dividend on September 15
WING HANG: Selling US$225 Million Perpetual Bonds


C H I N A

BANK OF CHINA: Mulls CNY3 Billion Bond Offering in Hong Kong
CHINA EASTERN: Nomura Securities Lowers Share Price to HK$1.07
HAINAN AIRLINES: Inks Joint Mileage Programme With China Airlines
ICBC: Completes Buyout of Worldsec Asset Management Limited
ICBC: To Purchase Russia-based Rosevrobank for US$850 Million

PORTOLA PACKAGING: U.S. Trustee Sets Sept. 8 Org. Meeting
PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca
* CHINA: Economy Will Maintain Strong Growth, HSBC Says


H O N G K O N G

ASCALADE ASSETS: Placed Under Voluntary Liquidation
DUPONT TEIJIN: Placed Under Voluntary Liquidation
HONG KONG PROFESSIONAL: Placed Under Voluntary Liquidation
J.D. EDWARDS: Lam and Toohey Cease to Act as Liquidators
MARTING (FAR EAST): Creditors' Proofs of Debt Due on September 29

NATIONAL POWER: Fitch Holds 'BB' Notes Rating; Outlook Stable
NATIONAL POWER: Fitch Affirms 'BB' Rating on US$300 Million Notes
PARROL LIMITED: Creditors' Proofs of Debt Due on September 29
SHUEN WING: Members' General Meeting Set for September 29
STAR GLORY: Derek and Haughey Cease to Act as Liquidators

THE RECRUITMENT: Appoints Chan Francis Chok Fai as Liquidator


I N D I A

CORE EMBALLAGE: Unsecured Trade Creditors' Meeting Set on Oct. 3
GENERAL MOTORS: Offering Retirement Incentives to Workers
ITI LTD: Director S P Sree Kumar Leaves Post
INDUSTRIAL CABLES: Mr. Chaudhry Seeks to Delist 17,98,350 Shares
S KUMARS.COM: To Issue Warrants at Rs 10.00 Each

THANA ELECTRIC: Reappoints Suresh Hemmady as Managing Director


J A P A N

DELPHI CORP: Reaches Agreement with Panel & WTC to Stay Process
DELPHI CORP: In Talks to Modify Bankruptcy Exit Plan
FORD MOTOR: Names Stephen Odell as Volvo Car's President and CEO
FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars
NIPPON SHEET: Faces JPY500 Mil. Penalty for Hiding Income

SKYLARK CO: Founding Family Withdraws From Management Team


K O R E A

LEHMAN BROTHERS: KDB Proposes to Acquire 25% Stake, Report Says


M A L A Y S I A

BSA INTERNATIONAL: Posts MYR31.55 Mil. Net Loss in 2nd Qtr. 2008
GOLD BRIDGE: Earns MYR844,000 in Quarter Ended June 30
PECD BERHAD: Incurs MYR24.87 Mil. Net Loss in Qtr. Ended June 30
SATANG HOLDINGS: Posts MYR7.14 Mil. Net Loss in FY 2008
HO HUP: Suspends Managing Director Dato' Low Tuck Choy

HO HUP: Lee Ong & Kandiah Demands MYR3.67 Million Payment


N E W  Z E A L A N D

BAY VILLAS: Wind-Up Petition Hearing Set for September 26
BOTRY-ZEN: Secures Additional Share Subscription
CHEN YIP: Commences Liquidation Proceedings
CONNEXIONZ LTD: Fails to Submit FY2008 Annual Report
EASI LAWN: Creditors' Proofs of Debt Due on September 12

GLEN INNES: Wind-Up Petition Hearing Set for September 26
GREEN POWER: Wind-Up Petition Hearing Set for September 26
HAPE SHEARING: Liquidators Set Sept. 22 as Claims Filing Deadline
JIAN HUA: Creditors' Proofs of Debt Due on September 12
MIRACLE MEND: Commences Liquidation Proceedings

SITA DEVELOPMENTS: Subject to Hopper Const.'s Wind-Up Petition
WAIPA WATER: Commences Liquidation Proceedings


S I N G A P O R E

AZEGO TECHNOLOGY: Court Enters Wind-Up Order
LASSETERS INTERNATIONAL: Posts AU$36.77 Mil. Net Loss in FY2008
SEA CONTAINERS: PBGC Says Disclosure Statement Lacks Information
SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement

SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement
SAMY'S CURRY: Court to Hear Petition on September 8
ZIGI ZAGI: Wind-Up Petition Hearing Set for September 19


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ABC LEARNING: To Cut More Than 1,000 Part-Time Jobs
---------------------------------------------------
ABC Learning Centres Ltd is planning to slash its part-time
workforce by 1,000 or more in an effort to save up to AU$26
million each year and stem losses that threaten the company's
future, the Australian reports.

The report relates that alongside its 16,000 permanent employees,
ABC employs up to 1600 part-time staff through agencies, but is
reworking the rosters and redeploying staff as part of the
overhaul of its Australian and New Zealand operations by chief
executive Eddy Groves.

According to the Australian, the cuts come as ABC's shares
continue to be suspended from trading.  The company is awaiting
sign-off from its new audit firm Ernst & Young, which is in the
process of restating the company's accounts, the report says.

Last year, the report notes, ABC swapped auditor Pitcher Partners
for the global top-three firm whose Australian chairman Brian Long
is regarded as the "auditor's auditor".

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2008, ABC requested on Aug. 21, 2008, a trading halt of
its securities from the Australian Stock Exchange to finalize and
provide further guidance relating to its full year results and
prior period adjustments arising out of a re-assessment of
accounting treatments.

The company said that the trading halt is expected to last until
it is in a position to give guidance or to announce its full year
results whichever is the earlier.

However, on Aug. 29, 2008, ABC said that it is not in a position
to release its 2008 full year result and will not comply with ASX
Listing Rule 4.3.

The company said that the work is currently being performed to
finalize the full year result and prior period adjustments arising
out of a re-assessment of accounting treatments is substantially
concluded and will be finalized as soon as possible.

The TCR-AP reported on Aug. 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

                       About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.


ABC LEARNING: Ex-Auditors Avoid Blame on Delayed Full-Year Results
------------------------------------------------------------------
The Herald Sun reports that the former auditors of ABC Learning
Centres Ltd distanced themselves from any responsibility for
delayed full-year results expected to show greater losses than
anticipated.

According to the Herald, Pitcher Partners managing partner Paul
Green said his firm ceased working with ABC last year and would
have had no knowledge of up to AU$200 million in additional
writedowns expected in addition to a pre-tax loss of AU$437
million already flagged.

The writedowns, the Herald relates, are thought to be related to
ABC's ill-fated expansion in the US and the partial sale of those
assets while some analysts believe an adjustment of earlier
accounts could result in the contravention of banking covenants.

"We haven't been involved since that time.  We haven't been
involved in recent discussions of prior year writedowns and
therefore are not able to comment," the Herald quotes Mr. Green as
saying.

Alan Kohler of the Business Spectator relates that in March 2007,
Pitcher Partners approached the company and said it could no
longer function as its auditor because of the expansion offshore.

The Business Spectator recounts that David Ryan, chairman of ABC,
and the audit committee settled on Ernst & Young and its senior
audit partner, Brian Long, who is regarded by many as Australia’s
top auditor.  It was agreed he would start with financial year
2008.

The Herald says ABC Learning chief executive Eddy Groves
reportedly told other media that differences between the two
accounting firms were to blame for a restatement of accounts.
That, in turn, had led to the delay in releasing results and an
ongoing share trading suspension.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2008, ABC requested on Aug. 21, 2008, a trading halt of
its securities from the Australian Stock Exchange to finalize and
provide further guidance relating to its full year results and
prior period adjustments arising out of a re-assessment of
accounting treatments.

The company said that the trading halt is expected to last until
it is in a position to give guidance or to announce its full year
results whichever is the earlier.

However, on Aug. 29, 2008, ABC said that it is not in a position
to release its 2008 full year result and will not comply with ASX
Listing Rule 4.3.

The company said that the work is currently being performed to
finalize the full year result and prior period adjustments arising
out of a re-assessment of accounting treatments is substantially
concluded and will be finalized as soon as possible.

The TCR-AP reported on Aug. 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

                  IMF Proposes to Fund Claims
                      Alleging Breaches

A TCR-AP report on July 23, 2008, said IMF (Australia) Limited
proposed to fund claims that certain current and former ABC
shareholders have against A.B.C. Learning Centres Limited.

IMF said the claims relate to alleged misleading and deceptive
conduct and alleged breaches by ABC of its continuous disclosure
obligations between August 27, 2007, and April 21, 2008 (the
period).

In particular, IMF said, the proposed proceedings are for
failure to disclose material information regarding the revenue
reported in its 2007 financial year accounts and for providing
guidance for the 2008 financial year without having a reasonable
basis for the guidance.

According to IMF, all shareholders who purchased ABC securities
in the period are eligible to participate in the claim which IMF
will fund subject to a level of participation acceptable to IMF.

ABC responded that the IMF announcement merely reflects an
intention by IMF to possibly fund a claim provided IMF obtains a
level of participation acceptable to IMF.  No claim may ever be
commenced.

If any claim is commenced, ABC said it will respond
appropriately.

ABC noted that its share price has been affected by a number of
factors including market rumours (subsequently shown to be
inaccurate) that the company may have been in breach of its
banking covenants, the exercise by some lenders of their right to
sell company shares pursuant to margin lending arrangements, the
well reported short selling in the company's shares, global credit
market conditions, general market volatility and other factors
previously disclosed to the market.

                       About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.


A.C.N. 110 781 756: Final Meeting Slated for September 9
--------------------------------------------------------
T. J. Clifton and M. C. Hall, A.C.N. 110 781 756 Pty Ltd's
appointed estate liquidators, will meet with the company's
creditors on Sept. 9, 2008, at 11:00 a.m. to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

          PPB Chartered Accountants
          10th Floor
          26 Flinders Street
          Adelaide SA 5000


AC TIPPING: Placed Under Voluntary Liquidation
----------------------------------------------
AC Tipping Pty Limited's members agreed on July 21, 2008, to
voluntarily liquidate the company's business.  Barry Cook was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Cook
          54 Beechwood Ave
          Greystanes NSW 2145
          Telephone (02) 9636 2845
          Facsimile (02) 9636 2845


CONSOLIDATED LABOUR: To Declare Dividend on September 22
--------------------------------------------------------
Consolidated Labour Pty Ltd, which is subject to Deed of Company
Arrangement, will declare dividend on Sept. 22, 2008.

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

The company's deed administrator is:

          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          406 Collins Street
          Melbourne VIC 3000


DEEPCLEAN PTY: To Declare Dividend on September 26
--------------------------------------------------
Deepclean Pty Ltd, which is subject to Deed of Company
Arrangement, will declare dividend on Sept. 26, 2008.

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

The company's deed administrator is:

          John Vouris
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000


IAN M: Appoints Barry Cook as Liquidator
----------------------------------------
Ian M Johnston Pty Limited's members agreed on July 21, 2008, to
voluntarily liquidate the company's business.  Barry Cook was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Cook
          54 Beechwood Ave
          Greystanes NSW 2145
          Telephone (02) 9636 2845
          Facsimile (02) 9636 2845


INTERNATIONAL AIRLINES: To Declare Dividend on September 26
-----------------------------------------------------------
International Airlines Services Pty Ltd, which is subject to Deed
of Company Arrangement, will declare dividend on Sept. 26, 2008.

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

The company's deed administrator is:

          John Vouris
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000


JENKINS INTERNATIONAL: Final Meeting Set for September 26
---------------------------------------------------------
R. M. Sutherland, Jenkins International Pty Ltd's appointed estate
liquidator, will meet with the company's members and creditors on
Sept. 26, 2008, at 9:30 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

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


PIPETECH EQUIPMENT: Placed Under Voluntary Liquidation
------------------------------------------------------
Pipetech Equipment Sales Pty Limited's members agreed on July 21,
2008, to voluntarily liquidate the company's business.  Barry Cook
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Cook
          54 Beechwood Ave
          Greystanes NSW 2145
          Telephone (02) 9636 2845
          Facsimile (02) 9636 2845


SHARPER IMAGE: Vornado Air Slams US$1 Million Legal Fee Requests
----------------------------------------------------------------
According to Bankruptcy Law360, Vornado Air LLC told the U.S.
Bankruptcy Court for the District of Delaware that it is opposing
the US$1 million in fee requests by lawyers and advisers to
Sharper Image Corp.

Bankruptcy Law360 relates that Vornado told the court that its
US$50,000 claim on the Debtor takes precedence.

                    About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of Unsecured Creditors has been appointed in
the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  As of June 30,
2008, the Debtor listed US$52,962,174 in total assets and
US$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.

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


STYLE IMPORTS: Creditors' Final Meeting Set for September 16
------------------------------------------------------------
P. A. Lucas, Style Imports Pty Ltd's appointed estate liquidator,
will meet with the company's creditors on Sept. 16, 2008, at
11:00 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          P. A. Lucas
          P. A. Lucas & Co.
          Chartered Accountants
          Level 8, 100 Edward Street
          Brisbane, Queensland
          Australia


TIPPING SALES: Appoints Barry Cook as Liquidator
------------------------------------------------
Tipping Sales Pty Limited's members agreed on July 21, 2008, to
voluntarily liquidate the company's business.  Barry Cook was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Cook
          54 Beechwood Ave
          Greystanes NSW 2145
          Telephone: (02) 9636 2845
          Facsimile: (02) 9636 2845


VINEYARD MANAGEMENT: To Declare Dividend on September 15
--------------------------------------------------------
Vineyard Management & Services Pty Ltd will declare dividend on
Sept. 15, 2008.

Only creditors who were able to file their proofs of debt by
Sept. 1, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Robert Colin Parker
          Freer Parker & Associates
          PO Box 6238, Halifax Street
          Adelaide SA 5000
          Telephone: (08) 8211 7177
          Facsimile: (08) 8212 4677
          Email: insolvency@freerparker.com.au


WING HANG: Selling US$225 Million Perpetual Bonds
-------------------------------------------------
Wing Hang Bank is set to sell its US$225 million offering of Upper
Tier 2 perpetual bonds at a coupon of 9.375%, Reuters reports.

The report relates that the deal was launched at the tightest end
of a revised guidance of 9.375-9.5% provided on Tuesday.

According to the report, the bonds, which are to be sold at par,
are callable five years after the issue date, but will provide no
step-up to investors should the issuer not redeem the bonds at
that time.

Deutsche Bank, HSBC, Merrill Lynch, and Royal Bank of Scotland are
arranging the sale.

Established in 1937, Wing Hang Bank is a mid-sized bank with 40
branches in Hong Kong, 13 branches in Macau and six branches and
sub-branches in China, as well as one representative office in
Beijing.  It is approximately 22%-owned by the Fung family and
20%-owned by The Bank of New York Mellon Corporation (rated 'AA-'
(AA minus)/Positive Outlook).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 3, 2008, Fitch affirmed Wing Hang Bank's ratings
including its 'BB' Support Rating Floor.  The Outlook remains
Stable.


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

BANK OF CHINA: Mulls CNY3 Billion Bond Offering in Hong Kong
------------------------------------------------------------
Bank of China plans to raise RMB3 billion by selling yuan-
denominated bonds in Hong Kong, Reuters reports, citing
Dow Jones Chinese Financial Wire.

The report says the bonds will be split into two-year bonds
carrying a coupon of 3.25%, and three-year bonds with a coupon of
3.40%.

According to the report, subscription to the retail portion is
slated to close Sept. 16 and the size of the retail portion will
depend on demand.

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                         *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


CHINA EASTERN: Nomura Securities Lowers Share Price to HK$1.07
--------------------------------------------------------------
Nomura Securities has reiterated the "sell" rating for China
Eastern Airlines adjusting down its reasonable H-share price from
HK$1.8 to HK$1.07 Hong Kong dollars, Xinhua News reports.

According to the report, an analyst with Nomura Securities pointed
out that China Eastern's mid-term performance was disappointing
warning that the airlines' performance in the second half is
expected to be weaker under the influence of constant high oil
price and slowing down of RMB appreciation.

On September 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing Xinhua News, reported that China Eastern Airlines Corp.'s
first-half net profit dropped 28.5% to CNY41.621 million.

The airline's turnover, the report related, grew 6.3% to CNY20.831
billion with total profit rising 6.54% to CNY89.915 million.  Its
basic earnings per share were CNY0.0086 and the net asset-earning
rate was 1.45%.

According to the report, it is also predicted that China Eastern
would incur loss of CNY1.199 billion and CNY834 million in 2008
and 2009 respectively, but register profit of CNY470 million in
2010.

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

                          *     *     *

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


HAINAN AIRLINES: Inks Joint Mileage Programme With China Airlines
-----------------------------------------------------------------
Hainan Airlines Co. Ltd. will be cooperating with China Airlines
on a joint mileage programme, Airline Industry Information News
reports.

According to the report, members of both airlines' frequent flyer
programmes will be able to accumulate and use miles for both China
Airlines and Hainan Airlines.

The joint mileage programme took effect on September 1.

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

                         *      *      *

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


ICBC: Completes Buyout of Worldsec Asset Management Limited
-----------------------------------------------------------
Industrial and Commercial Bank of China completed the acquisition
of Worldsec Asset Management Limited, Reuters reports.

According to the report, the final turn over had taken place on
August 31, 2008.

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.


ICBC: To Purchase Russia-based Rosevrobank for US$850 Million
-------------------------------------------------------------
Industrial and Commercial Bank of China is buying 100% of Russian
bank Rosevrobank for between US$800 million and US$850 million,
Reuters reports.

According to the report, the parties of the deal have come to an
agreement, documents will be signed in the near future and
settlement could take place at the end of this year or at the
start of next year.

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: U.S. Trustee Sets Sept. 8 Org. Meeting
---------------------------------------------------------
Roberta A. DeAngelis, the acting United States Trustee for
Region 3, will hold an organizational meeting in the Chapter 11
case of Portola Packaging Inc. on Sept. 8, 2008, at 11:00 a.m. at
J. Caleb Boggs Federal Building at 844 King Street, Room 2112, in
Wilmington, Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting,
and provide background information regarding the bankruptcy
cases.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.


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.


* CHINA: Economy Will Maintain Strong Growth, HSBC Says
-------------------------------------------------------
China's economy will maintain strong growth thanks to resilient
investment and exports and the government's strong fiscal
position, Xinhua News says, citing an HSBC report.

Fixed-asset investment will remain resilient despite the sluggish
property sector, the report relates, because there is still plenty
of room for more investment in infrastructure such as mass transit
networks.

According to the report, real growth in urban fixed-asset
investment has slowed from 22% year-on-year in 2007 but was "still
over 17% year-on-year" in the first seven months of this year,
according to the report.

The report says export growth eased to 22.7% year-on-year in the
first seven months of 2008 from 28.7% a year earlier.

"China's exports to the United States and European Union are
expected to dip further in coming quarters, but exports to other
global emerging markets should remain strong, providing a floor to
the slowing but still resilient export sector," Xinhua cited HSBC
as saying in the report.

The report noted the Chinese government can prevent growth from
slowing below 8% to 9% by boosting spending or cutting taxes.
Government revenues grew 32.4% in 2007.

China's economic growth decelerated in the past three quarters,
from 11.3% in the last quarter of 2007 to 10.6% in the first
quarter of 2008 and 10.1% in the second quarter, the report adds.


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

ASCALADE ASSETS: Placed Under Voluntary Liquidation
---------------------------------------------------
The shareholders of Ascalade Assets Limited met on August 21,
2008, and agreed to voluntarily wind up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


DUPONT TEIJIN: Placed Under Voluntary Liquidation
-------------------------------------------------
The shareholders of Dupont Teijin Advanced Fibers (HK) Limited met
on August 21, 2008, and resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by Sept.19,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HONG KONG PROFESSIONAL: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on August 25, 2008, the
members of Hong Kong Professional Entrepreneurs Association
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Chui Chi Yun, Robert
          China Resources Building, Room 2109
          26 Harbour Road
          Wanchai, Hong Kong


J.D. EDWARDS: Lam and Toohey Cease to Act as Liquidators
--------------------------------------------------------
On August 19, 2008, Rainier Hok Chung Lam and John James Toohey
cease to act as liquidators of J.D. Edwards (Hong Kong) Limited.

The Liquidators can be reached at:

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


MARTING (FAR EAST): Creditors' Proofs of Debt Due on September 29
-----------------------------------------------------------------
The creditors of Marting (Far East) Optical Company Limited
requires its creditors to file their proofs of debt by Sept. 29,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Rod Sutton
          c/o Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


NATIONAL POWER: Fitch Holds 'BB' Notes Rating; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the rating of the notes issued by
National Power Corporation in the Philippines in 2006 and assigned
a Stable Outlook, as:

  -- US$500 million floating rate notes affirmed at 'BB'; Outlook
     Stable

The notes are irrecoverably and unconditionally guaranteed by the
Republic of the Philippines, and hence the rating of the notes is
based on the ROP's Long-term foreign currency Issuer Default
Rating of 'BB', with a Stable Outlook.

The rating addresses the timely payment of interest and the
ultimate payment of principal of the notes by the legal final
maturity in November 2016.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change, rating outlooks
provide forward-looking information to the market and indicate the
likely direction of any rating change over a one- to two-year
period.


NATIONAL POWER: Fitch Affirms 'BB' Rating on US$300 Million Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the rating of the notes issued by
National Power Corporation in the Philippines in 2005 and assigned
a Stable Outlook, as:

  -- US$300 million floating rate notes affirmed at 'BB'; Outlook
     Stable

The notes are irrecoverably and unconditionally guaranteed by the
Republic of the Philippines, and hence the rating of the notes is
based on the ROP's Long-term foreign currency Issuer Default
Rating of 'BB', with a Stable Outlook.

The rating addresses the timely payment of interest and the
ultimate payment of principal of the notes by the legal final
maturity in August 2011.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change, rating outlooks
provide forward-looking information to the market and indicate the
likely direction of any rating change over a one- to two-year
period.


PARROL LIMITED: Creditors' Proofs of Debt Due on September 29
-------------------------------------------------------------
The creditors of Parrol Limited are required to file their proofs
of debt by September 29, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on August 15, 2008.

The company's liquidators are:

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


SHUEN WING: Members' General Meeting Set for September 29
---------------------------------------------------------
The members of Shuen Wing Paper Company Limited will hold their
final meeting on September 29, 2008, at 11:00 a.m., at the 31st
Floor of Gloucester Tower, The Landmark, 11 Pedder Street in
Central, Hong Kong.

At the meeting, Lai Ttak Shing Jonathan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


STAR GLORY: Derek and Haughey Cease to Act as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey ceased to act as
liquidators of Star Glory Investment Limited on August 18, 2008.

The company's former liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


THE RECRUITMENT: Appoints Chan Francis Chok Fai as Liquidator
-------------------------------------------------------------
On August 25, 2008, a special resolution was passed appointing
Chan Francis Chok Fai as the company's liquidator.

The Liquidator can be reached at:

          Chan Francis Chok Fai
          Beverley Commercial Centre, Rooms 628-633
          87-105 Chatham Road
          Tsimshatsui, Kowloon



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

CORE EMBALLAGE: Unsecured Trade Creditors' Meeting Set on Oct. 3
----------------------------------------------------------------
Core Emballage Ltd disclosed in a regulatory filing that separate
meetings of the company's unsecured trade creditors and equity
shareholders will be held on October 3, 2008, for the purpose of
considering and, if thought fit, approving with or without
modification(s), a scheme of arrangement in the nature of de-
merger and transfer of manufacturing division of Core Emballage
Ltd to CEL Packaging Pvt. Ltd.

A meeting of the company's secured creditors will also be held on
September 25, 2008 for the same purpose.

Core Emballage booked annual net losses of Rs. 49.96 million in
2006; Rs. 50.19 million in 2007; and Rs. 52.56 million in 2008.


GENERAL MOTORS: Offering Retirement Incentives to Workers
---------------------------------------------------------
Reuters reports that General Motors Corp. is offering early
retirement incentives to about 28% of its 32,000 U.S. work force,
as part of its effort to reduce payroll expenses and conserve
cash.

GM spokesperson Dan Flores said on Friday that the offers would be
made to workers in areas where the firm wants to reduce work
force, KansasCity.com relates.  According to Reuters, a person
familiar with the plan said that the incentives were offered to
about 9,000 workers, who are given 45 days to consider the
package.  GM spokesperson Tom Wilkinson said that workers eligible
for the incentives will receive sealed, individualized offers
based on age, years of service and work history, Free Press
states.

The retirement incentives GM is offering includes an option to
roll over lump-sum severance payments into employees' 401(k) plans
or Individual Retirement Accounts, Jeff Green at Bloomberg News
relates, citing Mainstay Capital Management, LLC's Chief Executive
Officer and Chief Investment Strategist, David Kudla.

GM said on July 15 it would cut 20% of its salaried-worker costs
in the U.S. and Canada by Nov. 1, according Edomonton Journal.  GM
aims to boost liquidity by US$15 billion through the end of 2009,
Bloomberg states.

                   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 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.


ITI LTD: Director S P Sree Kumar Leaves Post
--------------------------------------------
ITI Ltd disclosed in a regulatory filing that Lt. Gen. S P Sree
Kumar has relinquished his post as director of the company with
effect from August 1, 2008.

Separately, ITI clarified with the Bombay Stock Exchange that to
overcome the company's financial constraints, a revival proposal
was submitted to the Government of India.  The Ministry referred
the same to the Board for Reconstruction of Public Sector
Enterprises (BRPSE) and is under their consideration.

ITI meanwhile said as per the communications from the Department
of Telecommunications, it had made a presentation of its case of
merger with Bharat Sanchar Nigam Ltd. (BSNL) on July 17, 2008.
The matter is still under examination of the Government.

Headquartered in Bangalore, India, ITI Limited is a telecom
company.  During the fiscal year ended March 31, 2007, the Company
has manufacturing facilities spread across six locations and a
countrywide network of marketing/service outlets.  The Company
offers a range of telecom products and total solutions covering
the whole spectrum of switching, transmission, access and
subscriber premises equipment.  It manufactures mobile
infrastructure equipment based on global system for mobile (GSM)
technology.  ITI Limited has also acquired the technology for
manufacture of broadband infra equipment, new generation network
(NGN) equipment based on Internet protocol (IP) technology and
synchronous digital hierarchy (SDH) products.  ITI Limited has a
dedicated Network Systems Unit for carrying out installation and
commissioning of equipment, as well as for undertaking turnkey
jobs and providing value-added services.  The Company has
completed a strategic communication network, ASCON, for the Indian
Army.

ITI Limited booked annual net losses of Rs. 2,500.70 million in
2005; Rs. 4,514.80 million in 2006; Rs. 4,123.70 million in 200
and Rs. 3,461.10 million in 2008.


INDUSTRIAL CABLES: Mr. Chaudhry Seeks to Delist 17,98,350 Shares
----------------------------------------------------------------
With regards to his proposed acquisition of equity shares in
Industrial Cables India Ltd, Mr. Devinder Singh Chaudhry seeks to
delist all of the company's 17,98,350 fully paid-up equity shares
with face value of Rs 10/- each representing 21.50% of the total
paid-up equity share capital of the company.  Mefcom Capital
Markets Ltd acts as manager for Mr. Chaudhry in this transaction.

The company's shareholders have approved the delisting of equity
shares through a special resolution passed at the extra ordinary
general meeting held March 3, 2008.

Mr. Chaudhry is seeking to delist the equity shares from these
stock exchanges:

   -- Bombay Stock Exchange Ltd (BSE),
   -- Delhi Stock Exchange Ltd (DSE),
   -- Jaipur Stock Exchange Ltd (JSE), and
   -- Ludhiana Stock Exchange Ltd (LSE).

The price at which Mr. Chaudhry is prepared to acquire the equity
shares is Rs 10 per equity share.

Based in Chandigarh, India, Industrial Cables (India) Ltd. engages
in the manufacture, marketing, and distribution of industrial
cables.  It offers power and instrumentation cables, and insulated
power cables and conductors.

Industrial Cables booked annual net losses of Rs. 42.96 million in
2007 and
Rs. 35.76 million in 2008.


S KUMARS.COM: To Issue Warrants at Rs 10.00 Each
------------------------------------------------
S Kumars.Com Ltd's Board of Directors held a meeting Sept. 2,
2008, to consider raising long term resources including issue of
fresh share capital and warrants.

In the said meeting, the Board decided to issue warrants on
preferential basis to
these entities subject to shareholder approval:

   1. Hanumesh Realtors Pvt. Ltd.
      Category - Promoter
      No. of Warrants to be issued - 2,60,00,000

   2. Adhir Barter Pvt. Ltd.
      Category - Non-Promoter
      No. of Warrants to be issued - 1,00,00,000

   3. Hakmans Financial Services & Securities Pvt. Ltd.
      Category - Non-Promoter
      No. of Warrants to be issued – 90,00,000.

The warrants will be issued @ Rs 10.00 per warrant and will be
converted into equity shares within 18 months.

The company has not declared any dividend for the year 2007-08,
the Troubled Company Reporter-Asia Pacific reported on Sept. 2,
2008.

S Kumars.Com Ltd reported four consecutive annual net losses.

      Year Ended       Net Loss
      ----------       --------
      31-Mar-08      Rs. 16.10 million
      31-Mar-07      Rs. 95.78 million
      31-Mar-06      Rs. 19.08 million
      31-Mar-05      Rs. 2.67 million


THANA ELECTRIC: Reappoints Suresh Hemmady as Managing Director
--------------------------------------------------------------
Thana Electric Supply Company Ltd's Board of Directors has
reappointed Mr. Suresh Hemmady as managing director.

Meanwhile, Thana Electric said its Register of Members and Share
Transfer Books
will remain closed from September 22, 2008 to September 29, 2008
(both days inclusive) for the purpose of the company's Annual
General Meeting on September 29, 2008.

For the year ended 31-Mar-06, Thana Electric incurred a net loss
of Rs. -6.78 million.  The company also recorded consecutive net
losses for the past five
quarters:

             Quarter Ended          Net Loss
             -------------          --------
               30-Jun-08   Rs. 0.30 million
               31-Mar-08   Rs. 0.64 million
               31-Dec-07   Rs. 0.65 million
               30-Sep-07   Rs. 0.86 million
               30-Jun-07        Rs. 0.33 million



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

DELPHI CORP: Reaches Agreement with Panel & WTC to Stay Process
---------------------------------------------------------------
In light of the ongoing negotiations surrounding the Debtors'
Chapter 11 cases, Delphi Corp. and its debtor-affiliates, the
Official Committee of Unsecured Creditors, and Wilmington Trust
Company all agree to stay all further proceedings with respect to
the calls for revocation of Delphi's Plan of Reorganization,
subject to these terms:

  * All activity in either the WTC or Committee's complaint
    under Section 1144 of the Bankruptcy Code will be stayed
    until the earlier of (i) the service by the Committee or WTC
    of a written notice terminating the stay with respect to
    the Revocation Complaint or (ii) further order of the
    U.S. Bankruptcy Court for the Southern District of New York;

  * Upon receipt of a notice of termination of stay, the Debtors
    will have 30, or other period of time as the parties may
    agree or may be ordered by the Bankruptcy Court, to answer
    or otherwise file a responsive pleading as to each
    particular Revocation Complaint.

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: In Talks to Modify Bankruptcy Exit Plan
----------------------------------------------------
According to Bankruptcy Law360, Delphi Corp. said it is plotting
changes to its reorganization plan to try to better position
itself to successfully emerge from Chapter 11.  Bankruptcy Law360
relates that Delphi's spokesperson, Lindsey Williams, said on
Friday the firm is discussing with stakeholders on making the
necessary revisions.

Delphi has yet to emerge from bankruptcy despite obtaining
confirmation of its reorganization plan from the Bankruptcy Court
in January 2008, after Appaloosa Management, L.P. and other
investors withdrew funding of US$2,550,000,000 in exit financing.

Delphi has sued Appaloosa, which asserts that its liabilities, if
any, is only up to US$250,000,000 pursuant to the terms of their
deal.

Last week, The Wall Street Journal reported that people involved
with Delphi's bankruptcy process said that odds are increasing
that Delphi will be liquidated, with some U.S. plants being taken
over by its former parent, General Motors Corp.

Even if a liquidation does not happen, General Motors' financial
obligation could grow by billions, WSJ said, citing people
familiar with the matter.

The Pension Benefit Guaranty Corp. has already asked GM to assume
Delphi's pension plan liabilities by Sept. 30, 2008.  GM has
already agreed to assume US$1,500,000,000 of Delphi's pension
liabilities but Delphi's pension debts have reached
US$3,300,000,000 as of the end of 2007.  GM also recently agreed
to provide additional US$300,000,000 loan to Delphi to help
address its former unit's liquidity needs.  The US$300,000,000
loan is in addition to the up to US$650,000,000 in extensions of
credit which GM had advanced in anticipation of the effectiveness
of their Master Restructuring Agreement and Global Settlement
Agreement, which is tied up to Delphi's plan of reorganization.
GM said in its second quarter 2008 results that its Delphi-related
charges have now reached approximately US$11,000,000,000.

Delphi's US$4,100,000,000 debtor-in-possession facility expires
Dec. 31, 2008.  Delphi refinanced its existing DIP facility in
late April to extend the July 1 maturity date to be able to have
time to consummate its restructuring.  Delphi in May 2008
increased the size of the facility by US$254,000,000 following an
oversubscription of its three-tranche loans, and unexpected
market support.  However, according to WSJ, there are indications
that its current lenders may balk at renewing the bankruptcy
loans.

"We've not thrown that word around," Delphi spokesman Lindsey
Williams, told WSJ, "If that were our intent, we would not be
working as feverishly as we are.  We've been going down a lot of
avenues to emerge from bankruptcy."

Delphi's competitors in the U.S. have been facing similar
problems.  Progressive Moulded Products, Intermet Corp., Blue
Water Automotive Systems, and Plastech Engineered Products, which
all have exposure to the Big-3 Michigan automakers -- GM, Corp.,
Ford Motor Company, and Chrysler LLC -- have filed for bankruptcy
protection.  Blue Water and Plastech are selling their key
assets.  Progressive has ceased operations.

According to WSJ, Ray Young, the chief financial officer of
General Motors, said this month that U.S.' largest auto maker was
having a "constructive dialogue" with Delphi, but "they have to
understand there is only so much that we can do.  They're going
to have to do their own form of self help here."

According to filings with the U.S. Securities and Exchange
Commission, Delphi's pension plan covers about 85,000 and had
obligations of US$14.05 billion at year-end, but was underfunded
by US$3.3 billion.  WSJ noted that Delphi's DIP financing trades
in the secondary market at about 82 cents on the dollar, a
discount that indicates doubts about Delphi's solvency.

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


FORD MOTOR: Names Stephen Odell as Volvo Car's President and CEO
----------------------------------------------------------------
Ford Motor Company disclosed the appointment of Stephen Odell as
president and chief executive officer of Volvo Car Corporation,
replacing Fredrik Arp, who has decided to leave the company.

Effective Oct. 1, Mr. Odell will be responsible for Volvo's global
operations out of its headquarters in Gothenburg, Sweden, and lead
the company's drive toward sustained profitability through
continued restructuring and the accelerated development of high-
quality, fuel-efficient and safe vehicles in the premium end of
the market.

Mr. Odell, who has played a key role in Ford of Europe's
resurgence as its chief operating officer, will report to Lewis
Booth, executive vice president of Ford Motor Company and chairman
of Volvo Car Corporation, who will continue to oversee the
strategic direction of Volvo.

"Stephen Odell brings to Volvo a wealth of experience of strong
leadership in the automotive industry," Alan Mulally, president
and CEO, Ford Motor Company, said.  "Given his strong track record
at Ford, Jaguar and Mazda, the time is now right for Stephen to
take up this new challenge at Volvo.  I believe that Stephen is
the right person -- together with Lewis Booth and the Volvo Cars
Management Team -- to take Volvo forward and to return the
business to sustainable profitability."

Mr. Booth thanked Fredrik Arp for his leadership of Volvo over the
past three years, a period in which Volvo reduced costs and
strengthened its product lineup despite a difficult business
environment and challenges presented by adverse currency exchange
rates and other external factors.

"Fredrik has steered the Volvo team through some difficult times
since joining the company three years ago.  His wide experience in
business has been a strong asset in helping to develop and
implement Volvo's plan to improve its business results.

"Fredrik has decided that now is the right time to hand over to a
new president and CEO, Stephen Odell, who will lead the Volvo team
through the next stage of its recovery."

Mr. Odell said he is excited to lead Volvo at an important time in
the company's history.

"Volvo is one of the great iconic automotive brands," Mr. Odell
said. "The very attributes that make Volvo distinctively Swedish
-- its heritage of safety, environmental concern and its
Scandinavian design -- appeal to customers around the globe.  Our
strategy is to enhance the premium nature of Volvo by further
strengthening these attributes.  Volvo really is the auto brand
for today's customers.

"We have a restructuring plan in place that will help to deliver a
more competitive business and that enables Volvo to continue to
build upon its core strengths.  Volvo will adopt a more stand-
alone approach within Ford Motor Company, while still leveraging
product development and purchasing synergies with other Ford
operations."

Before he was appointed chief operating officer of Ford of Europe
in April 2008 responsible for product development, manufacturing,
purchasing, and marketing, sales and service operations, Odell
served as Ford of Europe's vice president of marketing, sales and
service for nearly three years.

Prior to that, he held several senior level positions at Mazda
Motor Corporation from 2000 to 2005.  From 1997 to 2000, Odell was
vice president, marketing and sales, Jaguar North America.
Stephen Odell joined Ford of Britain in 1980 as a graduate
trainee.  A native of London, he is married with two children.

                      About Ford Motor

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: 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; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD: Michigan Plant Gets US$75MM Infusion to Build Small Cars
--------------------------------------------------------------
Ford Motor Company will invest US$75 million in Michigan Truck
Plant's body shop to prepare for small-vehicle production.

The plant will begin converting its body shop in November when the
tooling and equipment specific to the Ford Expedition and Lincoln
Navigator will be disassembled and transferred to Kentucky Truck
Plant, which begins producing the large SUVs in the second quarter
of 2009.

The move paves the way for Michigan Truck to convert to a car
plant that will begin producing global C-car based vehicles in
2010.

In the interim, the plant's 1,000 employees will be transferred
next door to Wayne Assembly Plant where a third crew will be added
in January to accommodate increased production of the hot-selling
Ford Focus.  When completed, Michigan Truck's flexibility will
allow it to augment current Ford Focus production if necessary.

"This is the best plan to meet consumer demand and utilize our
assets at Michigan Truck and other facilities, both in the near
term and long term," Joe Hinrichs, Ford group vice president,
Global Manufacturing and Labor Affairs, said.  "Consumers will
benefit through increased production of the strong-selling Focus
at Wayne, the continuation of the popular Expedition and Navigator
for those who need a large SUV at Kentucky Truck, and more world-
class C-cars at Michigan Truck."

Michigan Truck is one of three truck and SUV plants in North
America that will be converted to build small fuel-efficient
compact and subcompact vehicles.  In 2010, Cuautitlan Assembly,
which currently produces F-Series pickups, will begin building the
new Fiesta subcompact car for North America.  Louisville Assembly,
home of the Ford Explorer mid-size SUV, is slated to start
production of yet more unique small vehicles from the automakerÿs
global C-car platform the following year.

At the heart of this manufacturing transformation is a flexible
operation, which uses reprogrammable tooling in the body shop,
standardized equipment in the paint shop and common-build sequence
in final assembly, enabling production of multiple models in the
same plant.

Aiding the implementation of flexible manufacturing is Ford's
industry-leading virtual manufacturing technology.  In the virtual
world, engineers and plant operators evaluate tooling and product
interfaces before costly installations are made on the plant
floor.  This method of collaboration improves launch quality and
enables speed of execution.

In a flexible body shop, at least 80% of the robotic equipment can
be reprogrammed to weld various sized vehicles.  This "non-product
specific" equipment gives the body shop its flexibility and
provides more efficient use of the facility.

In 2005, Ford invested US$300 million in Michigan Truck to build a
new, flexible body shop.  That investment will help streamline the
conversion to small vehicles and will require an additional body
shop investment of approximately US$75 million.  This is part of a
larger investment planned for the plant.  Meanwhile, Ford
continues to work with state and local governments on the scope of
incentive support.

Today, nearly 87% of Ford's assembly plants around the world have
flexible body shops.  By 2012, the number will grow to 100%.

  * Michigan Truck Plant Facts

    Location: Wayne, Michigan

    Number of Employees: 1,000

    Year Opened: 1957

    Plant Size (Sq. Ft.): 2,866,000

    Current Products: Ford Expedition, Lincoln Navigator

    Future Products: Small vehicles based on Ford's global C-car
                     platform

                    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.



NIPPON SHEET: Faces JPY500 Mil. Penalty for Hiding Income
---------------------------------------------------------
The Tokyo Regional Taxation Bureau ordered Nippon Sheet Glass Co.
to pay about JPY500 million in additional penalty taxes for
concealing about JPY1.2 billion in taxable income over the three
years ending in March 2007, Jiji Press reports citing sources
familiar with the matter.

According to the report, the company deliberately hid the income
by inappropriately booking expenses for factory repair parts.

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

                          *     *     *

Nippon Sheet continues to carry Mikuni Credit Rating's "BB"
rating.


SKYLARK CO: Founding Family Withdraws From Management Team
----------------------------------------------------------
Skylark Co. Limited's founding family has completely withdrawn
from the management team, after Kiwamu Yokokawa, the third-oldest
of Skylark's four founding brothers, was dismissed in August as
president for the firm's poor business performance, Kyodo News
reports.

The report says the other three brothers, Tadashi Yokokawa, Tasuku
Chino, and Norio Yokokawa, offered to resign as supreme advisers
to company.  Makoto Tani has replaced Mr. Yokokawa as president.

According to the report, the four founding brothers owned a
combined equity stake of 0.48% in the company at the end of 2007
and are expected to retain their stake.

Skylark, the report relates, is suspected of violating the local
tax law by paying the tax on most of the delivery minibikes its
uses throughout Japan to the government of Musashino, the Tokyo
suburb where the chain is based.

Kyodo News says minibikes must be registered in the municipalities
where they operate, and an annual tax of JPY1,000 for each bike
must be paid to that municipality, however, Skylark has registered
90% of its 2,179 minibikes in the city of Musashino and paid the
tax for them there.  The annual tax payments that should have been
made to the other local governments are estimated at JPY2 million.

                        About Skylark Co

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services lowered
its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.



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

LEHMAN BROTHERS: KDB Proposes to Acquire 25% Stake, Report Says
---------------------------------------------------------------
Korea Development Bank has proposed to acquire a 25% stake in U.S.
investment bank Lehman Brothers Holdings Inc., reports citing
Chosun Ilbo, South Korea's largest mass-circulation daily, say.
Dow Jones reports that KDB is prepared to pay at least
US$4.4 billion for the stake.  Associate Press say KDB could offer
as much as US$5.3 billion.

Korea Development Bank is in talks to buy a stake in the
securities firm, Chief Executive Officer Min Euoo Sung said,
according to Bloomberg News.  He refused to comment further.

According to Dow Jones KDB has proposed to ask for the right to
subsequently increase its stake in Lehman Brothers to 40% to 50%
and for the separation of Lehman's bad assets.  The segregation
will be done by creating a "bad bank" and write down as much as
possible on non-risk assets through due diligence before
investing, Dow Jones reports citing Chosun Ilbo.

Observers are advising KDB to bid with caution.  As reported by
the TCR on Aug. 28, 2008, analyst told the Wall Street Journal
that Lehman Brother may incur at least US$2 billion in net loss
and
more than US$3 billion in write-downs in the present quarter that
would subject Richard Fuld Jr., chairman and chief executive
officer of Lehman Brothers, under pressure to improve the firm's
financial health by mid-September.

KDB could bid against one of the top three major U.S.-based hedge
funds, HSBC and a Chinese bank to acquire a stake in Lehman, the
report said.

Lehman has been struggling to keep up with the losses it had to
take in marking to market its mortgage assets, and is exploring
options to raise capital.

                      About Lehman Brothers

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



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

BSA INTERNATIONAL: Posts MYR31.55 Mil. Net Loss in 2nd Qtr. 2008
----------------------------------------------------------------
BSA International Berhad recorded MYR31.55 million net loss on
MYR4.62 million of revenues in the quarter ended June 30, 2008, as
compared with MYR2.71 million net profit on MYR65.25 million of
revenues recorded in the same quarter of the preceding year.

The group recorded a pre-tax loss from continuing operations of
MYR46.63 million for the current quarter ended June 30, 2008, as
compared to pre-tax profit from continuing operations of
MYR5.240 million in the preceding year corresponding quarter ended
June 30, 2007, a decrease of MYR51.873 million or 989.94%.

The pre-tax loss was mainly due to the reduction in gross profit
margin attributed from higher cost of production and lower
production output to cover fixed overhead and administrative
expenses coupled with the weakening of the US dollar currency.
Although the major raw material of BSA's alloy wheel business,
like aluminum ingots (which comprise approximately 60% of the
total production costs) are purchased in US dollar and as such
provide a natural hedge against the weakening US dollar, other
costs of production are still denominated in the local currency,
and as such had contributed to the decline in the profit margin.

The group recorded a revenue of MYR4.619 million for the current
quarter ended June 30, 2008, as compared to MYR65.25 million in
the preceding year corresponding quarter ended June 30, 2007, a
decrease of MYR60.63 million or 92.92%.  The decrease in revenue
was affected by the rising cost of raw material and lower
production due to the constraint in working capital.


GOLD BRIDGE: Earns MYR844,000 in Quarter Ended June 30
------------------------------------------------------
Gold Bridge Engineering Berhad posted 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.  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 group reported MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of
MYR49.73 million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

The group reported a revenue for the current quarter at
MYR20.11 million, which is slightly lower compared to the
preceding year's corresponding quarter of MYR17.30 million.

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.

As of June 30, 2008, the company's cumulative 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.


PECD BERHAD: Incurs MYR24.87 Mil. Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
PECD Berhad incurred MYR24.87 million net loss on MYR16.92 million
of revenues in the quarter ended June 30, 2008, as compared with
MYR3.88 million net loss on MYR107.50 million of revenues recorded
in the same quarter of 2007.

The company's cumulative results showed that it posted
MYR41.52 million net loss on MYR53.52 million of revenues in the
second quarter of the current year as compared with
MYR12.78 million net loss on MYR161.1 million of revenues in the
same quarter of the preceding year.

The group's poor performance recorded during the period were
mainly attributed to lower revenue contributed by construction
division arising from finalization of several construction
projects in Dubai in 2007.

As of June 30, 2008, the company's cumulative balance sheet showed
MYR1.19 billion of total assets and MYR2.21 billion of total
liabilities, resulting in a shareholders' deficit of
MYR1.01 billion.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


SATANG HOLDINGS: Posts MYR7.14 Mil. Net Loss in FY 2008
-------------------------------------------------------
Satang Holdings Berhad disclosed with the Bursa Stock Exchange its
financial results for third quarter ended June 30, 2008.  The
company posted MYR7.14 million net loss on MYR7.91 million of
revenues in the third quarter of the current year as compared with
MYR240,000 net profit on MYR11.23 million of revenues recorded in
the fiscal year ended June 30, 2007.

Meanwhile, the company's cumulative results showed that it
incurred MYR9.44 million of net loss on MYR33.69 million of
revenues, as compared with MYR4.25 million net loss on MYR43.16
million of revenues recorded in the same quarter of the preceding
year.

As of June 30, 2008, the company's cumulative balance sheet showed
MYR56.28 million of total current assets and MYR44.74 million of
total current liabilities.

                      About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


HO HUP: Suspends Managing Director Dato' Low Tuck Choy
------------------------------------------------------
During a board meeting held on August 28, 2008, the board of
directors of Ho Hup Construction Company Berhad resolved to
suspend Managing Director, Dato' Low Tuck Choy from his duties and
responsibilities.

With immediate effect, the company and it's group companies will
be managed by an Executive Committee with Datuk Lye Ek Seang as
it's Chairman.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                         *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected;

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


HO HUP: Lee Ong & Kandiah Demands MYR3.67 Million Payment
---------------------------------------------------------
Ho Hup Construction Company Bhd has received a Letter of Demand
from Messrs. Lee Ong & Kandiah, acting on behalf of Alliance
Investment Bank Berhad (AIBB) in relation to demand for repayment
of MYR3,670,951.11 due on July 31, 2008, in relation to the
Revolving Credit Facility granted to the company.

The Letter of Demand states that the company shall have 14 days
starting on August 22, 2008, to pay the amount together with legal
costs of MYR200.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                         *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected;

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.



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

BAY VILLAS: Wind-Up Petition Hearing Set for September 26
---------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 26, 2008,
at 10:45 a.m., to consider putting Bay Villas Limited into
liquidation.

The application was filed on June 17, 2008, by National Glass
Limited.

The plaintiff's address for service is at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. Bates is the plaintiff's solicitor.


BOTRY-ZEN: Secures Additional Share Subscription
------------------------------------------------
Botry Zen Limited said it has executed a share subscription
agreement with Claus Hartge, a Hamburg-based businessman.

The share subscription agreement provides for the issue of
10,372,807 ordinary shares in the company at an issue price if
NZ$0.02, being in aggregate an investment of NZ$207,456.  The
allotment of shares under the share subscription agreement is
contingent on the company receiving a waiver under
the Listing Rules from NZX.

Mr. Hartge is the Managing Director of Hartge Ingredients GmbH &
Co. KG, and also has widespread commercial interests in
international trading and agricultural activities within Europe
and in South America.

                      About Botry-Zen

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.

                       *     *    *

The company incurred three consecutive annual net losses of
NZ$1.22 million, NZ$1.67 million and NZ$1.58 million for the
years ended March 31, 2008, 2007 and 2006, respectively.


CHEN YIP: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Auckland held a hearing on Aug. 29, 2008, to
consider an application putting Chen Yip Management into
liquidation.

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

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.


CONNEXIONZ LTD: Fails to Submit FY2008 Annual Report
----------------------------------------------------
Connexionz Ltd is late in filing its annual report for the period
ending March 31, 2008, and was given until today, Sept. 5, 2008,
to file or have its shares suspended, the National Business Review
reports.

According to the report, the company said that it hoped to file
the accounts with an unqualified audit report by the end of the
week and that as a small company it had been struggling with
compiling all the notes to accounts required by international
accounting standards.

NZX Regulation said that if the company has not issued its annual
report today, the shares will be suspended from trading effective
Monday, Sept. 8, 2008.

                    About Connexionz Limited

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- produces real time passenger
information systems for public transport.  These systems allow
passengers to receive up to the minute arrival times at bus
stops, allow bus operators to manage their fleets and local
government officials to administer their public transport
systems.  Its systems now operate in the US, UK, Australia and
New Zealand.  The seven systems in the US include: the City of
Charlottesville, the University of Virginia, Arlington County,
Virginia; and the University of Maryland; and Santa Clarita, and
Corvallis, California; and Portland, Oregon.

                          *     *     *

For the 12 months ended March 31, 2007, Connexionz reported a
net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.


EASI LAWN: Creditors' Proofs of Debt Due on September 12
--------------------------------------------------------
The liquidator of Easi Lawn Limited requires its creditors to file
their proofs of debt by Sept. 12, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          D. C. Parsons
          Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278, Hamilton
          Telephone: (07) 957 8674
          Facsimile: (07) 957 8677


GLEN INNES: Wind-Up Petition Hearing Set for September 26
---------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 26, 2008,
at 10:45 a.m., to consider putting Glen Innes Glass Limited into
liquidation.

The application was filed on June 11, 2008, by National Glass
Limited.

The plaintiff's address for service is at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. Bates is the plaintiff's solicitor.


GREEN POWER: Wind-Up Petition Hearing Set for September 26
----------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 26, 2008,
at 10:45 a.m., to consider putting Green Power Limited into
liquidation.

The application was filed on June 17, 2008, by Chubb New Zealand
Limited.

The plaintiff's address for service is at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. Bates is the plaintiff's solicitor.


HAPE SHEARING: Liquidators Set Sept. 22 as Claims Filing Deadline
-----------------------------------------------------------------
The High Court has appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
both of Wellington,as liquidators of Hape Shearing Limited.

The liquidators set Sept. 22, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Carl Messerschmidt
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7044
          Facsimile: (04) 462 7492


JIAN HUA: Creditors' Proofs of Debt Due on September 12
-------------------------------------------------------
The liquidator of Jian Hua Property Limited requires its creditors
to file their proofs of debt by Sept. 12, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          D. C. Parsons
          Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278, Hamilton
          Telephone: (07) 957 8674
          Facsimile: (07) 957 8677


MIRACLE MEND: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Auckland held a hearing on Aug. 29, 2008, to
consider an application putting Miracle Mend Counties Manukau
Limited into liquidation.

The application was filed on May 8, 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.


SITA DEVELOPMENTS: Subject to Hopper Const.'s Wind-Up Petition
--------------------------------------------------------------
On June 17, 2008, Hopper Construction Limited filed a petition to
have SITA Developments Limited's operations wound up.

The petition will be heard before the High Court of Auckland on
Sept. 26, 2008, at 10:45 a.m.

Hopper Construction Limited's solicitor is:

          Anthony M. A. Ivanson
          16-20 St Heliers Bay Road
          St Heliers, Auckland
          Telephone: (09) 575 2330
          Facsimile: (09) 575 2337


WAIPA WATER: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Hamilton convened a hearing on Aug. 25, 2008, to
consider an application putting  Waipa Water Limited  into
liquidation.

The application was filed on June 30, 2008, by OCME s.r.l (an
Italian company).

The plaintiff's address for service is at:

          Glaister Ennor
          1st Floor
          Norfolk House
          18 High Street
          PO Box 63
          Auckland

P. McKendrick is the plaintiff's solicitor.



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

AZEGO TECHNOLOGY: Court Enters Wind-Up Order
--------------------------------------------
On August 22, 2008, the High Court of Singapore entered an order
to have Azego Technology Services (Asia Pacific) Pte. Ltd.'s
operations wound up.

Dieter Friedrich Heide filed the petition against the company.

Azego's liquidator is:

          Tay Swee Sze and/or
          Wong Joo Wan and/or
          Lim Siew Soo
          c/o 137 Telok Ayer Street #04-01,
          Singapore 068602


LASSETERS INTERNATIONAL: Posts AU$36.77 Mil. Net Loss in FY2008
---------------------------------------------------------------
Lasseters International Holdings Ltd. reported AU$36.77 million
net loss for FY2008 due to the one-off significant write down on
impairments and the de-recognition of deferred tax assets during
the financial year as compared to a net loss AUD3.1 million
recorded in FY2007.

For the period under review, the group's performance continued to
reflect the adverse impact from the passing of the Unlawful
Internet Gambling Enforcement Act on Lasseters' online casino and
its sportsbook operation struggle to attain sufficient critical
mass.  Consequently, Lasseters Corporation Limited (LCL) has
carried out impairment testing on its intangible assets (non-cash
in nature) which required a write-down of AU$3.9 million.  Due to
continued losses at the associates, an impairment charge on the
carrying value of the associates are also taken at Cypress Lake as
the assets reported in the valuation report are in the current
market conditions worth substantially less than prior year,
Lasseters' share of which is AU$9.8 million.  Impairments on
intangible and fixed assets are also reported in taverns and
hotels operating in Queensland and South Australia in compliance
with Accounting Standard, although at Group level, Lasseters'
reported a profit on the disposal as illustrated in the circular
approved at the EGM on August 4, 2008.

In addition, both LCL and the associates undertake a reversal on
historical deferred tax assets as the directors of both entities
believe such balances will not be recouped in the foreseeable
future.  The de-recognition of deferred tax assets at LCL and the
associate are prudent and non-cash in nature, and as such does not
have an impact on the Group cash reserves and the underlying land-
based hotel and casino operations remain profitable.

The results is clearly disappointing despite the group's major
contributor, Lasseters' Hotel Casino, achieved an impressive
operational profit year-on-year growth of 13.74% or
AU$1.0 million.

Gaming continues to be the core revenue, contributing
approximately 40.% of the total group revenue.  Food and beverages
showed an increase of 31.13% or AU$10.5 million, mainly
attributable from the effect of a full year consolidation of newly
acquired hotels.  Similar trend has been observed for the drive-
through bottle shops.  Accommodation revenue, bulk of which
derived from hotel casino, improved by 13.% to AU$4.8 million with
an increase in average occupancy rate from 67.7% to 73.2% in
FY2008.

Total operating costs increased by AU$24.0 million or 22.14%
compared to prior year.  This is due to the effect of a full year
consolidation on newly acquired hotels, as well as the increase in
employee benefits expenses and advertising and promotional
expenses.  Consumables increased by 29.51% mainly from the full
year impact on newly acquired hotels and general increase in
prices of raw materials.

Finance costs increased by AU$1.0 million or 16.85% to
AU$6.8 million, mainly due to new bank loans secured by the Group
to finance acquisition of new hotels and the increase in interest
rate in FY2008 from the average of 7.08 % to 7.45% per annum on
existing loans.

Income tax arising mainly from a non-cash write offs of deferred
tax assets by the online business of approximately AU$4.4 million.

As of June 30, 2008, the company's cumulative balance sheet showed
AU$180.45 million of total assets and AU$123.76 million of total
liabilities, resulting in a shareholders' equity of
AU$56.69 million.

Lasseters International Holdings Ltd. (Lasseters) is engaged in
three business segments: Lasseters Hotel Casino, which offers
casino, accommodation, a convention center, food and beverages
outlets and bars; Lasseters Taverns & Resort, which offers gaming
rooms, on-premises liquor shops, bars, food and beverages and
function facilities, and Lasseters Online, which offers online
casino gaming and sportsbook.  The company's wholly owned
subsidiaries, namely Lasseters Hotels (NSW) Pty Ltd acquired the
businesses of Jewells Tavern, Mattara Hotel and Iron Horse Inn on
July 26, 2006, July 27, 2006 and May 29, 2007 respectively.  On
October 16, 2006, the company's wholly owned subsidiary, Lasseters
Hotels (QLD) Pty Ltd acquired the business of Norman Hotel.  On
January 29, 2007, Lasseters Management (T) Pty Ltd acquired the
business of Tower Hotel, and on January 31, 2007, Lasseters (NZ)
Limited acquired interest in Otago Casino Limited.


SEA CONTAINERS: PBGC Says Disclosure Statement Lacks Information
----------------------------------------------------------------
The Pension Benefit Guaranty Corporation complains that the
disclosure statement explaining the joint plan of reorganization
filed by Sea Containers Ltd. and two subsidiaries violates Section
1125(a)(1) of the Bankruptcy Code.

The PBGC says the disclosure statement fails to adequately
disclose the Debtors' responsibilities and liabilities under the
Employee Retirement Income Security Act and Internal Revenue Code
with regard to the currently underfunded Sea Containers America
Pension Plan.

"In particular, the Disclosure Statement fails to fully account
for the Debtors' statutory liabilities under ERISA and IRC that
continue to accrue should the Pension Plan remain ongoing or
liabilities that arise should the Pension Plan terminate in a
distress termination or PBGC-initiated termination," Charles L.
Finke, Esq., PBGC's deputy chief counsel, tells the U.S.
Bankruptcy Court for the District of Delaware.  He notes that PBGC
has contacted the Debtors' counsel to resolve the issues
consensually, but files the objection as a protective measure.

ERISA provides the exclusive means for a plan sponsor to
terminate a pension plan by a standard termination, a distress
termination, or a PBGC-initiated termination.  PBGC is a U.S.
Government agency that administers pension plan termination
insurance program under ERISA.

Non-Debtor Sea Containers America, Inc., is the Pension Plan's
contributing sponsor, Mr. Finke relates.  As a subsidiary of
Debtor Sea Containers, Ltd., however, SCA and all of the Debtors
are under common control for purposes of ERISA and IRC, and thus,
are members of the same controlled group that are jointly and
severally liable for certain statutory obligations in relation to
the Pension Plan, including contributions necessary to satisfy
the Pension Plan's minimum funding standards under the IRC and
ERISA, and variable-rate and flat-rate premiums owed to PBGC.

If the Pension Plan terminates in a Distress or PBGC Termination,
Mr. Finke explains, SCA, the Debtors, and their controlled group
members would be jointly and severally liable for all unpaid
minimum funding contributions, which would become immediately due
and payable upon termination and are typically owed to PBGC, who
would become the Pension Plan's statutory trustee upon
termination.  He says that SCA, et al., would also incur joint
and several liability to PBGC for the total amount of the Pension
Plan's unfunded benefit liabilities, which is the excess of a
pension plan's "benefit liabilities" over the value of the
pension plan's assets.

Mr. Finke discloses that after the Debtors filed for bankruptcy
protection, PBGC timely filed proofs of claims, on its own behalf
and on behalf of the Pension Plan, for (i) the Pension Plan's
unfunded benefit liabilities, (ii) unpaid minimum funding
contributions, and (iii) unpaid premiums owed to PBGC.  However,
he notes, the Disclosure Statement does not provide that SCA, et
al., are jointly and severally liable for certain liabilities and
contributions with respect to the Pension Plan.

PBGC, therefore, suggests that certain language should be added
to the Disclosure Statement regarding the Pension Plan, including
the fact that the Pension Plan is underfunded on a termination
basis for US$2,047,651, and that US$10,469 in unpaid minimum
funding
contributions are due.

If the Debtors include the suggested language, PBGC would
withdraw its objection, Mr. Finke assures the Court.  PBGC
expects its concerns will be reflected in the Debtors' Chapter 11
Plan.

PBGC also objects to the Disclosure Statement because it fails to
disclose ERISA's effect on the Chapter 11 Plan's provision titled
"Employee Benefits."  Mr. Finke contends that the provision
clearly violates ERISA, which provides the exclusive means to
terminate a defined benefit pension plan.  Thus, the Pension Plan
cannot be summarily terminated "pursuant to the [Debtors' Plan of
Reorganization]" without satisfying ERISA's statutory
requirements and corresponding regulations, he adds.

PBGC further complains that the Disclosure Statement and the
Chapter 11 Plan provide for broad releases of non-debtor
liability.  Mr. Finke notes that the Disclosure Statement does
not even mention the claims that are being released, and does not
discuss whether the proposed release applies to PBGC's claims and
any claims of the Pension Plan's participants.  He adds that the
Disclosure Statement does not even discuss why the releases are
appropriate.

The Debtors have failed to provide "adequate information" as
defined in Section 1125, Mr. Finke points out.

Mr. Finke says PBGC is willing to withdraw its objections if its
suggested language were included in the Disclosure Statement and
the Chapter 11 Plan.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for Chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors delivered a joint plan of reorganization and
disclosure statement to the Bankruptcy Court on July 31, 2008.
The Plan contemplates the transfer of the Debtors' direct and
indirect interests in their marine and land container leasing
business to Newco, the entity to which SCL will transfer its
remaining container interests, and certain additional
consideration, in exchange for Newco (i) equity, and (ii) cash,
which will be funded from an exit facility, that will be used
for, among other things, repayment of the Debtors' DIP Facility.

SCL's Container Interests include equity interests in SPC
Holdings, Ltd., and SCL's indirect ownership of Classes A and B
Quotas in GE SeaCo SRL, the joint-venture entity between SCL and
General Electric Capital Corporation.

(Sea Containers Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Recovery Under Chapter 11 Plan Beats Liquidation
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware a liquidation
analysis in support of their Chapter 11 plan of reorganization.

Under the "best interests of creditors" test set forth under
Section 1129(a)(7) of the U.S. Bankruptcy Code, the U.S.
Bankruptcy Court for the District of Delaware may not confirm a
Chapter 11 plan of reorganization unless it provides each holder
of a claim or interest that does not accept the plan with property
of a value, as of the effective date of the plan, that is not less
than the amount that the holder would receive or retain if the
debtor was liquidated under Chapter 7 of the Bankruptcy Code.

To demonstrate that their Joint Plan of Reorganization satisfies
the "best interests of creditors" test, the Debtors -- with the
assistance of their advisors, including PricewaterhouseCoopers
LLP and Kirkland & Ellis LLP -- prepared and delivered to the
Court a hypothetical liquidation analysis, which is based upon
certain assumptions.

The Liquidation Analysis assumes conversion of the Debtors'
Chapter 11 cases to Chapter 7 liquidation cases on November 30,
2008.  Due to the potentially competing interests between Sea
Containers Ltd. and Sea Containers Services Ltd., it is possible
that upon conversion to Chapter 7, separate trustees would be
appointed to the SCL and SCSL estates.  In addition to the costs
associated with both Chapter 7 trustees familiarizing themselves
with the cases, it could be assumed that each trustee would
appoint a separate set of legal and professional advisors.  This
would lead to a further increase in administrative costs.
Administration of the Chapter 7 estates would be expected to
continue for a period of at least two years and possibly longer.
During this time, the Liquidation Analysis assumes that the
Chapter 7 trustees would conduct a liquidation of the assets under
the Chapter 7 trustees' control and endeavor to repatriate cash
from the Non-Debtor Subsidiaries.  However, the majority of the
NonContainer Leasing Businesses and assets are held by Non-Debtor
Subsidiaries over which the Chapter 7 trustees are unlikely to
have direct control.  Furthermore, it is possible that certain
creditors may seek the appointment of a Bermudian liquidator for
SCL, resulting in a cross-border competition for control of SCL,
implicating complex issues of jurisdiction and comity that could
drain remaining resources rapidly through litigation, and
otherwise delay any residual distributions to creditors.

                      Sea Containers Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                                 US$30,100,000
US$30,100,000
Net receivables - group companies    100,700,000      75,300,000
Investment in GESeaCo                315,800,000     228,800,000
Containers                           104,000,000      85,300,000
Other assets                           5,400,000       5,400,000
                                    -----------     -----------
Est. gross liquidation proceeds      556,000,000     424,900,000

DIP claims                          (145,500,000)   (145,500,000)
Other administrative claims          (84,200,000)    (92,700,000)
Est. Chapter 7 trustee fee            (8,800,000)     (4,300,000)
Est. Chapter 7 costs and fees        (21,800,000)    (39,500,000)
                                    -----------     -----------
                                   (260,300,000)   (282,000,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims        295,700,000     142,900,000

3rd party unsecured claims:
Noteholder claims                    420,900,000     420,900,000
Pension fund claims                  261,200,000     245,800,000
Guarantee claims                      21,900,000      28,000,000
Other claims                          18,400,000      63,400,000
                                    -----------     -----------
                                  US$722,400,000  US$758,100,000
Est. % recovery to
3rd party unsecured claims                   41%             19%

Estimated proceeds
available to interests                        -               -

                 Sea Containers Services Ltd.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Net receivables - group companies    US$21,000,000
US$42,500,000
Other assets                           1,700,000       1,700,000
                                    -----------     -----------
Est. gross liquidation proceeds       22,700,000      44,200,000

Other administrative claims          (16,300,000)     (1,100,000)
Est. Chapter 7 trustee fee              (100,000)       (700,000)
Est. Chapter 7 costs and fees         (4,000,000)    (18,000,000)
                                    -----------     -----------
                                    (20,400,000)    (19,800,000)
Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims          2,300,000      24,400,000

3rd party unsecured claims:
Pension claims                                 -     207,400,000
Other claims                           6,400,000       6,400,000
                                    -----------     -----------
                                     US$6,400,000 US$213,800,000

Est. % recovery to
3rd party unsecured claims                   36%             11%

Est. proceeds available to interests          -               -

                 Sea Containers Caribbean Inc.
                     Liquidation Analysis
                    As of November 30, 2008

                                               Value
                                     --------------------------
                                     Ch. 7 High       Ch. 7 Low
                                     ----------       ---------
Cash                                           -               -
Net receivables - group companies              -               -
Other assets                                   -               -
                                    -----------     -----------
Est. gross liquidation proceeds                -               -

Other administrative claims                    -               -
Est. Chapter 7 trustee fee                     -               -
Est. Chapter 7 costs and fees                  -               -
                                    -----------     -----------
                                              -               -

Estimated proceeds available         -----------     -----------
to 3rd party unsecured claims                  -               -

3rd party unsecured claims:
Pension claims                                 -               -
Other claims                                   -               -
                                    -----------     -----------
                                              -               -

Est. % recovery to
3rd party unsecured claims                     -               -

Est. proceeds available to interests           -               -

According to the Analysis, the Plan assumes that Intercompany
Claims will pass through the Debtors' Chapter 11 cases, pursuant
to an agreed-to standstill with the Non-Debtor Subsidiaries, to
be resolved post-Confirmation.  In a Chapter 7 liquidation,
however, it is possible that Claims otherwise settled under the
Plan may be asserted against the Non-Debtor Subsidiaries, leading
to those companies to set aside the Intercompany Standstill and,
instead, assert Claims against the Debtors or other Non-Debtor
Subsidiaries, resulting in a cascading call on Intercompany
Claims across the SCL group.  These Intercompany Claims could be
asserted and pursued through contested legal proceedings,
including competing proceedings in non-U.S. jurisdictions.
Within a contested environment, asset values and costs discussed
in the Liquidation Analysis may differ materially from estimates
referred to in the Plan and Disclosure Statement.

A full-text copy of the Debtors' Liquidation Analysis is
available at no charge at http://researcharchives.com/t/s?3190

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: PBGC & SPCP Objects to Disclosure Statement
-----------------------------------------------------------
Two parties-in-interest have objected to Sea Containers Ltd. and
its debtor-affiliates' disclosure statement explaining their joint
plan of reorganization.

1) Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation complains that the
disclosure statement violates Section 1125(a)(1) of the U.S.
Bankruptcy Code by failing to adequately disclose the Debtors'
responsibilities and liabilities under the Employee Retirement
Income Security Act and Internal Revenue Code with regard to the
currently underfunded Sea Containers America Pension Plan.

"In particular, the Disclosure Statement fails to fully account
for the Debtors' statutory liabilities under ERISA and IRC that
continue to accrue should the Pension Plan remain ongoing or
liabilities that arise should the Pension Plan terminate in a
distress termination or PBGC-initiated termination," Charles L.
Finke, Esq., PBGC's deputy chief counsel, tells the Court.  He
notes that PBGC has contacted the Debtors' counsel to resolve the
issues consensually, but files the objection as a protective
measure.

ERISA provides the exclusive means for a plan sponsor to
terminate a pension plan by a standard termination, a distress
termination, or a PBGC-initiated termination.  PBGC is a U.S.
Government agency that administers pension plan termination
insurance program under ERISA.

Non-Debtor Sea Containers America, Inc., is the Pension Plan's
contributing sponsor, Mr. Finke relates.  As a subsidiary of
Debtor Sea Containers, Ltd., however, SCA and all of the Debtors
are under common control for purposes of ERISA and IRC, and thus,
are members of the same controlled group that are jointly and
severally liable for certain statutory obligations in relation to
the Pension Plan, including contributions necessary to satisfy
the Pension Plan's minimum funding standards under the IRC and
ERISA, and variable-rate and flat-rate premiums owed to PBGC.

If the Pension Plan terminates in a Distress or PBGC Termination,
Mr. Finke explains, SCA, the Debtors, and their controlled group
members would be jointly and severally liable for all unpaid
minimum funding contributions, which would become immediately due
and payable upon termination and are typically owed to PBGC, who
would become the Pension Plan's statutory trustee upon
termination.  He says that SCA, et al., would also incur joint
and several liability to PBGC for the total amount of the Pension
Plan's unfunded benefit liabilities, which is the excess of a
pension plan's "benefit liabilities" over the value of the
pension plan's assets.

Mr. Finke discloses that after the Debtors filed for bankruptcy
protection, PBGC timely filed proofs of claims, on its own behalf
and on behalf of the Pension Plan, for (i) the Pension Plan's
unfunded benefit liabilities, (ii) unpaid minimum funding
contributions, and (iii) unpaid premiums owed to PBGC.  However,
he notes, the Disclosure Statement does not provide that SCA, et
al., are jointly and severally liable for certain liabilities and
contributions with respect to the Pension Plan.

PBGC, therefore, suggests that certain language should be added
to the Disclosure Statement regarding the Pension Plan, including
the fact that the Pension Plan is underfunded on a termination
basis for US$2,047,651, and that US$10,469 in unpaid minimum
funding contributions are due.

If the Debtors include the suggested language, PBGC would
withdraw its objection, Mr. Finke assures the Court.  PBGC
expects its concerns will be reflected in the Debtors' Chapter 11
Plan.

PBGC also objects to the Disclosure Statement because it fails to
disclose ERISA's effect on the Chapter 11 Plan's provision titled
"Employee Benefits."  Mr. Finke contends that the provision
clearly violates ERISA, which provides the exclusive means to
terminate a defined benefit pension plan.  Thus, the Pension Plan
cannot be summarily terminated "pursuant to the [Debtors' Plan of
Reorganization]" without satisfying ERISA's statutory
requirements and corresponding regulations, he adds.

PBGC further complains that the Disclosure Statement and the
Chapter 11 Plan provide for broad releases of non-debtor
liability.  Mr. Finke notes that the Disclosure Statement does
not even mention the claims that are being released, and does not
discuss whether the proposed release applies to PBGC's claims and
any claims of the Pension Plan's participants.  He adds that the
Disclosure Statement does not even discuss why the releases are
appropriate.

The Debtors have failed to provide "adequate information" as
defined in Section 1125, Mr. Finke points out.

Mr. Finke says PBGC is willing to withdraw its objections if its
suggested language were included in the Disclosure Statement and
the Chapter 11 Plan.

2) SPCP Group, et al.

Pursuant to an assignment of claim agreement, Papenburger
Fahrschiffsreederei GMBH & Co., transferred and assigned to SPCP
Group, L.L.C, all of its right, title and interest in and to a
claim against Sea Containers Ltd.  The claim relates to a certain
sale and purchase agreement, Paul Traub, Es q., at Dreier LL, in
New York, relates.

SPCP Group subsequently sold 75% of the Papenburger Claim to
various third parties, with SPCP Group retaining 25% of the claim
for its own account.

In April 2007, SPCP Group filed a proof of claim, designated as
Claim No. 25, evidencing its portion of the Papenburger Claim,
against SCL, Mr. Traub informs the Court.  On August 21, 2008,
SPCP Group amended Claim No. 25 to correct the claim amount,
which was listed in U.S. dollars, as opposed to Euros.  He
declares that the correct claim amount should be EUR3,951,335.

The Debtors' proposed plan of reorganization contains the
definition "Allowed SPCP Group Claim" with a proposed allowed
claim amount erroneously listed as US$3,951,335, Mr. Traub
relates.
He contends that the claim amount should be in Euros and not in
dollars.

Mr. Traub further relates the that the "Allowed JMB Capital
Claim" and "Allowed Trilogy Claim" defined in the Plan represent
two 25% portions of the Papenburger Claim, which have been
converted from EUR3,951,335 to US$4,951,813.  Since Claim No. 25
is
identical to the JMB and Trilogy claims, the definition of
"Allowed SPCP Group Claim" in the Plan should match the two
claims' definitions, so that the "Allowed SPCP Group Claim"
should be listed in the aggregate allowed amount of US$4,951 ,813,
or the Euro equivalent of EUR3,951,335, Mr. Traub points out.

Accordingly SPCP Group, as agent for Silver Point Capital Fund,
L.P., and Silver Point Capital Offshore Fund, Ltd., as assignee
of Papenburger, ask Judge Carey to:

  (a) direct the Debtors to amend the Plan and Disclosure
      Statement to define the "Allowed SPCP Group Claim" as
      EUR3,951,335, or the identical definition used to define
      "Allowed JMB Capital Claim" and "Allowed Trilogy Claim";
      or

  (b) deny the approval of the Disclosure Statement based on the
      incorrect and inadequate information it contained with
      respect to the "Allowed SPCP Group Claim".

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Balks at US$500 Million Securities Fraud Claim
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to disallow Claim
No. 116, which was asserted in amounts "in excess of US$500
million," and filed on behalf of a putative plaintiff class, whose
consolidated action at the U.S. District Court for the Southern
District of New York was dismissed with prejudice by the Honorable
Richard Berman.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the Claim is based entirely
on allegations of securities law violations that Judge Berman has
twice dismissed.  Accordingly, he says, the long-standing
principles of res judicata and collateral estoppel mandate that
the Claim be disallowed.

In the alternative, the Claim should be disallowed for the same
carefully considered reasons that the New York District Court has
repeatedly found the Plaintiffs' allegations to be deficient, Mr.
Brady tells the Bankruptcy Court.  Any contrary result not only
would be legally inconsistent, but also would place a needless
burden on the bankruptcy estates, he continues.

The putative class action complaint named Sea Containers Ltd.,
its former chief executive officer and chairman, and two of its
former chief financial officers as defendants.  The complaint
asserts that the defendants made false and misleading statements
in violation of Sections 11, 12(a)(2) and 15 of the Securities
Act of 1933 and Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934.

The principles of res judicata bar the assertions set out in the
Claim because it is based entirely on allegations that the New
York District Court twice rejected for failure to state any claim
upon which relief can be granted, Mr. Brady contends.  He notes
that the Plaintiffs have had two full and fair opportunities to
state a cognizable basis for liability under the federal
securities laws, and have failed to do so.

Thus, Mr. Brady states, permitting the Plaintiffs to relitigate
the issues in the Bankruptcy Court would constitute an end run of
the New York District Court's opinions, and result in the
Plaintiffs receiving an unjustified third "bite at the apple."

Mr. Brady further argues that the allegations set out in the
Claim are barred under the principles of collateral estoppel
because the claims at issue are identical to those involved in
the District Court action.  Accordingly, the Debtors submit that
the elements for issue preclusion have clearly been satisfied,
and thus, the Claim must be disallowed.

The Debtors reserve all of their rights to file any request,
pleading or brief with respect to any further consideration the
Bankruptcy Court may give to the Claim.  To the extent the
Bankruptcy Court allows any portion of the Claim, the Debtors
reserve the right to file an adversary proceeding to subordinate
the allowed portion of the Claim pursuant to Section 510(b) of
the U.S. Bankruptcy Code.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.  (Sea Containers
Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Files Notice of Bermuda Scheme of Arrangement
-------------------------------------------------------------
Sea Containers Limited has notified parties-in-interest that
in line with its Plan of Reorganization filed with the United
States Bankruptcy Court for the District of Delaware, and its
winding up proceedings in Bermuda, it anticipates entering into a
Scheme of Arrangement with certain of its creditors, pursuant to
Section 99 of the Companies Act 1981 of Bermuda, for the purpose
of implementing the Plan in Bermuda.

According to SCL, it is likely that an application to the Supreme
Court of Bermuda will be made during this month to convene one or
more meetings of creditors, as applicable.

SCL proposes that, if approved, the Scheme will become effective
in or around mid to late November this year and have a Scheme bar
date in or around mid to late December.  The Scheme Bar Date is
the date by which any claims against SCL not currently filed in
the Chapter 11 proceedings must be submitted by creditors to be
taken into account for distribution purposes.

SCL says that notwithstanding the substantial efforts made to date
to identify all creditors, SCL is keen to identify any remaining
person or persons who believe they have a claim against SCL and
who have not already submitted claims in respect of the Chapter 11
proceedings.  These person or persons may be eligible to submit a
claim in respect of the Scheme if their failure to participate in
the Chapter 11 Proceedings is not a result of willful default or
lack of reasonable diligence, according to the notice.

Accordingly, SCL urges creditors who have not previously filed a
claim in the Chapter 11 proceedings to contact its claims and
solicitation agent:

  BMC Group, Inc.
  31 Southampton Row, 4th Floor
  Holborn WC1B 5HJ, England
  Tel. No.: +44-20-7000-1214

or at:

  444 Nash Street
  El Segundo, California 90245
  Tel. No.: 001-888-909-0100

or at:

  http://www.bmcgroup.com/scl

The bar date for filing claims against SCL under the Chapter 11
Proceedings was set at July 16, 20, 2007, and a subsequent bar
date for claims by employees was set at August 28, 2008.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt
and Taylor, represent the Debtors in their restructuring
efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors filed their joint Chapter 11 plan of reorganization
and disclosure statement on July 31, 2008.


SAMY'S CURRY: Court to Hear Petition on September 8
---------------------------------------------------
An application for placing Samy's Curry Restaurant Pte Ltd under a
judicial management will be heard before the High Court of
Singapore on September 8, 2008.

The applicant's solicitor is:

           Messrs. Salem Ibrahim & Partners
           79 Robinson Road
           #16-06 CPF Building
           Singapore 068997


ZIGI ZAGI: Wind-Up Petition Hearing Set for September 19
--------------------------------------------------------
The High Court of Singapore will hear on September 19, 2008, at
10:00 a.m., a petition to have Zigi Zagi Distribution Pte Ltd's
operations wound up.

The petition was filed by United Overseas Bank Limited on Aug. 25,
2008.

United Overseas Bank's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624



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

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

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


SOUTH KOREA

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


TAIWAN

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


THAILAND

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





                         *********

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

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

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


                            *********


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

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

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

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

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





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