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        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

            Wednesday, September 10, 2008, Vol. 11, No. 180

                            Headlines

A U S T R A L I A

ABC LEARNING: To Post Full Year Fiscal Results by the End of Sept.
AUSTRALIAN ACCOMMODATION: Joint Meeting Slate for September 19
BANITTON PLUS: Members and Creditors to Meet on September 19
BARBEQUES GALORE: Court Approves September 10 as Auction Date
FULLERTON EQUIPMENT: Members Opt to Liquidate Business

GRANDBAY WINDOWS: Members and Creditors to Meet on September 17
L'ESTRANGE & CO: To Declare Dividend on September 16
MAROUBRA JUNCTION: Liquidator to Give Wind-Up Report on Sept. 16
MEDFIN TRUST: S&P Holds BB Rating on Class C Series 2004-2 Notes
MONTO MINERALS: Administrators Wind Down Mining Operations

MULLUMBIMBY NEWS: To Declare Dividend on September 25
PETER LEWIS: To Declare Dividend on September 15
QUICKWRAP MAILING: Members Opt to Liquidate Business
WESTERN PACIFIC: Members' Final Meeting Set for September 16


C H I N A

AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3
CHINA EASTERN: Denies Reopening Talks on Shanghai Air Deal
FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27
GREENTOWN CHINA: 1H Profit Up 32% on Construction & Joint Ventures
PACIFICNET INC: Inks Settlement Agreement With Bondholders

* CHINA: Banks Heed Govt's Call to Up Lending, Regulator Says


H O N G K O N G

CAREDER COMPANY: Creditors' Proofs of Debt Due on October 6
CHIEF RESOURCES: Placed Under Voluntary Liquidation
EMERGENCY RELIEF: Members to Hold Final Meeting on October 9
HERO FORTUNE: Members' Final Meeting Slated for October 6
HILL WEALTH: Members' Final Meeting Set for October 10

PILOT STAR: Placed Under Voluntary Wind-Up
SIEMENS BUILDING: Creditors' Proofs of Debt Due on October 3
TOPLEY LIMITED: Creditors' Proofs of Debt Due on October 6
TOSANKYO COMPANY: Members to Hear Wind-Up Report on September 30
WORLD CLASSIC: Commences Liquidation Proceedings


I N D I A

NIZAM DECCAN: CRISIL Rates Various Bank Facilities at 'B'
PEARL ENGINEERING: Shareholders Reappoint Directors and Auditor
SNC JEWELS: CRISIL Rates Rs.110.0 Million Loan at BB+/Stable
STATIONERY POINT: CRISIL Rates Rs. 700 Mil. Facilities at 'BB'


I N D O N E S I A

ANEKA TAMBANG: Plans to Acquire Coal Concessions This Year
PT INDIKA: Fitch Affirms 'B' Long Term Issuer Default Ratings


J A P A N

CITIGROUP INC: Appoints Darren Buckle as Pres. of Japan Business
CITIGROUP INC: Sells JPY315BB Samurai Bonds to Japanese Investors
GK L-JAC: Fitch Affirms 'BB' Rating on Four Classes of Bonds
LEHMAN BROTHERS: Among Nomura's Investment Options, WSJ Reports
* JAPAN: Corporate Bankruptcies Up 4.2% in August to 1,254


K O R E A

GENERAL MOTORS: Korean Unit's Workers Vote for Wage Agreement


M A L A Y S I A

KIMBLE CORPORATION: Total Default Totals MYR149.79MM as of Sept. 3
MERGE ENERGY: Inks Revise Acquisition Deal With Sejahtera Fitrah
NIKKO ELECTRONICS: Defaults on MYR1MM Bankers' Acceptance Facility
MALAYSIA: 2008 Fiscal Deficit May Signal Deterioration, S&P Says


N E W  Z E A L A N D

A & C LIMITED: Liquidators Set September 19 as Claims Bar Date
A2 CORPORATION: Places 33 Mil. Shares to Investors
AB CONSTRUCTION: Liquidator Sets September 18 as Claims Bar Date
ABBOTSFORD STREET: Wind-Up Petition Hearing Set for September 22
BLUE CHIP: Investors Face Mortgagee Sales

GAD HOLDINGS: Proofs of Debt Due on September 15
HOUSE APPRAISALS: Proofs of Debts Due on September 15
KAIZAN DEVELOPMENTS: Proofs of Debts Due on September 19
KERN ACQUISITIONS: Liquidators Set September 19 as Claims Bar Date
LOMBARD FINANCE: Receivers Cut Investors' Estimate of Recoveries

MIMADAS TRUSTEE: Wind-Up Petition Hearing Set for September 22
PHIL TURNBULL: Proofs of Debt Due on September 18
PROPERTYFINANCE GROUP: NZX Lifts Trading Suspension
THE BINDERY: Liquidator Sets September 15 as Claims Bar Date


S I N G A P O R E

SEA CONTAINERS: To Ink Scheme of Arrangement With Creditors



T A I W A N

AU OPTRONICS: Posts NT$37.1 Bil. Consolidated Revenue for August
* TAIWAN: Moody's Sees Stable Outlook for Aa3 Gov't Bond Ratings


X X X X X X X X

*  Asian Stocks Surge as U.S. Federal Saves Freddie & Fannie
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ABC LEARNING: To Post Full Year Fiscal Results by the End of Sept.
------------------------------------------------------------------
A.B.C. Learning Centres Limited said it continues to finalize its
full financial year results and expects to release full statutory
audited accounts with its Appendix 4E prior to end of the
September 2008.  The company believes that the concurrent release
of the audited accounts and the Appendix 4E will eliminate further
speculation and uncertainty.

A.B.C. Learning also disclosed that it has appointed Peter Trimble
as the company’s Chief Financial Officer.

Mr. Trimble is a highly experienced finance professional who has
had a long and successful career with Rinker Group Limited and CSR
Limited in Australia and the United States.  He has most recently
completed an interim appointment as CSR's Chief Financial Officer.
Prior to this he held various senior finance positions throughout
the Rinker/CSR Groups which included CFO of CSR Readymix and CSR
Timber Products in Australia and CFO of Hydro Conduit Corporation
and American Aggregates Corporation in the United States.

Mr. Trimble has had considerable involvement in organizational
transformation, having been part of a small team that drove the US
components of the de-merger of CSR to form Rinker in 2003.  He
also has extensive experience in strategic planning, business
development, divestments and mergers & acquisitions.

David Ryan, Chairman of ABC, said "We are pleased to secure an
executive of Peter's calibre and experience to this important
role.  Peter has a strong background in operational financial
management that will complement ABC's renewed focus on improving
its Australian/New Zealand business. He will be a key member of
ABC's executive team which has been significantly strengthened
during the year."

Mr. Trimble will commence employment on Sept. 22, 2008.

A.B.C. Learning also said that the company will restructure its
Board with the proposed appointment of a group of five new non-
executive Directors to be effective from mid-September.

However, A.B.C. Learning said, Mr. Frank Ford, one of the proposed
appointees, has advised that he no longer wishes to proceed with
the appointment.  It is anticipated that the remaining
appointments will now take place at some time after the company's
results have been released.

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

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

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

                       About ABC Learning

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

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


AUSTRALIAN ACCOMMODATION: Joint Meeting Slate for September 19
--------------------------------------------------------------
Australian Accommodation Management Pty Limited will hold a final
meeting for its members and creditors at 10:30 a.m. on Sept. 19,
2008.  During the meeting, the company's liquidator, P. Ngan, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Ngan & Co.
          Level 5
          49 Market Street
          Sydney NSW 2000


BANITTON PLUS: Members and Creditors to Meet on September 19
------------------------------------------------------------
Banitton Plus Pty Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on Sept. 19, 2008.  During the
meeting, the company's liquidator, P. Ngan, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ngan & Co.
          Level 5
          49 Market Street
          Sydney NSW 2000


BARBEQUES GALORE: Court Approves September 10 as Auction Date
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
in Woodland Hills gave Barbeques Galore Inc. permission to sell
its barbeque equipment and supplies at an auction on Sept. 10,
2008, William Rochelle of Bloomberg News says.  The Court will
hold a sale hearing on September 11.

According to Mr. Rochelle, no buyer has been named in a sale
contract.  However, a supplier and creditor from Taiwan has
offered to pay US$12 million for the Debtor's assets, Mr. Rochelle
continues.

The Troubled Company Reporter said on Sept. 5, 2008, that Grand
Hall Enterprises Co. had planned to offer US$12 million for 32 of
65 stores of Barbeques Galore.  The Debtor has proposed to pay a
US$50,000 break-up fee in the event it fails to consummate a sale
with Grand Hall.

                     About Barbeques Galore

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


FULLERTON EQUIPMENT: Members Opt to Liquidate Business
------------------------------------------------------
Fullerton Equipment Hire Pty Limited's members agreed on July 29,
2008, to voluntarily liquidate the company's business.
Peter Charles Hicks was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          Peter Charles Hicks
          Forsythes Chartered Accountants
          Level 5
          175 Scott Street
          Newcastle


GRANDBAY WINDOWS: Members and Creditors to Meet on September 17
--------------------------------------------------------------
Grandbay Windows Pty Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on Sept. 17, 2008.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street, Sydney
          Telephone: (02) 8221 8433


L'ESTRANGE & CO: To Declare Dividend on September 16
----------------------------------------------------
L'estrange & Co Pty Limited will declare dividend on Sept. 16,
2008.

Creditors who were unable to prove their debts on Sept. 9, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Mark Julian Robinson
          PPB
          Level 46, MLC Centre
          19 Martin Place
          Sydney NSW 2000


MAROUBRA JUNCTION: Liquidator to Give Wind-Up Report on Sept. 16
----------------------------------------------------------------
John Morgan, Maroubra Junction Properties Pty Limited's  appointed
estate liquidator, will meet with the company's members on Sept.
16, 2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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


MEDFIN TRUST: S&P Holds BB Rating on Class C Series 2004-2 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
Class B notes issued by Medfin Trust Series 2004-2 to 'AAA' from
'A'.  At the same time, S&P affirmed the ratings on the class A
and class C notes.

Medfin Trust 2004-2 issued AU$151.5 million of floating-rate notes
in October 2004.  The notes are backed by a pool of automotive,
furniture, fittings, and commercial equipment receivables
originated and serviced by Medfin.

The rating on the class B notes was raised following strong asset
performance and increases in subordination to the Class B notes.
These are commensurate with a 'AAA' rating.

"The underlying assets of Medfin Trust 2004-2 have displayed
strong performance over the life of the transaction and continue
to perform within Standard & Poor's expectations," said S&P's
credit analyst Alisha Treacy.  "To date, they have relatively low
levels of arrears and losses."

Medfin Trust Series 2004-2

Ratings Raised:

Class    Rating to    Rating from
---------------------------------
   B        AAA            A

Ratings Affirmed

Class    Rating
---------------
   A        AAA
   C        BB


MONTO MINERALS: Administrators Wind Down Mining Operations
----------------------------------------------------------
Administrators of Monto Minerals Ltd, PricewaterhouseCoopers
partners Ian Hall and David McEvoy have managed wind down of the
company's mining operations from Thursday, Sept. 4, 2008.

Deliveries of existing stockpiles are continuing and a skeleton
staff is being retained for care and maintenance of the mining
site and processing plants at Goodicum and Dakiel, located
near the central Queensland town of Monto.

PricewaterhouseCoopers partner Ian Hall said, "It is in the best
interests of the employees and creditors that we begin a managed
wind down while we seek expressions of interest for the
acquisition of the mining leases, plant and equipment and
corporate shell."

"An information memorandum is currently being prepared that will
specify what assets will be offered and we expect strong interest
in Monto Minerals' assets either through an outright sale
or Deed of Company Arrangement proposal."

The finalisation and payment of employee entitlements for workers
who have been stood down will be a focus for the administrators.

                       Appointment of Voluntary
                             Adminitrators

Monto Minerals Limited appointed Ian Hall and David McEvoy of
PricewaterhouseCoopers as Administrator of the company on Aug. 29,
2008.  Monto Minerals said its directors took that action
following a detailed review of the company's Goondicum Industrial
Minerals Project.  That review was undertaken to determine the
future of the operation, and included the identification of the
project's limiting factors and how they might be overcome in order
to achieve an acceptable return, the potential expansion of
processing capacity and the additional funding requirements.

The project, which commenced production in October 2007, has not
reached the production targets for Stage 1 despite actions taken
to improve plant availability and production rates.

The key findings of the detailed review were:

   -- While a number of actions have been taken with the aim of
      improving plant availability and production rates, these
      actions have been unsuccessful in achieving a significant
      increase in production which remains well below the target
      set for Phase 1.

   -- A number of significant flaws in the design of the
      Project's feed preparation area have been identified and
      it is believed that these issues are the primary cause for
      the Project's poor operating performance to date.

   -- The feed preparation area is currently only capable of
      delivering to the remainder of the plant around half of the
      material required to achieve the Phase 1 production target.

   -- The company's mining and processing activities at current
      levels of production are loss making and are likely to
      remain uneconomic unless the Phase 2 production rate target,
      which is double the Phase 1 production rate target, can be
      achieved following an expansion.

   -- To achieve an economically viable level of production, a
      redesign of the Project's feed preparation area is required
      as part of a Phase 2 expansion.

Further work by third party consultants is required to determine
the cost of a Phase 2 expansion and associated redesign of the
feed preparation area to an appropriate level of accuracy.

   * The economic returns of the Project are sensitive to a
     number of factors including forward looking selling prices,
     exchange rates and the level of demand for the Project's key
     products, and in particular, the demand for the company's
     Feldspar production.

The company said it raised approximately AU$5 million in June 2008
in a placement to institutional investors, an amount which the
company considered sufficient to enable the operation to continue
for not less than three months while the review was being
undertaken.

Having considered the outcome of the detailed review; investigated
funding options for the likely capital and operating requirements
of the company; and taken account of the current and forecast cash
position of the company, Monto Minerals said its directors
concluded that the appointment of an Administrator was in the best
interests of shareholders and other stakeholders.

                       About Monto Minerals

Based in Queensland, Australia, Monto Minerals Limited (ASX:MOO)
-- http://www.montominerals.com-- operates in the mining
industry.  The company is principally engaged in the development
of the deposits in the Goondicum and Eulogie Park areas.  During
the fiscal year ended June 30, 2007, these activities concentrated
on progressing the development of the Goondicum Industrial
Minerals Project.  Monto Minerals Limited's wholly owned
subsidiaries include Monto Resources Pty Ltd and Eulogie Resources
Pty Ltd.


MULLUMBIMBY NEWS: To Declare Dividend on September 25
-----------------------------------------------------
Mullumbimby News Pty Limited will declare dividend on Sept. 25,
2008.

Creditors who were unable to prove their debts on Sept. 3, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

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


PETER LEWIS: To Declare Dividend on September 15
------------------------------------------------
Peter Lewis Investments Pty Ltd will declare dividend on Sept. 15,
2008.

Creditors who were unable to prove their debts on Sept. 4, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          K. E. Judge
          Judge Constable
          67 Burswood Road
          Burswood WA 6100
          Telephone: (08) 9470 4100


QUICKWRAP MAILING: Members Opt to Liquidate Business
----------------------------------------------------
Quickwrap Mailing Pty Ltd's members agreed on Aug. 1, 2008, to
voluntarily liquidate the company's business.  Adam Farnsworth was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Adam Farnsworth
          Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Telephone: (02) 9599 7945
          Facsimile: (02) 9599 7946


WESTERN PACIFIC: Members' Final Meeting Set for September 16
------------------------------------------------------------
John Morgan, Western Pacific Capital Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 16,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

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



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

AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3
-----------------------------------------------------------------
AMC Entertainment Inc. reported net earnings of US$10.8 million
for the thirteen weeks ended July 3, 2008, versus net earnings of
US$22.1 million in the comparable period ended June 28, 2007.

Total revenues increased 4.1%, or US$25.5 million, to US$648.0
million during the thirteen weeks ended July 3, 2008, compared to
the thirteen weeks ended June 28, 2007.  The increase in revenues
was mainly a result of the increase in Admissions revenue in the
U.S. and Canada.  Total costs and expenses increased 4.6%, or
US$26.9 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007.

U.S. and Canada theatrical exhibition costs and expenses increased
8.4%, or US$39.2 million, during the thirteen weeks ended July 3,
2008, compared to the thirteen weeks ended June 28, 2007.

U.S. and Canada film exhibition costs increased 7.9%, or
US$16.6 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007, due to the
increase in admissions revenues and an increase in film exhibition
costs as a percentage of admission revenues.  U.S. and Canada
theatrical exhibition costs and expenses during the thirteen weeks
ended June 28, 2007, included US$14.8 million of theatre and other
closure income, which were absent in 2008.  This was due primarily
to lease terminations negotiated on favorable terms for two of the
company's theatres that were closed during the thirteen weeks
ended June 28, 2007.

Merger, acquisition and transaction costs decreased to US$17,000
during the thirteen weeks ended July 3, 2008, compared to
US$2.0 million during the thirteen weeks ended June 28, 2007.
Prior period costs are primarily comprised of preacquisition
expenses for casualty insurance losses related to the merger with
Loews.

Management fees of US$1.25 million were unchanged during the
thirteen weeks ended July 3, 2008.

Other general and administrative expense decreased 32.8%, or
US$4.3 million, during the thirteen weeks ended July 3, 2008,
compared to the thirteen weeks ended June 28, 2007.  The decrease
in other general and administrative expenses is primarily due to a
decrease in postretirement expense of US$6.2 million related to an
amendment to the company's Postretirement Plan which resulted in a
curtailment gain of US$6.0 million during the thirteen weeks ended
July 3, 2008.

Depreciation and amortization decreased 8.9%, or US$5.7 million,
compared to the prior period due primarily to the closing of
theatres.

Other income decreased US$725,000 to US$2.7 million, and includes
US$2.2 million and roughly US$1.8 million of income related to the
derecognition of stored value card liabilities during the thirteen
weeks ended July 3, 2008, and June 28, 2007, respectively.  Other
income also includes insurance recoveries related to Hurricane
Katrina of US$1.2 million for property losses in excess of
property carrying cost and US$397,000 for business interruption
during the thirteen weeks ended June 28, 2007.  Other income also
includes US$469,000 of income related to ineffectiveness of
interest rate swaps during the thirteen weeks ended July 3, 2008.

Interest expense decreased 11.7%, or US$4.4 million, to
approximately US$33.3 million primarily due to decreased interest
rates on the Senior Secured Credit Facility.

Equity in earnings of non-consolidated entities were US$4.4
million compared to roughly US$2.3 million in the prior period.
Equity in earnings related to the company's investment in National
CineMedia, LLC were roughly US$4.7 million and US$1.8 million for
the thirteen weeks ended July 3, 2008, and June 28, 2007,
respectively.

Investment income was US$705,000 for the thirteen weeks ended
July 3, 2008, compared to approximately US$19.3 million for the
thirteen weeks ended June 28, 2007.  The thirteen weeks ended
June 28, 2007, includes a gain on the sale of the company's
investment in Fandango of US$15.7 million.

The provision for income taxes from continuing operations was
US$4.2 million for the thirteen weeks ended July 3, 2008, and
US$7.0 million for the thirteen weeks ended June 28, 2007, with
the reduction due primarily to the decrease in earnings before
income taxes, foreign rate differential and a release of
previously reserved foreign tax due to updated interpretation by
authorities.

                Liquidity and Capital Resources

The company's consolidated revenues are primarily collected in
cash, principally through box office admissions and theatre
concessions sales.  Exhibition costs are ordinarily paid to
distributors from 20 to 45 days following receipt of box office
admissions revenues.  This operating "float" allows the company to
operate with a limited amount of working capital.

Cash flows provided by operating activities were US$116.7 million
and roughly US$72.8 million during the  thirteen weeks ended
July 3, 2008, and June 28, 2007, respectively.

The company had total corporate borrowings of US$1.60 billion at
July 3, 2008.  As of July 3, 2008, the company was in compliance
with all financial covenants relating to the Senior Secured Credit
Facility, the Cinemex Credit Facility, the Notes due 2016, the
Notes due 2014, and the Fixed Notes due 2012.

The company's Senior Secured Credit Facility is with a syndicate
of banks and other financial institutions and provides financing
of up to US$850.0 million, consisting of a US$650.0 million term
loan facility with a maturity of seven years and a US$200.0
million revolving credit facility with a maturity of six years.
As of July 3, 2008, the company had no borrowings under the
revolving credit facility and roughly US$633.7 million was
outstanding under the term loan facility at an interest rate of
4.23%.

The company believes that cash generated from operations and
existing cash and equivalents will be sufficient to fund
operations and planned capital expenditures and potential
acquisitions for at least the next twelve months.

                         Balance Sheet

At July 3, 2008, the company's consolidated balance sheet showed
US$3.90 billion in total assets, US$2.75 billion in total
liabilities, and US$1.15 billion in total stockholders' equity.

The company's consolidated balance sheet at July 3, 2008, also
showed strained liquidity with US$319.8 million in total current
assets available to pay US$502.6 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 3, 2008, are available for
free at http://researcharchives.com/t/s?31be

                    About AMC Entertainment

Based in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is one of the world's largest
theatrical exhibition companies.  As of July 3, 2008, the company
owned, operated or had interests in 353 theatres and 5,117
screens, with 89% or 4,569 of its screens in the U.S. and Canada
and 11%, or 548 of its screens in Mexico, China (Hong Kong),
France and the United Kingdom.

The company's principal direct and indirect owned subsidiaries are
American Multi-Cinema Inc., Grupo Cinemex, S.A. de C.V. and AMC
Entertainment International Inc.

                         *     *     *

To date, AMC Entertainment Inc. still carries Fitch Ratings'
'CCC+' senior subordinate rating assigned on Jan. 12, 2006.


CHINA EASTERN: Denies Reopening Talks on Shanghai Air Deal
----------------------------------------------------------
China Eastern Airlines Corporation Limited denied rumors that it
has resumed talks for a merger with Shanghai Airlines, despite
reports that the government is mulling for a tie-up between the
two airlines, China Daily News reports.

On September 8, 2008, the Troubled Company Reporter - Asia
Pacific, citing the Financial Times, reported that China Eastern
Airlines admitted that a merger with Shanghai Airlines, is being
actively considered.

The report related that China Eastern President Cao Jianxiong said
that 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," Mr. Jianxiong said.

However, the Daily relates that Luo Zhuping, board secretary of
China Eastern, said, "We don't have a plan to merge with Shanghai
Airlines because the aviation industry is suffering from stagnancy
this year.  The government may take action to encourage a merger."

According to the TCR-AP, the government plans to first inject
capital into China Eastern and then merge it with Shanghai
Airlines, then the combined company would then consider a stake
sale to Singapore Airlines.

"The two Shanghai companies are not likely to combine together
unless there is impetus from the government.  The country's
airways are in its lean time, and the two firms probably will
report a loss in profit this year and even next year," the Daily
cited Li Lei, an analyst with CITIC China Securities Co., as
saying.

Meanwhile, as for restarting talks between China Eastern and
Singapore Airlines, Mr. Zhuping said they had not yet considered
resuming the talks, the Daily says.

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.

"Singapore Airlines may lose interest in China Eastern because of
the latter's continuing weak performance this year," Mr. Lei said,
the report adds.

                   About China Eastern Airlines

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.


FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
until Dec. 27, 2008, the deadline by which Federal-Mogul Corp. and
its debtor-affiliates may filed objections to administrative
expense claims.

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, on behalf of the Reorganized Debtors filed
a certificate of no objection to the extension request.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries.  Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed US$10.15 billion in assets and US$8.86 billion in
liabilities.

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14.  Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.

(Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


GREENTOWN CHINA: 1H Profit Up 32% on Construction & Joint Ventures
------------------------------------------------------------------
Greentown China Holdings Limited's first-half profit rose 32% on
construction and joint ventures, Kelvin Wong of Bloomberg News
reports.

Net income, the report relates, increased to CNY341 million (US$50
million), or CNY0.21 a share, from CNY258.9 million, or CNY0.18, a
year earlier, while sales fell 16% to CNY1.77 billion.

According the report, Greentown's profit rose even as Chinese
developers face slowing growth after the government sought to curb
home prices by reducing lending.

The company said that "the real estate industry in China has
entered into a prolonged phase of correction.  Although
transaction volume in the China's real estate market declined
significantly, the company still achieved strong contracted sales
in the first half," the report relates.

Bloomberg News notes that Greentown said it's seeking acquisitions
and will develop its land bank.

Meanwhile, UBS AG on Monday cut the company's target price by 57%
to HK$8.7, citing lower net income growth and higher cost of
equity, the report adds.

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

                          *     *     *

The TCR-AP reported on May 9, 2008, that Moody's Investors
Service changed to negative from stable its outlook for
Greentown China Holdings Ltd's (Greentown) Ba3 corporate family
rating and senior unsecured bond rating.

On Dec. 5, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Greentown China Holdings
Ltd. to 'BB-' from 'BB'.  The outlook is stable.  At the same
time, Standard & Poor's lowered the long-term debt ratings on
the company's US$400 million senior unsecured notes and its
CNY2.31 billion convertible notes to 'BB-' from 'BB'.


PACIFICNET INC: Inks Settlement Agreement With Bondholders
----------------------------------------------------------
PacificNet Inc. entered into a settlement agreement with certain
bondholders who had filed an involuntary petition seeking Chapter
11 relief in the United States Bankruptcy Court fort the District
of Delaware earlier this year.

Pursuant to the terms of the settlement agreement, the company
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, the company 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 the company will make ten
monthly payments under the debentures and also apply sums due
under certain receivables toward payment.  All obligations of the
company 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 received a security interest
and collateral assignment in receivables of the
company and certain of its subsidiaries.

Moreover, the company 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.

Victor Tong, president of the company, 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."

A full-text copy of the company's settlement and release agreement
dated Aug. 29, 2008, available for free at:

              http://ResearchArchives.com/t/s?31c0

A full-text copy of the company's form of second amended and
restated variable rate secured convertible debenture due July
2009, is available for free at:

              http://ResearchArchives.com/t/s?31c1

A full-text copy of the company's form of amended and restated
variable rate secured convertible debenture due July 2009, is
available for free at:

              http://ResearchArchives.com/t/s?31c2

A full-text copy of the company's Form of PacificNet Inc. 7%
debenture is available for free at:

              http://ResearchArchives.com/t/s?31c3

A full-text copy of the company's security agreement dated
Aug. 29, 2008, is available for free at:

              http://ResearchArchives.com/t/s?31c4

                        About PacificNet

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.  Iroquois
Master Fund Ltd., Whalehaven Capital Fund Ltd. and Alpha Capital
AG filed for involuntary Chapter 11 petition against the Debtor on
March 22, 2008, (Bank. D. Del. Case No. 08-10528.)  Adam Friedman,
Esq. at Olshan Grundman, et al. and Robert S. Brady, Esq. and Ian
S. Fredericks, Esq. at Young Conaway, et al. represent the
petitioners in this case. The company's consolidated balance
sheets' posted total assets of US$23,356,000 and total liabilities
of US$19,527,000, for the quarterly period ended June 30, 2008.


* CHINA: Banks Heed Govt's Call to Up Lending, Regulator Says
-------------------------------------------------------------
Chinese banks have heeded government calls for increased lending
aimed at boosting economic growth, Agence France-Presse reports,
citing banking regulator.

On September 9, 2008, the Troubled Company Reporter-Asia Pacific,
citing Xinhua News, reported that 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.

A commission spokesman, the report related, 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, the spokesman said.

According to AFP, credit has been growing since the middle of the
year, benefiting mainly the agricultural sector, small enterprises
and energy conservation and pollution reduction projects.

China's economy, AFP recounts, grew 10.4% in the first half and
10.1% in the second quarter, down from 11.9% for all of 2007,
leading to the government to make a subtle policy shift from
preventing economic overheating to ensuring steady growth.

The central bank last month raised this year's quota of new yuan
loans by 5%, AFP says.

AFP notes that the previous cap was widely understood to be no
more than CNY3.63 trillion (US$530 billion), the same amount as
was lent in 2007, as the government intended to curb the country's
runaway inflation with a tight monetary policy.



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

CAREDER COMPANY: Creditors' Proofs of Debt Due on October 6
-----------------------------------------------------------
The creditors of Careder Company Limited are required to file
their proofs of debt by October 6, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 28, 2008.

The company's liquidators are:

          Chan Kim Chee
          Chiu Fan Wa
          1001 Admiralty Centre Tower I
          18 Harcourt Road
          Hong Kong


CHIEF RESOURCES: Placed Under Voluntary Liquidation
---------------------------------------------------
The sole shareholder of Chief Resources Limited passed a
resolution to voluntarily wind up the company's operations on
August 27, 2008.

Creditors are required to file their proofs of debt by Sept. 30,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Tse Chiang Kwok, Nassar
          Tam Chun Wan
          Wing On House
          Room 403, 4th Floor
          71 Des Voeux Road
          Central, Hong Kong


EMERGENCY RELIEF: Members to Hold Final Meeting on October 9
------------------------------------------------------------
The members of Emergency Relief Foundation Limited will hold their
final meeting on October 9, 2008, at 10:00 a.m., at Room 2109 of
China Resources Building, 26 Harbour Road in Wanchai, Hong Kong.

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


HERO FORTUNE: Members' Final Meeting Slated for October 6
---------------------------------------------------------
A final meeting will be held for the members of Hero Fortune
Limited on October 6, 2008, at 9:30 a.m., at Rooms 1901-2 of
Park-In Commercial Centre, in 56 Dundas Street, Kowloon.

At the meeting, Lee Kowk On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HILL WEALTH: Members' Final Meeting Set for October 10
------------------------------------------------------
The members of Hill Wealth Investment Limited will meet on
Oct. 10, 2008, at 2:05 p.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PILOT STAR: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on August 27, 2008, the
members of Pilot Star Limited resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by October 8,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 12A
          113-117 Wanchai Road
          Wanchai, Hong Kong


SIEMENS BUILDING: Creditors' Proofs of Debt Due on October 3
------------------------------------------------------------
The creditors of Siemens Building Technologies (Hong Kong) Limited
are required to file their proofs of debt by October 3, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings August 26, 2008.

The company's liquidators are:

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


TOPLEY LIMITED: Creditors' Proofs of Debt Due on October 6
----------------------------------------------------------
Topley Limited requires its creditors to file their proofs of debt
by October 6, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on August 27, 2008.

The company's liquidator is:

          Lee Angel
          CNT Tower, Unit E, 21st Floor
          338 Hennessy Road
          Wanchai, Hong Kong


TOSANKYO COMPANY: Members to Hear Wind-Up Report on September 30
----------------------------------------------------------------
The members of Tosankyo Company Limited will meet on September 30,
2008, at 11:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Fung Kwai Ming
          Wing Cheong Commercial Building
          Unit A, 5th Floor
          19-25 Jervois Street
          Hong Kong


WORLD CLASSIC: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on August 26, 2008, the
members of World Classic Holdings Limited agreed to voluntarily
liquidate the company's business.

The company's liquidator is:

          Li Kam Ching
          Hing Yip Commercial Centre, 17th Floor
          272-284 Des Voeux Road Central
          Hong Kong



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

NIZAM DECCAN: CRISIL Rates Various Bank Facilities at 'B'
---------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'B/ Stable /P4' to
the various bank facilities of Nizam Deccan Sugars Ltd (NDSL).

  Rs.928 Million Cash Credit    B/Stable (Assigned)
  Rs.919.3 Million Term Loan*   B/Stable (Assigned)
  Rs.5 Million Letter of
     Credit/Bank Guarantee      P4 (Assigned)

* Includes proposed limit of Rs 362.4 million

The ratings reflect NDSL's constrained financial profile owing to
high gearing and weak debt protection measures, risks relating to
regulations for the sugar industry, and disadvantages resulting
due to its presence in the Telangana region. These weaknesses are
however partly offset by the fact that the company has achieved
stable operating margins in the past, barring 2007-08, on account
of its forward integration initiatives.

Outlook: Stable

NDSL's financial profile is likely to remain strained on account
of the large debt on its books.  The outlook may be revised to
'Positive' if the company's financial profile improves
considerably as a result of equity infusions.  Conversely, the
outlook may be revised to 'Negative' if the company is unable to
generate expected cash accruals as a result of higher cane prices,
or due to cane non-availability, leading to a further weakening in
its financial profile.

                           About NDSL

Nizam Deccan Sugars Ltd (NDSL), a joint venture (JV) company, was
incorporated in June 2002.  Dr. G Ganga Raju, chairman of Delta
Paper Mills Limited and Nizam Sugars Ltd hold 51 per cent and 49
per cent respectively, in the JV.  The company has three sugar
mills located in Bodhan, Medak and Metpally, all of which are in
the Telangana region, with a cane crushing capacity of 8500 tonnes
per day.  The unit at Bodhan is integrated with, a distillery and
a bagasse based cogen plant with a capacity of 31500 BLS and 20 MW
respectively.  NDSL reported a negative profit after tax (PAT) of
(Rs.274.8) million on net sales of Rs.1772.7million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of Rs.41.0 million on net sales of Rs.1409.3million for 2006-07.


PEARL ENGINEERING: Shareholders Reappoint Directors and Auditor
---------------------------------------------------------------
Pearl Engineering Polymers Ltd's shareholders have approved the
re-appointment of Mr. B B Mathur as a Director of the company,
liable to retire by rotation, and M/s. J C Bhalla & Co., Chartered
Accountants as Statutory Auditors of the company, to hold office
until the conclusion of next annual general meeting.

The company's shareholders have also approved the re-appointment
of Mr. Harish Seth as Managing Director and Mr. Chand Seth as
Chairman & Managing Director.

Mr. Harish Seth's position will become effective October 19, 2008
for a period of five years, without remuneration (unless resolved
otherwise) while Mr. Chand Seth will serve for a period of three
years effective December 7, 2008 with remuneration payable to him.

Pearl Engineering Polymers Ltd. was founded in 1984 and is based
in New Delhi, India.

The company posted annual net losses of Rs. 23.09 million in 2005,
Rs. 29.08 million in 2006, Rs. 42.06 million in 2007 and Rs. 15.39
million in 2008.


SNC JEWELS: CRISIL Rates Rs.110.0 Million Loan at BB+/Stable
------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of SNC Jewels Private Limited (SNC
Jewels).

  Rs.110.0 Million Working
     Capital Demand Loan     BB+/Stable(Assigned)
  Rs.20.0 Million Export
     Packing Credit          P4(Assigned)
  Rs.80.0 Million Post
     Shipment Credit         P4(Assigned)

The ratings reflect the company's weak financial risk profile and
high concentration of sales to select customers in the U.S market.
On the other hand, the ratings draw comfort from over two-decade-
long experience of SNC Jewels' promoters in the gems and jewellery
business.  The ratings remain sensitive to company's capex plans
and their funding pattern, unrelated diversifications, and the
economic conditions in the US market.

Outlook: Stable

CRISIL believes that the financial risk profile of SNC Jewels will
continue to be constrained by its small size of its net worth and
weak debt protection indicators. The outlook may be revised to
'Positive' in case of a better-than-expected improvement in the
company's cash flow generation ability, leading to sustained
improvement in the capital structure.  Conversely, the rating may
be revised to 'Negative' in case of a decline in business volumes
in the US market, affecting the company's cash accruals, and/or
deterioration of its capital structure due to debt-funded growth
plans.

                        About the Company

SNC Jewels was established in 2002 by Mr.Amish R. Jhaveri and Mr
Aditya V Choksi (family friends of Jhaveri's). Both the Jhaveri
family and Choksi family have been in the business of gems and
jewellery for over three decades. SNC was set up for catering to
the export market of diamond studded gold jewellery. Initially the
company had focussed only on the US market however post recession
in the US gems and jewellery market the company has started to
market its goods in Europe and Middle East as well. Currently
sales to the US market accounts for ~ 90 per cent of SNC Jewels'
sales.

SNC Jewels profit after tax (PAT) is estimated at Rs.14 million on
net sales of Rs.327 million in 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.76 million on net
sales of Rs.665 million in 2006-07.


STATIONERY POINT: CRISIL Rates Rs. 700 Mil. Facilities at 'BB'
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Positive/P4' to
the various bank facilities of Stationery Point India Ltd
(Stationery Point).

Rs.130 Mil. Cash Credit              BB/Positive (Assigned)
Rs.170 Mil. Proposed Cash Credit     BB/Positive (Assigned)
Rs.275 Mil. Long-Term Loan           BB/Positive (Assigned)
Rs.100 Mil. Proposed Long-Term Loan  BB/Positive (Assigned)
Rs.25 Mil. Letter of Credit          P4 (Assigned)

The ratings reflect Stationery Point's favourable customer profile
and diversified revenues from domestic and export markets.  These
rating strengths are partially offset by the weakening in
Stationery Point's financial profile because of the ongoing large
debt-funded projects.  Further, the company's operating margins
continue to remain under pressure because of the highly-fragmented
nature of the flexible packaging industry, leading to competition,
the company's strained working capital cycle, and fluctuations in
raw material prices.

Outlook: Positive

CRISIL believes that Stationery Point will be able to maintain its
steady revenue growth over the medium term, given the ongoing
capacity increases.  However, the large debt-funded project and
the increased working capital requirements are likely to strain
the company's financial profile during the project implementation
and ramp-up phase.  The 'Positive' outlook reflects CRISIL's
expectation that Stationery Point, will bring in Private Equity
leading to improvement in the company's financial profile over the
medium term.  The outlook maybe revised to 'Stable' if the equity
infusion does not materialise and/or if there are significant
delays in the implementation and stabilisation of the new project.

                        About the Company

Stationery Point, promoted by Mr. Shankar Kashid, Mr Makarand
Pandit, and Mr Paul Macwan in 1999, started as a small unit
manufacturing stationery products such as staple pins, U-clips,
pointed pins, and note books.  In 2005, the company diversified
into manufacturing flexible packaging laminates for consumer
products. At present, flexible packaging products account for more
than 80 per cent of Stationery Point's total revenues. SPIL is
setting up a 100% EOU project in Kaledhone, Satara at the
exisiting facilities.  The project capex of Rs 360 million is
funded by debt of Rs 300 million and balance through equity and
internal accruals. This project is expected to be completed by
June 2009.

Stationery Point reported a profit after tax (PAT) of Rs. 36
million on net sales of Rs.686 million in 2006-07 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.18
million on net sales of Rs.273 million in the previous year.



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

ANEKA TAMBANG: Plans to Acquire Coal Concessions This Year
----------------------------------------------------------
PT Aneka Tambang (Antam) is planning to acquire coal concessions
this year to help secure supply for its new coal-fired power
plants, The Jakarta Post reports.

Antam President Director Alwin Syah Loebis told The Post that the
plan was part of the company's efforts to cut its soaring
production costs replacing the existing diesel-fired power plant,
which was deemed too costly, in the area.

The coal concession is also aimed at diversifying the company's
portfolio (to compliment nickel), Mr. Loebis was cited by The Post
as saying.

The report noted that by 2012 the company will need five million
tons of coal supply for its two plants in its mining site at
Pomalaa, Southeast Sulawesi.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

In December 2006, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
mining company PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


PT INDIKA: Fitch Affirms 'B' Long Term Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Indonesia-based PT
Indika Energy Tbk (Indika)'s Long-term foreign and local currency
Issuer Default Ratings (IDRs) to Positive from Stable, and
affirmed them both at 'B'.  At the same time, Fitch has also
affirmed the senior unsecured rating of 'B' and recovery rating of
'RR4' on the USD250m notes due in 2012 issued by Indo Integrated
Energy B.V. and guaranteed by Indika and its 100%-owned
subsidiary, PT Indika Inti Corpindo.

The Outlook revision reflects Fitch's expectation that dividend
flows from Indika's 46% investment in Kideco Jaya Agung (Kideco)
will remain steady and high.  Due to the current high coal prices,
cash inflow from Kideco's dividends will increase to US$41.4
million in 2008 from US$22.1 million in 2007; this will likely
increase further as the company raises its coal production by
expanding its mining capacity from the existing 24 million tonne
per annum to reach 30mt per annum by end of 2009.  Indika's
Positive Outlook also reflects the increasing domestic demand in
oil and gas sectors, which is likely to result in more
engineering, procurement and construction (EPC) businesses for
Tripatra, Indika's fully-owned subsidiary, leading to improved
financial performance.

Indika's ratings, however, remain constrained by its status as a
holding company that derives the majority of its cash flows from
dividends received from Kideco and Tripatra, rather than from its
own operations.  Furthermore, notwithstanding Tripatra's improved
performance primarily driven by the rising crude oil price, it is
still exposed to volatility in EPC business risk and investment
risk with high competition in the market.  Any inability to win
new contracts could adversely affect its cash flow.  As of end
2007, Tripatra had an outstanding orderbook of US$310.2 million
and it managed to secure additional contracts amounting US$67.3
million in H108.

With the fresh infusion of funds through an IPO totalling around
US$260 million in June 2008, Indika booked a net cash position of
IDR676.7 billion as at June 30, 2008.  Fitch also notes that the
company still retains a portion of the US$250 million proceeds
from notes issued in May 2007 in cash totaling US$103.5 million
(IDR949 billion) as at June 30, 2008.  With no debt maturing up
until 2012 when the US dollar notes fall due, liquidity is not an
immediate concern.

Proceeds from the IPO are expected to be used to facilitate
expansion and acquisition plans mainly in the energy resources and
energy infrastructure businesses, which are complementary to
Indika's existing businesses.  As of end H108, a conditional sales
and purchase agreement to acquire coal concessions in Kalimantan
had been signed and IDR184.3 billion (US$20 million) had been paid
up front.  Given that specific targets for the remaining new
investment and acquisition plans have not been finalized, there is
still uncertainty over the size and quality of the company's
incremental future cash flows from these assets.

A positive rating action may be taken upon the successful
acquisition and implementation of the new investment plans, and if
Tripatra continues to demonstrate the ability to secure new job
orders. Conversely, an outlook revision may be warranted if
dividend flows from Kideco is reduced, new investment projects
produce weak returns, and/or Tripatra fails to obtain new
contracts.

Established in 2002, Indika is a privately-owned investment
holding company with two major investment assets - a 46% stake in
Kideco and a 100% stake in Tripatra. Kideco is Indonesia's third
largest coal producer and operates under a 30-year Coal Contract
of Work (CCOW).  Tripatra is a leading EPC and O&M (Operations and
Maintenance) service provider in Indonesia with a focus on energy
and infrastructure projects. In the twelve months ended in June
2008, Indika posted revenue of IDR2,627 billion and net income of
IDR598.7 billion.



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

CITIGROUP INC: Appoints Darren Buckle as Pres. of Japan Business
----------------------------------------------------------------
Citigroup Inc. appointed Darren Buckley to head its banking
business in Japan, replacing Robert Snell, the third change of
president announced in 14 months, Takahiko Hyuga of Bloomberg News
reports.

According to the report, Mr. Buckley, chief executive officer of
the New York-based bank's Japanese consumer finance unit CFJ KK,
will become president at Citibank Japan on Oct. 1.

Citigroup, the report notes, has been reorganizing its banking,
brokerage, asset management and principal investment operations
since it acquired Nikko Cordial Corp. last year.

Mr. Buckley will be succeeded as chief executive of CFJ by Burl
Hays, the unit's chief operating officer, the report relates.

The report recounts that Citigroup said in July 2007, it appointed
Sunil Kaul to head the banking business in Japan.  In June,
Citigroup disclosed that Mr. Kaul would resign and be replaced by
Snell, Bloomberg News says.

                    About Citigroup Inc.

Citigroup Inc. (Citigroup)is a diversified global financial
services holding company whose businesses provide a range of
financial services to consumer and corporate customers. The
Company is a bank holding company.  As of March 31, 2008,
Citigroup was organized into four major segments: Consumer
Banking, Global Cards, Institutional Clients Group (ICG) and
Global Wealth Management (GWM).  The Company has more than 200
million customer accounts and does business in more than 100
countries.  In July 2007, the Company merged with Citigroup
Japan Investments LLC, a 100% subsidiary of the Company.  In
March 2008, Citigroup reorganized its consumer group into two
global businesses: Consumer Banking and Global Cards.  In May
2008, the Company has reorganised its equity and debt business
in Japan.  Nikko Citigroup Ltd, the Company's Japan investment
banking unit, merged its equity and debt underwriting teams into
one.

                          *     *     *

The company reported three consecutive quarters of net losses
beginning the fourth quarter of 2007.  Aggregate net losses for
the last three quarters totaled US$17.4 billion.

For the 2008 second quarter, the company reported a net loss of
US$2.5 billion.  Revenues for the same quarter were US$18.7
billion, down 29% from the second quarter of 2007.  Total assets
declined in the 2008 second quarter by US$99 billion since first
quarter 2008; approximately two-thirds from legacy assets.
Headcount reduced by approximately 6,000 in the second quarter
and approximately 11,000 in the first half of 2008.


CITIGROUP INC: Sells JPY315BB Samurai Bonds to Japanese Investors
-----------------------------------------------------------------
Citigroup Inc. sold JPY315 billion in samurai bonds to individual
investors in Japan, Takashi Ueno of Bloomberg News reports, citing
Japan's Ministry of Finance.

It was the biggest yen-denominated corporate bond in history,
according to Bloomberg data.

The report relates that the ministry said the three-year
securities carried a coupon of 3.22% and were sold at par.

According to the report, Fitch Ratings and Standard and Poor's
each assigned a credit rating of AA- to the bonds, while Moody's
Investors Service rated them Aa3.

Citigroup paid a coupon of 2.66% on June 12 when it raised
JPY186.5 billion (US$1.7 billion) the last time it sold samurai
bonds to individuals, the report recounts.

Nikko Citigroup Ltd. managed the transaction and both Nikko
Citigroup and Mizuho Securities Co. underwrote the sale.

Citigroup Inc. (Citigroup)is a diversified global financial
services holding company whose businesses provide a range of
financial services to consumer and corporate customers.  The
company is a bank holding company.  As of March 31, 2008,
Citigroup was organized into four major segments: Consumer
Banking, Global Cards, Institutional Clients Group (ICG) and
Global Wealth Management (GWM).  The Company has more than 200
million customer accounts and does business in more than 100
countries.  In July 2007, the Company merged with Citigroup
Japan Investments LLC, a 100% subsidiary of the Company.  In
March 2008, Citigroup reorganized its consumer group into two
global businesses: Consumer Banking and Global Cards.  In May
2008, the Company has reorganised its equity and debt business
in Japan.  Nikko Citigroup Ltd, the Company's Japan investment
banking unit, merged its equity and debt underwriting teams into
one.

                       *     *     *

The company reported three consecutive quarters of net losses
beginning the fourth quarter of 2007.  Aggregate net losses for
the last three quarters totaled US$17.4 billion.

For the 2008 second quarter, the company reported a net loss of
US$2.5 billion.  Revenues for the same quarter were US$18.7
billion, down 29% from the second quarter of 2007.  Total assets
declined in the 2008 second quarter by US$99 billion since first
quarter 2008; approximately two-thirds from legacy assets.
Headcount reduced by approximately 6,000 in the second quarter
and approximately 11,000 in the first half of 2008.


GK L-JAC: Fitch Affirms 'BB' Rating on Four Classes of Bonds
------------------------------------------------------------
Fitch Ratings has affirmed G.K. L-JAC 4 Funding's bonds and trust
beneficiary interests (TBIs), and assigned Outlooks:

   JPY18.9bn*, Class A-2 bonds affirmed at 'AAA'; Outlook Stable

   JPY4.3bn*, Class B-2 bonds affirmed at 'AA'; Outlook Stable

   JPY4bn*, Class C-2 bonds affirmed at 'A'; Outlook Stable

   JPY1.1bn*, Class D-2 bonds affirmed at 'BBB'; Outlook Stable

   JPY1bn*, Class D-3A bonds affirmed at 'BBB'; Outlook Stable

   JPY2.3bn*, Class D-3B bonds affirmed at 'BBB'; Outlook Stable

   JPY0.5bn*, Class E-2 bonds affirmed at 'BBB-' (BBB minus);
   Outlook Stable

   JPY1.2bn*, Class E-3 bonds affirmed at 'BBB-' (BBB minus);
   Outlook Stable

   JPY0.3bn*, Class F-2 bonds affirmed at 'BB+'; Outlook Stable

   JPY1.1bn*, Class F-3 bonds affirmed at 'BB+'; Outlook Stable

   JPY0.3bn*, Class G-2 bonds affirmed at 'BB'; Outlook Stable

   JPY0.4bn*, Class G-3 bonds affirmed at 'BB'; Outlook Stable

      -- Interest (dividend)-only classes X1 ** and X2** TBIs
         affirmed at 'AAA'; Outlook Stable.

    *as of 5 September 2008
   ** X-1 TBIs: interest (dividend)-only class

X-2 TBIs: in addition to interest (dividend), trust principal
payments on the fractional principal amounts on the underlying
loans and cash reserves

The rating affirmations are based on a periodical review of the
transaction, including analysis of the residual collateral, whose
overall performance has been within Fitch's initial expectations.

This transaction, issued in May 2007, was originally secured by
three non-recourse loans substantially backed by 34 real estate
properties. One loan has been fully repaid, some collateral
properties securing another loan have been sold to date, and the
bonds are currently secured by two non-recourse loans backed by 12
real estate properties. The A-1 to G-1 bonds, secured by the
redeemed loan, have been fully repaid.

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


LEHMAN BROTHERS: Among Nomura's Investment Options, WSJ Reports
---------------------------------------------------------------
The Wall Street Journal's Alison Tudor reports that Kenichi
Watanabe, president of Nomura Holdings Inc. from Japan, told
Yomiuri Shimbun that the company might use at least US$1.87
billion to invest in U.S. and European financial institutions.

The WSJ relates that Yomiuri said Lehman Brothers is "one of the
several candidates" for such investments.

According to Yomiuri, Nomura Holdings will evaluate next week
Lehman Brothers' June-August results due out before it decides
whether to execute the investment.

As reported in the Troubled Company Reporter on Sept. 4, 2008,
Korea Development Bank proposed to acquire a 25% stake in U.S.
investment bank Lehman Brothers.  Dow Jones reports that KDB was
prepared to pay at least US$4.4 billion for the stake.  Associate
Press said KDB could offer as much as US$5.3 billion.

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

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

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

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

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

                      About Lehman Brothers

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


* JAPAN: Corporate Bankruptcies Up 4.2% in August to 1,254
----------------------------------------------------------
Japan's corporate bankruptcies increased 4.2% to 1,254 from a year
earlier, partly attributable to the increasing gasoline prices
that is greatly affecting the transportation sector, Kyodo News
reports, citing Tokyo Shoko Research.

The report relates that the research firm said corporate total
debts totaled JPY867.98 billion marked a dip of 0.3% from a year
earlier but the highest this year.

Bankruptcies accompanied by debts of more than JPY10 billion, the
report notes, reached the highest number of year at 12.

According to the report, Shoko Research said among the listed
companies that went bankrupt were real-estate firms, Urban Corp.
and Sohken Homes Co., a sign that the ongoing business downturn is
spreading from smaller to larger corporations.

Of 10 industrial sectors surveyed, the report points out, five —
transportation, real estate, services, information and
telecommunications, and construction — saw higher numbers of
corporate failures.  Bankruptcies among transportation firms
climbed 64.1% from a year earlier to 64, exceeding 60 for the
first time in five years and two months, while four sectors,
including retail and manufacturing, registered fewer bankruptcies,
the report says.

Kyodo News says that the number of companies that collapsed due to
soaring oil and materials costs came to 89, and the high costs are
expected to continue affecting an ever wider sector of industry,
while the number of failed construction companies jumped 13.8% to
403, exceeding the 400 mark for the second straight month.

Some contractors, Kyodo News relates, became financially strapped
because their customers, real estate firms, became insolvent,
while rises in building material costs also took a toll.

Tokyo Shoko Research's figures cover bankrupt companies with debts
of JPY10 million or more, the report adds.



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

GENERAL MOTORS: Korean Unit's Workers Vote for Wage Agreement
-------------------------------------------------------------
Unionized workers at GM Daewoo Auto & Technology Co., the South
Korean unit of General Motors Corp., voted to accept a pay
agreement with the company, ending nearly three months of
negotiations and sporadic partial strikes, Yonhap News reports.

According to the report, of a total 10,348 workers, 68.6% voted in
favor of the wage deal.

The report relates the deal calls for GM Daewoo to raise the
monthly basic salary by KRW84,000 (US$76) and pay a bonus payment
equivalent to two months of pay as well as a lump-sum payment of
KRW2.3 million.

The partial strikes have cost GM Daewoo some 18,000 vehicles in
lost output, the report says.

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

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

                        *     *     *

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



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

KIMBLE CORPORATION: Total Default Totals MYR149.79MM as of Sept. 3
------------------------------------------------------------------
Pursuant to the Practice Note No. 1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Kimble
Corporation Berhad disclosed that together with its
subsidiaries, its total default reached MYR149,788,710 as of
September 3, 2008, in respect of various banking facilities from a
number of financial institutions, which includes:

                                       Total Amount (Principal +
   Banking Facilities          Type              Interest) MYR
   ------------------          ----              -------------
   * OCBC Bank (Malaysia) Bhd Overdraft and Trade    50,919,420
   * Hong Leong Bank Berhad   Overdraft and Trade    41,578,527
   * RHB Islamic Bank Bhd     Revolving and Trade    33,149,947
   * Export-Import Bank
      Malaysia Bhd            Trade                  10,402,784
   * Malayan Banking Berhad   Term Loan               6,450,196
   * Ambank (M) Bhd           Trade                   2,995,166
   * RHB Bank Bhd             Hire Purchase           4,112,817
   * Hong Leong Bank Bhd      Hire Purchase              91,271
   * Public Bank Bhd.         Hire Purchase              88,581
                                                     ----------
                                             Total: 149,788,710

Kimble Corporation Berhad is a Malaysian-based investment
holding company.  The company and its subsidiaries are primarily
engaged in the manufacturing and marketing of wooden furniture.
The company's online product ranges from bedroom, dining,
living, occasional, youth and kitchen furniture.  The company
exports its products to United States, Canada, Chile, Panama,
United Kingdom, Sweden, Norway, Iceland, Denmark, Belgium,
Ireland, Germany, France, Spain, Russia, United Arab Emirates,
Australia and New Zealand.  Its major subsidiaries include
Kimble Furniture Corporation (M) Sdn Bhd, which is engaged in
the manufacture and marketing of wooden furniture, and Kimble
Marketing Sdn Bhd and Ta Wu Wood Enterprise Sdn Bhd, which are
engaged in the trading of wooden furniture.  In August 2007,
Kimble Corporation Berhad acquired Kimble Corporation (HK)
Limited.

                         *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
Aug. 21, 2008, the company is classified as an affected listed
issuer under Practice Note No. 1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad.  The group's
total default reached MYR149,186,852 as of August 15, 2008, in
respect of various banking facilities from a number of financial
institutions.

The group is unable to service and repay its debts to the
lenders as it is experiencing operational difficulties and cash
flow deficiency due to its operational losses.


MERGE ENERGY: Inks Revise Acquisition Deal With Sejahtera Fitrah
----------------------------------------------------------------
In a filing with the Bursa Stock Exchange, Merge Energy Bhd (MEB)
disclosed on September 3, 2008, that the company entered into a
second supplemental agreement with Sejahtera Fitrah Sdn Bhd and
Al-Mudharib Niaga Sdn Bhd (Vendors) to revise the Proposed
Acquisition.  The revision is intended to further enhance and
strengthen the Initial Proposal in order to regularize the
company's Amended PN17 condition.

   * Proposed Increase in Authorized Share Capital of MEB

MEB proposes to increase its authorized share capital from
MYR100 million comprising 100 million MEB Shares to MYR250 million
comprising 250 million MEB Shares to accommodate the issuance of
new MEB Shares arising from the Revised Proposed Acquisition, upon
receipt of the relevant regulatory and shareholders' approvals for
the Proposed Restructuring Scheme and the Revised Proposed
Exemption.

   * Revised Proposed Acquisition

The Revised Proposed Acquisition will involve the acquisition of
the entire equity interest in SESB comprising 22,176,091 Suasa
Efektif (M) Sdn  Bhd (SESB) shares by MEB from the Vendors, for a
revised purchase consideration of MYR33.264 million to be fully
satisfied by the issuance of 33.264 million new MEB Shares at an
issue price of MYR1.00 per Share.

   * Proposed Capital Reduction

Pursuant to Section 64(1) of the Act, the Proposed Capital
Reduction will involve the reduction of MEB's issued and paid-up
share capital of MYR100.264 million comprising 100.264 million MEB
Shares after the Revised Proposed Acquisition to MYR70.185 million
comprising 100.264 million ordinary shares of MYR0.70 each by
reducing the par value of each MEB Share by MYR0.30.  The credit
arising from the Proposed Capital Reduction amounting to
MYR30.079 million will be utilized to reduce the audited
accumulated losses of MEB of MYR33,395,537 as at January 31, 2008.

   * Proposed Share Premium Reduction

MEB proposes to apply the entire share premium account of
MYR7,712,508 based on the audited financial statements as at
January 31, 2008, to further eliminate its balance of accumulated
losses after the Proposed Capital Reduction.

For illustrative purposes, based on MEB's audited financial
statements as at January 31, 2008, the effect of the Proposed
Share Premium Reduction will result in the full cancellation of
the entire accumulated losses of MEB after the Proposed Capital
Reduction.

   * Revised Proposed Exemption

Upon completion of the Revised Proposed Acquisition, the current
direct and indirect holdings of Yusof bin Badawi and the Concert
Parties will increase from 13 million MEB Shares being 19.40% to
37,213,000 MEB Shares being 37.12% of the enlarged issued and paid
up share capital of MEB after the Revised Proposed Acquisition.

Pursuant to Section 33B(2) of the Securities Commission Act, 1993
and Section 6 of the Malaysian Code on Take-Overs and Mergers,
1998, Yusof bin Badawi and the Concert Parties would be obliged to
undertake a mandatory offer to acquire the remaining MEB Shares
not already owned by them upon completion of the Revised Proposed
Acquisition.

In this respect, as Yusof bin Badawi and the concert Parties do
not intend to extend such an offer, an application will be made by
Yusof bin Badawi and the Concert Parties to the SC through
Alliance, to seek an exemption from the obligation under Practice
Note 2.9.1 of the Code.

   * Estimated Time Frame for the Completion of the Proposed
      Restructuring Scheme

Subject to all the required approvals being obtained for the
Proposed Restructuring Scheme and the Revised Proposed Exemption,
the Proposed Restructuring Scheme is expected to be completed by
the first quarter of 2009.

                        About Merge Energy

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company was classified as an affected listed
issuer pursuant to the Amended Practice Note No. 17/2005 whereby
the company's shareholders' equity on consolidated basis is less
than 25% of its issued and paid-up share capital of MYR67.00
million.


NIKKO ELECTRONICS: Defaults on MYR1MM Bankers' Acceptance Facility
------------------------------------------------------------------
Nikko Electronics Berhad defaulted on MYR1 million bankers'
acceptance facilities, which was due on September 5, 2008,
granted by Maybank Islamic Berhad.

Nikko was 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
lossmaking and its ventures to manufacture new products had also
failed to make a profitable contribution to the company.

To address the default, the company will review various debt
restructuring options to address its financial condition.  The
company had also ceased its manufacturing operations with
immediate effect on June 30, 2008, to prevent incurring further
losses.

                        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.


MALAYSIA: 2008 Fiscal Deficit May Signal Deterioration, S&P Says
----------------------------------------------------------------
A steep rise in Malaysia's fiscal deficit for 2008 could be a
one-off fiscal slippage, or it may point to a deteriorating trend
that will continue for the next few years.  The jury is still out,
given the government's projections of a much-reduced deficit in
2009 but the growing risks from external and internal factors that
may push up budgeted expenditure.

Standard & Poor's Ratings Services maintains its stable outlook on
the ratings on Malaysia (foreign currency: A-/A-2; local currency:
A+/A-1).

"If the government successfully restores fiscal discipline,
despite the uncertain global economic conditions and political
pressure, the ratings and outlook will remain unchanged.  But if
the expected fiscal consolidation is further delayed, the local-
currency ratings could come under increasing pressure.  The
foreign-currency rating should, however, remain stable over the
next two years.  That's because Malaysia has a strong external
position for the rating category, despite an expected increase in
public-sector debt and short-term external debt in 2008," said
S&P's credit analyst Takahira Ogawa.

In his August 2008 budget, Prime Minster and Finance Minister
Abdullah Badawi announced that the fiscal deficit in 2008 will
increase to 4.8% of GDP, from the 3.1% in the original budget a
year ago and up from 3.2% in 2007.  Although Mr. Badawi says
revenue should be 9.8% higher than the original budget estimated,
he warns that expenditure will soar by 16.7% in 2008.

The significant increases are mainly attributable to higher
spending on oil and food subsidies, and additional expenditure on
infrastructure projects as the coalition government attempts to
keep domestic demand strong enough to regain the nation's support
after recent electoral setbacks.

Subsidies are likely to surge to MYR34.1 billion, more than triple
the 2007 level.  Despite a restructuring of the fuel-subsidy
system in June 2008 aimed at reining back the rapid rise in fuel
subsidies, a 40%-60% increase in fuel prices has once again forced
the government to push up expenditure targets.  To reduce the
impact of the high fuel prices on low-income groups and to
maintain domestic demand, the government has introduced subsidies
for low-income families, provided support for car and motorcycle
owners, and allocated an additional MYR3.6 billion in food
subsidies.

The government estimates that gross spending on development
projects will top MYR46.3 billion in 2008.  That's a hefty 14%
higher than in 2007, despite the government's original plan to
reduce infrastructure spending by 2.1% year-on-year.

"While the government expects the deficit to slide back to 3.6% in
2009, the eventual outturn could be much higher because of
uncertain global macroeconomic conditions, a difficult political
situation, and the size of the development budget," said Mr.
Ogawa.

For Malaysia, the uncertain global macroeconomic environment is
being compounded by a challenging political situation, with the
opposition parties stepping up their campaign to assume power.  As
a result, the government may feel compelled to increase public
spending to maintain or boost domestic consumption.

In addition, expenditure on development is slated to increase by
11.8% year-on-year in 2009, but could rocket if
weaker-than-expected domestic demand persuades the government to
increase spending on public projects.

A strong rebound in oil prices could undermine the government's
fiscal position, as it may need to increase subsidies to minimize
the damage on domestic consumption.  Although the 2009 budget
maintains almost the same level of subsidies as in 2008 and the
fuel subsidy is set at MYR0.30 per liter, the government could be
propelled to increase the size of subsidies if oil prices rebound
sharply.  On the other hand, should oil prices slump, the national
coffers would suffer, as the government has become increasingly
dependent on oil-related revenue in recent years, with oil now
accounting for about 40% of its total revenue.

High oil prices present a significant medium-term risk.  Despite
increasing petroleum-related revenues, Malaysia's fiscal position
has not been improving, mainly because of domestic fuel subsidies.
The restructuring of the fuel-subsidy system in June 2008 could
reduce future fiscal burdens, but a substantial chunk of the
savings is being swallowed up by other forms of subsidies.

"If global oil prices decline, depleting government revenue, and
it proves difficult to reduce all subsidies, the government will
struggle to curtail expenditure and avoid a significant slippage
in its overall fiscal position," said Mr. Ogawa.

For the Malaysian government, the issue will be how best to take
advantage of the currently higher oil-related revenues, while
keeping the budget's total outlays in check.  This will mean
managing public expectations about cheaper fuel prices and the
levels of government support.



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

A & C LIMITED: Liquidators Set September 19 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, Robin
Winston Hargrave, chartered accountant of O'Halloran HMT Limited,
was appointed as liquidator of A & C Limited.

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

Creditors and shareholders may direct their inquiries to:

          Robin Winston Hargrave
          O'Halloran HMT Limited
          PO Box 6004
          Wellesley Street
          Auckland 1141
          Telephone: (09) 366 5065
          Facsimile: (09) 366 5001


A2 CORPORATION: Places 33 Mil. Shares to Investors
--------------------------------------------------
A2 Corporation Ltd. has placed 33,000,000 new shares in the
company at an issue price of 10 cents a share to a group of
leading New Zealand institutional investors.  The placement will
raise gross proceeds of NZ$3.3 million.

The company said that the placement follows on from the recent
rights issue which raised NZ$11.3 million and is in line with
statements provided previously about the A2C's likely requirement
to raise additional capital in the future.

This placement is the culmination of the interest expressed by
institutional investors as a result of discussions that occurred
during the rights issue process.  This investor interest is seen
by the Board as a strong endorsement of A2C's business model and
future prospects.

                      About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                           *     *     *

The company suffered three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


AB CONSTRUCTION: Liquidator Sets September 18 as Claims Bar Date
----------------------------------------------------------------
Pursuant to Section 241(2) of the Companies Act 1993,  the
shareholders of AB Construction Limited fka David Reid Homes City
West Limited, placed the company under liquidation and appointed
Philip du Preez, accountant of Auckland, as liquidator.

The liquidator sets Sept. 18, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Minz Limited (trading as Sterling Business Consultants)
          PO Box 32076
          Devonport, North Shore City 0744
          Telephone: (09) 486 3060
          Facsimile: (09) 486 3061
          Email: sterling@minz.co.nz


ABBOTSFORD STREET: Wind-Up Petition Hearing Set for September 22
----------------------------------------------------------------
The High Court at Hamilton will hold a hearing on Sept. 22, 2008,
at 10:45 a.m., to consider putting Abbotsford Street Investments
Limited into liquidation.

The application was filed on July 25, 2008, by Ormiston Trustee
Limited.

The plaintiff's address for service is at:

          Harkness Henry & Co
          8th Floor
          KPMG Centre
          85 Alexandra Street
          Hamilton 3240
          Facsimile: (07) 839 4043

J. W. True is the plaintiff's solicitor.



BLUE CHIP: Investors Face Mortgagee Sales
-----------------------------------------
Commerce Minister Lianne Dalziel is appealing to GE Finance and
the local representative of Australian-based Challenger Financial
Services not to put the homes of Blue Chip investors up for
mortgagee sale, the National Business Review reports.

According to the report, many Blue Chip investors face mortgagee
sales after taking out mortgages using equity in their homes to
buy investment properties.

The Business Review relates that Ms. Dalziel told the two
companies that serious allegations had to be addressed surrounding
Blue Chip's business activities and that the Serious Fraud Office
and liquidator Meltzer Mason Heath were investigating.

According to the Business Review, GE Finance spokesman Jeff Lynch
said the company was aware of the financial difficulties victims
of the Blue Chip collapse were experiencing and it was being
flexible.

Meanwhile, Challenger Financial had placed a one-month moratorium
on any action relating to Blue Chip investors, the report cited
Challenger spokeswoman as saying.

                   About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


GAD HOLDINGS: Proofs of Debt Due on September 15
------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, the
shareholders of GAD Holdings Limited appointed Karen Betty Mason
and Lloyd James Hayward, insolvency practitioners, as liquidators
on Aug. 13, 2008.

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

Creditors and shareholders may direct their inquiries to:

          Attn: Lloyd Hayward
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


HOUSE APPRAISALS: Proofs of Debts Due on September 15
-----------------------------------------------------
House Appraisals Limited appointed Mark van Rossem, chartered
accountant, as liquidator on Aug. 14,  2008.

The liquidator sets Sept. 15, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Mark Van Rossem
          TVR Chartered Accountants Limited
          PO Box 8155
          Symonds Street
          Auckland 1150
          Telephone: (09) 373 4634
          Facsimile: (09) 368 1600


KAIZAN DEVELOPMENTS: Proofs of Debts Due on September 19
--------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Karen
Betty Mason and Arron Leslie Heath, insolvency practitioners, were
appointed as liquidators of Kaizan Developments (NZ) Limited on
Aug. 13, 2008.

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

Creditors and shareholders may direct their inquiries to:


          Attn: Karen Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street, Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


KERN ACQUISITIONS: Liquidators Set September 19 as Claims Bar Date
------------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Karen
Betty Mason and Arron Leslie Heath, insolvency practitioners, were
appointed as liquidators of Kern Acquisitions Limited on Aug. 13,
2008.

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

Creditors and shareholders may direct their inquiries to:


          Attn: Karen Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street, Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


LOMBARD FINANCE: Receivers Cut Investors' Estimate of Recoveries
----------------------------------------------------------------
Lombard Finance & Investments Limited's receivers John Waller and
John Fisk of PricewaterhouseCoopers said they have revised the
estimate of recoveries to secured debenture investors to a range
of 19% to 40% of their original investment.

As reported in Troubled Company Reporter-Asia Pacific on May 29,
2008, the company's receivers had estimated that Lombard Finance's
secured debenture investors could recover between 21% to 44% of
their original investment from the assets of the companies,
without any interest.

In an update, PricewaterhouseCoopers said in a letter to the
investors that with continued deteriorating market conditions and
uncertainty in the market place this continues to have an adverse
effect on the receivers' ability to recover outstanding loans and
realise assets.

The decline in the estimated recoveries is primarily contained
within the line described as "property loan book."  The property
loan book low/high recoveries are currently estimated in the range
of NZ$26.8M to NZ$49.5M compared with NZ$29.4M to NZ$53.7M as at
May 23, 2008.

The key causes of the reductions are:

   1) Approximately 56% of the property loan book is in respect
      of bare land comprising coastal subdivisions or future
      development sites.  Given the slowing property market, the
      receivers consider that there is significant uncertainty
      regarding the length of time required to achieve an orderly
      sell-down of these sites, resulting in increased holding
      costs and lower realisations.  Consequently, the receivers
      have reduced the range of recovery estimates from these
      bare land sites and particularly from coastal subdivisions.

   2) The receivers have reduced the "high" recovery estimate in
      respect of a completed residential development in Auckland
      due to additional costs incurred in maintaining the value
      of the development.

The timing of any investor payout is still uncertain due to the
nature and difficulty in realising the companies' assets.  In
particular it may take an extended period of time to achieve an
orderly selldown of bare land sites.  Accordingly, it would be
prudent for investors to assume that they will not receive any
distributions from the receiverships within the next six months.
The receivers said as soon as they have a better indication of
potential timeframes for recoveries they will advise investors.

A. Property Loan Book

Lombard Finance's major asset is the property loan book which
consists of 27 loans with a total book value of $136.7M as at 31
March 2008.

A significant amount of the receivers' efforts in the receivership
has been focused on determining and executing the most appropriate
strategy to maximise recoveries from the property loan book.

Specialist property advisors, legal advisors and valuers are
assisting the receivers in assessing available options.   The
receivers said they are unable to provide details in respect of
individual loans due to confidentiality and commercial reasons.
However, they advise that options being addressed in each instance
include, but are not limited to:

   - Potential refinancing by the borrower;

   - Feasibility of partial/full completion of developments in
     conjunction with the borrower and other lenders;

   - Allowing the orderly sell down of properties by the borrower;

   - Identification of additional action that may be taken to
     improve the realisable value of mortgage assets through
     changes or additions to current property management;

   - Formal recovery action through the use of mortgagee powers
     and enforcement of associated securities; and

   - Consideration of settlement proposals received from
     borrowers and third parties.

                    Appointment of Receivers to
                Brooklyn Developments No.1 Limited
On July 10, 2008, Lombard Finace appointed receivers to Brooklyn
Developments No.1 Limited, the owner of a partially complete
residential development in Brooklyn Wellington.  The development
comprises 38 completed houses (of which 36 had been sold), 12
partially completed houses and the balance as bare land.

Receivers were appointed to take control of the development site
and to determine the extent to which the development should be
completed to maximise the level of recoveries from it.  To date,
the receivers of Brooklyn Developments have sold the remaining two
completed houses and are working through the construction and
resource consent issues with a view to completing at least 4 of
the 12 partially completed houses.  The receivers of Brooklyn
Developments are also assessing the costs and benefits of
completing the remaining 8 partially completed houses and
finalising their strategy for the realisation of the bare land.

                    Realisations from the
                      Property Loan Book

As at the date of this report, the following assets in the
property loan book have been realised:

   1) A bare land coastal subdivision has been sold with a
      shortfall on the amount owed to Lombard Finance. Summary
      judgment has been obtained against the guarantors of the
      loan for the balance outstanding;

   2) A number of apartments have been sold in a completed
      development in Auckland, which has reduced the loan
      balance outstanding;

   3) Sell down of units in completed residential developments
      located in the South Island and Auckland is ongoing and
      has significantly reduced the amount owing to the prior
      ranking security holders; and

   4) A residential property which formed part of a loan's
      collateral security has been realised, with funds
      available to LF&I after repayment of the prior ranking
      security holders.

Gross recoveries of NZ$10.7M from the property loan book have been
realised as at the date of this report.  Of these gross
recoveries, Lombard Finance has received NZ$1.5M, with the balance
being paid to prior ranking security holders and to cover direct
sale costs.  The receivers note that the extent of prior ranking
securities combined with the longer time period that is required
to realise some properties will, in most cases, reduce the funds
available to Lombard Finance.

B. Commercial loan book

As at April 10, 2008, the commercial loan book comprised 171 loans
totalling NZ$2.7M.  The types of loans include hire purchase,
consumer and business loans.  The finance provided is secured
either over specific assets or as a general security over the
assets of the borrower.

Gross recoveries to date total approximately NZ$530k.  The
receivers continue to monitor the collections process closely and
are investigating possible options to sell the commercial loan
book.

C. LPH Property

The receivers said that ass noted in their letter to the investors
dated May 23, 2008, LPH owned a residential property in Auckland,
which has now been sold resulting in net realisations of NZ$1.8M.

D. Other Assets

Other assets comprise fixed assets, accounts receivables and
intangible assets.  To date recoveries from other assets total
NZ$150k. Whilst the receivers continue to pursue payment of the
outstanding accounts receivable balances, no further material
recoveries from these assets are anticipated.

E. Amounts owing to creditors with preferential claims

                    Employee Entitlements

Based on the information available from the companies' records,
employee preferential entitlements relating to salaries and wages,
accrued holiday entitlements and redundancy entitlements as at the
date of receivership were calculated at approximately NZ$30k and
have now been settled in full.

                  Inland Revenue Department

The preferential claims of the IRD will be in relation to PAYE,
Goods and Services Tax and Resident Withholding Tax unpaid at the
date of receivership.  The outstanding amounts in relation to the
above remain subject to verification by the IRD.

F. Contingency

A general contingency allowance of NZ$10M has been incorporated
into the estimated range of recoveries.  The receivers consider
this contingency is prudent given the deteriorating market
conditions and continued uncertainty in the market place.  As a
greater proportion of the assets are realised, the receivers
expect to refine this contingency.

                Amounts Likely to be Available
                     for Other Creditors

Given the estimated returns to secured investors, the receivers
said they regret to advise that there are unlikely to be any
amounts available for payment out of the receiverships to
unsecured creditors, including Capital and Subordinated Note
holders.

                            Investigations

The receivers are conscious of a number of concerns raised by
investors and other parties in respect of the activities of the
companies and third parties prior to receivership.  Accordingly, a
thorough investigation is being undertaken, including (but not
limited to) examination of the following:

   * Specific transactions entered into by the companies;

   * The companies conduct in respect of investors, including
     the treatment of funds received and maturing investments;

   * The activities and conduct of the companies, the officers
     of the companies, and third parties leading up to the
     appointment of receivers;

   * The financial reporting practices of the companies;

   * The compliance of the companies with the requirements of
     the Trust Deed and applicable legislation, including the
     Securities and Companies Acts; and

   * Additional matters raised by investors and other parties
     as they are received.

Due to the nature of these investigations and potential legal
consequences, the receivers said they are unable to provide
details regarding individual issues or our findings to date
because doing so would prejudice any proceedings which may be
taken.

Any breaches of legislation or the Companies' Trust Deed
identified during the course of the receivers' investigations will
be referred to the appropriate Government authorities.  Those
authorities may take such actions as they deem appropriate.

In addition, the receivers said that where their investigations
identify any actions which may be taken by the Receivers directly,
such actions will be pursued based upon an assessment of the legal
position and may include Court action.

The next PwC report is expected for release on November 30, 2008.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specialising in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

On April 10, 2008, Lombard Finance was placed into receivership
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MIMADAS TRUSTEE: Wind-Up Petition Hearing Set for September 22
--------------------------------------------------------------
The High Court at Hamilton will hold a hearing on Sept. 22, 2008,
at 10:45 a.m., to consider putting Mimadas Trustee Limited into
liquidation.

The application was filed on July 25, 2008, by Ormiston Trustee
Limited.

The plaintiff's address for service is at:

          Harkness Henry & Co
          8th Floor
          KPMG Centre
          85 Alexandra Street
          Hamilton 3240
          Facsimile: (07) 839 4043

J. W. True is the plaintiff's solicitor.


PHIL TURNBULL: Proofs of Debt Due on September 18
-------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, the
shareholders of Phil Turnbull Motorcycles (2005) Limited appointed
John Francis Managh, of Napier, as liquidator on Aug. 13, 2008.

Creditors are required to file their proofs of debt by Sept. 18,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          John Managh
          50 Tennyson Street
          PO Box 1022
          Napier
          Telephone/Facsimile: (06) 835 6280


PROPERTYFINANCE GROUP: NZX Lifts Trading Suspension
---------------------------------------------------
Propertyfinance Group Limited shares have been released to trade
again after the company filed its annual report with an auditor’s
tag on them, the National Business Review reports.

In a regulatory filing with the New Zealand Stock Exchange,
Propertyfinance said that while its March 31, 2008, financial
statements have been audited, the company's auditors have been
unable to issue an unqualified audit report.

This qualification stems from the company no longer holding the
financial records for its securitisation programme and the
company's inability to obtain the required information, so that
the directors and thereby the auditors can form an opinion on two
key assets of the group -- namely its securitisation trust debtors
and debt note investments.

According to the Business Review, the group previously managed
these trusts but when its subsidiary Propertyfinance Securities
went into receivership in 2007 this triggered a change in control.

Deloitte and Guardian Trust, the Business Review relates, now
manage and service the trusts.

The company's Annual General Meeting will be held on Friday,
Oct. 17, 2008, at 10:00 a.m., in the Westminster Room at The
Scenic Circle Cotswold Hotel, 88-96 Papanui Road, Christchurch.

                  About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company’s subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


THE BINDERY: Liquidator Sets September 15 as Claims Bar Date
------------------------------------------------------------
Pursuant to Section 241(2) of the Companies Act 1993,  the
shareholders of The Bindery Limited, placed the company under
liquidation and appointed as Grant Bruce Reynolds as liquidator.

The liquidator sets Sept. 15, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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



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

SEA CONTAINERS: To Ink Scheme of Arrangement With Creditors
-----------------------------------------------------------
Sea Containers Ltd. said that it will enter into a scheme of
arrangement with certain creditors, pursuant to Section 99 of the
Companies Act 1981 of Bermuda.  The Debtor will set up the scheme
for the purposes of implementing its Chapter 11 plan of
reorganization in Bermuda.

SCL said that it is likely that an application to the Supreme
Court of Bermuda will be made during September 2008 to convene one
or more meetings of creditors.  The Debtor further proposes that,
if approved, the scheme will become effective in or around mid to
late November 2008, and have a scheme bar date in or around
December 2008.

The scheme bar date is the deadline by which any claims against
SCL that is not currently filed in the Chapter 11 proceedings,
must be submitted by creditors to be taken into account for
distribution purposes.

Creditors who have not yet filed proofs of claim against SCL may
obtain more information from:

     BMC Group Inc.
     Attn: Sea Containers Ltd. Claims and
     Solicitation Agent
     31 Southampton Row, 4th Floor
     Holborn, WC1B 5HJ
     England
     Tel: +44 20 7000 1214

           -- or --

     BMC Group Inc.
     Attn: Sea Containers Ltd. Claims and
     Solicitation Agent
     444 Nash Street
     El Segundo, CA 90245
     Tel: (888) 909 0100
     http://www.bmcgroup.com/scl

                      About Sea Containers

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

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

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

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

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



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

AU OPTRONICS: Posts NT$37.1 Bil. Consolidated Revenue for August
----------------------------------------------------------------
AU Optronics Corp. disclosed its August 2008 revenue with
preliminary consolidated and unconsolidated basis of NT$37,097
million and NT$37,072 million respectively. It represented 13.6%
and 14.2% sequential growth, yet 15.9% year-over-year decrease.

Shipments of large-sized panels(a) used in desktop monitor,
notebook PC, LCD TV and other applications for August 2008 totaled
7.3 million units, increased by 12.6% sequentially. Small-and-
medium-sized panel shipments broke the twenty-million mark and
totaled 20.8 million units, a 17.7% month-over-month increase.

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

                        *     *     *

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


* TAIWAN: Moody's Sees Stable Outlook for Aa3 Gov't Bond Ratings
----------------------------------------------------------------
Moody's Investors Service says in its latest Annual Report on
Taiwan that its Aa3 government bond ratings and country ceiling
carry a stable outlook.  While an easing in cross-Strait tensions
-- following the presidential election in March -- may bring
limited economic benefits, a political rapprochement is still
elusive.

"The government's ratings are supported by the Taiwan's strong
external payments position, the absence of foreign currency
borrowing to finance budget deficits, a moderately high income
level, and a maturing democratic and constitutional system, while
cross-Strait geopolitics constrain the country ceiling," says
Aninda Mitra, a VP/Senior Analyst in Moody's Sovereign Risk Unit
and the report's author.

The just-released report covers a wide range of themes, including
macro-economic developments, fiscal prospects, the political
situation, cross-strait relations, and how Taiwan ranks against
similarly rated or emerging market economies.

Ms. Mitra indicates that Taiwan's relationship with the
mainland -- which claims sovereignty over the island -- will be
crucial to its economic outlook.

"A reduction in cross-Strait political tensions under the new KMT
government could bring economic pay-offs, although these are not
likely to be sufficient enough to materially improve Taiwan's
credit fundamentals in the near term," says Ms. Mitra.

"Indeed, Taiwan's economic structure and its long-term growth
prospects face growing challenges and, unlike the smaller and more
dynamic economy of Hong Kong, it has been unable to deftly adapt
to changes in circumstances by finding new areas of competitive
advantage that could sustainably boost productivity and
employment," says Ms. Mitra.

Against such a backdrop, Mitra says more effective utilization of
China's long-term growth potential may result in enhanced
specialization and higher investment and productivity, but this
would require more than a piecemeal 'opening of direct links,' as
proposed by Taiwan's President Ma, and involve a sustained
transformation of the island's relationship with China.

In its discussion on Taiwan's budgetary position, the report says
that fiscal performance has improved noticeably in the past two
years, with the budget deficit shrinking from over 3% of GDP, on
average, since the beginning of the decade to under 1% of GDP in
2006 and 2007.  However, a renewed spending emphasis on
infrastructure upgrades is expected to widen the fiscal deficit
back to 2% of GDP this year, a level which would not undermine
Taiwan's credit fundamentals.



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

*  Asian Stocks Surge as U.S. Federal Saves Freddie & Fannie
------------------------------------------------------------
Asian stock markets surged on September 8, as U.S. federal
takeover of ailing mortgage giants, Fannie Mae and Freddie Mac,
eased fears of a spiralling global financial crisis, The China
Post reports.

According to the report, the Tokyo bourse rose more than three
percent, while Hong Kong surged over four percent, as investors
cheered Sept. 7's dramatic move in Washington aimed at shoring up
the troubled U.S. housing market.  The sudden upturn followed a
worldwide slump after U.S. unemployment soared to a five-year
high, sparking fresh talk of a recession in the United States.

South Korea, the report notes, soared 5.2% and Sydney closed up
3.9%, while Singapore surged more than 4.5% and India jumped over
3%, however, Shanghai bucked the upbeat trend across Asia, with
Chinese shares sliding 2.68%.

The Post relates the U.S. Treasury Department disclosed on
September 7 that it will put Freddie Mac and Fannie Mae under
strict federal control and may invest up to a total of US$200
billion in them.

The companies have lost some 90% of their value on fears of
further losses from mortgage defaults by "subprime" customers, who
were given loans despite patchy credit histories, the report
points out.  The subprime crisis has ballooned into a global
credit crunch, pummelling stock markets around the world since
late last year, the report says.

According to The Post, these Asian stock exchanges surged after
the takeover announcement:

* TOKYO: Japanese share prices soared 3.38%.  The Tokyo Stock
  Exchange's benchmark Nikkei-225 index surged 412.23 points to
  close at 12,624.46.  The broader Topix index of all first-
  section shares jumped 45.57 points or 3.89% to 1,216.41.

* HONG KONG: Hong Kong shares closed up 4.3%, dealers said.
  The Hang Seng Index closed up 860.99 points at 20,794.27.

* SYDNEY: Australian share closed up 3.9%, dealers said.
  The benchmark S&P/ASX 200 index closed up 190.4 points at
  5,067.5, while the broader All Ordinaries gained 176.8 points,
  or 3.6%, to 5,126.3.

* SHANGHAI: Chinese share prices closed down 2.68%, dealers said.
  The benchmark Shanghai Composite Index, which covers both A and
  B shares, was down 59.03 points at 2,143.42.

* SEOUL: South Korean shares closed 5.2% higher, dealers said.
  The KOSPI index ended 72.27 points higher at 1,476.65.

* SINGAPORE: Singapore shares closed 4.67% higher, dealers
  said.  The blue-chip Straits Times Index closed 120.28 points
  higher at 2,694.49.

* KUALA LUMPUR: Malaysian share prices ended 0.5% higher, dealers
  said.  The Kuala Lumpur Composite Index gained 5.39 points to
  close at 1,075.93.

* BANGKOK: Thai share prices closed 3.08% higher, dealers said.
  The Stock Exchange of Thailand (SET) composite index surged
  19.86 points to close at 665.66 points, while the blue-chip SET-
  50 index rose 16.52 points to 469.70.

* JAKARTA: Indonesian shares closed up 0.8%, dealers said.  The
  Jakarta Composite Index rose 15.43 points to 2,037.99.

* MANILA: Philippine share prices closed little changed, dealers
  said.  The composite index added 3.81 points, or 0.1%, to
  2,728.53.  The all-share index rose 0.1 percent to 1,679.45.

* WELLINGTON: New Zealand share prices closed 1.13% higher,
  dealers said.  The benchmark NZX-50 Index rose 38.22 points to
  3,374.40.

* MUMBAI: Indian shares ended 3.18% higher, dealers said.  The
  benchmark 30-share Sensex index rose 461.14 points to 14,944.97,
  snapping two consecutive days of losses.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                   Featured Conference

           Oct. 30-31, 2008
           Physician Agreements & Ventures
           The Millennium Knickerbocker Hotel - Chicago
           Brochure will be available soon!

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

           More information and list of available titles at:
   http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org/

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: www.turnaround.org/

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/



                         *********

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

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

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


                            *********


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

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

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

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

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





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