TCRAP_Public/080908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, September 8, 2008, Vol. 11, No. 178

                            Headlines

A U S T R A L I A

ANDREWS LABORATORIES: Members' Meeting Slated for September 15
ASKHAM PTY: Members' Final Meeting Set for September 12
AUSTRALIAN SLAB: Members and Creditors to Meet on September 14
BARBEQUES GALORE: Grand Hall to Purchase Assets for US$12 Million
BEATRICE BIODIESEL: Project to Get US$30 Million Capital Infusion

BUILDING & TRADING: Liquidator to Give Wind-Up Report on Sept. 15
COMMONWEALTH DRUG: Members' Final Meeting Set for September 15
ENVESTRA LTD: Secures AU$100 Mil. Bank Facility From Westpac
GRIFFITH DRUG: Liquidator to Give Wind-Up Report on Sept. 15
JAMES HARDIE: ASIC Drops Asbestos Compensation Indemnity Claim

MCH GEOMETRICS: Joint Meeting Set for September 15
MCH MANAGEMENT: Members and Creditors to Meet on September 15
NEW CAP: Court Grants Recognition to Scheme of Arrangement in U.S.
PRIDE PUBLISHING: Placed Under Voluntary Liquidation
WESTAFF INC: Posts US$15.1MM Net Loss in 3rd Quarter Ended July 12

WILLING (SERVICE): Members' Final Meeting Slated for September 15
* AUSTRALIA: Service Activity Falls in August, AIG Survey Says
* AUSTRALIA: Construction Industry Continues to Decline


C H I N A

CHINA MERCHANTS: Sells US$4.4BB Bonds for Wing Lung Acquisition
CHRYSLER LLC: August 2008 U.S. Sales Down 34% at 110,235 Units
CHRYSLER LLC: Canada Sales for August 2008 Fall 24%
CHRYSLER LLC: Discloses Leadership Appointments in Finance Office


H O N G K O N G

AFA SYSTEMS: Requires Creditors to File Claims by September 29
CONNECTIVE EMPIRE: Members to Hold Final Meeting on September 30
DFE LIMITED: Placed Under Voluntary Liquidation
FELIMORE COMPANY: Members' Final Meeting Slated for September 30
HFR ASSET: Moyes and Yeung Cease to Act as Liquidators

GENERAL HARVEST: Creditors' Proofs of Debt Due on September 30
M.D. CREATION: Creditors' Proofs of Debt Due on September 29
MOMENTIVE PERFORMANCE: Final Meeting Slated for September 30
POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
SUPERSHINE LIMITED: Appoints Chan Kin Hang, Danvil as Liquidator

WHS HONG KONG: Placed Under Voluntary Liquidation


I N D I A

CEAT LTD: Slowing Tire Sales Prompt Bhandup Plant Lay Off
GENERAL MOTORS: Flint Okays Tax Incentives for Proposed Plant
GENERAL MOTORS: August Total Vehicle Sales Down 20% to 308,817
IBN18 BROADCAST: Raising of Rs 400 Crore Funds Gets Board OK
ORIENT FASHION: Fitch Assigns 'BB+(ind)' LT Nat'l Issuer Rating

TATA POWER: Director Rahul Asthana Quits Post
TATA STEEL: May Spin Off Overseas Assets to Raise Capital


I N D O N E S I A

BANK DANAMON: Expects 25% Increase in FY 2008 Lending
DIRGANTARA INDONESIA: To Start Producing Light Aircraft in 2010
EXCELCOMINDO PRATAMA: Moody's Sees No Impact on Ratings
PERTAMINA: Government Bans LPG Price Hike


J A P A N

DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge
FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021
ORSO FUNDING: S&P Puts 4 Low-B Rated Classes on Negative Watch
* JAPAN: Banks Post JPY2.5 Tril. Cumulative Losses at End of June
* JAPAN: Non-Financial Firms' Profit May Drop 7.3%, Daiwa Says


K O R E A

C&MERCHANTS MARINE: Korean Ratings' Holds B Rating on Conv. Bond
* KOREA: Economy Continues to Slide in Slow Pace
* KOREA: Net Foreign Credit Fell to US$2.7 Bil. in Late June


N E W  Z E A L A N D

BANKS PENINSULA: Shareholders Appointed Oorschot as Liquidator
BANKS PENINSULA: Shareholders Appointed Oorschot as Liquidator
HIGHLINE ROOFING: Commences Liquidation Proceedings
HOA ASSOCIATES: Wind-Up Petition Hearing Set for September 24
LA BELLA: Wind-Up Petition Hearing Set for September 26

PORT STEEL: Shareholders Appointed Oorschot as Liquidator
TAWHARAU MEDIA: Commences Liquidation Proceedings


M A C A U

MGM MIRAGE: S&P Confirms 'BB' Corporate Credit Rating


P H I L I P P I N E S

FEDDERS CORP: Insurers Seek Relief From Confirmation Order

S I N G A P O R E

AVAGO TECH: Sets 3Q Financial Result Conference Call on Sept. 17


                         - - - - -


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

ANDREWS LABORATORIES: Members' Meeting Slated for September 15
--------------------------------------------------------------
R. B. McKern, Andrews Laboratories Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


ASKHAM PTY: Members' Final Meeting Set for September 12
-------------------------------------------------------
A. C. Matthews, Askham PtyLtd's appointed estate liquidator, will
meet with the company's members on Sept. 12, 2008, at 11:30 a.m.
to provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          A. C. Matthews
          Telephone: (08) 8363 9505
          Facsimile: (08) 8363 9506
          Email: info@matthewsassociates.com.au


AUSTRALIAN SLAB: Members and Creditors to Meet on September 14
--------------------------------------------------------------
Australian Slab Group (ASG) Limited will hold a meeting for its
members and creditors at 12:00 p.m. on Sept. 14, 2008.  During the
meeting, the company's liquidator, Hugh Martin, will provide the
attendees with property disposal and winding-up reports.

The meeting will be held at the offices of Bernardi Martin,
Level 1, 195 Victoria Square, in Adelaide.


BARBEQUES GALORE: Grand Hall to Purchase Assets for US$12 Million
-----------------------------------------------------------------
Grand Hall Enterprises Co. said that it plans to offer US$12
million for 32 of 65 stores of Barbeques Galore Inc. in a
September 3-15 auction, Bloomberg News reports.

On Aug. 27, 2008, Barbeques Galore sought approval from the United
States Bankruptcy Court for the Central District of California to
approve a proposed bidding procedures for the sale of its assets
and intellectual property.  But, the Debtor is facing opposition
from its creditors, including (i) BIT Holdings Sixty-Three, Inc.;
(ii) Nut Tree Retail, LLC; (iii) Inland Western Fort Worth
Southwest Crossing L.P.; and (iv) Inland Western San Antonio
Huebner Oaks.

The creditors argue that the Debtor's proposed bidding procedures
failed to provide sufficient notice of any proposed assumption and
assignment of leases, among other things.

To participate in the public auction, bids on the Debtor's assets
together with a deposit in an amount equal to 5% of the purchase
price must be delivered to Pachulski Stang Ziehl & Jones at 10100
Santa Monica Boulevard, Suite 1100 in Los Angeles, California.

During the auction, minimum bid increment is at least US$100,000.

In the event the Debtor consummates the sale to another party, the
stalking-horse bidder will be paid a US$50,000 break-up fee.

Objections deadline and the auction date weren't disclosed in
court documents submitted to the Court.

                     About Barbeques Galore

Carlsbad, California-based Barbeques Galore Inc. --
http://www.bbqgalore.com/-- owns 65 retail stores selling
barbeque equipment and supplies.  It has operations in Australia.
It filed for Chapter 11 on Aug. 15, 2008, (Bank. C.D. Calif. Case
No. 08-16036).  Jeffrey W. Dulberg, Esq., at Pachulski Stang Ziehl
& Jones LLP, represents the Debtor in its restructuring efforts.
The Debtor listed assets of US$10 million to US$50 million, and
debts of US$10 million to US$50 million.


BEATRICE BIODIESEL: Project to Get US$30 Million Capital Infusion
-----------------------------------------------------------------
Agri Energy Limited (AAE) said in its preliminary final report
filed with the Australian Stock Exchange, that it has entered into
an agreement with an investor for a capital injection of
US$30 million into the group.  The funds are required to meet
corporate and creditor commitments, to finance the start-up of
wholly owned subsidiary Beatrice Biodiesel, LLC's Beatrice
Biodiesel Project and provide working capital.  Once completed,
this will enable AAE to progress the lifting of the suspension of
trading of its securities on the Australian Stock Exchange put in
place earlier this year.

The initial two payments under the capital injection agreement
have been received and support the corporate costs to progress
finalizing the transaction and project operating costs at
Beatrice Biodiesel.

Concurrent with the capital injection agreement, Beatrice
Biodiesel filed for Chapter 11 bankruptcy protection on
Aug. 21, 2008 in the U.S. Bankruptcy Court for the District of
Nebraska.  The filing was deemed necessary to give the company
time to complete the capital injection and protect AAE and all
stakeholders' interests while creditor agreements are put in
place.  AAE is required to file a creditor payment plan and
project start up plan with the courts over the coming weeks in
line with the drawdown schedule under the capital injection
agreement.

As part of the capital injection agreement, AAE will be required
to call a shareholder meeting to consider all aspects of the
transaction including approval of the capital injection.

Once completed, the capital injection will provide AAE with the
pathway to realize the potential of the Beatrice Biodiesel
Project.  The Chapter 11 process gives the group the stability and
time to develop and agree a plan with both the Investor and the
U.S. creditors for meeting claims, recapitalising the business and
realizing cashflow from the operations.

                   About Beatrice Biodiesel

Headquartered in Beatrice, Nebraska, Beatrice Biodiesel LLC --
http://www.beatricebiodieselcam.com/-- produces biofuels from
vegetable oil and animal fats as well as ethanol from sugar and
grains.

The company filed for Chapter 11 bankruptcy protection on
Aug. 21, 2008 (Bankr. D. Nebraska Lead Case No. 08-41927).  John
L. Horan, Esq., at Cline, Williams, Wright, Johnson represent the
Debtor in its restructuring efforts.  The Debtor disclosed
estimated assets of US$50 million to US$100 million and estimated
debts of US$10 million to US$50 million.


BUILDING & TRADING: Liquidator to Give Wind-Up Report on Sept. 15
-----------------------------------------------------------------
R. B. McKern, Building & Trading Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


COMMONWEALTH DRUG: Members' Final Meeting Set for September 15
--------------------------------------------------------------
R. B. McKern, Commonwealth Drug Co Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


ENVESTRA LTD: Secures AU$100 Mil. Bank Facility From Westpac
------------------------------------------------------------
Envestra Victoria Pty Ltd, a wholly owned subsidiary of Envestra
Ltd and Westpac Banking Corporation have agreed a AU$100 million,
three-year bank facility.

The facility will replace Envestra Victoria's AU$85 million Medium
Term Notes (MTNs) that mature in May 2009.  The balance of the
funds will be used for the company's capital expenditure
program.

Envestra's Chief Financial Officer, Peter Ryan, said, "The new
facility has an interest rate margin slightly above the maturing
MTNs.  Given the recent bond market volatility, and increased
funding margins generally, this is an excellent result".

"Envestra's financing strategy is to arrange replacement
facilities at least six months prior to maturity, and limit annual
refinancing to 15% of the Group's debt portfolio".

"In line with this policy, the Envestra Group has no further debt
to refinance during the 2008–09 year other than a small amount of
Commercial Paper (around $40 million) which is typically rolled
over or replaced on a monthly basis".

"The addition of Westpac to the Group's debt providers further
diversifies the funding sources available to Envestra, and will be
of benefit when undertaking capital markets initiatives in the
future".

The company's exposure to interest rate risk is minimal with over
90% of floating rate debt hedged to match the regulatory reset
periods through to 2012.

After completion of the above transactions, the average debt
maturity is 10 years.  The maturity profile for the Group is
outlined below.

                       Full Year Results

Envestra Limited posted AU$163.6 million net profit for the year
ended June 30, 2008, compared with a net loss of AU$3.01 million
in the previous year ended June 30, 2007.

The company also reported a net loss of AU$16.31 million for
fiscal 2005.

                         Revenue/Income

Envestra's income, which is generated mainly from retailers for
delivering natural gas to their customers, was AU$346.0 million,
down AU$1.3 million on 2006-07.

The decrease is due to the prior period including AU$7.8 million
of Put Option proceeds from Origin Energy and AU$2.1 million from
the sale of land.  In addition, interest revenue in 2007-08 was
AU$1.6 million lower than the prior year. Offsetting these
decreases was higher haulage revenue in 2007-08 resulting from
customer growth and slightly cooler conditions than 2006-07, and
the annual adjustment to network tariffs.

                        Operating Expenses

Operating expenses of AU$111.2 million were AU$2.8 million higher
than the previous year.  This was due mainly to higher leak
maintenance costs (up AU$1.6 million) and system use gas expense
(up AU$2.4 million), and full retail contestability costs of
AU$1.7 million incurred in Queensland.  These increases were
partially offset by the absence of land management costs this year
(AU$4.6 million in 2006-07).

                        Operating Profit

Profit before borrowing costs and tax was down 3 per cent to
AU$175.1 million, compared with AU$180.6 million for
the previous year.

                        Borrowing Costs

Borrowing costs (excluding loan note interest paid to
shareholders) were AU$144.8 million, which is AU$7.7 million
above the previous period.  The increase is due to higher interest
on new debt, together with higher interest rate swaps associated
with hedging debt related to the Company's Victorian assets when
the new Victorian Access Arrangement for that State was handed
down.  The increased interest rate costs will be largely
recoverable through higher tariffs under the regulatory regime
over the next four years.

                              Result

A profit before Tax of AU$19.5 million was recorded – a decrease
of AU$5.8 million on 2006-07.

The net result was a profit after tax (including the payment of
Loan Note interest to shareholders) of AU$163.6 million.  This
result reflects the one-off tax benefit of AU$153.2 million
recorded on exercise of the Put Option with Origin Energy on July
2, 2007.

An underlying profit after tax of AU$10.4 million was recorded,
compared with an underlying profit after tax of AU$2.3 million in
2006-07.

                           Cashflow

Cashflow from operating activities was AU$94.8 million, down
AU$24.4 million on 2006-07.  The major contributors to this
decrease were Put Option proceeds of AU$7.8 million received in
the prior year not being received in 2007-08, the timing of
interest payments (AU$18.4 million), and an increase in interest
expense (AU$8.6 million), partially offset by higher haulage and
services revenue of AU$13.4 million.

An underlying cashflow from operating activities of AU$105.1
million was recorded, compared with an underlying cashflow of
AU$98.8 million in 2006-07.

Distributions to shareholders amounted to AU$81.7 million,
resulting in a small shortfall from operating cashflows being
available to fund growth capex, simply reflecting the interest
payment timing referred to above. Growth capex of AU$91.5 million
was financed by equity raised during the year, and debt drawdowns.
Total distributions over the past five years have averaged 81% of
cashflow from operations (after replacement capex). A surplus is
again expected in 2008-09.

                      Capital Expenditure

Capital expenditure was AU$108.3 million – up AU$0.5 million on
the previous year. During the year 333 kilometres of new mains
were laid and 178 kilometres of mains were upgraded. 23,400
new consumers (22,750 domestic) were connected to the Company's
distribution networks.

                            Gearing

At June 30, 2008, the company's gearing was 77%, up from 66% in
the prior year due to weakening in the company's share price
(AU$0.64 at 30/06/08).  Current gearing, based on the recent share
price of AU$.072 is 75%. (Gearing is defined as Net Debt/(Net Debt
+ market value of equity)).

                          Issued capital

At June 30, Envestra had 891,377,475 stapled securities on issue.
New securities totalling 39,098,961 were issued via the company's
Distribution Re-investment Plan during the year.

                       Returns to Shareholders

Distributions to shareholders were maintained at 9.5 cents per
stapled security.  The share price at June 30, 2008, was AU$0.64
(2007: AU$1.155).  Total shareholder returns (before tax) were
(36%).  This decline in shareholder returns was a consequence of
the material drop in the prices of listed infrastructure
securities generally which occurred in conjunction with the global
credit crisis and the escalation of the cost of debt.

                     About Envestra

Adelaide, Australia-based Envestra Limited --
http://www.envestra.com.au/-- provides natural gas haulage
services to retailers through the transmission pipelines and
distribution networks it owns and manages.  The company is also
engaged in the development of business through expansion of
existing networks and construction of new networks.

                      *     *     *

This concludes the Troubled Company Reporter's coverage of
Envestra Limited until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


GRIFFITH DRUG: Liquidator to Give Wind-Up Report on Sept. 15
------------------------------------------------------------
R. B. McKern, Griffith Drug Co Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


JAMES HARDIE: ASIC Drops Asbestos Compensation Indemnity Claim
--------------------------------------------------------------
James Hardie Industries N.V. said that the Australian Securities &
Investments Commission (ASIC) has agreed to drop one of its three
claims against the company in civil proceedings.  The claim
involved an allegation that the company had contravened its duty
of care and diligence as an alleged shadow director of ABN 60 Pty
Limited (ABN 60) (a former subsidiary) in allowing it to cancel in
March 2003, partly paid shares that ABN 60 had issued to the
company in 2001.  ASIC has also agreed not to seek a related order
that the company provide an indemnity to ABN 60 for up to AU$1.9
billion, being the unpaid value of the partly paid shares
(Indemnity Claim).  The company is pleased that this aspect of the
Proceedings is now resolved.

The company said it will actively defend the remaining claims made
against it by ASIC in the Proceedings for:

   -- declarations that aspects of announcements made in
      connection with investor roadshows in 2002 were false
      or misleading; and

   -- a monetary penalty (up to AUAU$200,000) in respect of an
      alleged contravention of continuous disclosure
      requirements in March 2003 following the cancellation
      by ABN 60 of the partly paid shares issued to the company
      in 2001.

The trial in the Proceedings is due to start in the Supreme Court
on Sept. 29, 2008.

According to ASIC statement, the hearing will commence before
Mr. Justice Gzell in Sydney in the NSW Supreme Court on Sept. 29,
2008, and involve maximum penalties for each breach of AU$200,000
and disqualification from managing a corporation for such period
as the court determines.

ASIC said its investigations and the Commonwealth Director of
Public Prosecutions' (CDPP) considerations are now complete and
ASIC said that no criminal proceedings are proposed.

ASIC also said that it will seek leave of the NSW Supreme Court to
withdraw the related asbestos compensation indemnity claim, as it
has been superseded by the Final Funding Agreement becoming fully
operational.

On becoming ASIC Chairman in May 2007, the oversight of the James
Hardie matter passed to Mr. Tony D'Aloisio.  Since October 2007,
external law firm Clayton Utz has provided additional resources
and external review of the Civil Action.

                   Civil Action to Commence

The Civil Action was commenced by ASIC against ABN 60 Pty Ltd
-formerly James Hardie Industries Limited (JHIL), James Hardie
Industries NV (JHINV), and certain former directors and former
officers of those companies.

ASIC is seeking declarations that former directors and officers
breached their duties owed to JHIL, and in the case of Mr
Macdonald, JHINV, and in the case of Mr. Morley, a former
subsidiary of JHIL. If successful, ASIC will ask the Court to
consider disqualifying those former officers and directors from
managing corporations and will ask the Court to impose fines on
them.  ASIC also seeks declarations that JHIL and JHINV made
misleading statements and contravened continuous disclosure
requirements of the Corporations Act.

Among other things, the Court will be asked to consider whether
these former directors and officers failed to discharge their
duties with due care and diligence in that they, having regard to
the information of which they were aware and which was available
to them at the relevant times, did not take steps to ensure that
JHIL did not contravene its obligations under the Corporations Act
with respect to disclosures made concerning:

   * the adequacy of funding to be made available in 2001 for
     victims of asbestos related diseases;

   * future plans relating to JHIL and partly paid shares issued
     by JHIL.

The Civil Action, which looks at the conduct of both executive
officers and non-executive directors, will focus on the scope and
content of the duties of executive officers, that is the chief
executive officer, the company secretary and general counsel and
the chief financial officer.  The proceedings will also examine
the obligations of non-executive directors in evaluating proposals
put to the Board by the company's management.

The proceedings should bring into sharp focus the fundamental
responsibilities of both executive officers and non-executive
directors who are ultimately responsible for significant public
company decisions and the release of information concerning those
decisions to the share market, to employees (including former
employees), creditors and the public.

ASIC believes this action goes to the heart of the
responsibilities of directors of public companies.  Directors are
asked by management to assess important strategic decisions for a
company, which in some cases can amount to 'betting the farm', and
to approve disclosure made to the market about those decisions.
The case will provide guidance to executive officers and non-
executives in these and similar situations. In the future, this
will benefit companies, their shareholders, employees and former
employees who may be impacted by such decisions. ASIC believes
that the public interest of the Civil Action is clear.

                    Criminal Proceedings

Subject to what may emerge in the course of the hearing of the
Civil Action, no other proceedings, in particular, no criminal
proceedings are proposed.  ASIC's investigations and the CDPP's
considerations are now complete.

In conducting its investigations, ASIC said it had the benefit of
the Jackson Commission report.  Subsequent ASIC investigations
were exhaustive, conducted on three continents making extensive
use of special investigators and involved computer-assisted
searching of 122 million electronic files.

In relation to potential criminal proceedings: first, in relation
to non-executive directors, ASIC concluded that the evidence was
not of a nature sufficient to refer any matter to the CDPP. The
non-executive directors were advised of ASIC's decision in that
regard on or about 6 July 2007.

Secondly, briefs were referred to the CDPP in July 2007 in respect
of certain individuals.  Essentially, the decision of the CDPP in
relation to those briefs (with which ASIC agrees) is that a close
and careful consideration of the evidence available, both in this
country and abroad, led to the conclusion that there was an
insufficient basis to commence any criminal proceedings. ASIC has
advised those individuals that they will not be the subject of
criminal proceedings.

These conclusions on criminal matters will not impact the Civil
Action.  Among other things, the Civil Action requires a civil not
a criminal (beyond reasonable doubt) standard of proof.  The law
recognises that conduct which may, for example, be misleading may
not necessarily amount to a criminal offence but may still be
actionable in civil proceedings.

Whilst there may be a concern in some sectors of the broader
community about this outcome, because of the nature of asbestos
and what transpired, a careful and independent review has
concluded that there was insufficient basis to commence any
criminal proceedings.

                       Indemnity Claim

ASIC will discontinue its indemnity claim, which is part of the
Civil Action, as the need for that claim has been superseded by
the Final Funding Agreement becoming fully operational.

In December 2005, JHINV and James Hardie 117 Pty Ltd entered into
an agreement to provide long term funding for compensation
arrangements for certain victims of asbestos-related diseases in
Australia with the New South Wales Government and the Asbestos
Injuries Compensation Fund Limited, as trustee for the Asbestos
Injuries Compensation Fund, which was amended on 21 November 2006
(Final Funding Agreement).

As the funding agreement took time to be finalised, and when
signed was subject to conditions precedent (referred to in JHINV's
announcement to the ASX dated 1 December 2005) including
shareholder approval, ASIC assessed other actions it could take in
the event that the Final Funding Agreement did not come into
effect.

Hence, in the Civil Action, ASIC has sought an order that JHINV
execute a deed of indemnity up to a maximum of $1.9 billion, or
such amount as JHIL or its directors consider is necessary to
ensure that JHIL remains solvent, for example, as a consequence of
it incurring liabilities in relation to asbestos related claims
(Indemnity Claim).

When ASIC commenced the Civil Action (14 February 2007), ASIC
indicated to the market that if the conditions precedent to the
Final Funding Agreement (referred to in JHINV's announcement to
the ASX dated 1 December 2005) were satisfied, ASIC would not
pursue the Indemnity Claim against JHINV.

Since Feb. 14, 2007, ASIC has satisfied itself that the conditions
precedent have been met.  It also reassessed whether it should,
for other reasons, continue the Indemnity Claim.  ASIC has
considered the advice available to it in relation to the Indemnity
Claim. ASIC has decided not to pursue that claim. ASIC has advised
JHINV of this.

ASIC will therefore now seek leave from the Court to discontinue
the Indemnity Claim.

                     Defendants' Costs

It is apparent from disclosures made by JHINV that the costs of
the defendants to the Civil Action may be met by JHINV under
certain indemnity arrangements.

ASIC has assessed the likely costs that JHINV could incur in
meeting those indemnities (including whether it could have the
undesirable effect of not enabling JHINV to meet its obligations
under the Final Funding Agreement).  ASIC is satisfied that the
amounts involved are not of sufficient materiality to affect
JHINV's ability to continue to fund its obligations under the
Final Funding Agreement.  Hence, the Civil Action will not
materially affect JHINV's ability to fund under the Final Funding
Agreement.

ASIC is aware that certain other claims have been foreshadowed in
relation to JHINV by certain tax authorities. Whether or not these
could affect the ability of JHINV to continue funding under the
Final Funding Agreement is not a matter which ASIC has assessed or
falls within its jurisdiction.

However, ASIC is satisfied that continuing the Indemnity Claim
would not place asbestos sufferers in a better position than that
arising under the Final Funding Agreement if these tax matters
were to have an adverse effect on JHINV.


               About James Hardie Industries N.V.

Headquartered in Sydney, Australia, James Hardie Industries N.V.
(ASX:JHX) -- http://www.ir.jameshardie.com.au/-- is an
international building materials group, which produces a range
of fiber cement building materials used in the exterior and
interior of residential and commercial buildings, from exterior
cladding and internal lining to pipes, bracing, decorative
elements and fencing.  The company's segments include USA Fibre
Cement, Asia Pacific Fibre Cement and the Other segment. USA
Fibre Cement manufactures and sells fiber cement interior
linings, exterior siding and related accessories products in the
United States.  Asia Pacific Fibre Cement includes all fiber
cement manufactured in Australia, New Zealand and the
Philippines and sold in Australia, New Zealand and Asia.  Other
includes the manufacture and sale of fiber cement products in
Chile, the manufacture and sale of fiber cement reinforced pipes
in the United States, fiber cement operations in Europe and
roofing operations in the United States.  The roofing plant was
closed and the business ceased opera.

James Hardie underwent a corporate restructuring and redomiciled
in the Netherlands in the second half of 2001.  The company's
securities ceased trading under the Australian Securities
Exchange code 'HAH' on October 12, 2001, and commenced trading
under a new ASX code 'JHX' on October 15, 2004.


MCH GEOMETRICS: Joint Meeting Set for September 15
--------------------------------------------------
MCH Geometrics Pty Ltd will hold a joint annual and final meeting
for its members and creditors at 10:30 a.m. on Sept. 15, 2008.
During the meeting, the company's liquidator, David H. Scott, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Telephone: (03) 9500 0511


MCH MANAGEMENT: Members and Creditors to Meet on September 15
-------------------------------------------------------------
MCH Management Services Pty Ltd will hold a joint annual and final
meeting for its members and creditors at 10:00 a.m. on Sept. 15,
2008.  During the meeting, the company's liquidator, David H.
Scott, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Telephone: (03) 9500 0511


NEW CAP: Court Grants Recognition to Scheme of Arrangement in U.S.
-----------------------------------------------------------------
In accordance with Section 304 of the Bankruptcy Code, the U.S.
Bankruptcy Court for the Southern District of New York, upon the
request of John Gibbons, the duly appointed liquidator and scheme
administrator of New Cap Reinsurance Corporation Limited, has
granted recognition and given effect in the United States to the
scheme of arrangement between the company and its creditors
pursuant to section 411 of the Australian Corporations Act 2001
and a permanent injunction, dated July 25, 2008.

Copies of the order, which is dated Aug. 12, 2008, the Scheme and
the motion, are available upon request to the petitioner's United
States counsel, Chadbourne & Parke LLP:

         Chadbourne & Parke LLP
         Attn: Howard Seife, Esq.
               Francisco Vazquez, Esq.
         30 Rockefeller Plaza
         New York, N.Y. 10012
         Tel: (212) 408-5100

New Cap Reinsurance Corp. (Bermuda) Ltd. and its New Cap
Reinsurance Corp. Ltd. subsidiary filed chapter 11 petitions in
the U.S. Bankruptcy Court in Manhattan on April 27, 1999, with
the parent estimating both assets and liabilities at over
US$100 million.  The parent company, based in Hamilton, Bermuda,
is engaged in the business of insurance and reinsurance whereas
the Sydney, Australia-based subsidiary, founded in 1997, writes
worldwide casualty, catastrophe, marine, occupational, and
personal insurance policies.

The Supreme Court of Bermuda and the High Court of Justice of
England and Wales sanctioned on Feb. 23, 2006, a Scheme of
Arrangement between New Cap Reinsurance Corporation (Bermuda)
Limited, and the scheme creditors of the company.

Copies of the orders sanctioning the Scheme were delivered to
the registrars of companies in Bermuda and England on the same
day.  The Scheme became effective in both Bermuda and England on
that date.


PRIDE PUBLISHING: Placed Under Voluntary Liquidation
----------------------------------------------------
Pride Publishing Pty Ltd.'s members agreed on Aug. 4, 2008, to
voluntarily liquidate the company's business.  Brent Kijurina was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Brent Kijurina
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


WESTAFF INC: Posts US$15.1MM Net Loss in 3rd Quarter Ended July 12
------------------------------------------------------------------
Westaff Inc. reported last week financial results for its third
fiscal quarter ended July 12, 2008.

The company reported a net loss for the third quarter of 2008 of
US$15.1 million and a before tax loss from continuing operations
of US$14.4 million as compared to a net loss of US$2.9 million and
a before tax loss from continuing operations of US$3.2 million in
the same quarter of 2007.  The current quarter reported losses
included a non-cash write down of goodwill and other intangible
assets totaling US$11.5 million.  The company said this non-cash
charge does not affect the company's liquidity, cash flow, or debt
covenants, nor does it have any negative impact on future
operations.  Excluding the write down, the before tax loss from
continuing operations for the current quarter was US$2.9 million.

Revenue from the third quarter of 2008 of US$99.4 million compared
with revenue of US$122.4 million for the third quarter of 2007.

Selling and administrative expenses for the third quarter of 2008
were reduced to US$14.5 million from US$16.9 million in the same
quarter of 2007.

International revenues increased by US$4.5 million or 19.6% to
US$27.5 million for the third quarter of 2008 compared to third
quarter of 2007.  For the first three quarters of 2008,
international revenues increased by US$13.8 million from
US$68.3 million to US$82.1 million or 20.3%, from the same period
last year.  These increases were the result of strong performances
across most geographic regions in Australia and New Zealand.

"We have assembled a high quality management team and continue our
turnaround by aggressively pursuing expense management and
focusing on top-line revenue growth.  We are starting to see
progress in our results," commented Westaff chief executive
officer and chairman Michael T. Willis.

                         Balance Sheet

At July 12, 2008, the company's consolidated balance sheet showed
US$81.9 million in total assets, US$58.0 million in total
liabilities, and US$23.9 million in stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 12, 2008, are available for
free at http://researcharchives.com/t/s?3196

                       About Westaff Inc.

Based in Walnut Creek, California, Westaff Inc. (Nasdaq: WSTF)
-- http://www.westaff.com/-- provides staffing services and
employment opportunities for businesses in global markets.
Westaff annually employs in excess of 125,000 people and services
more than 20,000 client accounts from more than 177 offices
located throughout the United States, Australia and New Zealand.

                         *     *     *

The company has incurred operating losses and negative operating
cash flow since the second quarter of fiscal 2007, offset by
slight operating income in the fourth quarter of fiscal 2007.  The
company says it it expects to incur additional losses in the
future, particularly because of current soft economic conditions.

In addition, the company is currently in default under the primary
credit facility that it uses to finance its operations.   If the
company is unable to obtain a waiver or continued forbearance from
the U.S. Bank National Association on acceptable terms, the
company may be unable to access the funds necessary for its
liquidity requirements or may be unable to obtain letters of
credit under the facility needed for the company to obtain
workers' compensation insurance.  In that case, its business and
operating results would be adversely affected.


WILLING (SERVICE): Members' Final Meeting Slated for September 15
-----------------------------------------------------------------
Samuel Hau Kwong Shun, Willing (Service) Pty Limited's appointed
estate liquidator, will meet with the company's members on Sept.
15, 2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Samuel Hau Kwong Shun
          Stanley & Williamson
          1st Floor, 34 Burton Street
          Kirribilli NSW 2061
          Telephone: (02) 9923 2666


* AUSTRALIA: Service Activity Falls in August, AIG Survey Says
--------------------------------------------------------------
Services sector activity deteriorated further in August, amid soft
consumer and business confidence and weaker economic conditions.
The Australian Industry Group – Commonwealth Bank Performance of
Services Index (Australian PSI(R)) fell 3.5 points to 39.3, well
below the key 50 points level separating expansion from
contraction.

Australian Industry Group (Ai Group) Chief Executive, Heather
Ridout, said "The latest Australian PSI(R) result, which marks the
fifth month of contracting services sector activity, indicates
that yesterday's decision by the Reserve Bank to lower official
interest rates is on the money.

"It is apparent that further rate cuts will be necessary, given
new orders are particularly weak indicating that the softness in
activity will persist," Mrs. Ridout said.

Commonwealth Bank Chief Economist, Michael Blythe, said the
ongoing slowdown in services sector activity raised the risk that
the economy was now cooling too quickly.

"The broadly-based weakness now evident in the services sector is
weighing on the economy more generally.  Lower interest rates and
lower petrol prices will help.  But we seem set for a period of
sluggish growth and some upward pressure on the unemployment rate.
The slowdown has made some modest contribution to easing inflation
pressures," Mr. Blythe said.


* AUSTRALIA: Construction Industry Continues to Decline
-------------------------------------------------------
The national construction industry continued to decline in August
although the rate of contraction moderated for a third consecutive
month, with the Australian Industry Group – Housing Industry
Association Performance of Construction Index (Australian PCI(R))
registering 43.1 and still below the key 50.0 level separating
expansion from contraction.

Australian Industry Group (Ai Group) Associate Director Economics
and Research, Tony Pensabene, said that demand for construction
projects was continuing to be hit by on-going tight credit
availability, as well as the impact of weak investor and consumer
confidence.

"Nevertheless, we are seeing early signs that the industry has
passed a low point in the current cycle with the rate of decline
in activity moderating for a third straight month, with notable
support in August coming from a lift in commercial construction.

"Also, despite the fall in engineering construction in the latest
survey, this appears to be partly due to adjustments to work loads
between project completion and the commencement of new work, with
the expanding pipeline of projects in the sector pointing to
higher activity in coming months," Mr. Pensabene said.

HIA Chief Economist, Harley Dale, said: "Following the further
weakening in approvals in July, this latest update of the
Australian PCI(R) confirms that the residential building sector
has remained unequivocally weak through the second month of the
financial year.

"It strongly reinforces the necessity for a further rate cut
before the end of the year to arrest a slowing domestic economy
and help attract much needed investment in new residential
construction," Mr. Dale said.



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

CHINA MERCHANTS: Sells US$4.4BB Bonds for Wing Lung Acquisition
---------------------------------------------------------------
China Merchants Bank raised CNY30 billion (US$4.4 billion) in its
bond sale, aimed to finance the US$4.66 billion takeover of Hong
Kong's Wing Lung Bank Limited, Luo Jun of Bloomberg News reports.

Bloomberg News relates that the bank sold CNY19 billion of 10-year
fixed-rate bonds at a coupon rate of 5.7%, CNY7 billion of 15-year
fixed- rate bonds at 5.9%, and CNY4 billion of 10-year floating-
rate debt with a spread of 153 basis points over the benchmark
one-year deposit rate.  A basis point is 0.01 percentage point.

According to the report, competition with Industrial & Commercial
Bank of China Ltd. increased the price of Wing Lung.

On August 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that China Merchants Bank is
confident it will secure regulatory approval for the acquisition
of Hong Kong's Wing Lung Bank, after extending the completion
deadline.

According to the TCR-AP, 91% of China Merchants Bank's
shareholders approved the plan to purchase stakes in Hong Kong-
based Wing Lung Bank for more than CNY17 billion (US$2.5
billion), providing the lender will have greater access to the
Hong Kong market.

The report said that the China Merchants has signed an
agreement with Wing Lung Bank on equity purchase, under which it
would invest CNY17.2 billion, or 2.91 times Wing Lung Bank's
audited net assets in 2007, to buy 53.12% of its equity.

"It's a step closer to completing the deal but there are still
some uncertainties.  Investors saw the share prices didn't
converge, so they began to doubt," the news agency cited Ivan Li,
a Hong Kong-based analyst at Kim Eng Securities Hong Kong Ltd., as
saying.

China Merchants is selling the debt to keep its capital adequacy
ratio above the regulatory minimum, the report notes.

Bloomberg News points out that the deal values Wing Lung at 3.1
times its March 31 book value.  Buying Wing Lung allows China
Merchants to catch up with bigger rival ICBC.

Meanwhile, the report adds that China Merchants' capital adequacy
ratio, a key measure of financial strength, stood at 10.41% at
June 30.  Goldman Sachs Group Inc. said the ratio would drop to
6.7% after goodwill amortization following the Wing Lung buyout,
the report relates.

Bloomberg news says that the bank will maintain the 8% required
minimum capital ratio through the bond sale.

                    About China Merchants Bank

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


CHRYSLER LLC: August 2008 U.S. Sales Down 34% at 110,235 Units
--------------------------------------------------------------
Chrysler LLC reported total August 2008 U.S. sales of 110,235
units, down 34% from the same period last year.  Total August
sales reflect an industry-wide slowdown, segment shifts and
reduced fleet sales.  Compared with July 2008, Chrysler's August
sales increased 12% supported by enhanced financing offers,
efforts to shift lease-oriented customers to purchasing, leasing
availability from independent financial institutions and better
demand for key vehicles.  Although Chrysler Financial is no longer
offering leasing options to Chrysler customers, customers are
still able to lease Chrysler, Jeep(R) and Dodge products through
independent financial institutions and qualify for available
discounts.

"The industry is changing rapidly in terms of what vehicles and
features customers want and the leasing and financing options
available to them," Jim Press, Chrysler LLC Vice Chairman and
President, said.  "To help consumers, we are offering some of our
most popular vehicles at significant savings.  In August, we saw
this formula generate new signs of momentum on vehicles like our
Chrysler and Dodge minivans, Dodge Ram light-duty trucks and Jeep
Liberty.  In September, we will continue to offer competitive
values and showcase dynamic new vehicles like the 2009 Dodge
Challenger, and hybrid Dodge Durango and Chrysler Aspen SUVs."

                      September Incentives

Chrysler's "Shop 'til You Drive Sales Event" continues through
September 30, offering up to 40% off MSRP on select vehicles, and
zero% APR for 72-months on the 2008 Dodge Ram, Dodge Durango,
Chrysler Aspen, Jeep Grand Cherokee and Jeep Commander.
Especially strong values are available on Dodge Ram pickup trucks,
with up to US$9,000 discounts in select markets.

In September, customers can continue to take advantage of consumer
bonus cash of US$2,000 on select retail purchases when financed
through Chrysler Financial.  For those customers who still wish to
lease a Chrysler, Jeep or Dodge vehicle through an independent
financial institution, they can take advantage of Chrysler's
Customer Cash Allowance on select vehicles up to US$2,000.

Returning lease customers will receive a Lease Loyalty incentive
up to US$750 for use towards the retail purchase of an eligible
new Chrysler, Jeep or Dodge vehicle.  The disposition fee, up to
US$425, will be waived by Chrysler Financial.

                     August Sales Highlights

Total Chrysler LLC minivan sales were up 7% compared with a year
ago.  The Dodge Grand Caravan posted sales of 9,422 units, nearly
flat when compared with August 2007 sales.  However, when compared
with July 2008, Grand Caravan sales were up 54%.  The all-new
Chrysler Town & Country posted increased sales of 10,182 units in
August, up 15% compared with August 2007 sales, and up 26% when
compared with July 2008 sales.

Total Dodge Ram light-duty truck sales have doubled in the last 60
days, (June sales 9,172 units vs. August sales 18,774 units).
Although sales were down 7% when compared with August 2007, sales
increased 16% when compared with July 2008 sales.  The 2009 model
year Dodge Ram will begin arriving in Dodge dealerships in
September.

The all-new 2008 Dodge Journey continues to gain momentum in the
expanding mid-size crossover segment by capturing more than 35% of
its buyers from owners of larger SUVs who are looking for
efficiency and versatility.  More than half of all Dodge Journey
sales were first-time customers to the Dodge Brand.  Journey
posted sales of 4,587 in August, a 33% increase when compared with
July 2008 sales of 3,449 units.

Chrysler LLC sold 4,654 units of the Jeep Liberty in August, a
decrease of 14% when compared with August 2007.  However, the
vehicle picked up some momentum in August, increasing sales 24%
when compared with July 2008 sales.

Sales for the Dodge Charger continue to grow.  In August, 8,102
Dodge Chargers were sold, a 3% increase versus 2007 sales, and a
48% increase compared with July 2008 sales.

The Company finished the month with 380,560 units of inventory, or
a 93-day supply. As part of a planned reduction in manufacturing
and capacity, inventory is down 15% compared with August 2007 when
it totaled 446,249 units.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


CHRYSLER LLC: Canada Sales for August 2008 Fall 24%
---------------------------------------------------
Chrysler Canada reported sales of 15,548 for the month of August
in 2008, with a positive showing by several key vehicles (August
2007: 20,503).  The company's results calendar-year-to-date
remained stable, with sales of 162,299 for the period January
through August, compared to 162,862 in 2007.

"August sales reflect the shift Canadian buyers are making from a
lease focus to a purchase-oriented automotive market," said Reid
Bigland, President and CEO of Chrysler Canada.  "In spite of the
softening, unprecedented pricing on many of our Chrysler, Jeep(R)
and Dodge products resonated with shoppers and generated solid
sales."

                       August Highlights

The Dodge Ram Light Duty pickup truck posted another very
successful month, achieving sales of 3,131, compared to 2,752 in
2007, an increase of 14%.

"Our Dodge Ram Light Duty pickup truck has experienced phenomenal
success in 2008, with sales up 25% CYTD over the same period last
year," Dave Buckingham, Vice President of Sales, said.  "This is
great news considering that we are bringing an all-new, completely
redesigned light duty Dodge Ram to market later this fall.  With
35 new or improved features, our 2009 Ram is clearly a game-
changer that raises the bar for the competition."

Demand for the Dodge Nitro rose significantly in August, with
sales of 1,047, an increase of 31% compared to the same month in
2007.  Sales of the Dodge Grand Caravan and Chrysler Town &
Country more than doubled over the August 2007 level, with
combined sales of 2,890 (2007: 1,388).

The iconic Jeep Wrangler posted strong sales for the month,
achieving 949 units sold, an increase of 18% over 2007.  Another
Chrysler LLC legend, the Dodge Challenger SRT8(R), has been
building momentum and driving showroom traffic in spite of limited
availability.  The 2009 Dodge Challenger is launching in September
with an increased range of models and powertrains, reaching a
broader spectrum of driving enthusiasts.  The Dodge Challenger SE
will be offered with a fuel-efficient 3.5L V6 which delivers a
highway fuel economy rating of 7.9L/100 km (36 mpg).

Production began in August of the all-new 2009 Chrysler Aspen
Hybrid Electric Vehicle.  The Chrysler Aspen HEV will be available
for sale beginning this fall, and offers seven-passenger seating
combined with a blend of performance, utility, functionality and
significantly improved fuel economy.  Combined with fuel-saving
MDS technology, the advanced, two-mode hybrid technology delivers
an overall improvement of more than 25% in fuel economy and up to
a 40% improvement in the city.

                    September Sales Promotions

For the month of September, Chrysler Canada's incentive program
will focus on aggressive cash positions with competitive monthly
payment options and total discounts up to US$13,500.  For example,
the 2008 Dodge Ram 1500 Quad Cab(R) SXT 4 X 4 featuring a HEMI(R)
V8 with fuel-saving Multi-Displacement System, chrome wheels, and
power equipment package is available for US$23,898, or US$165
bi-weekly.  The Dodge Ram pickup is Chrysler Canada's highest-
selling vehicle.

Total discounts on the 2008 Jeep Wrangler and 4-door Wrangler
Unlimited now equal up to US$5,000.  A well-equipped Jeep Wrangler
Sahara with modular hard top, air conditioning, aluminum wheels,
power equipment package and legendary 4 X 4 capability can be
purchased for as little as US$155 bi-weekly.

In addition to exceptional pricing, Chrysler Canada is launching
the all-new "We'll Pay Your Way Till 2009" initiative.  Under this
program, Chrysler Canada will cover all monthly purchase or lease
payments up to US$1,500 through the end of 2008.  Customers also
have the option of selecting a cash rebate of US$1,250.  "We'll
pay
your way" is not a payment deferral, but an innovative incentive
plan that covers nearly all 2008 model vehicles (excluding Dodge
Sprinter and Challenger), as well as the 2009 Dodge Caliber, Jeep
Compass, and Jeep Patriot.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


CHRYSLER LLC: Discloses Leadership Appointments in Finance Office
-----------------------------------------------------------------
Chrysler LLC disclosed a series of leadership appointments in the
company's Finance and Diversity Offices.

Kim Harris Jones is appointed Senior Vice President – Corporate
Controller and Auditor as part of an on-going initiative to
streamline functions for greater organizational efficiency and
drive corporate strategy.  Chrysler also has named Laurie A.
Macaddino Vice President – Finance Operations.

Under this structure, Harris Jones will oversee the consolidation
of the Corporate Controller's office and Audit operations.  She is
responsible for the company's corporate financial activities,
including business planning, short- and medium-term financial
forecasting as well as all internal and external audit functions.

Harris Jones was most recently Vice President and Chief
Controller.  She was recently named to the list of "25 Women to
Watch" by CFO Magazine.  In 2006, she was named the "African
American Executive of the Year" by On Wheels, Inc. and in 2005 was
named to the Automotive News list of "100 Leading Women in the
North American Auto Industry."  She joined Chrysler in 1992.

In her new role, Ms. Macaddino is responsible for ensuring that
all vehicles produced and sold by Chrysler meet financial
requirements, including cost, investment and profitability.  Ms.
Macaddino is also responsible for overseeing Manufacturing,
Engineering, Research and Development budgets.  Ms. Macaddino
formerly was Vice President – Corporate Audit and Compliance.  She
joined the company in 1986.

Also in the Finance organization, Steven E. Bell was appointed
Director – Corporate Audit and Compliance.  He is responsible for
managing the day-to-day internal and external audit functions,
including financial, operational, and process audits, dealer and
supplier audits, business ethics, compliance operations and fraud
and forensic investigations.  Mr. Bell joined the company in 1988.

"[The] announcement allows us to maximize the talents of our
management team," Ronald E. Kolka, Executive Vice President and
Chief Financial Officer, Chrysler LLC, said.  "Both Kim and Laurie
are strong leaders who have made valuable contributions to this
company. Both are strategic thinkers with a keen sense of
financial control.  In their new roles they will bring a laser
focus to their respective areas."

Chrysler LLC also disclosed that Monica E. Emerson, Executive
Director – Corporate Diversity Office, has decided to retire after
33 years with the company.  With Ms. Emerson's departure, Chrysler
has named Lisa J. Wicker, Director – Corporate Diversity.

"Monica has been a true leader and champion in developing
Chrysler's diversity and inclusion in the workplace strategy,"
said Nancy Rae, Executive Vice President – Human Resources and
Communications, Chrysler LLC.  "Through Monica's efforts, the
company has been honored at the highest level—we thank her for her
contributions and wish her the best in her retirement. We have
every confidence that Lisa will continue this legacy."

Ms. Emerson has received several honors including the Leadership
in Diversity Award by the Career Communication Group.  Recently,
she was named to Savoy Professional Magazine's "Top 100 Blacks in
Corporate America."

As Director – Corporate Diversity, Ms. Wicker will be responsible
for the overall design, development and deployment of Chrysler's
corporate diversity strategies.  This includes facilitating short-
and long-term strategies for implementing cultural change in all
aspects of how the company leverages diversity for a competitive
advantage throughout its entire business enterprise.  In addition,
she will be responsible for Equal Employment Opportunity
Commission Compliance and Governance and Work/Life Policies and
Programs.

Ms. Wicker joined the company in 2001 and most recently was Senior
Manager – Manufacturing Group HR, Stamping and Components.

                    About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.



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

AFA SYSTEMS: Requires Creditors to File Claims by September 29
--------------------------------------------------------------
The creditors of AFA Systems (Asia) Limited requires its creditors
to file their proofs of debt by September 29, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

          Wong Tak Man Stephen
          Chen Yung Ngai Kenneth
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


CONNECTIVE EMPIRE: Members to Hold Final Meeting on September 30
----------------------------------------------------------------
The members of Connective Empire Company Limited will meet on
September 30, 2008, at 11:00 a.m., at the 5th Floor of Champion
Building, in 301-309 Nathan Road, Kowloon.

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


DFE LIMITED: Placed Under Voluntary Liquidation
-----------------------------------------------
The shareholders of DFE Limited met on August 22, 2008, and agreed
to voluntarily wind up the company's operations.

The company's liquidators are:

          So Chin Pang
          Tong Sik Hei, Godfrey
          Lippo Sun Plaza, Unit 1411, 14th Floor
          28 Canton Road
          Tsimshatsui, Kowloon


FELIMORE COMPANY: Members' Final Meeting Slated for September 30
----------------------------------------------------------------
The members of Felimore Company Limited will meet on September 30,
2008, at 10:30 a.m., at the 23rd Floor of Wheelock House, in 20
Pedder Street, Hong Kong.

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


HFR ASSET: Moyes and Yeung Cease to Act as Liquidators
------------------------------------------------------
On August 20, 2008, Paul David Stuart Moyes and Betty Yuen Yeung
ceased to act as liquidators of HFR Asset Management (Hong Kong)
Limited.

The company's former Liquidators can be reached at:

          Paul David Stuart Moyes
          Betty Yuen Yeung
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GENERAL HARVEST: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------------
General Harvest Development Limited requires its creditors to file
their proofs of debt by September 30, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ho Oi Suen
          Hing Yip Commercial Centre, Room 502, 5th Floor
          272-284 Des Voeux Road
          Central, Hong Kong


M.D. CREATION: Creditors' Proofs of Debt Due on September 29
------------------------------------------------------------
The creditors of M.D. Creation Limited are required to file their
proofs of debt by September 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


MOMENTIVE PERFORMANCE: Final Meeting Slated for September 30
------------------------------------------------------------
The members of Momentive Performance Materials Holdings Limited
will hold their final meeting on September 30, 2008, at
10:00 a.m., at Level 28 of Three Pacific Place, in 1 Queen's Road
East, Hong Kong.

At the meeting, Paul David Stuart Moyes, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Powermate Corp.
sued Sun Capital Partners alleging fraudulent transfer and breach
of fiduciary duty, William Rochelle of Bloomberg News relates.

The Committee alleged that Sun Capital caused Powermate to
distribute US$20 million dividend, according to the report.  On
Aug. 29, 2008, the Committee related to the U.S. Bankruptcy Court
in Delaware that the Debtor used US$15 million in secured loan
from a Sun Capital affiliate to pay the dividend, Mr. Rochelle
notes.

The Committee also asserted that Sun Capital made "low margin"
sales to Home Depot Inc. and Lowe's Cos. in order to sell
Powermate, Mr. Rochelle notes.  That process drained away working
capital, based on the report.  As a result, Powermate made another
US$10 million loan to address its liquidity problems, Mr. Rochelle
adds.

The loans from Sun Capital must either be "recharacterized as
equity" or "equitably subordinated" to other loans, the Committee
pressed, Mr. Rochelle reports.  The Committee demands recovery of
the dividend and knock out Sun Capital's secured liens.  According
to the Committee, as of the bankruptcy filing, the Debtor owes Sun
Capital US$28 million and suppliers US$45 million.

Mr. Rochelle notes that six companies controlled by Sun Capital
filed for chapter 11 protection this year.

                         About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.  Sun Capital Partners bought 95% of
Powermate in 2004.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.

On May 23, 2008, the Debtors' summary of schedules posted total
assets of US$60,139,442 and total debts of US$85,700,759.


SUPERSHINE LIMITED: Appoints Chan Kin Hang, Danvil as Liquidator
----------------------------------------------------------------
The creditors of Supershine Limited met on August 15, 2008, and
appointed Chan Kin Hang, Danvil as the company's liquidator.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


WHS HONG KONG: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on August 18, 2008, the
members of WHS Hong Kong Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong



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

CEAT LTD: Slowing Tire Sales Prompt Bhandup Plant Lay Off
---------------------------------------------------------
Ceat Ltd disclosed that its management declared a lay off in the
company's factory situated at Bhandup, Mumbai on September 4, 2008
and September 5, 2008.

The company said the decision was necessitated due to excess of
inventory at the factories impacted by overall slow down in tire
sales on account of gloomy competitive market scenario.

The decision, Ceat noted, has been taken in agreement with the
Union of the Workmen.

Headquartered in Mumbai, India, CEAT Limited --
http://www.ceatyres.com/--
is a tire manufacturer in India.  Its products include flotation
implement and trailer tires, multi-purpose truck tires, truck
tires, light commercial vehicle tires, farm tires, and car and
jeep tires.  The Company offers a range of tires to all user
segments, and manufactures radials for Indian vehicles, including
heavy-duty trucks and buses, light commercial vehicles,
earthmovers, forklifts, tractors, trailers, cars, motorcycles and
scooters, and auto-rickshaws.  It exports to over 110 countries
across the world. CEAT produces over six million tyres a year.


GENERAL MOTORS: Flint Okays Tax Incentives for Proposed Plant
-------------------------------------------------------------
Detroit Free Press reports that Flint City Council has approved
tax incentives to help persuade General Motors Corp. to build a
US$350 million engine plant.  The facility will build the gas
engine
for the Chevrolet Volt range-extended electric car and the
Chevrolet Cruze compact car.  GM expects to operate it by 2010 in
line with a plan to begin selling the Cruze and the Volt by that
time.  The overall plan is dependent on GM and its partners
figuring out the battery technology, according to the report.

                   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.

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

                        *     *     *

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: August Total Vehicle Sales Down 20% to 308,817
--------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
308,817 vehicles in August, making it GM's best monthly total,
retail and fleet sales performance so far in 2008.  The strong
showing was spurred by GM's Employee Discount for Everyone sale in
celebration of GM's Centennial later this month.  In response to
ongoing customer and dealer demand, the sale is being extended
through Sept. 30, 2008 and a number of 2009 models are being added
due to dwindling 2008 inventories.

Compared with an exceptionally strong retail and fleet month last
year, August total sales were down 20%.  However, when compared
with July, 2008, total sales were up 31%, retail sales were up 32%
and fleet sales were up 29%.  Last August's sales performance was
influenced by significantly lower fuel prices and a 0% APR for 60
months offer on pickups.

Notably in August, Chevrolet Silverado, Avalanche and GMC Sierra
had their strongest total sales month since last August, with more
than 80,000 vehicles sold, as GM full-size pickups continue to
build market share calendar-year-to-date.  Silverado sales were up
69%, Avalanche was up 59% and Sierra sales increased 75% compared
with July, 2008.

Chevrolet Tahoe, Suburban and GMC Yukon full-size utilities had
their best performance of the year with total sales up 33%
compared with July with more than 22,000 vehicles sold.  Overall,
GM August truck sales (excluding crossovers) declined 25.6%
compared with a year ago.

"Our award-winning lineup of new products, combined with the GM
Employee Discount for Everyone sale that started August 20th,
helped drive additional showroom traffic and our dealers are
giving us some very enthusiastic feedback.  We had our best sales
month so far in 2008.  We're announcing the extension of the sale
through September 30, and we've added 19 additional 2009 models to
the eligible list of vehicles because our 2008 stock on dealer
lots is rapidly disappearing," Mark LaNeve, vice president, GM
North America Vehicle Sales, Service and Marketing, said.

"With the recent moderation in fuel prices, we're seeing some
relaxation of pent-up demand in pickups and utilities.  Our August
sales of these segment-leading trucks and utilities has been the
best in nearly a year and August marked the fourth consecutive
month that truck sales as a%age of GM and industry sales
increased. We also saw double-digit retail increases in our
crossovers compared with July," Mr. LaNeve added.  "We saw great
car retail performance in our launch products, including the
Chevrolet Malibu, Cadillac CTS, Pontiac Vibe and G8, and Saturn
Astra, and continued strong retail demand for our fuel efficient
Chevrolet Aveo and HHR."

Chevrolet retail car sales were up 18%, Pontiac retail car sales
increased 11% and Cadillac retail car sales were up 10% compared
with last August.

Cadillac CTS dominated the mid-car luxury category with retail
sales increasing 87% compared with the same month a year ago.

Saturn Astra monthly sales of more than 1,900 vehicles were the
best to date, and show a 28% increase compared with July 2008
(Astra was not available last August).

GM's popular midsized crossovers -- Buick Enclave, GMC Acadia and
Saturn Outlook -- together accounted for more than 14,600 vehicle
sales in the month, with a retail sales increase of 29% compared
with a year ago.

GM hybrid vehicles continue to gain in popularity in the
marketplace with 530 hybrid Chevrolet Tahoe, 267 GMC Yukon and 1
Cadillac Escalade 2-mode SUVs delivered.  There were 388 Chevrolet
Malibu, 26 Saturn Aura and 417 Vue hybrids sold in August. For the
month, a total of 1,629 hybrid vehicles were delivered, with 7,096
hybrids sold so far this year.

"Customers are responding to our six hybrid models -- vehicles
that provide industry-leading value, great fuel economy and the
best warranty coverage of any full-line automaker," Mr. LaNeve
added.  "We're working hard to change perceptions and gain
awareness of GM as the leader in advanced propulsion technology
and fuel efficiency."

GM has aggressively managed inventories to low levels.  In August,
only about 736,000 vehicles were in stock -- the lowest August
level since 1998 -- down about 209,000 vehicles (22%) compared
with last August.  There were about 256,000 cars and 480,000
trucks (including crossovers) in inventory at the end of August.

                      Certified Used Vehicles

August 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,238
vehicles, down 8% from August 2007.  Year-to-date sales are
339,375 vehicles, down 5% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted August sales of 35,168 vehicles, down 12% from a
strong August 2007 sales performance. Saturn Certified Pre-Owned
Vehicles sold 1,005 vehicles, down nearly 6%.  Cadillac Certified
Pre-Owned Vehicles sold 4,023 vehicles, up 27%.  Saab Certified
Pre-Owned Vehicles sold 791 vehicles, up 32%, and HUMMER Certified
Pre-Owned Vehicles sold 251 vehicles, up 130%.

"The Cadillac, Saab and HUMMER programs posted robust sales
increases in August, while GM Certified Used Vehicles continues to
lead the certified pre-owned segment in sales," Mr. LaNeve.  "The
launch this month of a new 12-month/12,000-mile bumper-to-bumper
warranty on all Saturn Certified Pre-Owned and GM Certified Used
Vehicles, effective September 13, will provide shoppers a range of
peace-of-mind assurances as strong as those provided by any
certified program in America."

           GM North America August 2008 Production

In August, GM North America produced 341,000 vehicles (158,000
cars and 183,000 trucks).  This is down 96,000 vehicles or 22%
compared with August 2007 when the region produced 437,000
vehicles (152,000 cars and 285,000 trucks).  (Production totals
include joint venture production of 18,000 vehicles in August 2008
and 21,000 vehicles in August 2007.)

The GM North America third-quarter production forecast is at
920,000 vehicles (443,000 cars and 477,000 trucks) which is down
about 10% compared with a year ago, due to production adjustments
in response to market changes that will reduce the number of
trucks produced by about 176,000 and increase the number of cars
by about 76,000.  GM North America built 1.020 million vehicles
(367,000 cars and 653,000 trucks) in the third-quarter of 2007.

The initial GM North America fourth-quarter production forecast is
875,000 vehicles (436,000 cars and 439,000 trucks) which is down
about 16% compared with a year ago.  GM North America built 1.042
million vehicles (358,000 cars and 684,000 trucks) in the fourth-
quarter of 2007.

                   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.

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

                       *     *     *

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.


IBN18 BROADCAST: Raising of Rs 400 Crore Funds Gets Board OK
------------------------------------------------------------
IBN18 Broadcast Ltd's Board of Directors approved the raising of
funds to the tune of Rs 400 crore through the issue of equity
shares, secured or unsecured debentures, bonds or any other
security, in one or more tranches, including, but not limited to:

   -- Foreign Currency Convertible Bonds,
   -- Optionally Convertible Debentures,
   -- Bonds with share warrants attached,
   -- Global Depositary Receipts, and
   -- American Depositary Receipts.

The Board also scheduled an extraordinary general meeting of the
company on October 1, 2008 for shareholder approval on the issue.

Separately, on August 19, 2008, IBN18 Broadcast disclosed that
company promoters M/s. Network 18 Media & Investments Ltd and Mr.
Raghav Bahl respectively sold their 39,96,000 and 13,39,000 shares
in the company.

Subsequent to the sale, M/s. Network 18 India Holdings Pvt. Ltd.,
a wholly owned subsidiary of M/s. Network 18 Media & Investments,
converted 55,00,000 of warrants (out of 1,50,00,000 Convertible
Warrants) it holds in IBN18 Broadcast into equity shares of the
company.  The warrants were converted at a price of Rs 177.60 per
equity share (Rs 888/- per share at the time of subscription to
these warrants when each IBN18 Broadcast equity share had a face
value of Rs 10/-).

The net consideration received from Network India Holdings Pvt.
Ltd for the conversion of the warrants was Rs 87.91 cr. 10% of the
conversion price was paid up at the time of issue of the warrants
as subscription amount.  This amount has been transferred to the
equity capital of the company, and the shares allotted to Network
18 India Holdings Pvt. Ltd.

Meanwhile, a set of promoter group companies, controlled by or
affiliated to Mr.
Bahl, has purchased 4268 fixtures contracts of the company
corresponding to 53.35 lakh underlying shares.

The conversion of warrants is part of the existing commitments of
IBN18 Broadcast's promoters to the company.

Headquartered in New Delhi, India, IBN18 Broadcast Limited --
http://www.ibnlive.com/-- formerly Global Broadcast News Limited,
is engaged in the business of production and telecast of news and
current affairs programs primarily in India.  The company owns and
operates a 24-hour English language news and current affairs
channel called CNN-IBN.  IBNLive.com is the online arm of the
company with hard news as its core offering and interactivity as
its key component. Along with a range of mobile- and multimedia-
enabled content, IBNLive is a multi-platform offering that
provides viewers/users an opportunity to contribute to the news
process and interact with editors and reporters.

                          *     *     *

IBN18 Broadcast Limited booked annual net losses of Rs. 320.35
million in 2007 and
Rs. 68.66 million in 2008.


ORIENT FASHION: Fitch Assigns 'BB+(ind)' LT Nat'l Issuer Rating
---------------------------------------------------------------
Fitch Ratings has assigned Orient Fashion Exports (India) Private
Limited a National long-term Issuer rating of 'BB+(ind)'.  The
Outlook is Stable.  At the same time, Fitch has assigned the
following ratings to its existing bank facilities:

  -- Fund-based working capital banking lines (cash credit)
     aggregating INR500m: National Long-term rating of 'BB+(ind)';

  -- Working capital banking lines (interchangeable between cash
     credit and letter of credit) aggregating INR100m: National
     Long-term rating of 'BB+(ind)' and National Short-term rating
     of 'F4(ind); and

  -- Non-fund-based working capital banking lines (letter of
     credit) of INR40m: National Long-term rating of 'BB+(ind)'
     and National Short-term rating of 'F4(ind)'.

Orient's ratings reflect the relatively small size of its
operations, combined with low barriers to entry in the industry,
which renders the company vulnerable to competition from larger
companies and from other countries.  However, the ratings draw
some comfort from the established operations of the company and
its long-standing relationships with its various customers.  A
majority of the company's production is exported, and its
clientele includes large retailers such as GAP ('BB+'/Stable),
Belt, CSI, JC Penny and Target.  The ratings are constrained by
the company's declining EBIDTA margins over the last three years
(FY06: 6.4x; FY07: 5.9x; FY08: 5.2x) reflecting the impact of
competition, appreciation of the INR against the USD over the last
year and increasing cotton prices.

The ratings also factor in the cyclicality of demand, the group's
exposure to volatility in the prices of raw materials and to
fluctuations in the INR.  The company also faces concentration
risks as nine out of top 10 customers are located in the US.
However, Orient is increasing its market presence in other
established markets such as Europe, and the Southern hemisphere.
This will also help Orient combat the slowdown in US economy as
well as business seasonality.  Orient is also focusing on the
Indian market to capitalize on retail boom opportunities; to aid
this; the company has started catering to the requirements of ITC
Limited and Reliance Retail Limited.

Orient has changed the credit terms with the customers from Letter
of Credit to credit terms ranging from 30 to 75 days, in order to
cut down on banking costs; however, this has resulted in increased
working capital requirements over the last three years and also
exposes Orient to counterparty risk.

Fitch notes that Orient has been able to reduce the increased
working capital requirements by reducing inventory and work-in-
progress cycles from FY07 to FY08 through operational efficiencies
and has also taken a credit insurance for an amount of INR1500m
for most of its customers in the US and Europe market.

The ratings could be positively affected by a substantial increase
in the size of operations, successful geographical diversification
with significant part of revenues coming from non US-based
customers and improved profitability margins.  The ratings could
be adversely affected by further increases in raw material prices
and Orient's inability to pass on these hikes to its customers.

The company recorded high financial leverage from FY04 with total
adjusted debt/operating EBITDAR of 3.3x at FYE07 and 3.0x at
FYE06.  The total debt of the company at end-March 2007 was
INR350.1 million, consisting mostly of working capital debt.  The
average inventory processing days for the company was 80 days in
FY07, with gross cash cycle of 114 days and cash conversion cycle
of 96 days. The company has sanctioned fund-based working capital
limits of INR500 million with average utilization of 83% over the
last year and non-fund based limits of INR140 million.  Net
Adjusted debt/EBITDAR increased from 2.0x in FY06 to 3.1x in FY07.

Orient was established in 1973 and specializes in creating and
manufacturing apparel and has five group companies.  The company
is currently in expansion mode which will result in the growth of
its installed capacity by 50%.  The order book of the company as
at 28 August 2008 is around INR770 million.

Note to Editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.  National ratings are designed for use
mainly by local investors in local markets and are signified by
the addition of an identifier for the country concerned, such as
'AAA(ind)' for National ratings in India.  Specific letter grades
are not therefore internationally comparable.


TATA POWER: Director Rahul Asthana Quits Post
---------------------------------------------
Tata Power Company Ltd disclosed in a regulatory filing that Mr.
Rahul Asthana, state government director on the company's Board,
has tendered his resignation
as director of the company with effect from August 21, 2008.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.


TATA STEEL: May Spin Off Overseas Assets to Raise Capital
---------------------------------------------------------
Tata Steel Limited's international steel assets, including Corus,
could be
spun off in an overseas listing that could raise billions of
dollars to help bankroll the steel unit's expansion, The Financial
Times reports.

Apart from its domestic assets, Tata Steel owns overseas companies
including
Corus, an Anglo-Dutch steel maker, which it bought last year for
GBP6.7 billion.
Tata Sons, the group's holding company, is the controlling
shareholder in Tata Steel, with a 34 per cent stake.

According to the report, insiders said Tata Group is exploring
ways to raise capital, and a listing of its overseas steel assets
is among the options being seriously considered.

A Tata Steel executive meanwhile told The FT that the group had no
immediate plans for a listing, particularly given the adverse
market conditions, and no urgent need for capital.

However, the report recounts that Tata Steel executives revealed
last month that the company had separated its international
assets, including Corus, into Tata Steel Global Holding, a
Singapore-based holding group, to make it easier to raise capital.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from February 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

The company also carries a "Ba1" corporate family rating from
Moody's.



=================
I N D O N E S I A
=================

BANK DANAMON: Expects 25% Increase in FY 2008 Lending
-----------------------------------------------------
PT Bank Danamon Indonesia Tbk expects full-year lending to grow
25% on a rise in consumer loans despite a weakened economy and
higher interest rates, The Jakarta Post reports.

Danamon Chief Financial Officer Vera Eve Lim told the news agency
that outstanding loans will likely reach IDR66.25 trillion
(US$7.28 billion) by the end of the year, up from IDR53.3 trillion
a year earlier.  The company was still expecting robust growth in
consumer loans to help counter an estimated decline in corporate
financing, Ms. Lim said.

According to the report, high commodity prices on the global
market have spurred economic growth in regions outside Java.  "The
market is adjusting itself to the current condition, where
inflation is high and is followed by the rise in interest rates.
Consequently corporate sector loans will slow down," The Post
cited Ms. Lim as saying.

Corporate lending, the report relates, contributed 32% to Bank
Danamon's total loans in the first half of the year, while retail
and consumer loans contributed 43 percent and small scale business
25%.

The Post recounts the central bank increased its interest rate,
which currently stands at 9% due to the May fuel price increases,
spurring banks to follow suit with their own rates, leading to
dampened demand for loans from individuals and businesses.

However, Ms. Lim said the Bank Danamon remained upbeat on meeting
this year's revised lending target, and her optimism is supported
by the latest central bank data, which shows that bank lending in
the country grew 31.6% in the first semester, well above the
target of between 22 and 26%, the report says.

Danamon's outstanding loans rose 32% in the first six months of
the year to IDR61.2 trillion, from IDR46 trillion a year earlier,
pushing Bank Danamon's net profit for the period to IDR1.16
trillion, up 14% from the same period last year, the report notes.

The bank's non-performing loans, the report adds, stood at 2.3% in
the first semester, compared to 3.1% for the same period in 2007.

                       About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings has affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


DIRGANTARA INDONESIA: To Start Producing Light Aircraft in 2010
---------------------------------------------------------------
PT Dirgantara Indonesia will begin producing the Spanish-designed
Casa 212-400 light aircraft in early 2010, The Jakarta Post
reports.

The report relates that DI President Director Budi Santoso said
the company would start producing the aircraft after Spain-based
EADS-Construcciones Aeron uticas S.A. (CASA) had completed the
relocation of its Spanish production facilities to Indonesia.
"The relocation process will take a year.  Therefore, the first
aircraft will be produced by (the end of) 2009 or in early 2010,"
he said.

According to the report, Mr. Santoso said the partnership would
revive old ties as EADS-CASA had helped establish DI.

Dirgantara Indonesia will sell the aircraft equipped with an
advanced fully integrated tactical navigation system for customers
in Southeast Asia, including Indonesia, and manufacture components
to be sold in South America, the report says.

The Post relates that Mr. Santoso said Cassa aircraft were useful
in countries that had similar topographies to Indonesia's,
including Vietnam, Thailand and countries in Africa.  The
companies would offer a variant of the aircraft for use in beach
patrol operations, he added

                About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

On Oct. 29, 2007, the TCR-AP reported that the Indonesian
Supreme Court accepted an appeal filed by PT Dirgantara
Indonesia over the Commercial Court's bankruptcy ruling.
Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Jakarta Post related.  Under the existing
bankruptcy law, the finance minister is the only party that is
allowed to take a state-owned company to the bankruptcy court,
the report explains.


EXCELCOMINDO PRATAMA: Moody's Sees No Impact on Ratings
-------------------------------------------------------
Moody's Investors Service says that the recent announcement of the
proposed disposal by Indocel Holding SDN BHD, a wholly-owned
subsidiary of TM International Berhad, of part of its equity
interest in PT Excelcomindo Pratama Tbk will have no impact on
XL's Ba2 corporate family and senior unsecured bond ratings as
well as its Aa1.id national scale rating.

"TMI's proposed partial sale of its equity interest in XL will not
affect the expected support coming from TMI, given that XL will
remain a key part of its international strategy and one of its
largest revenue and EBITDA contributors," says Ivan Palacios, a
Moody's Assistant Vice President and lead analyst for the company.

TMI is currently an 83.8% shareholder in XL, with the latter's
rating of Ba2 benefiting from a one notch uplift due to the
expected support from TMI.

Although the final amount of shares to be sold as part of this
process has not been determined and is subject to equity market
conditions, it is Moody's expectation that TMI will at least
retain majority control of XL if the sale is successful.

Currently, public shareholding in XL is very low -- only 0.2% of
XL's shares are publicly held -- resulting in the trading of XL
shares in the market being illiquid.  In Moody's opinion, the
objective of the proposed sale is to increase the liquidity of the
shares, and is not an indication of TMI's intention to lose
majority control of XL or to lower support towards the company.

However, Moody's notes that the one-notch uplift could be removed
if TMI's shareholding in XL falls well below 50% and if TMI
indicates that XL is no longer a core asset for the group.

XL is the third largest cellular provider in Indonesia; as at June
2008 it had a market share of approximately 18% and 22.9 million
subscribers, of which approximately 98% were prepaid.


PERTAMINA: Government Bans LPG Price Hike
------------------------------------------
The Indonesian government banned PT Pertamina (Persero)
from raising the prices of liquefied petroleum gas in 12-kg and
50-kg cylinders, saying the Indonesian people cannot afford the
rise because of their low purchasing power, Antara News reports.

"The ban accords with the result of a meeting between the Office
of State Enterprises Minister and the Finance Ministry at the
Finance Ministry building," Antara cited State Enterprises
Minister Sofyan Djalil as saying.  The government gave the
assurance that Pertamina would no longer raise the LPG prices at
least until next year, he said.

On August 25, the report recounts, Pertamina raised the price of
LPG in 12-kg cylinder to IDR5,750 a kg from IDR5,250 a kg, and the
price of LPG in 50-kg cylinder to IDR7,255 a kg from IDR6,878 a
kg.  Meanwhile, the price of LPG in 3-kg cylinder remains
unchanged at IDR12,750 or IDR4,250 a kg.

Earlier on July 1, Pertamina had raised the price of LPG in 12-kg
cylinder by 17.64% to IDR5,250 a kg from IDR4,250 a kg or
IDR63,000 per cylinder, the report says.

"Just leave the IDR500 rise in LPG price as it is.  Because it
will reduce Pertamina's burden," Mr. Djalil was quoted by the news
agency as saying.  Actually, the government did not approve of the
rise in the LPG prices, the important thing now is how to increase
gas supplies, he said.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.



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

DELPHI CORP: Appaloosa Insists Right to Cancel Funding Pledge
-------------------------------------------------------------
Appaloosa Management L.P. and A-D Acquisition Holdings, LLC,
together with the other defendants, have denied Delphi Corp.'s
allegations and claims that it is entitled to specific performance
by investors of their commitment to provide US$2,550,000,000 in
exit
equity financing.

Appaloosa says that it had grounds to terminate their agreement
after Delphi allowed General Motors Corp. to participate in the
exit financing process, which undermined their agreed objective
of Delphi's reorganization -- to disentangle itself from its
former parent and increase penetration of non-GM customers.

The parties earlier entered a stipulation extending the
defendants' deadline to submit their answers to the Complaints to
September 2.

Appaloosa, et al., deny Delphi's claims for:

  (i) breach of contract in connection with the Equity Purchase
      and Commitment Agreement dated of August 3, 2007, as
      amended on December 10, 2007, which sets forth the
      obligation of ADAH, Harbinger Del-Auto Investment Company,
      Ltd., Pardus DPH Holding LLC, Merrill Lynch, Pierce,
      Fenner & Smith Incorporated, and Goldman Sachs & Co. to
      invest up to US$2,550,000,000 in reorganized Delphi;

(ii) breach of contract by Appaloosa, Harbinger Capital
      Partners Master Fund I, Ltd., and Pardus Special
      Opportunities Master Fund L.P., in connection with the
      Commitment Letter Agreements;

(iii) relief against all defendants pursuant to Section 1142 of
      the Bankruptcy Code, which empowers the U.S. Bankruptcy
      Court for the Southern District of New York to direct any
      necessary party to perform any act that is necessary for
      the consummation of a plan;

(iv) fraud against Appaloosa because it (i) deceived Delphi by
      concealing its plans, decision and actions to undermine
      the EPCA, and the Plan and the equity financing needed for
      the consummation of the Plan, and (ii) assured Delphi that
      it will fulfill its investment obligations, despite its
      plans to the contrary, resulting to Delphi refraining from
      pursuing alternatives, to its own detriment and the
      detriment of all its stakeholders; and

  (v) equitable subordination or disallowance of the claims of
      the defendants for acting inequitably and breaching their
      duties to the Debtors and causing substantial harm to the
      Debtors, their employees, creditors and other
      stakeholders.

UBS Securities, LLC, also refutes Delphi's assertions that (i)
UBS breached its obligations by failing to use its reasonable
best efforts to consummate the EPCA, (ii) the Court should
exercise its equitable authority under Section 1142 to order UBS
to comply with its obligations under the Plan and the EPCA, and
(iii) UBS' claims or interests should be equitably subordinated
or disallowed.  UBS denies that Delphi is entitled to specific
performance ordering UBS to invest US$166,866,749, and says, among
its affirmative defenses, that the EPCA limits Delphi's claims
against UBS to US$16,358,805.

Representing Appaloosa and ADAH, J. Christopher Shore, Esq., at
White & Case LLP, in New York, asserts 12 affirmative defenses
that would bar, in whole or in part, Delphi's claims:

  (1) the failure to state a claim;

  (2) the doctrine of estoppel;

  (3) the doctrine of election of remedies;

  (4) the doctrine of judicial estoppel;

  (5) the doctrine of law of the case;

  (6) the doctrine of laches;

  (7) the doctrine of unclean hands;

  (  waiver and release of Delphi's claims pursuant to the
      EPCA;

  (9) Delphi's alleged harm and damages were due to, and
      caused by, events, conditions, instrumentalities or
      omisssions of individuals or entities other than the
      Appaloosa defendants;

(10) Delphi has failed to mitigate its alleged damages;

(11) Delphi is not entitled to specific performance because it
      cannot, currently or at the time of judgment in this
      action, fulfill all of the conditions of the Investment
      Agreement; and

(12) Delphi's claims for specific performance are barred in
      whole or in part by the doctrine of impossibility.

In view of these defenses, Mr. Shore says, Appaloosa brings these
counterclaims against Delphi to recover damages caused by
Delphi's material and willful breaches of the EPCA:

    * Delphi willfully violated the EPCA and thwarted
      Appaloosa's contractual expectation of investing in a
      viable Delphi that was separated from its wholesale
      dependence on and control by General Motors -- by bringing
      GM in for more than US$2,600,000,000 of long-term, non-
      market financing;

    * Delphi violated other provisions of the EPCA including
      its obligation to obtain exit financing on the terms
      agreed to by the parties, which would have provided Delphi
      with the liquidity it clearly needs while at the same time
      not saddling it with interest payments beyond its capacity
      to repay; and

    * as a result of Delphi's multiple breaches, Appaloosa
      terminated the EPCA for a cause, triggering Delphi's
      obligation to pay US$82,500,000 Alternate Transaction Fee
      and other transaction expenses as those terms are defined
      in the EPCA.

According to Mr. Shore, on Jan. 30, 2008, Delphi approached ADAH
with an exit financing proposal reflecting its agreement with GM
and contemplating that US$1,700,000,000 would be raised from the
public markets.  At a meeting on Feb. 6, ADAH expressed its
concerns with the proposal, including that it:

  (i) contemplated higher interest than permitted under the
      December 10, 2007 EPCA,

(ii) anticipated issuing the first and second lien paper at a
      significant original issue discount,

(iii) overly concentrated GM's participation in the capital
      structure, and

(iv) left Delphi insufficiently capitalized.

ADAH also expressed concern that GM's participation to that
degree would undermine a key objective of Delphi's reorganization
plan, which was for the company to disentangle itself from its
former parent and that such participation might also threaten the
execution of Delphi's portion of the business plan that
contemplated increased penetration of non-GM customers as a
result of no longer being a "GM captive."

Delphi, however, ignored those concerns by filing a motion under
Section 1142(b) of the Bankruptcy Code seeking an order, among
other things, that an exit financing that would provide for
additional funding by GM complies with the Plan and the EPCA.
Mr. Shore says that the Court denied the Motion and acknowledged
at the hearing that the US$2,000,000,000 in additional notes to GM
appeared to be outside the ordinary course of business, which is
precluded by paragraph 5(p)(ii) of the EPCA.  Mr. Shore adds that
changing the terms to have a GM subsidiary, GM Product Services,
Inc., to hold the Delphi-issued note, was still in violation of
the EPCA as (i) the GMPSI Proposal was, in reality, still an
agreement with GM, and provides for greater involvement and
control by GM, and (ii) Delphi obtained debt financing from
GMPSI, which was not a financial institution.

UBS seeks damages from Delphi arising from its breach of the
EPCA.  Other than Goldman Sachs, the Plan Investors want their
proportionate share from the US$82,500,000 Alternative Transaction
Fee.  Goldman Sachs seeks reimbursement of US$798,571 and Merrill
Lynch seeks an undisclosed amount for fees and expenses of
counsel in connection with investigating, negotiating, and
preparing to complete the transactions contemplated by the EPCA.

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


FORD MOTOR: August 2008 Vehicle Sales Drop 25.6% to 151,021
-----------------------------------------------------------
Ford Motor Company reported total vehicle sales for August 2008 at
151,021, down 25.6% from August last year's 203,001 vehicle sales.
Total August 2008 vehicle sales by brand, constituting Ford,
Lincoln, Mercury and Volvo, is 155,690 units, down 26.6% compared
to August last year's 212,120 vehicles.

Higher demand for the fuel-efficient Ford Focus and Ford Escape
continued in August, as consumers continued moving to smaller and
more fuel-efficient vehicles.

Ford Focus sales were up 23% and Escape sales were up 17% versus a
year ago, while the impact of a weak economy and lower demand for
large trucks and SUVs resulted in double-digit sales declines for
Ford and the auto industry.

"The Focus and Escape offer the features and fuel economy today's
consumer's want," said Jim Farley, Ford group vice president,
Marketing and Communications.

The 2009 Escape, with its new 2.5-liter four-cylinder engine and
six-speed transmission, delivers class-leading highway fuel
economy of 28 mpg -- matching the 2009 Toyota RAV4 and topping the
Honda CR-V.  The 2009 Escape Hybrid delivers 34 mpg in the city
and 31 mpg on the highway, making it the most fuel-efficient
utility vehicle available.

The 2009 Focus has similarly impressive fuel economy with an EPA
highway fuel economy of 35 mpg -- equal to the Toyota Corolla and
the smaller 2009 Honda Fit.

Overall, during August, Ford, Lincoln and Mercury vehicle sales
totaled 151,021, down 26%.  The decline primarily reflects lower
demand for SUVs (down 53%) and trucks (down 39%) and lower sales
to fleet customers (down 31%).

"We expect the second half of 2008 will be more challenging than
the first half, as weak economic conditions and the consumer
credit crunch continues," Mr. Farley said.

                   North American Production

Ford now plans to produce 890,000 vehicles in the second half of
2008 (420,000 vehicles in the third quarter and 470,000 vehicles
in the fourth quarter).

The second-half plan is 50,000 vehicles lower than the previous
plan (20,000 vehicles in the third quarter and 30,000 vehicles in
the fourth quarter).  The reduction primarily reflects lower sales
to daily rental companies, lower production associated with the
transfer of the Ford Expedition and Lincoln Navigator from
Michigan Truck Plant to Kentucky Truck Plant, and a downward
revision to the company's U.S. industry sales forecast (to the low
end of the previously provided range of 14.0 to 14.5 million).

                     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: 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.


ORSO FUNDING: S&P Puts 4 Low-B Rated Classes on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on ORSO
Funding CMBS 2005-3 Trust's class E to G and M trust certificates
on CreditWatch with negative implications.  At the same time, S&P
affirmed its ratings on the class A to D and X trust ertificates.
The CreditWatch placements of the class E to G and M trust
certificates reflect growing uncertainty over repayment of the
transaction's underlying loan by the final maturity date and over
the likely collection amount from the sale of collateral
properties backing that loan, in light of recent deterioration in
Japan's real estate market conditions.

S&P placed the class E to G and M trust certificates on
CreditWatch with negative implications because: 1) it has been
reported that there is increased uncertainty with respect to the
refinancing of the aforementioned loan by the final maturity date
in October 2008; and 2) recent deterioration in real estate
market conditions has exacerbated uncertainty over the likely
collection amount from the sale of collateral properties,
undermining the credit quality of the trust certificates,
especially the lower classes.  Meanwhile, S&P took into
consideration the estimated collection amount from the sale of
collateral properties and, accordingly, affirmed its ratings on
the class A to D and X trust certificates at this
point.

S&P intends to review its ratings on the class E to G and M trust
certificates after considering various factors, including
progress in loan repayments, and after taking a closer look at
estimates of the collection amount from the sale of underlying
collateral properties.

This is a single-borrower CMBS transaction.  The trust
certificates are backed by one nonrecourse loan extended to one
borrower, which is ultimately secured by an initial number of 26
real estate properties.  This transaction was arranged by Bear
Stearns (Japan) Ltd. Tokyo Branch.  Premier Asset Management Co.
acts as the servicer for this transaction.

ORSO Funding CMBS 2005-3 Trust:

  -- JPY20.8834 billion commercial real estate-backed trust
     certificates due October 2010

Ratings on CreditWatch Negative:

Class   To            From   Current Balance   Initial Amount
-------------------------------------------------------------
E       BB/Watch Neg    BB   JPY2,375,016,000  JPY2.4 billion
F       BB-/Watch Neg   BB-  JPY791,672,000    JPY0.8 billion
G       B/Watch Neg     B    JPY1,781,262,000  JPY1.8 billion
M       B-/Watch Neg    B-   JPY478,390,621    JPY0.5 billion

Ratings Affirmed:

Class   Rating   Current Balance         Initial Amount
--------------------------------------------------------
A       AAA      JPY9,895,900,000         JPY10 billion
B       AA       JPY1,781,262,000         JPY1.8 billion
C       A        JPY1,682,303,000         JPY1.7 billion
D       BBB      JPY1,880,221,000         JPY1.9 billion
X       AAA      JPY20,666,026,621     JPY20,883,400,000



* JAPAN: Banks Post JPY2.5 Tril. Cumulative Losses at End of June
-----------------------------------------------------------------
Japanese banks posted JPY2,574 billion in cumulative losses linked
to securitized products at the end of June, up from
JPY2,436 billion three months before, Jiji Press reports, citing
the Financial Services Agency.

The data, the report relates, showed that nearly 10% of the banks'
holdings of securitized products and acquisition-related loans,
which totaled JPY23,503 billion as of the end of June, turned
sour.

According to the report, losses linked to U.S. subprime mortgages
came to JPY896 billion, up from JPY850 billion, while holdings of
subprime-linked products after write-downs stood at JPY958
billion, down from JPY1,019 billion.

The data did not include exposure to securities issued by U.S.
government-sponsored mortgage financing firms such as Fannie Mae
and Freddie Mac, the report says.


* JAPAN: Non-Financial Firms' Profit May Drop 7.3%, Daiwa Says
--------------------------------------------------------------
Combined recurring profits at major non-financial firms in Japan
in fiscal 2008 are expected to fall 7.3% from the previous year,
posting the first drop in seven years, Jiji Press reports, citing
the Daiwa Institute of Research.

The report relates that the size of the drop is larger than the
4.3 pct fall forecast by the think tank three months ago.

The survey covers 300 companies listed on the first section of the
Tokyo Stock Exchange.

According to the report, the forecast was attributable to the
economic slowdown in the United States and Europe as well as in
Japan and cost increases stemming from soaring oil prices.

Meanwhile, the surveyed companies' combined fiscal 2008 sales are
expected to increase 4.5%, as an increasing number of companies
have successfully passed cost increases on to their products or
services prices, the report notes.

The Press relates that according to the survey, recurring profits
are seen to rise 40.3% at trading houses and 25.0% at oil
distributors on the back of higher resources prices, while game
machine and software makers are expected to see their profits jump
40.2%.

However, the report points out, profits at automakers are expected
to fall 27.3%.  The combined recurring balance at electricity and
gas suppliers is expected to result in losses.

For fiscal 2009, the research institute foresees 3.4% year-on-year
growth in the 300 firms' combined sales and a 15.4% surge in their
recurring profits.



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

C&MERCHANTS MARINE: Korean Ratings' Holds B Rating on Conv. Bond
----------------------------------------------------------------
Korea Ratings Corporation has affirmed the rating on the
15th unsecured convertible bond issued by C&Merchant Marine
Co., Ltd. and placed the rating on Rating Watch, 'Negative'.

The rating action reflects negative impacts of credibility
deterioration and rising liquidity risk across C& Group on
C&Merchant Marine.  Such credibility and higher liquidity
risk were triggered when the company's affiliate, C&Heavy
Industries failed to obtain financial resources in a timely
manner to pay off the 132nd convertible bond at the request
for early payment.  Affiliates in the C& Group are closely
linked to one another in terms of credit risk due to cross
guarantees and lending among affiliates.  C&Merchant Marine
also has provided payment guarantee worth KRW30.5 billion,
collateral worth KRW12 billion and loans worth KRW27.3
billion to C&Heavy Industries at end-June 2008.

Accordingly, KR has placed the rating of C&Merchant Marine
on Rating Watch, 'Negative'.  KR will constantly monitor
whether the C& Group obtains liquidity or not, and progress
on its plan to improve the financial structure.  In so
doing, KR will disclose their impacts on C&Merchant Marine's
credit rating.

C&Merchant Marine Co., Ltd. -- http://www.hmm21.com/kor-- is
a Korea-based company specialized in the provision of
shipping services.  Headquartered in Seoul, Korea, the
company provides its services under three segment:
container, bulk and terminal.  Its container segment
provides container carrier transportation through more than
40 sea routes and over 100 ports in the Trans-Pacific, Asia-
Europe, Trans-Atlantic, Inter-Asia and Latin America
regions.  Its bulk segment provides transportation service
with vessels such as tankers, liquid natural gas (LNG)
carriers, liquid petroleum gas (LPG) carriers and trampers
for steel mills, power plants, coals and iron ores
suppliers.  Its terminal segment is engaged in port terminal
operations.  The company also provides e-business services.
During the year ended December 31, 2007, container segment
and bulk segment accounted for approximately 66% and 34% of
the company's total revenue, respectively.



* KOREA: Economy Continues to Slide in Slow Pace
------------------------------------------------
The Korean economy continues to decline but at a slower pace, KBS
News reports.

The report relates that the coincident economic index, which shows
the current state of economy, dropped one-tenth of a percent in
July from June, declining for a sixth straight month.

According to the report, the index of leading economic indicators,
also dropped one-tenth of a percent last month year-over-year,
continuing its decline for an eighth consecutive month.

The National Statistical Office, the report notes, said the
economic slowdown is losing steam, but it's difficult to say
whether the economy is bottoming out since the increase in the
number of working days resulted in a temporary pickup in
production.


* KOREA: Net Foreign Credit Fell to US$2.7 Bil. in Late June
------------------------------------------------------------
South Korea's net foreign credit fell to US$2.7 billion as of late
June, The Hankyoreh News reports.

The report relates that considering how foreign exchange
authorities have been selling off massive amounts of foreign
currency to stabilize the exchange rate since July, it appears
Korea has virtually become a debtor nation for the first time
since the East Asian Financial Crisis nine years ago.

According to the report, citing the bank of Korea, a balance sheet
on international investment in late June showed Korea's net
foreign credit was US$2.71 billion, a US$10.45 billion drop from
US$13.16 billion in late March.

Foreign exchange authorities, the report notes, have been selling
dollars to stabilize the won-dollar exchange rate, leading Korea's
foreign exchange reserve to drop from US$258.1 billion in late
June to US$247.5 billion in late July.  Because of the month-long
drop of US$10.6 billion in foreign exchange reserves, which are
factored into foreign credit, Korea has been a virtual net debtor
nation since last month, the report relates.

Meanwhile, the report says, liquid foreign debts that mature
within a year increased from US$216.1 billion in late March to
US$222.3 billion in late June, a jump of US$6.2 billion, which
boosted Korea's foreign exchange reserve to liquid foreign debt
ratio from 81.8% to 86.1%.  Accordingly, Korea's spare foreign
exchange reserves, left over after liquid foreign debt is
subtracted, fell to US$25.2 billion.  Korea's spare ammunition to
stabilize the exchange rate has fallen by that much.

The Bank of Korea explained that since the amount of foreign debt
included US$50 billion in advanced payments for ship exports and
US$93 billion in foreign exchange borrowing for use in foreign
currency hedges, there would be no problem in paying it back, The
Hankyoreh says.

Moreover, the report adds, if foreign stock investors, whose
investments are not included in foreign debt, were to pull out
their US$241.1 billion in funds, foreign debt could snowball at
any moment.



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

BANKS PENINSULA: Shareholders Appointed Oorschot as Liquidator
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Banks Peninsula Marine Limited  appointed Andrew
Marchel Oorschot as liquidator on Aug. 1, 2008.

Creditors and shareholders may direct their inquiries to:

          Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042
          Christchurch
          Telephone: (03) 366 7154)


BANKS PENINSULA: Shareholders Appointed Oorschot as Liquidator
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Banks Peninsula Fishing Charters Limited
appointed Andrew Marchel Oorschot as liquidator on Aug. 1, 2008.

Creditors and shareholders may direct their inquiries to:

          Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042
          Christchurch
          Telephone: (03) 366 7154)


HIGHLINE ROOFING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Wellington convened a hearing on Sept. 1, 2008,
to consider an application putting Highline Roofing Limited into
liquidation.

The application was filed on June 30, 2008, by New Zealand Crane
Group Limited.

The plaintiff's address for service is at:

          Minter Ellison Rudd Watts
          Level 20
          Lumley Centre
          88 Shortland Street
          Auckland 1010

G. M. Sandelin and M. D. Pascariu are the plaintiff's solicitors.


HOA ASSOCIATES: Wind-Up Petition Hearing Set for September 24
-------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 24, 2008,
at 10:45 a.m., to consider putting HOA Associates Ltd. into
liquidation.

The application was filed on June 4, 2008, by Manukau Water
Limited.

The plaintiff's address for service is at:

         Kelly Flavell
         18 Uxbridge Road
         Howick, Auckland
         Facsimile: (09) 535 2151

Kelly Flavell is the plaintiff's solicitor.


LA BELLA: 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 La Bella Homes Limited into
liquidation.

The application was filed on June 18, 2008, by ILAY4U Limited.

The plaintiff's address for service is at:

          Kevin McDonald & Associates
          Level 11, Takapuna Towers
          19-21 Como Street
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082

Kevin Patrick Mcdonald is the plaintiff's solicitor.


PORT STEEL: Shareholders Appointed Oorschot as Liquidator
---------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Port Steel Limited appointed Andrew Marchel
Oorschot as liquidator on Aug. 1, 2008.

Creditors and shareholders may direct their inquiries to:

          Ashton Wheelans & Hegan
          Chartered Accountants
          PO Box 13042
          Christchurch
          Telephone: (03) 366 7154)


TAWHARAU MEDIA: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland held a hearing on Aug. 29, 2008, to
consider an application putting Tawharau Media Productions Limited
into liquidation.

The application was filed on May 9, 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.



=========
M A C A U
=========

MGM MIRAGE: S&P Confirms 'BB' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Las Vegas-based MGM MIRAGE to negative from stable.  Ratings on
the company, including the 'BB' corporate credit rating, were
affirmed.

The outlook revision reflects our concern regarding two specific
challenges MGM MIRAGE faces over the next several quarters.
First, while the company appears close to completing a US$3
billion
debt financing for the CityCenter project, S&P anticipate that
each partner will need to contribute at least an additional US$500
million to US$1 billion over the next 12 months to
complete the project.

This incremental spending could have a meaningful impact
on the company's liquidity profile, given MGM MIRAGE's outlined
capital spending plans for its wholly owned properties of
approximately US$400 million during the remainder of 2008, S&P's
expectation that 2009 capital expenditures will be in the US$300
million to US$500 million range, and cash from operations
totaling just US$573 million during the 12 months ended June 30,
2008.  While a US$302 million tax payment related to the sale of
CityCenter weighed negatively on cash from operations during this
period, the company needs to generate a level of cash from
operations which approximates, or exceeds, capital spending
requirements in order to maintain sufficient excess liquidity to
support the current rating.

S&P are also concerned with MGM MIRAGE's ability to remain in
compliance with the covenants under its bank facility.  Given the
trend of EBITDA performance thus far in 2008, combined with our
expectation that current negative trends will continue at least
into the first half of 2009, a covenant violation is likely over
the next few quarters.  Specifically, S&P are projecting that
total property level EBITDA, which declined 15% during the first
six months of 2008, will decline at a similar pace for the
remainder of 2008.  While cost-containment efforts should have
gained traction, and year-over-year comparisons will be easier in
2009, S&P expect that a mid-single-digit percentage decline in
total property level EBITDA is likely in the first quarter of
2009, at which point a covenant violation would likely occur.  S&P
expect MGM MIRAGE to be successful in amending covenant levels;
however, the payment of fees or an increase in pricing is a likely
consequence.

"The 'BB' rating reflects MGM MIRAGE's somewhat limited geographic
diversity, as the company relies on the Las Vegas Strip for a
majority of its cash flow, and high debt leverage," noted Standard
& Poor's credit analyst Ben Bubeck.  "Still, MGM maintains a
satisfactory business risk profile, with a significant position on
the Las Vegas Strip, which, despite current challenges stemming
from a weak economy, offers a substantial source of cash flow and
solid long-term prospects."

Furthermore, the company's business risk profile stands to improve
over time, as the recent openings of the permanent casino at MGM
Grand Detroit and MGM Grand Macau, combined with the potential
longer-term addition of MGM Grand Atlantic City, will lessen the
company's reliance on the Las Vegas Strip and grow the cash flow
base.  Other ventures overseas, such as the MGM Grand Abu
Dhabi, also have the potential to grow and diversify MGM MIRAGE's
cash flow base over time.



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

FEDDERS CORP: Insurers Seek Relief From Confirmation Order
----------------------------------------------------------
Bankruptcy Data reports that Maryland Casualty Company and Liberty
Mutual Insurance Company filed with the U.S. Bankruptcy Court for
the District of Delaware, a motion for relief, pursuant to Rules
59 and 60 of the Federal Rules of Civil Procedure, from the order
confirming the bankruptcy plan of Fedders North America, Inc. and
its debtor-affiliates.

As reported by the Troubled Company Reporter on August 22, 2008,
the Hon. Brendan Linehan Shannon confirmed the Debtors'
liquidation plan, as modified.

The Plan and related settlement among the Term Lenders, the
Official Committee of Unsecured Creditors and the Debtors provide
for the liquidation and distribution of the Debtors' assets.
Under the Plan, Term Lenders, whose claims total US$45.6 million
and
are secured by their duly perfected liens on substantially all of
the Debtors' assets, have agreed to waiver their Adequate
Protection Claims, which could range from US$9 million to more
than US$20 million.  The Term Lenders, in turn, will receive
roughly 53% to 60% of their Secured Claims.  The Term Lenders will
also provide US$1.8 million in cash to a liquidating trust to pay
down general unsecured claims.  The GUC Liquidating Trust will
also receive the avoidance actions.  General unsecured creditors
asserted US$2.6 billion in claims.

All classes of creditors impaired under the Plan have voted to
accept the Plan.  Holders of Equity Interests in Class 56 have
rejected the Plan.

Objections to the confirmation of the Plan have filed by, among
others, the United States Trustee and the Debtors' insurers.

The U.S. Trustee argued that the Plan does not meet the
substantive consolidation standard set forth by the Third Circuit
in In re Owens Corning, 419 F.3d 195 (3d Cir. 2007); and the
release provisions under the Plan is not permissible.

The Debtors, however, argued that their assets and liabilities are
sufficiently scrambled that separating them is cost-prohibitive
and would hurt all creditors.  The Debtors also noted that the
Term Lenders and the Committee support substantive consolidation.
The Debtors noted that the Term Lenders are entitled to a release
for postpetition conduct.

According to Bankruptcy Data, the modified Plan was not circulated
in advance of the hearing.  Bankruptcy Data states that Maryland
Casualty and Liberty Mutual were given a short time to review the
modified Plan.

Fireman's Fund Insurance filed a joinder to Maryland Casualty and
Liberty Mutal's motion for relief, according to Bankruptcy Data.
The Court will convene a hearing on Oct. 6, 2008, to consider the
Insurers' request, the report states.

                    About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company and several affiliates filed for Chapter 11 protection
on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-11182).  Norman
L. Pernick, Esq., and J. Kate Stickles, Esq., at the Wilmington,
Delaware office of Cole, Schotz, Meisel, Forman & Leonard P.A.;
and Irving E. Walker, Esq., at Cole Schotz's Baltimore, Maryland,
office represent the Debtors in their restructuring efforts.  The
Debtors have selected Logan & Company Inc. as claims and noticing
agent.  The Official Committee of Unsecured Creditors is
represented by Brown Rudnick Berlack Israels LLP.

When the Debtors filed for protection from creditors, they listed
total assets of US$186,300,000 and total debts of US$322,000,000.

The Debtors and their term lenders filed an amended joint plan of
liquidation on August 18, 2008.

Goldman Sachs Credit Partners LP serves as administrative agent
and collateral agent for the term lenders. Goldman is represented
by Stephen Karotkin, Esq., and Christina F. Pullo, Esq., at Weil,
Gotshal & Manges, LLP, in New York; and Mark D. Collins, Esq., at
Richards, Layton & Finger, PA, in Wilmington, Delaware.

Highland Capital Management LP is represented by Judith Elkin,
Esq., at Haynes and Boone LLP, in New York; and Thomas G.
Macauley, Esq., at Zuckerman Spaeder LLP in Wilmington.



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

AVAGO TECH: Sets 3Q Financial Result Conference Call on Sept. 17
----------------------------------------------------------------
Avago Technologies, disclosed details for its financial results
conference call for the third quarter fiscal 2008, ended
August 3, 2008.

Date:  Wednesday, September 17, 2008
Time:   5:00 p.m. ET/2:00 p.m. PT
Dial-in: (480) 248-5081
Passcode: None required

Replay:  (303) 590-3030
Passcode: 3911441
Duration:  Through September 24, 2008

The company will distribute its financial results for the third
quarter after the market close on September 17, 2008.

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2008, Standard & Poor's Ratings Services removed its
ratings on San Jose, Calif.- and Singapore-based Avago
Technologies Finance Pte. Ltd. and related entities, from
CreditWatch, where they were placed on Sept. 19, 2007, with
positive implications, and raised the company's corporate credit
rating to 'BB-' from 'B'.



                         *********

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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