TCRAP_Public/080909.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

            Tuesday, September 9, 2008, Vol. 11, No. 179

                            Headlines

A U S T R A L I A

ACN 100 784 745: General Meeting Set on September 15
BABCOCK & BROWN: Unit Receives 40% Scrip Bid From Prime Trust
BACKBONE DISTRIBUTION: Joint Meeting Set for September 15
BIMBIMBI PTY: Liquidator to Give Wind-Up Report on September 19
CARRINGTON PARK: Members' Final Meeting Set for September 15

EMMANUEL HARRIS: Liquidator to Give Wind-Up Report on September 18
HYLAND HOLDING: Members' Final Meeting Set for September 18
INTEC LTD: Suspends Hellyer Zinc Project, 50 Jobs Affected
OPI PACIFIC: Debenture Holders OK Secured Debt Deal With Octaviar
PAL ROOF: To Declare Dividend on September 16

SHARPER IMAGE: Plaintiffs Seek US$767 Million in Class Action
SINO GOLD: Secures CNY231 Mil. Loan From China Construction Bank
ST. GEORGE: Revises Merger Proposal with Westpac
ST. GEORGE: Reduces Standard Variable Interest Rates by 0.30% p.a.
ST. GEORGE: Raises AU$1 Bil. to Complete 40% of 2009 Term Funding

STWZ PTY: Liquidator to Present Wind-Up Report on September 12
TESON TRIMS: Placed in Voluntary Administration


C H I N A

BANK OF COMMUNICATIONS: Inks Credit Card JV With Jinjiang Inn
CHINA CONSTRUCTION: Approves CNY231 Million Loan to Sino Gold
CHINA EASTERN: Reviews Merger Plan With Shanghai Airlines
GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says

PACIFICNET INC: Amends Terms of US$6.2MM Convertible Debentures
* CHINA: Regulators Urge Banks to Lend for Economic Growth


H O N G K O N G

ASCALADE TECHNOLOGIES: Commences Liquidation Proceedings
BEHRINGER CHINA: Final Meeting Slated for October 6
CHAIN HERO: Requires Creditors to File Claims by October 10
GUANGDONG TOURS: Annual Meetings Slated for September 18
LEGG MASON: Placed Under Voluntary Liquidation

MOULIN GLOBAL: Creditors' Proofs of Debt Due on September 16
NCL CORPORATION: Moody's Confirms B2 CFR; Outlook Negative
SANAY INTERNATIONAL: Wind-Up Petition Hearing Set for October 15
STAR CRUISES: Moody's Confirms B1 Corporate Family Rating
SUNNY BILLION: Court to Hear Wind-Up Petition on September 24

SUPER MISSION: Placed Under Voluntary Liquidation
YUE XIU: Court to Hear Wind-Up Petition on October 15


I N D I A

INDO COUNT: CARE Cuts Rating on Rs.30 Crore NCDs to 'D'from 'BB'
TATA MOTORS: Trinamool to Suspend Protest Against Nano Plant
WHITEHALL JEWELERS: Indian Jeweller Wants to Buy 50-60 Stores


J A P A N

FORD MOTORS: Hosting Fairs to Help Employees Find Jobs
JAPAN AIRLINES: Expands Network Restructuring in 2H of FY2008
LEHMAN BROTHERS: WSJ Says KDB's Plan Could Face Regulatory Hurdles
* JAPAN: Bank Lending Growth Slows as Bankruptcy Filings Rise


K O R E A

* KOREA: Crisis Rumors Threaten Economy


M A L A Y S I A

NIKKO ELECTRONICS: Posts MYR55.72MM Net Loss in Qtr. Ended June 30
UBG BERHAD: Bourse to Suspend Trading of Shares on October 16
WONDERFUL WIRE: Has Until Nov. 30 to Submit Regularization Plans


N E W  Z E A L A N D

BOTRY-ZEN LTD: Appoints Two New Board Members
ENTREPRENEURIAL ENDEAVOURS: Proofs of Debt Due on September 19
GALA CONTROL: Proofs of Debt Due on September 15
GENCON JOINERY: Proofs of Debt Due on September 15
GENCON LOGIC: Proofs of Debt Due on September 15

GENERAL CONSTRUCT: Proofs of Debt Due on September 15
KUMAR SHEKHAR: Liquidators Set September 12 as Claims Bar Date
LOGIC BUILDING: Proofs of Debt Due on September 15
SUMMIT DINING: Liquidators Set September 12 as Claims Bar Date
TIMBER FLOOR: Proofs of Debt Due on September 12

WARDEN PROPERTIES: Liquidators Set September 12 as Claims Bar Date
* NEW ZEALAND: Building Work Continues to Decline


P H I L I P P I N E S

COLLEGE ASSURANCE: BSP OKs Sale of Bancommerce Stake to Arctic
* PHILIPPINES: Max's and IWP to Defer Listing Due to Bleak Market
* PHILIPPINES: Thrift Banks' NPL Ratio Stood at 6.48% in April


S I N G A P O R E

LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO
LYNDEN PROJECTS: Creditors' Proofs of Debt Due on September 29
MSM HOLDINGS: Creditors to Hold Meeting on September 12
STAMP CRAFTS: Court to Hear Wind-Up Petition on September 12


X X X X X X X X

* BOND PRICING: For the Week September 8 - September 12, 2008
Fitch Says Oil Price Environment Harms Asian Downstream Cos.


                         - - - - -


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

ACN 100 784 745: General Meeting Set on September 15
----------------------------------------------------
A.C.N. 100 784 745 Pty Ltd will hold a general meeting for its
members and creditors at 10:30 a.m. on Sept. 15, 2008.  During the
meeting, the company's liquidator, David James Hambleton, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          R.E. Murphy
          Chartered Accountant
          Level 9
          46 Edward Street
          Brisbane, Queensland 4000


BABCOCK & BROWN: Unit Receives 40% Scrip Bid From Prime Trust
-------------------------------------------------------------
Babcock & Brown Communities Group said it has received an
unsolicited offer from Australian Property Custodian Holdings
Limited as responsible entity for The Prime Retirement and Aged
Care Property Trust (Prime Trust) in relation to a proportional
scrip offer for 40% of the securities of Babcock & Brown
Communities.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2008, Babcock & Brown Communities disclosed the key
outcomes of the strategic review of its business conducted by
independent financial adviser ABN AMRO to identify options for
reducing the value gap between BBC's underlying assets and current
security price.

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

   -- Price discovery process for the whole of BBC.

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

                  Price Discovery Process

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

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

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

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

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

                     Internalisation

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

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

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

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

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

                           ACCC Review

In an update, Prime Trust disclosed that it has received a letter
from the Australian Competition & Consumer Commission (ACCC)
saying it intends to monitor the 40% proportional scrip bid for
Babcock & Brown Communities Group.

Prime Trust sees this as a first step to a possible merger of the
two entities which would create Australia's largest senior living
class owner and operator.

Prime Trust said it has been invited to make a submission to the
ACCC regarding the likely competitive effects of the proposed
acquisition.  Following this submission the ACCC intends to
undertake a public informal review in accordance with section 50
of the Trade Practices Act 1974.

Philip Powell, Managing Director of Prime Trust said that Prime
Trust would comply with the request and provide full assistance to
the ACCC review.

                About Babcock & Brown Communities

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

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

                  About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is engaged in the
creation, syndication and management of investment products for
itself, as a principal, and its investor clients; management of
specialised listed and unlisted funds, and advising and
arranging leasing, project financing and structured finance
transactions.  It has five segments: real estate, which engages
in principal investment and investment management activities in
the real estate sector; infrastructure, which engages in
financial advisory, principal finance and funds management
activities in the infrastructure and project finance sector;
corporate and structured finance, which is engaged in the
origination, structuring and participation in and management of
equity and debt investments, and operating leasing, which is
engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 25, 2008, Standard & Poor's Ratings Services affirmed its
'BB+/B' ratings on Babcock & Brown International Pty Ltd.
(BBIPL) following the announcements by the company's parent',
Babcock & Brown Limited (B&B Ltd., not rated), of a 30% fall in
group net profit for the half-year to June 30, 2008, against
half-year to June 30, 2007, and replacement of selected senior
management.  The rating outlook is stable.

"We are not surprised that, in the current market environment,
the group had had to make impairment charges against assets and
investments, and the amount involved (AU$441 million) is not
outside expectations," said S&P's credit analyst Ian Greer.
"The changes in the board and senior management are a positive
move for implementing the next stage in the evolution of B&B
Ltd.'s, and thus BBIPL's, business model.  This change has been
and will be assisted by B&B Ltd.'s stoppage of dividends,
decline in employee bonuses, and planned reductions in debt and
staff headcount."


BACKBONE DISTRIBUTION: Joint Meeting Set for September 15
---------------------------------------------------------
Backbone Distribution Pty Ltd will hold a final meeting for its
members and creditors at 10:00 a.m. on Sept. 15, 2008.  During the
meeting, the company's liquidator, Matthew Joiner, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Matthew Joiner
          PKF Chartered Accountants and Business Advisers
          Level 6, 10 Eagle Street
          Brisbane QLD 4000


BIMBIMBI PTY: Liquidator to Give Wind-Up Report on September 19
---------------------------------------------------------------
D. J. Offermans, Bimbimbi Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 19, 2008, at 10:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          D. J. Offermans
          Offermans Partners
          PO Box 2424
          Townsville QLD 4810
          Telephone: (07) 4724 0000
          Facsimile: (07) 4724 0060


CARRINGTON PARK: Members' Final Meeting Set for September 15
------------------------------------------------------------
G. Warters, Carrington Park Pty Limiteds  appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 2:00 p.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          G. Warters
          Hammond & Warters Pty Limited
          98A Great North Road
          Five Dock NSW 2046


EMMANUEL HARRIS: Liquidator to Give Wind-Up Report on September 18
------------------------------------------------------------------
George Emannuel Harris and Peter Emannuel Harris, Emmanuel Harris
Investements Pty Ltd's  appointed estate liquidators, will meet
with the company's members on Sept. 18, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The meeting will be held at Suite 208, 30 Bay Street, in Double
Bay, New South Wales.


HYLAND HOLDING: Members' Final Meeting Set for September 18
-----------------------------------------------------------
John Mazaroli, Hyland Holding Pty Ltd's  appointed estate
liquidator, will meet with the company's members on Sept. 18,
2008, at 9:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Mazaroli
          MCS Partners
          PO Box 4101
          East Gosford NSW 2250


INTEC LTD: Suspends Hellyer Zinc Project, 50 Jobs Affected
----------------------------------------------------------
Intec Ltd disclosed in a regulatory filing that due to persisting
adverse economic conditions notably including the low zinc price
and rising production costs across the board, operations at the
Hellyer Zinc Concentrate Project will be suspended with immediate
effect, having now completed the current shipment of approximately
6,000 tonnes of zinc/lead concentrate.

The Hellyer facility will be put on care and maintenance in
readiness for any sustained future improvement in global metals
prices and/or the availability of additional third-party
feedstocks to augment the overall product output.

                           Job Cuts

ABC News reports that almost 50 people have been put out of work
due to the closure of Hellyer Zinc Mine.

According to the report, most of the mine's 50 workers have been
given two weeks notice and the company hopes they will quickly
find jobs at other local mines.

                        About Intec Ltd

Headquartered in Sydney, Australia, Intec Ltd (ASX:INL) --
http://www.intec.com.au/-- principally engaged in the operations
of the Hellyer metals project, the development of Intec Process
technology, and the operational support of Bass Metals Ltd, a
north-western Tasmanian explorer and miner, of which Intec owns
23.3%.  The Hellyer Metals Project in northwestern Tasmania
includes 11 million tons of polymetallic tailings, together with
other available metalliferous residues, such as electric arc
furnace dust.  These operations are carried out by the Hellyer
Zinc Concentrate Project Joint Venture, in which Intec has a 50%
interest.  The joint venture commenced on December 1, 2006. The
company owns the Intec Process, which operates in the chloride
medium to recover base and precious metals from ores, concentrates
and residues.  Intec’s wholly owned subsidiaries include Intec
Copper Pty Ltd, Intec Hellyer Metals Pty Ltd (IHM) and Intec
International Projects Pty Ltd. On October 23, 2006, IHM acquired
Encore Metals NL (renamed Intec Zeehan Residues Pty Ltd.).

                        *     *     *

Intec Ltd incurred three consecutive net losses of AU$1.17
million, AU$4.51 million and AU$3.73 million for the fiscal years
ended June 30, 2007, 2006 and 2005, respectively.


OPI PACIFIC: Debenture Holders OK Secured Debt Deal With Octaviar
-----------------------------------------------------------------
OPI Pacific Finance Limited disclosed in a regulatory filing that
its secured debenture holders and unsecured noteholders voted in
support of an extraordinary resolution which will allow OPI
Pacific Finance to enter into Secured Debt Arrangements with the
Octaviar Limited and to continue with the moratorium agreed in May
2008.

The results of the votes were:

   - 97.14 per cent of secured debenture holders who voted by
     value were in favour of the extraordinary resolution.

Approximately 65% of secured debenture holders by value voted.

   - 99.63 per cent of unsecured noteholders who voted by value
     were in favour of the extraordinary resolution.

Approximately 84% of unsecured noteholders by value voted.

                         Octaviar Cash
                      Consideration Offer

Separately, OPI Pacific Finance said it has been advised that
Octaviar has extended the deadline for acceptance of the cash
consideration offer to stockholders in OPI Pacific Finance to
4 p.m. on Sept. 30, 2008.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2008, that OPI Pacific investors agreed in May 2008 to enter into
a moratorium and for that moratorium to continue OPI Pacific
Finance is required to enter into an arrangement with Octaviar
within certain time frames.  OPI Pacific finance has called a
further meeting of its investors on Sept. 8, 2008, to consider the
secured debt offer now made by Octaviar.  Octaviar has also made a
cash offer directly to the OPI investors.  That cash offer also
closes on Sept. 8, 2008, and is conditional on the OPI investors
agreeing at the meeting to OPI Pacific Finance entering into the
secured debt arrangement with Octaviar.

                     About Octaviar Limited

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

                       About OPI Pacific

OPI Pacific Finance Limited is a subsidiary of Octaviar Limited.

                         *     *     *

According to findata, OPI Pacific Finance was forced to default on
repayments in late January when Octaviar declined to provide
further support because of its own difficult financial position.

Findata recounts that at the end of March, OPI Pacific Finance
owed NZ$274 million to secured debenture stockholders and NZ$56.7
million to unsecured noteholders.

The report relates that of NZ$476 million in cash, loans and
investments, only NZ$122 million may be recoverable.

Octaviar owns 38.5 percent of OPI New Zealand, formerly MFS NZ,
which owns OPI Pacific Finance, the report adds.


PAL ROOF: To Declare Dividend on September 16
---------------------------------------------
Pal Roof & Fence Pty Ltd will declare dividend on September 16,
2008.

Creditors who were unable to prove their debts on September 1,
2008, are excluded from the dividend distribution.

The company's liquidator is:

          Steven Nicols
          Nicols + Brien
          Level 2, 350 Kent St
          Sydney NSW 2000
          Telephone: (02) 9299 2289
          www.bankrupt.com.au


SHARPER IMAGE: Plaintiffs Seek US$767 Million in Class Action
------------------------------------------------------------
Plaintiffs in two putative class actions against Sharper Image
Corp. over the Ionic Breeze air purifier have asked the U.S.
Bankruptcy Court for the District of Delaware to certify the class
for the purpose of seeking US$767 million in damages, reports
Bankruptcy Law 360.

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

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

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

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

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


SINO GOLD: Secures CNY231 Mil. Loan From China Construction Bank
----------------------------------------------------------------
Sino Gold Mining Limited said it has secured a CNY231 (US$34)
million loan facility from China Construction Bank for the
company's White Mountain Gold mine in Jilin Province, China.

Sino Gold Chief Executive Officer Jake Klein said: "This loan
facility from a Chinese bank represents a breakthrough in
broadening our funding sources.

"This funding is very efficient for us as it is a Renminbi
denominated loan at an interest rate that compares very favourably
internationally.  Sino Gold's gearing remains very low and we will
continue to evaluate how to optimise the structuring of our
borrowings.

"We are delighted to be working with the local Baishan branch of
the major China Construction Bank.  This is another example of the
great support White Mountain has received from local business and
government authorities.

"Dry commissioning of White Mountain processing plant has
commenced with the overall project now 90% complete and we are
well on track to deliver our second gold mine.

The project remains on-schedule for the first gold to be poured
before the end of 2008 and commercial gold production in early
2009."

The key terms of the loan facility are:

   -- Loan amount of RMB231 (US$34) million comprised of a
      5-year RMB190 (US$28) million construction facility and
      12-month RMB41 (US$6) million working capital facility.

   -- Floating interest rate in line with the People's Bank of
      China published rates, currently 7.7% pa for the
      construction facility and 7.5% pa for the working capital
      facility.

   -- No hedging required to be put in place.

   -- Sino Gold Jilin BMZ Mining Limited is the borrower and
       Sino Gold Mining Limited is the guarantor of the loan.

The facility has minimal upfront costs and the loan may be prepaid
without penalty.

As advised in Sino Gold's June 2008 Quarterly Report, Renminbi
appreciation and increasing input costs have put the US$55 million
capital cost guidance at risk by up to 15%.

                       About Sino Gold

Sino Gold Mining Limited -- http://www.sinogold.com.au-- is an
Australia-based company.  The principal activities of the
Company are mining and processing of gold ore, and sale of
recovered gold, and exploration and development of mining
properties.  The company mined 692,000 tons of ore through open-
cut mining during the year ended December 31, 2007.  At
December 31, 2007, Sino had acquired a 94% interest in Golden
China Resources Corporation.  The operation in Jinfeng Mine
achieved commercial production on September 1, 2007.  A total of
449,000 tons of ore were treated during 2007, with an overall
recovery of 71.9% producing 56,981 ounces of recovered gold.  In
2007, 43,483 ounces of gold were sold.  As of December 31, 2007
the 230 meter of underground development was achieved in White
Mountain.  Compulsory acquisition of Gold China Resource
Corporation was completed on January 16, 2008.

                      *     *      *

The company had incurred a net loss of AU$23.5 million for year
ended December 31, 2007, slightly higher from the AU$20.1 million
loss it incurred the year before.


ST. GEORGE: Revises Merger Proposal with Westpac
------------------------------------------------
St. George Bank Limited announced a revised merger proposal
involving a higher dividend for St. George shareholders and a
package of measures to increase the certainty of completion of the
transaction and accelerate merger benefits.  The St. George's
Board confirmed its unanimous support for the merger.

St. George Chairman, John Curtis welcomed the announcement.

"The St. George Board believes that the merger of St. George and
Westpac, on the terms proposed, is a very positive outcome for St.
Georgeshareholders.  The Independent Expert has informed St.
George that the merger proposal is fair and reasonable and in the
best interests of St. Georgeshareholders," Mr. Curtis said.

"Our Board unanimously recommends that shareholders vote in favour
of the merger, in the absence of a superior proposal.

"The revised merger terms recognise the contribution of St.
Georgeto the strength of the combined organisation.  Westpac will
continue to have a AA rating with a strong capital base and broad-
based funding to support future growth," Mr. Curtis said.

Westpac Chairman, Ted Evans, said that the merger would deliver
positive outcomes for both Westpac and St. George.

"In light of volatile and challenging market conditions, we have
been pleased by the continuing strength of both the Westpac and
St. George businesses since announcement of the merger proposal,"
Mr. Evans said.

"Today we have agreed a number of measures to enhance the
certainty of a successful outcome, including accelerating
integration and transition planning.

"This will ensure that we realise merger benefits more quickly and
work closely together to optimise customer retention," Mr. Evans
said.

                    St. George FY08 Final Dividend
                         and Special Dividend

In addition to the St. George 2008 final dividend, St. George
shareholders will now receive an additional fully franked special
dividend (at the same time as the 2008 final dividend is paid).
The amount and other details concerning the special dividend
will be announced when the St. George annual results are released
and the 2008 final dividend is announced on Oct. 29, 2008.

Westpac has agreed to the payment of the special dividend by
St. George on the basis that the aggregate amount of the special
dividend and the final dividend does not exceed AU$1.25 per
St. George share.

This is an increase of AU$0.28 per St. George share in total
potential dividends payable to St. George shareholders, which
equates to a total potential additional dividend payment to St.
George shareholders of approximately AU$160 million.

There has been no change to the merger exchange ratio, which
remains at 1.31 Westpac shares for each St. George share
irrespective of the amount of the dividend paid by St. George.

Westpac confirms the transaction is expected to be EPS accretive
within three years of the merger.

                       Independent Expert

The Independent Expert, Grant Samuel, has reviewed the merger
proposal and has concluded that it is fair and reasonable, and in
the best interests of St. George shareholders, in the absence of a
superior proposal emerging.  The proposed special dividend
reinforces this conclusion.

The Independent Expert's report will be released to the market
with the scheme documentation after the regulatory review process
is complete.  Grant Samuel has confirmed that although its report
is currently in the final stages of preparation for submission to
the Australian Securities & Investments Commission during the
coming week, they have completed their analysis and formed their
conclusions.

                        Amendments to Merger
                      Implementation Agreement

To reflect the revisions to the terms of the merger proposal,
St. George and Westpac have agreed to amend certain terms of the
Merger Implementation Agreement (MIA) dated May 26, 2008.

The amendments include a package of enhancements intended to
increase the certainty of completion of the transaction and bring
forward realization of merger benefits, including:

   * Enhanced co-operation between Westpac and St. Georgein
     relation to integration planning, with a view to
     accelerating the process of integrating the two banks,
     bringing forward the realization of merger benefits and
     minimizing integration risk, including jointly developing
     strategies to maximize customer retention; and

   * A break fee of AU$100 million payable by St. George to
     Westpac in certain specified circumstances, including a
     change in the St. George Board's unanimous recommendation
     of the merger proposal.

The amended MIA also sets out the terms of arrangement in respect
of the SAINTS and St. George employee options.

                           Next Steps

It is intended that the scheme book will be lodged with ASIC
shortly and is expected to be released to the market on Sept. 30,
2008, and dispatched to St. George shareholders in mid October.
The scheme meeting is expected to be held on Nov. 13, 2008.

Full details of the Independent Expert's report will be published
in the scheme book.

The ACCC has announced that it will not oppose the merger.  The
transaction also requires approval from the Federal Treasurer.
Mr. Curtis and Mr. Evans said the merger will provide the
opportunity for both St. George and Westpac to grow stronger
together, benefiting shareholders and customers.

                          About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

                       About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  St. George Bank Limited is a
banking company.  The company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St. George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St. George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


ST. GEORGE: Reduces Standard Variable Interest Rates by 0.30% p.a.
------------------------------------------------------------------
St. George Bank Limited said that it was lowering its standard
variable home loan interest rates by 0.30% pa to 9.37% pa,
effective Sept. 29, 2008.  This is an additional 0.05% pa to the
0.25% pa reduction announced by the Reserve Bank of Australia
(RBA) on Sept. 2, 2008.  The new reduced rate will be applicable
for new and existing customers.

Les Matheson, Group Executive Retail Bank, said; "I am extremely
pleased to be able to provide our customers with a reduction in
their home loan interest rate, above and beyond the RBA cut
announced today."

"We are very mindful of the impact of rate rises on our customers
and have upheld our commitment that if funding costs were to
reduce, we would then look to adjust our rates."

"In order to provide customers with a larger reduction in their
interest rate, we have decided to wait a few weeks for the RBA
decision to fully flow through to our overall funding costs.  This
allows us to offer the additional bonus of 0.05% pa above the RBA
decision, which we know will be appreciated by our customers," Mr.
Matheson said.

This 0.30% pa rate reduction equates to a saving of approximately
AU$55 per month in repayments on an average size loan of
AU$250,000 over a 30 year loan term.

In addition, St. George has announced it was cutting its 1 – 5
year fixed interest rates by up to 0.76% pa, or 1.06% pa including
special Advantage Package discounts, effective Sept. 3, 2008.
These changes include the introduction of a 2 Year Fixed Rate of
8.29% pa for eligible Advantage Package customers, the lowest
amongst major banks.  The changes give customers the opportunity
to lock into some of the most competitive rates currently in the
market.

St. George has also decreased rates on deposit products, with most
savings and investment products decreasing by 0.25% pa.

                  About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  St. George Bank Limited is a
banking company.  The company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St. George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St. George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


ST. GEORGE: Raises AU$1 Bil. to Complete 40% of 2009 Term Funding
-----------------------------------------------------------------
St. George Bank said it has finalized an issue of AU$1 billion of
Residential Mortgage-Backed Securities (RMBS) under its Crusade
securitisation program, Crusade Trust No.1 of 2008.  The Group has
now completed 40% or AU$4.6 billion of its estimated AU$11-AU$12
billion term wholesale funding requirements for 2009.

Managing Director & CEO, Paul Fegan said; "St. George continues to
have access to a diversified range of funding markets and we have
made strong inroads on our 2009 funding targets.  Given this
advanced position, we do not see the need to raise any substantial
new term funding in the near future."

"We were one of the first of the Australian banks to complete
funding for the 2008 financial year, and currently have a large
proportion of next year's requirements already locked away.  Since
Oct. 1, 2007, St. George has raised a total AU$12.6 billion of
committed term funding."

"In addition, we continue to see strong growth in retail deposit
balances with growth of 18.9% annualized for the ten months ended
31 July 2008.  This growth is exceeding growth in retail lending,
providing a significant funding offset.  In July alone, retail
deposits grew by over AU$3 billion."

"St. George remains in a very strong position and is on track to
meet its EPS growth target of 8-10%* for the 2008 financial year.
This will place St. Georg eat the top end of earnings for all
Australian banks," Mr. Fegan said.

In this issue, Residential Mortgage-Backed Securities with a value
of AU$1,051 million will be issued, backed by a revolving mortgage
pool. A senior class A tranche of AU$1 billion has been privately
placed and, accordingly, pricing is not disclosed.  The pricing is
competitive with comparable sources of funding available to
Australian banks. A subordinated class B tranche of AU$51.3
million will be retained by St. George.

It is expected that the senior class A tranche will be rated AAA
by Standard and Poor's.  Securities issued will be denominated
only in Australian dollars and will be backed by Australian
residential mortgage loans originated by St. George.

Since March 31, 2008, St. George has raised AU$5.3 billion of term
funding, excluding securitisation, with an average weighted
maturity of 29 months.

Overall, the Group's credit quality remains very good, reflecting
the high quality of the Bank's residential and business lending
portfolios and its prudent credit culture and policies.  The Loan
to Valuation ratio (LVR) for the total mortgage portfolio is less
than 40% and 95% of commercial loans are secured.  St. George is
rated A+ by Standard & Poor's (CreditWatch Positive), Aa2 by
Moody's Investors Service (Under Review - Direction Uncertain) and
A+ by Fitch Ratings (RatingWatch Positive).

                    About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  St. George Bank Limited is a
banking company.  The company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St. George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St. George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


STWZ PTY: Liquidator to Present Wind-Up Report on September 12
--------------------------------------------------------------
Ronald George Davies, STWZ Park Pty Ltd's  appointed estate
liquidator, will meet with the company's members on Sept. 12,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Ronald George Davies
          Ikon House
          Level 8, 65 York Street
          Sydney NSW 2000


TESON TRIMS: Placed in Voluntary Administration
-----------------------------------------------
Car component manufacturer Teson Trims has gone into voluntary
administration, ABC New reports.

According to the report, administrator Matthew Byrnes said Teson
Trims will continue to operate in the short term.

Mr. Byrnes said "We're continuing to operate the business and
we'll be exploring possibilities for a sale."

Teson Trims is the latest car manufacturing business to struggle
from difficulties in the car industry, the report says.

Based in Victoria, Teson Trims manufactures auto components
including door inserts, kick panels and spare wheel covers.  The
company employs 130 workers in Euroa and Mitcham.



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

BANK OF COMMUNICATIONS: Inks Credit Card JV With Jinjiang Inn
-------------------------------------------------------------
The Bank of Communications and Jinjiang Inn have launched a joint
name credit card in China, China Hospitality News reports.

The new card, the report relates, is the first joint name credit
card that the Bank of Communications has launched focusing on
large hotel chains.

According to the report, holders of this new card can enjoy
discounts, and the benefits of a fully fully functional credit
card.

At present, Jinjiang Inn owns more than 330 hotels in China open
and in the pipeline, and the company plans to reach a total of
600.

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

                          *     *     *

The bank carries Fitch Rating's 'D' individual rating effective
November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


CHINA CONSTRUCTION: Approves CNY231 Million Loan to Sino Gold
-------------------------------------------------------------
China Construction Bank Corp. approved a CNY231 million loan
to Sydney-based Sino Gold Mining Ltd, for the development of its
White Mountain gold mine in Jilin province, Lorraine Luk of Dow
Jones Newswires reports.

Sino Gold's loan, the report relates, comprises a five-year CNY190
million construction loan and a one-year CNY41 million working
capital loan.

According to the report, the two loan tranches have floating
interest rates in line with the People's Bank of China's published
rates, currently 7.7% per annum for the construction loan and 7.5%
for the working capital loan.

Sino Gold Chief Executive Jake Klein said the White Mountain
project remains on schedule for commercial gold production in
early 2009, the report notes.

                 About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's "D-" bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


CHINA EASTERN: Reviews Merger Plan With Shanghai Airlines
---------------------------------------------------------
China Eastern Airlines admitted on Sept. 7 that a merger with
Shanhai Airlines, is being actively considered, Geoff Dyer of The
Financial Times reports.

On August 13, 2008, the Troubled Company Reporter - Asia Pacific,
citing Reuters, reported that China Eastern will continue to
seek a big-name strategic investor following the expiry of an
agreement on a stake sale to Singapore Airlines Ltd.

A TCR-AP report on January 10, 2008, said that nearly 78% of
China Eastern shareholders disapproved a bid by Singapore
Airlines and Temasek Holding Pte Limited to buy a minority stake
in China Eastern after rival Air China and its parent, China
National Aviation Corp., pledged a higher offer.  However, on
Feb. 25, China Eastern rejected Air China's proposal and pledged
to instead continue seeking another strategic investor.

The Times relates that China Eastern President Cao Jianxiong said
a merger could increase the group's dominant position in the
Shanghai airline hub.

According to the Wall Street Journal, talks are being conducted by
the two airlines' controlling government shareholders.  "The
potential merger is being discussed only at the government level
at this point," The Times cited Mr.  Jianxiong as saying.

The government plans to first inject capital into China Eastern
and then merge it with Shanghai Airlines, WSJ notes.

Reportedly, the combined company would then consider a stake sale
to Singapore Airlines

"Both deals, with Shanghai Airlines and Singapore Airlines, are
possible.  But for sure the merger with Shanghai Airlines will
take place before a possible stake sale with Singapore Airlines,"
Mr. Jianxiong was quoted by the Times as saying.

According to the Times, China's airline sector is being hit by
falling passenger numbers and high oil prices, which led China
Eastern to a first-half loss of CNY212 million (US$31 million).

Analysts say these problems will increase the government's
leverage to push through mergers, The Times says.

"The need for consolidation is not limited to state-owned
companies - all enterprises in our country, no matter what their
ownership structure, are faced with this task," the Times cited Li
Rongrong, chairman of the central government's state-owned Assets
Supervision and Administration Commission (Sasac), the body that
co-ordinates many of the government's industrial holdings, as
saying.

                       About China Eastern

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

                          *     *     *

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


GMAC LLC: To Streamline Mortgage Operations, Close Retail Offices
-----------------------------------------------------------------
GMAC Financial Services and its subsidiary Residential Capital,
LLC unveiled additional initiatives to further optimize the
mortgage business as the downturn in the credit and mortgage
markets persists. In response to these conditions, ResCap has
enacted a plan to significantly streamline its operation, reduce
cost, adjust its lending footprint and refocus its resources on
strategic lending and servicing.

On Sept. 2, 2008, a plan was approved that included closing all
200 GMAC Mortgage retail offices, ceasing originations through the
Homecomings wholesale broker channel, further curtailing business
lending and international business activities, and right-sizing
functional staff support.  In addition, the company is evaluating
strategic alternatives for the GMAC Home Services business and the
non-core servicing business.  These collective actions will reduce
the ResCap workforce by approximately 5,000 employees, or 60
percent. Approximately 3,000 employees will receive notification
this month with the majority of the remaining 2,000 reductions
expected to occur by year-end.

"While these actions are extremely difficult, they are necessary
to position ResCap to withstand this challenging environment,"
said ResCap Chairman and Chief Executive Officer Tom Marano.

"Conditions in the mortgage and credit markets have not abated
and, therefore, we need to respond aggressively by further
reducing both operating costs and business risk."

ResCap will incur a charge expected to range from US$90 million to
US$120 million that reflects the 3,000 workforce reductions and
related operational streamlining initiatives. The charge will
include costs related to severance and other employee-related
costs of approximately US$50 to US$60 million and facility closure
costs of approximately US$40 to US$60 million. The majority of the
charge is expected to be reflected in the third quarter and result
in future cash expenditures of approximately US$55 million.
Potential charges related to the remaining 2,000 workforce
reductions have not yet been determined.

The workforce reductions will include a range of administrative
and managerial positions. All eligible employees affected by the
workforce reduction will be provided severance packages and
outplacement assistance.

ResCap will continue to originate loans in the U.S. and
internationally where there is a secondary market to sell the
loans. The company will originate products through its
correspondent and direct lending channels. ResCap's commitment to
servicing loans is unchanged by the announced actions, and the
company will continue to expand and enhance its industry-leading
servicing platform, including further development of high-touch
special servicing operations to help preserve homeownership and
support investors that own distressed and special situation loan
portfolios.

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


GMAC LLC: Cutbacks to Curb Earnings, WSJ Report Says
----------------------------------------------------
Residential Capital LLC's plan to cut cost could sharply curtail
its ability to lend and its potential to earn, an article by
Aparajit Saha-Bubna of The Wall Street Journal states.

Parent GMAC Financial Services and ResCap have announced plans to
shut down all 200 GMAC Mortgage retail offices and 5,000 job cuts
or 60% of the workforce at ResCap by the end of the year.  ResCap
will also stop providing home loans through third-party brokers.
A related story appears in today's Troubled Company Reporter.

Job cuts, and office closures at the company could lead to savings
of US$1 billion each year starting in 2009, according to a company
official.  This is a significant amount considering that the
company's total expenses in 2007 was US$3.86 billion, the report
noted.

A director at Standard & Poor's analyzed ResCap's moves and its
effect on the ability of the company to generate profit after the
cutbacks.  Jack Bartko at S&P admits that after several quarterly
losses at ResCap, a billion dollars in saving is significant.  He
added, however, "But the question for us is, after you complete
these actions and have rationalized your infrastructure, what
business model are you left with? And what kind of profit margins
are you looking at?" he said, according to the report.

ResCap lost US$4.3 billion in 2007 and was loss-making for the
last seven quarters.

The report says Rescap's scaling back will leave it focusing
solely on prime mortgages that are bought by Fannie Mae and
Freddie Mac.  It adds, "While a safe business bet, profit margins
in this line of work are razor thin, with loan volume being a big
determinant of income."

Mr. Bartko reportedly said: "In large part, ResCap did have scale,
but across a much broader product spectrum," said Mr. Bartko. Now,
ResCap "is limiting itself to the narrowest of products in terms
of margin. This raises questions of profitability even with
scale."

                         About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


PACIFICNET INC: Amends Terms of US$6.2MM Convertible Debentures
---------------------------------------------------------------
PacificNet Inc. has entered into a Settlement Agreement with
certain bondholders who had filed an involuntary petition seeking
Chapter 11 relief in Delaware federal bankruptcy court earlier
this year.

Pursuant to the terms of the Settlement Agreement, PacificNet has
amended and restated the terms of certain convertible debentures
in the aggregate principal amount of approximately US$6.2 million.
Upon entering into the Settlement Agreement, PacificNet paid
US$150,000 of the obligations under the debentures in cash and
issued 668,322 shares of common stock to the bondholders upon
conversion of a portion of the debentures.  The remaining
outstanding debentures in the aggregate principal amount of
approximately US$5.5 million are convertible at a conversion price
of US$2.00 per share, subject to the terms and conditions of the
debentures.

The Settlement Agreement provides that PacificNet shall make ten
monthly payments under the debentures and also apply sums due
under certain receivables toward payment.  All obligations of
PacificNet to the bondholders under the debentures are due on or
before July 15, 2009.  Additionally, pursuant to the terms of the
Settlement Agreement, the bondholders have received a security
interest and collateral assignment in receivables of PacificNet
and certain of its subsidiaries.

PacificNet has issued to the bondholders new debentures
representing additional amounts owed to them, which will be due in
the event that the company does not comply with the terms of the
debentures.  The parties have further agreed that the bankruptcy
action and all related pending litigation will be dismissed
without prejudice immediately.  On Dec. 15, 2008, provided there
are no defaults under the settlement documents, these dismissals
would be with prejudice.

The complete text of the Settlement Agreement, the debentures and
related documents may be found in the Form 8-K that PacificNet
will file with the U.S. Securities and Exchange Commission.

Victor Tong, President of PacificNet, discussed the settlement,
stating, "We are very glad to settle our differences with the
bondholders so we can move forward to focus on the Asian Gaming
Technology Strategy.  We'd like to thank them for their support
while PacificNet has been transforming itself throughout the
years.  We will continue to strive for the best return for our
shareholders in this turbulent market.  We believe gaming is
recessionary proof due to the increased wealth across Asia and
China and that PacificNet is well-positioned to take advantage of
the market in the future."

                      About PacificNet Inc.

Headquartered in Beijing, China, PacificNet Inc., (NasdaqGM:
PACT) -- http://www.pacificnet.com-- provides gaming and mobile
game technology worldwide.  The company, through its
subsidiaries, offers solutions in casino equipment supply; and
the development, installation, and support of systems and game
content for the casino, lottery, and amusement with prizes (AWP)
markets.  The company was founded in 1987 and has additional
offices in Hong Kong, Shanghai, Shenzhen, Guangzhou, Macau, and
Zhuhai, China; the United States; and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter on June 19, 2008,
Kabani & Company Inc. raised substantial doubt about the ability
of PacificNet Inc. to continue as a going concern after it audited
the company's financial statements for the year ended Dec. 31,
2007.

The auditing firm reported that during the year ended Dec. 31,
2007, the company incurred net losses of US$14,195,000.  In
addition, the company had a negative cash flow in operating
activities amounting to negative US$1,079,000 in the year ended
Dec. 31, 2007, and the company's accumulated deficit was
US$65,070,000 as of Dec. 31, 2007.  In addition, the company is
in default on its convertible debenture obligation and three
holders of Convertible Subordinated Debentures filed an
involuntary petition for Chapter 11 relief in federal bankruptcy
court on March 22, 2008, in Wilmington, Delaware.


* CHINA: Regulators Urge Banks to Lend for Economic Growth
----------------------------------------------------------
The China Banking Regulatory Commission urged banks to "take
effective measures to ensure loans for the country's economic
growth and meanwhile prevent risks, in a bid to maintain sound and
fast economic development," Xinhua News reports.

A commission spokesman said that the policy is "guaranteeing money
supply to some sectors while controlling money supply to some
other sectors."  Commercial banks have increased lending since the
end of June, especially to small firms, energy-saving projects and
those concerning agriculture, farmers and rural areas, he said.

According to the report, the spokesman said the commission has
urged commercial banks to increase lending to post-disaster
reconstruction.



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

ASCALADE TECHNOLOGIES: Commences Liquidation Proceedings
--------------------------------------------------------
Ascalade Technologies Limited commenced liquidation proceedings on
August 14, 2008.

Creditors are required to file their proofs of debt by October 6,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

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


BEHRINGER CHINA: Final Meeting Slated for October 6
---------------------------------------------------
The members of Behringer China Limited will meet on October 6,
2008, at 10:00 a.m., at the 8th Floor of Gloucester Tower, The
Landmark, in 15 Queen's Road Central, Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHAIN HERO: Requires Creditors to File Claims by October 10
-----------------------------------------------------------
The creditors of Chain Hero Limited are required to file their
proofs of debt by October 10, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Hsu Shin Cheung
          Cheong Kee Building, Rooms 1201-4
          84-86 Des Voeux Road Central
          Hong Kong


GUANGDONG TOURS: Annual Meetings Slated for September 18
--------------------------------------------------------
The members and creditors of Guangdong Tours Transportation
Limited will hold their annual meetings on September 18, 2008, at
10:30 a.m. and 11:00 a.m., respectively, at the 5th Floor of Ho
Lee Commercial Building, 38-44 D'Aguilar, in Central, Hong Kong.

At the meeting, Kennic Lai Hang Lui and Leung Mun Yee Ruby, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LEGG MASON: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on August 28, 2008, the
members of Legg Mason Investments (Taiwan) Holdings Limited agreed
to voluntarily wind up the company's operations.

The company's liquidators are:

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


MOULIN GLOBAL: Creditors' Proofs of Debt Due on September 16
------------------------------------------------------------
The creditors of Moulin Global Eyecare Holdings Limited are
required to file their proofs of debt by September 16, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Roderick John Sutton
          Desmond Chung Seng Chiong
          c/o Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong



NCL CORPORATION: Moody's Confirms B2 CFR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has today confirmed the B2 corporate
family rating and B3 senior unsecured bond rating of NCL
Corporation Limited (NCL), in which Star Cruises Limited (SCL) has
a 50% interest.  The ratings outlook is negative.  This concludes
the rating review continued on July 2 2008.

"This rating action follows Moody's confirmation of SCL's B1
corporate family rating with negative outlook," says Kaven Tsang,
an AVP/Analyst at Moody's.

"The B2 corporate family rating reflects NCL's operating position
as the third largest cruise operator in the North American market
and exposure to business challenges including intense competition,
low margins and high fuel cost.  It further factors in one-notch
uplift from the expected support from SCL," says Mr. Tsang.

"The negative outlook is in line with SCL and reflects its
weakened ability to provide support to NCL because of the modest
performance of its cruise business and development risks related
to the Philippines casino and hotel projects.  It also takes into
account NCL's weaker-than-expected operating performance in view
of the high fuel cost and unfavorable economic situation in its
major markets," adds Mr. Tsang.

Downgrade pressure on NCL's ratings could evolve if: 1) evidence
emerges that SCL's ability and willingness to support NCL has
materially reduced; 2) its operating performance fails to recover
as planned with EBITDA margin consistently falling below 10%;
and/or 3) further acquisitions occur, such that NCL's debt rises
and appropriate remedies to reduce the resultant higher leverage
appear insufficient.

A downgrade of NCL's bond rating could occur if subordination
risks increase, as reflected in the ratio of secured and
subsidiary debt to total assets exceeding 60% on a consistent
basis.

The ratings are unlikely to be upgraded, given the negative
outlook.  However, the outlook could revert to stable if SCL's
outlook returns to stable while NCL's operating and financial
positions improve with Debt/EBITDA trending towards 8.5-9x.

NCL Corporation Ltd, headquartered in Miami, is 50%-owned by SCL
and operates 12 ships with over 25,000 lower berths.  It offers
itineraries in North and South America as well as Europe.


SANAY INTERNATIONAL: Wind-Up Petition Hearing Set for October 15
----------------------------------------------------------------
A petition to have Sanay International (Group) Limited's
operations wound up will be heard before the High Court of Hong
Kong on October 15, 2008, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 13, 2008.

Bank of China's solicitors are:

          Anthony Chiang & Partners
          Lippo Centre, 3903 Tower
          89 Queensway
          Central, Hong Kong


STAR CRUISES: Moody's Confirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating of Star Cruises Limited (SCL).  The rating outlook is
negative.  This concludes the rating review continued on July 2,
2008.

The original rating review was initiated in April 2008, following
SCL's entry into the heads of agreement with Alliance Global
Group, Inc (AGI) to acquire a 50% interest in Travellers
International Hotel Group Inc (Travellers) for US$335 million.  As
part of the transaction, SCL and AGI will jointly develop and
operate two hotel and casino projects in the Philippines.

"The rating confirmation reflects Moody's expectation that SCL's
sound liquidity position could service its capital requirement for
the investment without incurring additional debt," says Kaven
Tsang, a Moody's AVP/Analyst, adding, "an expected improvement in
the company's operation in the near-to-medium term -- with
enhanced occupancy levels for the vessel capacity and the recent
decline in fuel prices --- could somewhat alleviate the pressure
on profit margins."

Moody's also notes that the Newport City project -- the first
phase of the development -- is fully funded, and Travellers is
also virtually debt free, thereby providing some financial
flexibility for the incurrence of additional borrowings at the
project level, if needed.

The B1 rating continues to reflect SCL's leading position in the
Asia Pacific cruise market, tempered by its relatively small
operating scale and modest credit profile, which is in turn
dragged down by the weak financial position of NCL.  The rating
further factors in a one-notch uplift from expected support from
Genting Berhad (Genting, Baa1/stable) through Resort World Bhd.

"The negative outlook reflects SCL's exposure to higher
development and execution risks in the near-to-medium term, given
the new projects are still at early stages of development and will
not show material cash flow generation until 2010," says
Mr. Tsang, also Moody's lead analyst for SCL.

"In addition, the challenging operating environment, if it
persists -- and which includes soft demand and high fuel costs --
could pressure SCL's operating performance and weaken its
financial metrics," says Mr. Tsang.

Downgrade pressure will evolve if: 1) evidence emerges that
support from Genting for SCL weakens; (2) SCL provides additional
support to NCL beyond its equity interest; 3) there is a material
increase in funding needs for the projects in Macau and the
Philippines, such that SCL has to raise additional debt; or 4)
fuel costs stay high and occupancy rate drops such that SCL's
EBITDA margin consistently falls under 15%.

In terms of financial metrics, Moody's sees adjusted EBITDA
interest coverage consistently below 1.5-2.0x and adjusted
debt/EBITDA high above 7-8x over the next two years as signals for
a downgrade.

The rating is unlikely to be upgraded, given the negative outlook.
However, the outlook could revert to stable if the cruises
business and fuel costs stabilize, and the development projects in
the Philippines and Macau progress as planned and without material
delays or cost overruns.  In terms of financial metrics, Moody's
sees adjusted EBITDA interest coverage and adjusted debt/EBITDA
trending towards 2x and 7x as signals for an outlook revision to
stable.

Star Cruises Limited, publicly listed in Hong Kong, is 19.3% owned
by Resorts World Bhd, which is, in turn, 48.41% owned by Genting
Berhad.


SUNNY BILLION: Court to Hear Wind-Up Petition on September 24
--------------------------------------------------------------
A petition to have Sunny Billion Limited's operations wound up
will be heard before the High Court of Hong Kong on September 24,
2008, at 9:30 a.m.

Li Siu Man filed the petition against the company on July 21,
2008.


SUPER MISSION: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on August 22, 2008, the
members of Super Mission Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

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


YUE XIU: Court to Hear Wind-Up Petition on October 15
-----------------------------------------------------
A petition to have Yue Xiu Cereals, Oils & Foodstuffs Company
Limited's operations wound up will be heard before the High Court
of Hong Kong on October 15, 2008, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 13, 2008.

Bank of China's solicitors are:

          Anthony Chiang & Partners
          Lippo Centre, 3903 Tower
          89 Queensway
          Central, Hong Kong



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INDO COUNT: CARE Cuts Rating on Rs.30 Crore NCDs to 'D'from 'BB'
----------------------------------------------------------------
CARE revised the rating assigned to the NCDs (non-convertible
debentures) aggregating to Rs.30 crore of Indo Count Industries
Limited (ICIL), to 'CARE D'from 'CARE BB'[double B].  The NCDs
would be redeemable in three equal annual instalments ending March
2012.  Further, CARE revised the rating for long-term bank
facilities aggregating to Rs 243 crore, from 'CARE BB'[double B]
to 'CARE D'.  The long-term rating is applicable to facilities
having a tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.

CARE also revised the rating of shortterm bank facilities
aggregating to Rs 20 crore from 'PR4'[PR four] to 'PR5'[PR five].
The short-term rating is applicable for facilities having tenure
up to one year.  Facilities with this rating would have inadequate
capacity for timely payment of shortterm debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.

The rating action takes into account deteriorating financial
condition of the company leading to continued delay in servicing
the debt obligations.  Adverse market conditions and highly geared
financial risk profile of the company further raise concerns on
the debt servicing ability of the company in the near future.  On
account of financial distress and unfavourable market scenario the
company has approached its bankers for restructuring of its debt
obligations.

The company was originally incorporated in November 1988, with a
view to set up a 100% export oriented (EOU) combed cotton yarn
spinning unit.  With a view to diversify its operations, ICIL
ventured into assembly of consumer electronic items from October
2004.  In March 2007, it started commercial production of its home
textiles division, as a step towards forward integration of its
spinning division. In September 2007, ICIL involved itself in the
rehabilitation of a sick unit - M/s Pranavaditya Spinning Mills
Ltd. (PSML) by lending management and financial support.  ICIL
invested Rs 15 crore towards OTS (one time settlement) with
bankers of PSML.  ICIL has operations spanning three business
segments- spinning (cotton yarn), electronic manufacturing
services (EMS) and home textiles.  In March 2008, ICIL partially
converted its status to domestic tariff area (DTA) so that it can
sell its products in the domestic market.  Home textiles division
commenced commercial operations in March 2007, however, turn of
the events in the global markets, rising raw material (cotton)
prices and volatile currency movements have made matters worst for
the company.  Further, the company is yet to restart its EMS
operations after it relocated EMS division to a new location to
gain the 'Mega Projects'status from the state government.

Net sales of ICIL for FY08 registered an improvement of over 15%
to Rs 290 crore over FY07, due to rise in sales of the textile
division.  PBILDT however dipped by 21% y-o-y in FY08 to Rs 17
crore mainly on account of higher fuel costs, higher raw material
prices due to steep increase in cotton prices and increase in
employee cost on account of higher provisioning for retirement
benefits.  Interest and depreciation costs have registered a steep
rise due to commencement of commercial production towards the end
of FY07 and hardening of interest rates resulting into net loss of
Rs. 18.74 crore for FY08. ICIL reported net sales of Rs 70 crore
and net loss of Rs 6 crore for Q1FY09 including exchange loss of
Rs 2 crore.

Insufficient operating margins for FY08 as well as Q1 FY09
resulted in deteriorated interest coverage for the concerned
period. ICIL delayed its interest and principal payments to its
bankers and financial institutions for the June 2008 quarter and
July 2008.  Some of these obligations have remained unserviced
even in August 2008. On account of financial distress and
unfavourable market scenario, the company has approached its
bankers for restructuring of its debt obligations.


TATA MOTORS: Trinamool to Suspend Protest Against Nano Plant
------------------------------------------------------------
Farmers in eastern India who have blocked construction work at
Tata Motors Limited's Nano car plant said they were suspending
their protest for seven days after the government promised to
return some land, Reuters reports citing officials.

On Sunday, Reuters says the governor of India's communist-ruled
West Bengal state said a committee would work out the modalities
of returning land in a week's time.

“The government has taken the decision to respond to the demand of
those farmers who have not received compensation," Reuters cited
Governor Gopalkrishna Gandhi as saying after a meeting with the
chief minister and opposition leaders.

A Tata Motors spokesperson told Reuters they would not immediately
comment on the outcome of the talks.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, Tata Motors said it has been constrained to suspend
the construction and commissioning work at the Nano Plant in
Singur in view of continued confrontation and agitation at the
site.

Opposition party Trinamool Congress, against acquisition of land
from "unwilling farmers", started an indefinite protest Aug. 24
and reportedly threatened workers.

According to Reuters, trouble began after the government took over
1,000 acres of farmland for the factory last year.  The government
offered compensation but some farmers rejected it, demanding that
at least 400 acres of land be given back to them.

On Aug. 28, attendance of contractual workers at the site fell
below the prior day's level of around 15 per cent.  Reports say
that on a normal day, around 3,500-4,000 workers are engaged at
work in the mother plant and at the vendor park.

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

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

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

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

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

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

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

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

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

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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


WHITEHALL JEWELERS: Indian Jeweller Wants to Buy 50-60 Stores
-------------------------------------------------------------
National Jeweler reports that jewelry manufacturer and retailer
Gitanjali Gems Ltd., which is based in Mumbai, India, is
interested in buying Whitehall Jeweler Holdings Inc. stores that
are being sold in a liquidation sale in Delaware.  Gitanjali USA
Inc. Chief Executive Officer Nehal Modi said they want to acquire
50 to 60 stores along the Midwest and California.

In July 2008, JCK-Jewelers Circular Keystone reported that
Gitanjali is willing to pay between US$80 million and US$90
million for the bankrupt U.S. jewelry chain.

National Jeweler's Michelle Graff relates that the Indian jeweler
wants to increase its grasp in the U.S. jewelry sector as
indicated by two recent purchases.  The National Jeweler notes
that in December 2006, Gitanjali initially entered the U.S.
jewelry industry by buying Austin, Texas-based Samuels Jewelers,
then purchasing Middletown, Ohio-based Rogers Jewelers in November
2007.

JCK-Jewelers recounts that Gitanjali disclosed that 50% of its
global diamond jewelry sales comes from U.S. sales.

Gitanjali is not the only foreign company interested in acquiring
Whitehall's stores, Ms. Graff observes.

As disclosed in the Troubled Company Reporter on Aug. 27, 2008,
Whitehall Jewelers reached a conditional deal with New Zealand-
based jeweler Michael Hill International Ltd. to sell 17 stores in
the Midwest for US$5 million.  The 17 stores are mostly around
Chicago, Illinois, with two stores in St. Louis, Missouri.  The
acquisition also includes Whitehall's rights with respect to
leases for all 17 stores and all other trading assets at those
locations.

Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings,
Inc. -- http://www.whitehalljewellers.com/-- owns and operates
375 stores jewelry stores in 39 states.  The company operates
stores in regional and regional shopping malls under the brand
names Whitehall Jewellers, Marks Bros. Jewellers and Lundstrom
Jewellers.  The Debtors' retail stores operate under the names
Whitehall (271 locations), Lundstrom (24 locations), Friedman's
(56 locations, and Crescent (22 locations).  As of June 23, 2008,
the Debtors have about 2,852 workers.

The company and its affiliates, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261).  James E. O'Neill, Esq., Kathleen P. Makowski,
Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones, LLP, represent the Debtors in their restructuring efforts.
Epiq Bankruptcy Solutions LLC as their claims, noticing and
balloting agent.

When the Debtors' filed for protection against their creditors,
they listed total assets of US$207,100,000 and total debts of
US$185,400,000.



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FORD MOTORS: Hosting Fairs to Help Employees Find Jobs
------------------------------------------------------
Ford Motor Company will host up to 120 potential employers,
colleges and franchisors at job fairs in the coming weeks to
recruit hourly employees from Southeastern Michigan and Northeast
Ohio plants who are considering taking a buyout offers.

A. Dearborn, Michigan job fair:

  What: Southeastern Michigan Job Fair
  When: Saturday, Sept. 13
  Where: Ford Conference and Events Center, 1151 Village Rd.,
         Dearborn, MI 48124
  Time: 10 a.m. to 3 p.m. (Exclusive hours for UAW-Ford employees
        10 a.m. to noon. Open to public noon to 3 p.m.)

B. Cleveland, Ohio job fair:

  What: Cleveland Manufacturing Site Job Fair
  When: Tuesday, September 9
  Where: UAW Local 1250 Hall, 17250 Hummel Rd., Brook Park, Ohio
         44142
  Time: 10 a.m. to 3:30 p.m.

The job fairs are one of several resources Ford is offering plant
workers considering buyout offers.  To help educate workers, Ford
is offering a full-service career transition website at
http://www.yourjobconnection.org. The website provides resume-
writing support, lists local and regional job openings, summarizes
the Ford buyout packages and offers a host of useful information.

Among the employers and colleges participating in the job fair are
Archer Daniels Midland Company, Blue Cross Blue Shield, Baker
College, Computer Networking Center, Kelly Services, Liberty Tax
Services, Little Caesar's Enterprises, The Bartech Group, Madonna
College and University of Michigan, Dearborn.

Those participating in the Cleveland job fair are Alcan Rolled
Products, Associated Builders and Contractors, Cleveland Clinic,
CSX Transportation, DeVry University, Norfolk Southern Corp.,
Northeast Ohio Regional Sewer District, Smith International and
United Labor Agency.

Ford is currently offering 10 buyout packages to its workers at
plants in Ohio, Southeastern Michigan and Kentucky.  The packages
include a lump sum of US$100,000, early retirement incentives, and
educational opportunities to receive a two- or four-year college
degree.  The packages will be offered throughout the fall, and
employees who take a package will leave the company by the end of
the year.

                     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.


JAPAN AIRLINES: Expands Network Restructuring in 2H of FY2008
-------------------------------------------------------------
The Japan Airlines International Company Limited (JAL) will expand
network restructuring of its international and domestic passenger
businesses in the second half of FY2008, covering the period
October 1, 2008 - March 31, 2009.

On top of the route and flight frequency changes in the second
half of FY2008 already announced on August 7 2008,  the JAL Group
will increase flight frequency on one international route, and
suspend operations on two international routes.  Whilst in Japan,
it will add one new route and increase flight frequency on one
other route.

On August 7 2008, JAL disclosed that in the second half of FY2008
it will increase flight frequency on four Asia routes, and suspend
services on three under-performing international routes.  It also
said that in Japan it will increase flight frequency on five
routes, decrease flight frequency on four other routes, and will
suspend a total of 12 routes.

In the original route FY2008 flight frequency, fleet plan (Feb 1,
2008), JAL also said it will operate two new routes out of Mt Fuji
Shizuoka Airport when the new airport opens for business.

With the price of jet fuel reaching an unprecedented high level,
the JAL Group is carrying out a bold review of its route network,
further concentrating its resources on improving profitability and
increasing competitiveness.

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


LEHMAN BROTHERS: WSJ Says KDB's Plan Could Face Regulatory Hurdles
------------------------------------------------------------------
Evan Ramstad of The Wall Street Journal says executives of Korea
Development Bank -- which, according to reports, has proposed to
acquire a stake in U.S. investment bank Lehman Brothers Holdings
Inc. -- face difficulties in finding partners for the acquisition.
They could also faces hurdles in convincing regulators who oversee
KDB.

Reports citing Chosun Ilbo, South Korea's largest mass-circulation
daily, say KDB has proposed to acquire a 25% stake in Lehman.  Dow
Jones reports that KDB is prepared to pay at least US$4.4 billion
for the stake.  Associate Press say KDB could offer as much as
US$5.3 billion.

Korea Development Bank is in talks to buy a stake in the
securities firm, Chief Executive Officer Min Euoo Sung said,
according to Bloomberg News.  But he refused to comment further.
WSJ says what Mr. Min told local reporters was only that he hopes
to form a consortium with other Korean banks and investors to
invest in the Wall Street bank.

Mr. Ramstad's report says a deal involving KDB, which is South
Korea's fifth-largest bank with assets of about US$120 billion,
faces numerous challenges, including that which could be posed by
regulators.  The South Korean government has plans of splitting
KDB into a holding company a separate development fund, and later
on privatizing the holding company.  According to the report, "Jun
Kwang-woo, chairman of the Financial Services Commission, which
regulates South Korea's banks, expressed skepticism at the idea of
a state-run firm taking a major role in a Wall Street investment
bank."

With regards to finding partners for the acquisition, the report
said several major South Korean financial institutions, including
Kookmin Bank, Hana Financial Group Inc. and Shinhan Financial
Group Co., said they are unwilling to join KDB in an investment in
or acquisition of Lehman.

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

                      About Lehman Brothers

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


* JAPAN: Bank Lending Growth Slows as Bankruptcy Filings Rise
-------------------------------------------------------------
Japanese bank's lending growth failed to accelerate for a second
month in August as the economy moved closer to a recession and
rising bankruptcies among real-estate companies forced banks to
cut earnings forecasts, Finbarr Flynn of Bloomberg News reports.

Bank of Japan, the report relates, said loans, excluding those by
credit associations rose 2% in August from a year earlier after
expanding at the same pace in July.

According to the report, lending by Japan's 10 so called city
banks, including Mitsubishi UFJ Financial Group Inc., rose 1%, the
same as the previous month.  It was the fourth consecutive gain.

On August 14, 2008, the Troubled Company Reporter-Asia Pacific,
citing Agence France-Presse, reported that Japan's economy
contracted by 0.6% in the three months to June from the previous
quarter, official figures showed mid growing fears of a recession.

The report related that the Cabinet Office said the country's
gross domestic product shrank by 2.4 percent on an annualised
basis, the first contraction in one year.

Sixteen regional lenders, Bloomberg News says, cut profit
forecasts in the past two months as bankruptcies reached a
five-year high.

Bloomberg News relates that Financial Services Minister Toshimitsu
Motegi said the government will urge banks to lend more to small
and mid-sized companies as defaults climb.  The Financial Services
Agency is sending letters to so-called mega-banks and regional
lenders asking them to be "more flexible" in their credit
policies, he said.

HSBC cut its ratings on Japan's three largest regional banks by
assets -- Bank of Yokohama Ltd., Fukuoka Financial Group Inc. and
Chiba Bank Ltd. -- and lowered its profit estimates for the three
on Aug. 26, the report points out.

The 84-stock Topix index of Japanese banks fell to the lowest in
more than four years on Sept. 5, the report adds.



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

* KOREA: Crisis Rumors Threaten Economy
---------------------------------------
Korea's economy is suffering from spread rumors that the economy
is facing economic crisis this month, including many that experts
say are groundless, Donga News reports.

Nonetheless, the report relates, the Korean economy is suffering
from the rumors in addition to economic uncertainties such as the
global business slowdown.

According to Donga News, reports say Korea will face a liquidity
crisis if it is forced to repay all short-term debt maturing this
month.  An official of the Strategy and Finance Ministry told the
news agency that "the government has already secured the money to
repay the debt.  It doesn’t need to issue more bonds."

Debt set to mature this month is around KRW19 trillion (US$16.7
billion).  The government said that since only KRW7 trillion
(US6.1 billion) of the debt is held by foreign investors, it can
repay the debt with its reserves, the report notes.

Bank of Korea Governor Lee Seong-tae also ruled out a financial
crisis, saying, "The rumors are really groundless. Korea has gone
through considerable fluctuations in foreign exchange rates and
stock prices, but that does not mean the economy will go under,"
the report relates.

Donga News points out that Global financial institutions also
support Seoul's stance.  Moody's rating agency gave the nation an
stable outlook for its "A2" long-term credit rating.  The British
financial group HSBC also called exaggerated a Times of London
report predicting a "black September" for Korea, the report adds.

The rumors, however, are partially based on facts.  The report
says the Korean financial market is fluctuating, with the won-
dollar exchange rate rising to 1,134 on September 2, worse, the
benchmark stock index KOSPI fell below 1,500 in closing at 1,407.
The trade deficit is expected to reach US$10 billion by the end of
the year.

Moreover, Donga News points out, inefficient government action has
made matters worse.  The government, the report recounts, injected
more than US$10 billion into the foreign exchange market to
prevent the won from depreciating sharply, all in vain.  Investors
also lost their confidence in the government, which suddenly
prioritized containing inflation over stabilizing the foreign
exchange rate, the report says.

However, the exaggerated rumors could do more damage.  Even a
sound corporation can go under if it suffers from false rumors of
imminent collapse, Donga News notes.  Experts unanimously say
swift and effective countermeasures are needed to deal with the
rapidly spreading rumors, the report relates.

"Korea is unlikely to be forced to repay the debt all at once.
But the government needs to identify and resolve potential
uncertainty to prevent domestic problems such as sluggish
profitability of certain savings banks and smaller companies,
combined with international issues such as the U.S. credit crunch,
from generating a real crisis," Donga News cited Shin Min-yeong of
LG Economic Research Institute, as saying.



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

NIKKO ELECTRONICS: Posts MYR55.72MM Net Loss in Qtr. Ended June 30
------------------------------------------------------------------
In a disclosure with the Kuala Lumpur Stock Exchange, Nikko
Electronics Bhd. disclosed that it incurred MYR55.72 million net
loss in the first quarter ended June 30, 2008, as compared with
MYR5.78 million net loss incurred in the same period of 2007.

The net loss for the period was mainly attributed to an impairment
loss on the carrying values of its property, plant and equipment,
and also certain current assets.  The properties in Prai and Parit
Buntar were written-down to forced sale values and other plant,
equipment and inventories were written-down to its recoverable
amount as determined by the directors of the company.

The company recorded a turnover of MYR9.39 million for the first
quarter compared with a turnover of MYR14.69 million in the
preceding financial year's corresponding quarter.

The decrease in turnover during the quarter under review compared
to the previous financial year's corresponding quarter was due to
sales volume being impacted by severe reduction in demand for toys
worldwide.  The company had also been affected by intense
competition in addition to the unsuccessful launch of its new
products which did not make a positive contribution.

As of June 30, 2008, the company's cumulative balance sheet showed
MYR49.8 million of total assets and MYR60.11 million of total
liabilities, resulting in a shareholders' deficit of
MYR10.31 million.

                        About Nikko

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


UBG BERHAD: Bourse to Suspend Trading of Shares on October 16
-------------------------------------------------------------
Pursuant to Paragraph 8.15(4) of the Listing Requirements of Bursa
Malaysia Securities Berhad, the Board of Directors of UBG Berhad
disclosed that that the trading of UBG shares will be suspended on
October 16, 2008.

The suspension in trading of UBG shares will only be uplifted by
Bursa Securities upon full compliance by Majestic Masterpiece Sdn
Bhd (MMSB) with the public shareholding spread requirement set out
in paragraph 8.15(1) of the Listing Requirements of Bursa
Securities.

As at August 29, 2008, MMSB holds and is deemed interested in
52.76% of the issued and paid-up share capital of UBG as a result
of the acceptances under the Offer Document in relation to the
conditional take-over offer by MMSB through CIMB Investment Bank
Berhad and AmInvestment Bank Berhad

As at August 29, Concordance Holdings Sdn Bhd (CHSB) and PPES
Works (Sarawak) Sdn Bhd (PPES) hold 28.29% and 8.92% of the issued
and paid-up share capital of UBG, respectively.  Accordingly, the
public shareholding spread has decreased below 10% of the total
issued and paid-up of the company.  CHSB and PPES are not persons
acting in concert with MMSB in relation to the Offer.  As at
August 29, 2008, UBG is unable to determine the number of public
shareholders.

As stated in the Offer Document, it is MMSB's intention to
maintain the listing status of UBG.  MMSB would do its best to
rectify the shortfall in the public shareholding spread of UBG
within three months from the closing date of the Offer, which is
on September 10, 2008.

In the event MMSB will not be able to rectify the public
shareholding spread of UBG within the 30-market day period, MMSB
will procure UBG to seek an extension of time from Bursa to
maintain the listing of UBG shares.

Currently, no arrangements to rectify the public shareholding
spread of UBG have been made.  The actual course of action to be
taken will depend on the circumstances as well as the prevailing
market conditions at the relevant time.

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

                          *     *     *

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


WONDERFUL WIRE: Has Until Nov. 30 to Submit Regularization Plans
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has granted Wonderful Wire &
Cable Berhad, an Amended Practice Note No. 17/2005 company, an
extension of November 30, 2008, to submit its regularization plans
to the Securities Commission and other relevant authorities for
approval.

Bursa Securities had commenced de-listing procedures against WWC
on July 30, 2008, as WWC had failed to submit its regularization
plans to the Approving Authorities for approval within the
prescribed time frame.

After due consideration of all facts and circumstances of the
matter including that WWC had made the Requisite Announcement on
July 31, 2008, Bursa Securities has decided to grant WWC an
extension of time until November 30, to submit its regularization
plans to the Approving Authorities for approval.

The extension of time granted to WWC is without prejudice to Bursa
Securities'right to proceed to de-list the securities of the
company from the Official List of Bursa Securities in the event:

   * the company fails to submit the regularization plans to the
     Approving Authorities for approval by November 30, 2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of its
     regularization plans and does not appeal to the Approving
     Authorities within the timeframe (or extended timeframe, as
     the case may be) prescribed to lodge an appeal;

   * the company does not succeed in its appeal against the
     decision of the Approving Authorities; or

   * the company fails to implement its regularization plans
     within the timeframe or extended timeframes stipulated by the
     Approving Authorities.

Upon occurrence of any of the events above, the securities of the
company will be removed from the Official List of Bursa Securities
upon the expiry of seven market days from the date the company is
notified by Bursa Securities or such other date as may be
specified by Bursa Securities.

                      About Wonderful Wire

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

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



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

BOTRY-ZEN LTD: Appoints Two New Board Members
---------------------------------------------
Botry-Zen Limited has appointed two new directors to the company's
Board, Mr. Michael Mellon and Mr. Tim Dunn.

Mr. Mellon, is a director of Melic Innovators Limited.  Melic has
recently provided new capital to the company.  Melic previously
operated Bush Road Limited, a prominent food processor in Mosgiel.
Mr Mellon has, in the past, been Chairman of Summerfruit Orchards
Limited, Earnscleugh and a director of Barkers and NZ
Blackcurrants Limited.

Mr. Dunn, with 27 years experience, is a lead partner in the
Dunedin office of accounting and business advisory firm Polson
Higgs.  He advises a wide range of business's in both the
commercial and rural sector and has held directorships in a range
of private companies.  He has experience with Central Otago
viticulture developments and the commercialization of start-up
technology companies.

The Board does not consider either of the new directors to be
independent for the purposes of the Listing Rules.

The company also announces that John Gilks, who has served as a
director since 2005, has resigned from the Board with immediate
effect.  Mr. Gilks made a significant contribution to the
development of the company and its products.

                     About Botry-Zen

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

                       *     *    *

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


ENTREPRENEURIAL ENDEAVOURS: Proofs of Debt Due on September 19
--------------------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Entrepreneurial Endeavours Limited appointed
Peri Micaela Finnigan and John Trevor Whittfield, insolvency
practitioners of Auckland, as liquidators on Aug. 11, 2008.

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

The liquidators can be reached at:

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


GALA CONTROL: Proofs of Debt Due on September 15
------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Gala Control Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators on Aug. 12, 2008.

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

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


GENCON JOINERY: Proofs of Debt Due on September 15
--------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Gencon Joinery Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators on Aug. 12, 2008.

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

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


GENCON LOGIC: Proofs of Debt Due on September 15
------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Gencon Logic Group Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators on Aug. 12, 2008.

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

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


GENERAL CONSTRUCT: Proofs of Debt Due on September 15
-----------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of General Construct (NZ) Limited appointed Paul
Graham Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators on Aug. 12, 2008.

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

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


KUMAR SHEKHAR: Liquidators Set September 12 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Kumar Shekhar Enterprises Limited resolved that
the company be liquidated and that John Albert Price, insolvency
practitioner, and Christopher Robert Ross Horton, chartered
accountant, be appointed as liquidators.

Creditors are required to file their proofs of debt by Sept. 12,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket, Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


LOGIC BUILDING: Proofs of Debt Due on September 15
--------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Logic Building Limited appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators on Aug. 12, 2008.

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

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


SUMMIT DINING: Liquidators Set September 12 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Summit Dining Limited resolved that the company be
liquidated and that Murray G. Allott, chartered accountant of
Christchurch, be appointed as liquidator.

Creditors are required to file their proofs of debt by Sept. 12,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          Email: murray@profitco.co.nz


TIMBER FLOOR: Proofs of Debt Due on September 12
------------------------------------------------
The Timber Floor Specialists Limited requires its creditors to
file their proofs of claims by Sept. 12, 2008, to be included in
the company's dividend distribution.

The liquidator can be reached at:

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


WARDEN PROPERTIES: Liquidators Set September 12 as Claims Bar Date
------------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Warden Properties Limited resolved that the
company be liquidated and that Murray G. Allott, chartered
accountant of Christchurch, be appointed as liquidator.

Creditors are required to file their proofs of debt by Sept. 12,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          Email: murray@profitco.co.nz


* NEW ZEALAND: Building Work Continues to Decline
-------------------------------------------------
The seasonally adjusted volume of residential building work put in
place fell 7.3 percent in the June 2008 quarter, the third
consecutive fall, Statistics New Zealand said.  The volume of
residential building work put in place is 15.6 percent lower in
the June 2008 quarter than in the September 2007 quarter and is
the lowest since the December 2002 quarter.

The seasonally adjusted volume of non-residential building work
fell 3.6 percent in the June 2008 quarter, following a fall of 5.8
percent in the March 2008 quarter.

The seasonally adjusted volume of all building work put in place
fell 5.8 percent in the June 2008 quarter, following a fall of 6.5
percent in the March 2008 quarter.

The trend indicates the volume of residential building work has
decreased for the latest three quarters, while for non-residential
building work the volume has decreased for the latest two
quarters.

For the year ended June 2008, the unadjusted value of all building
work put in place was NZ$13,491 million, up 4.4 percent from the
previous June year.  Residential buildings contributed 62.4
percent of this value, and non-residential buildings contributed
the remaining 37.6 percent.



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

COLLEGE ASSURANCE: BSP OKs Sale of Bancommerce Stake to Arctic
--------------------------------------------------------------
College Assurance Plan Philippines Inc. has been given the green
light by the Bangko Sentral ng Pilipinas (BSP) to sell its 19%
shareholdings in Bank of Commerce to Arctic Capital, Philippine
Star reports citing informed sources.

According to the report, the transaction, which forms part of
CAP's approved revised rehabilitation plan, will raise around
Php800 million.

The report adds that a total of Php1 billion is estimated to be
raised from the sale inclusive of the proceeds from the sale by
CAP Retirement and CAP Pension of their shareholdings in Bank of
Commerce.

                   About College Assurance Plans

College Assurance Plans Philippines, Incorporated
-- http://www.cap.com.ph/-- began in 1980 with the birth of its
parent firm - College Assurance Plan.  CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to
PHP17.2 billion.  According to the Securities and Exchange
Commission, the Company's trust fund assets, which were managed
by trustee banks, had not grown sufficiently to match its total
actuarial reserve liabilities, or its net liability to plan
holders worth PHP25.6 billion.  CAP recorded a PHP2.8 billion
loss in 2003, up from PHP403.3 million in 2002.

As reported in the Troubled Company Reporter-Asia Pacific, CAP
blamed its financial difficulties on the SEC's imposition of the
Pre-need Uniform Chart of Accounts in 2002, claiming that it
resulted in CAP's "bloated yet theoretical" trust fund deficiency.
The SEC suspended the Company's license in 2004 due to its alleged
trust fund deficiency from the application of the PNUCA.  CAP
filed a rehabilitation petition with the Makati Regional Trial
Court in 2005.


* PHILIPPINES: Max's and IWP to Defer Listing Due to Bleak Market
-----------------------------------------------------------------
Business World reports that Max's Restaurant and business process
outsourcing firm Intelligent Wave Philippines Inc. have deferred
their listing on the stock exchange due to negative investor
sentiment.

According to the report, Max's will go public when the market
conditions improve, while Intelligent Wave will push through with
the initial public offering by the second quarter of next year.

Analysts, as cited by the Business World, said that 2008 may not
be a good year to go public as rising oil prices and the US-led
global economic slowdown continue to hamper the growth of equities
markets worldwide, including the Philippines.

The report noted that aside from Max's and Intelligent Wave, other
companies that have deferred their listing include Sultan Mining
and Energy Development Corp., McDonald's franchise holder Golden
Arches Development Corp., Cebu Pacific Air, Filinvest Development
Corp., APC Mining Corp., and oil and gas logistics provider
Petrolift Inc. and Platinum Group Metals Corp.

Business World adds that eight out of the nine firms that had gone
public recently have seen their share values dive by as much as
50% from the listing date, as rising prices and sluggish economic
growth continue to worry investors.


* PHILIPPINES: Thrift Banks' NPL Ratio Stood at 6.48% in April
--------------------------------------------------------------
As of end-April 2008, the thrift banking industry's non-performing
loans (NPL) ratio stood at 6.48 percent, easing by 0.19 percentage
point from last month's 6.67 percent and by 0.82 percentage point
from year ago's 7.30 percent ratio, data from Bangko Sentral ng
Pilipinas shows.

The improvement from last month was due to the faster 5.04 percent
expansion in total loan portfolio (TLP) compared to the 2.15
percent buildup in NPL's.  Moreover, the industry was able to
sustain a single-digit NPL ratio for the past 37 months now.

Exclusive of interbank loans (IBL), the industry's NPL ratio at
7.67 percent slightly moved up from last month's 7.65 percent as
core lending grew at a slower pace of 1.86 percent to Php262.76
billion compared with NPLs.  Nonetheless, this month's ratio is
better than year ago's 8.49 percent ratio.

Restructured loans went up by 3.31 percent to Php4.61 billion in
April.  Yet, the proportion of RLs to TLP went down to 1.48
percent from last month's 1.50 percent due to the faster expansion
of TLP.

The ratio of real and other properties acquired (ROPA) over gross
assets (GA) slipped to 5.33 percent from last month's 5.65
percent.  This occurred as ROPA dropped by 3.98 percent to
Php27.06 billion.  Also, this month's ratio was better by 2.09
percentage points from year ago's 7.42 percent ratio.

The non-performing assets (NPA) ratio improved to 9.32 percent
from last month's 9.64 percent as NPAs contracted by 1.46 percent
to Php47.22 billion.  Year-on-year, this month's ratio is
1.44 percentage points better than the reference ratio of 10.76
percent.

Meanwhile, the NPL coverage ratio broadened to 49.03 percent, or
by 0.44 percentage point from 48.59 percent last month.  This
transpired as loan loss reserves (LLRs) was beefed up by 3.07
percent to Php9.88 billion.  However, this month's ratio paled in
comparison to the 50.25 percent ratio posted a year ago.

The NPA coverage ratio, on the other hand, widened to
27.11 percent (from 25.94 percent in March) due to the 3.02
percent enhancement in NPA reserves to Php12.80 billion.
Similarly, this month's ratio was comparatively wider than year
ago's 25.72 percent ratio.



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

LEVI STRAUSS: CFO Resigns; Appoints Heidi Manes as Interim CFO
--------------------------------------------------------------
Levi Strauss & Co. disclosed that its chief financial officer,
Hans Ploos van Amstel, has decided to leave the company to pursue
other career opportunities.  LS&CO.s corporate controller and
principal accounting officer, Heidi Manes, will serve as CFO on an
interim basis while the company recruits externally for a
permanent replacement.  Mr. Ploos van Amstel has agreed to serve
as a financial consultant to LS&CO. for the next several months to
help ensure a smooth transition.

Ms. Manes joined LS&CO. in 2002 from KPMG LLP and has held several
leadership positions in the LS&CO. finance organization.

"[Ms. Manes] is steeped in the financial details of our global
enterprise, and she played an integral role in developing our
accounting policies, financial controls and external reporting
practices," LS&CO.'s chief executive officer John Anderson, said.
"[Ms. Manes] is well-positioned to lead the finance team through
this transition."

"[Mr. Ploos van Amstel] was a key contributor in strengthening the
financial performance of the company during the past several
years, Mr. Anderson also said.  "He helped us to improve our
capital structure, reduce costs and debt, and enhance our
financial controls, accounting capabilities and reporting
processes.  We wish Hans the very best in his future endeavors."

                     About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. --
http://www.levistrauss.com/-- is one of the world's leading
branded apparel companies.  The company designs and markets jeans,
casual and dress pants, tops, jackets and related accessories, for
men, women and children under the Levi's(R), Dockers(R) and
Signature by Levi Strauss & Co.(TM).  The company markets its
products in three geographic regions: Americas, Europe and Asia
Pacific.

As reported in the Troubled Company Reporter on July 10, 2008, the
company's consolidated balance sheet at May 25, 2008, showed
US$2.9 billion in total assets, US$3.2 billion in total
liabilities, and US$5.1 million in temporary equity, resulting in
a US$387.1 million total stockholders' deficit.

                         *     *     *

Moody's Investors Service placed Levi Strauss & Co.'s long term
corporate family and probability of default ratings at 'B1' in
March 2007.  The ratings still hold to date with a positive
outlook.


LYNDEN PROJECTS: Creditors' Proofs of Debt Due on September 29
--------------------------------------------------------------
Lynden Projects Singapore Pte Ltd, which is in voluntary
liquidation, 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 liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MSM HOLDINGS: Creditors to Hold Meeting on September 12
-------------------------------------------------------
A meeting will be held for the creditors of MSM Holdings Pte Ltd
on September 12, 2008, at 10:00 a.m., at 141 Market Street, #12-00
Summer Room, in International Factors Building, Singapore 048944.

At the meeting, the creditors will be asked to:

   -- receive the liquidators'statement of account and report on
      the conduct of company's wind-up;
   -- approve the remuneration and disbursements of the
      liquidators; and
   -- consider any other matters which may properly be brought
      before the meeting.

The company's liquidator is:

          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


STAMP CRAFTS: Court to Hear Wind-Up Petition on September 12
------------------------------------------------------------
A petition to have Stamp Crafts Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on September 12,
2008, at 10:00 a.m.

Tat Eng Industries Pte Ltd filed the petition against the company
on August 21, 2008.

Tat Eng's solicitors are:

          kIM & CO.
          10 Anson Road
          #23-08A International Plaza
          Singapore 079903



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

* BOND PRICING: For the Week September 8 - September 12, 2008
-------------------------------------------------------------


   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Allco Hit Ltd                  9.000%  08/17/09     AUD    18.25
Antares Energy                10.000%  10/31/13     AUD     0.75
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    71.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    71.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    25.00
Becton Property Group          9.500%  06/30/10     AUD     0.45
Bounty Industries Limited     10.000%  06/30/10     AUD     0.07
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    14.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.50
Carpal Aluminum               10.000%  03/29/12     AUD    70.10
China Century                 12.000%  09/30/10     AUD     0.86
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.12
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.20
Fletcher Building Ltd          7.800%  03/15/09     NZD    11.00
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.80
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.25
Jem Warehouse                  3.000%  08/01/14     AUD    74.94
Jpm Au Enf Nom 1               3.500%  06/30/10     AUD     7.00
Lane Cove Tunnel               6.800%  12/09/15     AUD    59.89
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.66
Marac Finance                 10.500%  07/15/13     NZD     0.99
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Minerals Corp                 10.500%  09/30/08     AUD     0.86
Publ & Broad Fin               6.280%  05/06/11     AUD     8.75
Salomon SB Aust                4.250%  02/01/09     AUD     9.05
Speirs Group Ltd.             13.160%  06/30/49     NZD    38.00
South Canterbury              10.430%  12/15/12     NZD     1.98
St. Laurence Prop              9.250%  07/15/01     NZD    73.27
Sun Resources NL              12.000%  06/30/11     AUD     0.50
TrustPower Ltd                 8.300%  12/15/08     NZD    11.25
TrustPower Ltd                 8.500%  09/15/12     NZD     8.50

   CHINA
   -----

China Govt Bond                4.860%  08/10/14    CNY      0.00
GD Power Develop               1.000%  05/07/14    CNY     75.00
Gezhouba                       0.600%  06/26/14    CNY     72.52
Kangmei Pharm                  0.800%  05/08/14    CNY     74.40
Tsingtao Brewey                0.800%  04/02/14    CNY     74.40

   INDIA
   -----

Ghcl Limited                   1.000%  03/21/11    USD     70.00
India Gov't                    5.870%  08/28/22    INR     71.50
India Gov't                    5.970%  09/25/25    INR     68.43
India Gov't                    6.010%  03/25/28    INR     67.24
India Gov't                    6.130%  06/04/28    INR     68.19
India Gov't                    6.170%  06/12/23    INR     72.07
India Gov't                    6.300%  04/09/23    INR     73.50
Pyramid Saimira                1.750%  07/04/12    USD     70.75
Subix Azure                    2.000%  03/09/12    USD     69.81

   JAPAN
   -----

ES-Con Japan Limited           3.
Japan Gen Estate               2.580%  09/28/10     JPY    69.98
Pacific Management             2.940%  03/15/12     JPY    60.65
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    74.30

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    43.48
Korea Dev. Bank                7.350%  10/27/21     KRW    43.57
Korea Dev. Bank                7.400%  11/02/21     KRW    43.52
Korea Dev. Bank                7.450%  10/31/21     KRW    43.54
Korea Dev. Bank                8.450%  12/15/26     KRW    69.53
Hynix Semi Inc.                7.875%  06/27/17     USD    74.75

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.50
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.06
Eastern & Orient               8.000%  07/25/11     MYR     1.01
Greatpac Holdings              2.000%  12/11/08     MYR     0.18
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.44
Insas Berhad                   8.000%  04/19/09     MYR     0.42
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.25
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.02
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.28
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.34
Pelikan International          3.000%  04/08/10     MYR     1.40
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.10
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.13
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.45
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.07
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Syabas                         3.000%  05/18/18     MYR    71.97
Syabas                         3.000%  05/17/19     MYR    69.14
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.59
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.20
Wah Seong Corp.                3.000%  05/21/12     MYR     4.14
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.51
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.35

   SINGAPORE
   ---------

Capitaland Ltd.                2.950%  06/20/22     SGD    71.09


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     68.46
Sri Lanka Govt                7.500%  11/01/13     LKR     67.73
Sri Lanka Govt                6.850%  04/15/12     LKR     71.24
Sri Lanka Govt                6.850%  10/15/12     LKR     69.01
Sri Lanka Govt                7.000%  10/15/11     LKR     74.24
Sri Lanka Govt                7.000%  10/01/23     LKR     52.10
Sri Lanka Govt                8.500%  01/15/13     LKR     72.96
Sri Lanka Govt                8.500%  07/15/13     LKR     71.74
Sri Lanka Govt                7.500%  08/15/18     LKR     59.29
Sri Lanka Govt                8.500%  02/01/18     LKR     64.76
Sri Lanka Govt                8.500%  07/15/18     LKR     64.16

   Thailand
   --------

True Move                    10.375%  08/01/14     USD     74.64


Fitch Says Oil Price Environment Harms Asian Downstream Cos.
------------------------------------------------------------
Fitch Ratings has published a special report highlighting the
squeeze in margins faced by some Asian downstream oil and gas
companies. Although crude oil prices have recently fallen from
their July 2008 peaks, they still remain at levels which are very
high compared to only 18 months ago and continue to be a
significant issue for some Asian downstream companies rated by
Fitch.

"The financial performance of Indian Oil Corporation, Sinopec and
CPC Corporation, has suffered significantly over the last two
years because governments, wanting to control inflation and
maintain economic growth momentum, have not allowed the companies
to fully pass through the higher costs of crude oil," said Steve
Durose, Regional Co-Head of Fitch's Asia-Pacific energy and
utilities team.

The oil and gas price environment over the last 18-24 months has
generally benefited the oil and gas companies, as unprecedented
high real wholesale prices mostly led to a significant increase in
cash flows and margins. However, some firms without significant
upstream exploration and production (E&P) assets have, conversely,
faced a significant margin squeeze.

Fitch expects oil prices to continue to decline, particularly as
the global economy slows. However, the agency does not anticipate
that the price levels seen in 2004 and prior are likely to recur,
and companies whose margins are under threat from high crude oil
and gas prices need to be prepared for crude oil prices to remain
in the range of USD50-100/barrel.

The special report titled "Feeling The Squeeze: Asian Oil & Gas
Companies Facing Margin Squeeze" sets out brief case studies of
Indian Oil Corporation Ltd ('BBB-' (BBB minus)/Negative), China
Petroleum & Chemical Corporation's (Sinopec, 'A-'(A minus)/Rating
Watch Negative), and CPC Corporation, Taiwan ('A+'/Stable),
describing each company, the nature and financial effect of
government pricing policy, any mitigating subsidy mechanism (if
available), and the credit implications.





                         *********

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.





                 *** End of Transmission ***