TCRAP_Public/080911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, September 11, 2008, Vol. 11, No. 181

                            Headlines

A U S T R A L I A

ALIMDASH PTY: Liquidator to Give Wind-Up Report on September 15
ASSET LOANS: Appoints Voluntary Administrators
BILLY DRISCOLL: Members' Final Meeting Set for September 18
CENTRO PROPERTIES: Cancels Sale of Bankstown Shopping Center
FIREPOWER: May Face Class Action Suit Funded by IMF

FIREPOWER: Investors May Not Recover Investments, Liquidator Says
ENTTEX PTY: To Declare Dividend on September 18
JJS PTY: Members' Final Meeting Set for September 16
JUTON CONSTRUCTION: Members' Final Meeting Set for September 16
LIL'S LITTLE: Liquidator to Give Wind-Up Report on September 17

M & D REAL: Members and Creditors to Meet on September 17
NARLIN ENTERPRISE: Members and Creditors to Meet on September 17
NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
PLUMBMASTERS (NSW): Joint Meeting Set for September 17
QC CLUB: To Declare Dividend on September 17


C H I N A

CHINA ORIENWISE: Moody's Reviews Ba3 CFR for Possible Downgrade
FEDDERS CORP: Emerges From Bankruptcy, Amended Plan Effective
GREENTOWN CHINA: Mulls 50% Increase in Sales Next Year
XINHUA FINANCE: Completes Tender Offer for Sr. Guaranteed Notes


H O N G K O N G

ADEXI (H.K.): Liquidator Quits Post
ASAHI CREATIVE: Creditors' Proofs of Debt Due on September 26
EASTPOOL TRADING: Placed Under Voluntary Liquidation
GTH (HK): Appoints Robert Osborne Lee as Liquidator
KENLEX TECHNOLOGY: Inability to Pay Debts Prompts Wind-Up
R & I PROJECT: Creditors' Meeting Slated for September 22

RIGHTMAN INVESTMENT: Placed Under Voluntary Liquidation
SINCO TRADE: Members' Final Meeting Slated for October 10
THORN LIGHTING: Seng and Lo Cease to Act as Liquidators
UNITED POTTERIES: Placed Under Voluntary Liquidation


I N D I A

VEDANTA RESOURCES: Unveils Corporate Structure Restructuring
VINAY CREDIT: Central Bank Cancels Certificate of Registration


I N D O N E S I A

PERTAMINA: Subsidy Miscalculation Led to IDR7.6 Tril. State Losses
PT PERTAMINA: To Go Public as Unlisted Company


J A P A N

ELPIDA MEMORY: To Cut DRAM Output Amid Oversupply & Low Prices
LEHMAN BROTHERS: Stock Tumbles 45% After KDB Talks End


K O R E A

HYNIX SEMICONDUCTOR: Cutting NAND Output by 20% to 30%
HYNIX: Creditors' KRW3-Trillion Stake Sale Plan Due Sept. 19


M A L A Y S I A

PUTERA CAPITAL: Inks MYR1.4BB Sale Deal With CKL Enterprise


M O N G O L I A

KHAN BANK: Moody's Assigns Ba2 Foreign Currency Issuer Rating


N E W  Z E A L A N D

AFG TRUST: Commences Liquidation Proceedings
ARC PARTNERS: Wind-Up Petition Hearing Set for September 22
BIG B: Commences Liquidation Proceedings
BUILDRITE DESIGN: Wind-Up Petition Hearing Set for September 24
CHEVIN & COMPANY: Commences Liquidation Proceedings

DOMINION FINANCE: Trustee Puts Subsidiary in Receivership
DYSON FARMS: Shareholders Placed Company Under Liquidation
HTK TRUSTEE: Wind-Up Petition Hearing Set for September 22
MIKE RICHARDS: Shareholders Placed Company Under Liquidation
STEELBUILT HOMES: Wind-Up Petition Hearing Set for September 22

* NEW ZEALAND: Terms of Trade Index Falls 0.5% in June Quarter


P H I L I P P I N E S

* PHILIPPINES: August Inflation Rises by 12.5 Percent
* PHILIPPINES: Posts US$36.7BB GIR as of August, Central Bank Says


S I N G A P O R E

ASIA-PACIFIC BULK: Creditors' Proofs of Debt Due on September 19
LAN BAO: Requires Creditors to File Claims by October 6
MADGE SE: Requires Creditors to File Claims by September 19
VIENTITY PTE: Creditors' Proofs of Debt Due on October 6


T A I W A N

* TAIWAN: Registers Trade Deficit for Two Consecutive Months


                         - - - - -


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

ALIMDASH PTY: Liquidator to Give Wind-Up Report on September 15
---------------------------------------------------------------
Alimdash Pty Ltd will hold a final meeting for its members and
creditors at 10:00 a.m. on Sept. 15, 2008.  During the meeting,
the company's liquidator, Geoffrey McDonald, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Geoffrey Mcdonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


ASSET LOANS: Appoints Voluntary Administrators
----------------------------------------------
Asset Loans Limited has appointed John Greig and Richard Hughes of
Deloitte Touche Tohmatsu as voluntary administrators of the
company.

The company said it will be unable to meet requests for redemption
of notes due later this week as a result of delays in the
completion of the contractual arrangements relating to the Bowen
marine development and other sales not completing when expected
because of the purchasers financing difficulties.

As a result, the company's directors have been in discussions with
the Public Trustee of Queensland, which acts on behalf of the note
holders, concerning the current inability to meet all redemption
requests from liquid funds.

Due to the appointment of voluntary administrators, the company
said its financial accounts will not be finalized by Sept. 22,
2008.

Asset Loans notes that its directors remain committed to working
with the administrators with a view to finalizing a restructure of
the company and other alternate proposals to ensure maximum
returns for note holders and shareholders where possible.

                     About Asset Loans

Based in Australia, Asset Loans Limited (ASX:ASQ) --
http://www.assetloanco.com -- provides short-term, high-interest
mortgage loans.  The company's subsidiaries include Asset Loan
Investments Pty Ltd, Asset Life Pty Ltd (formerly Huntington
Mercantile Pty Ltd), Instant Business Loans Pty Ltd, Gallipoli
Developments Pty Ltd, Hervey Bay Marina Motel Pty Ltd and Asset
Loan Developments Pty Ltd.


BILLY DRISCOLL: Members' Final Meeting Set for September 18
-----------------------------------------------------------
Matthew Jess, Billy Driscoll Pty Ltd's  appointed estate
liquidator, will meet with the company's members on Sept. 18,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

         Matthew Jess
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne VIC 3000
         Telephone: (03) 9613 5514
         Facsimile: (03) 9614 3233
         Website: www.worrells.net.au


CENTRO PROPERTIES: Cancels Sale of Bankstown Shopping Center
------------------------------------------------------------
Centro Properties Group said it has cancelled the sale of Centro
Bankstown shopping center after it failed to find a buyer.

In a letter to the investors who owned 50% interest of its MCS 28
Syndicate, Centro Properties said no satisfactory offers were
received and therefore, the Syndicate's interest in the property
will not be sold at this time.  Should an acceptable offer be
received at some time in the future, Centro said it may consider
selling the property.

                   About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


FIREPOWER: May Face Class Action Suit Funded by IMF
---------------------------------------------------
IMF (Australia) Ltd is preparing to launch a class action against
key Firepower figures - including a company owned by Perth
millionaire property developer Warren Anderson, the Australian
reports.

According to the report, IMF warned investors in Firepower that
Frank Timis' promise to pay them AU$40 million in lost funds may
amount to nothing.

"The proposition that Mr. Timis will voluntarily compensate the
investors is laughable," the report quotes IMF executive director
Hugh McLernon as saying.

The Australian relates that Mr. Timis announced he would repay
Firepower's "original" investors by issuing them with shares in a
new company which they could sell to get their cash back in as
little as six weeks.

Mr. Timis claims to have funded a new company called Greenpower,
which plans to use some of the fuel additive products developed by
Firepower to develop a new business, the report says.

In addition, the Australian notes, the offer is a new take on a
previous one put forward in mid-July - and subsequently withdrawn
- by a company controlled by Mr. Timis, the Timis Group.

                            About IMF

IMF (Australia) Ltd is a publicly listed company providing funding
of legal claims and other related services where the claim size is
over AU$2 million.  IMF has brought together the major
participants in the litigation funding market in Australia to
become the largest litigation funder in Australia and the first to
be listed on the Australian Stock Exchange.

                         About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.

According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.

The company, the Watoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                         *     *     *

As reported in the Troubled Company Reporter Asia Pacific on
Aug. 6, 2008, Firepower Holdings has been put into liquidation
after its director, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.


FIREPOWER: Investors May Not Recover Investments, Liquidator Says
-----------------------------------------------------------------
At the creditor's meeting held Thursday, Sept. 4, 2008, court-
appointed liquidator Bryan Hughes told Firepower's South
Australian investors that their money is unlikely to be recovered,
the AdelaideNow reports.

According to the report, Mr. Hughes said there were negligible
assets left in Firepower and he could not guarantee its 1,208
shareholders he would recoup up to AU$120 million they had
invested.

Mr. Hughes urged the SA investors to contribute to a fighting fund
so he could pursue large chunks of "low-hanging fruit", including
tens of millions of dollars in offshore accounts, the report says.

However, the report notes, Mr. Hughes said the patent for the fuel
conditioner was actually owned by another company with no
connection to Firepower.

                         About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.

According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.

The company, the Watoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                         *     *     *

As reported in the Troubled Company Reporter Asia Pacific on
Aug. 6, 2008, Firepower Holdings has been put into liquidation
after its director, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.


ENTTEX PTY: To Declare Dividend on September 18
-----------------------------------------------
Enttex Pty Ltd, which is subject to Deed of Company Arrangement,
will declare dividend on Sept. 18, 2008.

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

The company's Deed Administrator  is:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Telephone: (03) 9613 5511
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au


JJS PTY: Members' Final Meeting Set for September 16
----------------------------------------------------
C. Wykes, JJS Pty Ltd's  appointed estate liquidator, will meet
with the company's members on Sept. 16, 2008, at 9:30 a.m. to
provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          C. Wykes
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000


JUTON CONSTRUCTION: Members' Final Meeting Set for September 16
---------------------------------------------------------------
Steven Roy Coffey, Juton Construction Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 16,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Steven Roy Coffey
          Watkins Coffey Martin
          65 Hill Street
          Roseville NSW 2069


LIL'S LITTLE: Liquidator to Give Wind-Up Report on September 17
---------------------------------------------------------------
Lil's Little Tots Pty Ltd 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, Danny Vrkic, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co
          PO Box 573
          Wollongong NSW 2500


M & D REAL: Members and Creditors to Meet on September 17
---------------------------------------------------------
M & D Real Estate Pty Limited will hold a final meeting for its
members and creditors at 10:15 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


NARLIN ENTERPRISE: Members and Creditors to Meet on September 17
----------------------------------------------------------------
Narlin Enterprise Pty Limited will hold a final meeting for its
members and creditors at 10:30 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


NRG ENERGY: Moody's Affirms Corporate Family Rating at Ba3
----------------------------------------------------------
Moody's Investors Service has affirmed all of NRG Energy, Inc.'s
(NRG) ratings, including its Corporate Family Rating at Ba3, the
senior unsecured debt at B1, and the Speculative Grade Liquidity
Rating at SGL-1. The rating outlook remains stable.

The rating affirmation reflects the announcement by NRG to offer
existing bondholders the ability to exchange up to approximately
US$2 billion of new bonds, and to concurrently seek consents from
its existing bondholders with proposed amendments to the
indentures governing the existing US$4.7 billion of senior
unsecured debt.  While the transaction, if completed, will
increase annual interest expense and will weaken covenant
protection for bondholders, the transaction will not result in any
fundamental change in the issuer's credit quality.  To that end,
should bondholder consent to the proposed amendments occur and
should the bonds be offered in the capital markets, Moody's
anticipates assigning a B1 rating to the approximate US$2 billion
of new senior unsecured bonds.

The rating affirmation recognizes NRG's continued generation of
relatively consistent credit metrics through an active hedging
program as evidenced by adjusted cash flow to total adjusted debt
registering 15% - 16% for the past three years and through
June 30, 2008.  Moody's expects these financial metrics to
modestly improve during 2008 due to continued steady operating
cash flow generation and permanent consolidated debt reduction,
including debt retirement of around US$475 million under the
company's senior secured term loan, the bulk of which occurred in
December 2007 and March 2008.

The rating affirmation acknowledges the company's stated desire to
return more capital to shareholders as evidenced by the
announcement of a consent request, which if successful, would
eliminate the restricted payments test in the senior note
indentures.  While the company continues to pursue a capital
allocation strategy that returns to shareholders an average rate
of 3% annually (or approximately US$250 million to US$300 million
each year), we observe that the company has complimented this
capital return program with associated debt retirement. We believe
management will continue to pursue this two-pronged capital
approach.  Assuming that the indentures are amended and the
restricted payments test is eliminated in the indentures,
bondholders will continue to benefit from the existing restricted
payments test in the senior secured bank facility; however, that
restricted payments test offers the company greater flexibility to
make distributions to shareholders and it can be amended or
eliminated in the future without the consent of the bondholders.
While this is a risk for bondholders, we do believe that a senior
secured bank facility will have some form of a restricted payment
test even if the credit environment becomes substantially more
benign than what currently exists today.  More importantly, while
NRG's management is clearly shareholder focused, we believe that
the company will continue to implement its shareholder return
program in a manner that addresses both shareholder and creditor
interests.  We also observe NRG's historical approach to capital
investment programs has involved the utilization of joint venture
arrangements for all of the company's largest generation projects,
and the execution of long-term power purchase arrangements with
load serving entities at other projects in conjunction with re-
powering initiatives.

NRG's speculative grade liquidity rating of SGL-1 reflects our
expectation that the company will maintain a very good liquidity
profile over the next 12-month period as a result of its
generation of strong internal cash flows, maintenance of
significant cash balances plus continued access to substantial
credit availability. Total liquidity at June 30, 2008 approximated
US$2.7 billion, including cash on hand of US$1.3 billion.  In
addition, we anticipate the company will generate incremental free
cash flow during 2008.  Moody's understands that the company
remains very comfortably in compliance with the covenants in its
bank facilities and acknowledges the increase in liquidity that
occurred following the sale of ITISA for approximately
US$288 million during the second quarter 2008.

NRG's stable rating outlook reflects our expectation for continued
generation of relatively predictable cash flow for this wholesale
power company due to the fleet's competitive position and hedging
strategy.  The stable outlook considers continued execution of
management's balanced capital allocation policy and factors in
NRG's measured strategy for capital investment, including the use
of joint ventures and execution of key contractual arrangements to
mitigate risk.

The last rating action for this company was April 28, 2008 when
the negative outlook was stabilized and the speculative grade
liquidity rating was upgraded to SGL-1 from SGL-2.

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns and
operates power generating facilities, primarily in Texas and the
northeast, south central and western regions of the United States.
NRG also owns generating facilities in Australia and Germany.


PLUMBMASTERS (NSW): Joint Meeting Set for September 17
------------------------------------------------------
Plumbmasters (NSW) Pty Limited will hold a final meeting for its
members and creditors at 10:45 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


QC CLUB: To Declare Dividend on September 17
--------------------------------------------
QC Club Cleaning Pty Limited  will declare dividend on Sept. 17,
2008.

Creditors who were unable to prove their debts on Sept.  2, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          M. C. Donnelly
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001



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

CHINA ORIENWISE: Moody's Reviews Ba3 CFR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating and senior unsecured bond rating of China Orienwise Ltd
(China Orienwise) on review for possible downgrade.  This rating
action follows the announcement that the Board of Directors of
Credit Orienwise Group Ltd (COGL) -- the parent of China Orienwise
-- has launched an investigation into alleged fraud at COGL and
its subsidiaries, including China Orienwise.  COGL has also
obtained an ex parte mareva injunction against Mr. Zhang Kaiyong,
the founder, Chairman and CEO of China Orienwise prohibiting him
from dealing in his assets up to the amount stated in the
allegations and requiring him to inform COGL with details of these
assets.

"The rating action reflects Moody's significant concern over any
damage that may have already caused to China Orienwise and the
potentially adverse impact that the outcome of the investigation
could have on the company's business, liquidity and financial
profiles," says Sally Yim, a Moody's AVP/Analyst.

"Moody's believes that the injunction against Mr. Zhang signifies
that the allegations are very serious.  While the investigation is
still in the preliminary stage, it would already have a negative
impact on the company's business franchise due to reputation
risk," adds Ms. Yim.

"Given the highly specialized nature of China Orienwise's business
and the important influence of Mr. Zhang, the investigation
highlights the 'key man risk' present at the company," says
Ms. Yim. "Mr. Zhang effectively owns 53.76% of the company."

Moody's review will focus on the developments and potential
outcome of the investigation on the company's management team,
business franchise, and financial position.  Further, Moody's will
evaluate the company's corporate governance practices.  Any new
materially adverse information emerging from the investigation, or
the departure of Mr. Zhang and/or other senior management, or any
material control weaknesses could lead to a ratings downgrade.

At the same time, given the company's business concentration in
Shenzhen and the deteriorating credit environment in China,
Moody's is cautious of the quality of its guarantee and entrusted
loans granted to small- and medium-sized enterprises (SMEs).
These SMEs are currently subject to higher labor and input costs,
tighter credit terms and the drop in property prices.  Any
significant deterioration in China Orienwise's financial
performance could also lead to a ratings downgrade.

These ratings have been placed on review for possible downgrade:

China Orienwise Ltd -- corporate family rating and senior
unsecured bond rating both at Ba3.

China Orienwise Limited, headquartered in Shenzhen, is 100% owned
by its parent, Credit Orienwise Group Limited and is one of the
largest private guarantee companies in China.  As of December
2007, it had total assets of RMB4.1 billion (US$586 million).


FEDDERS CORP: Emerges From Bankruptcy, Amended Plan Effective
-------------------------------------------------------------
The Deal's John Blakeley reports that Fedders Corp. and its
debtor-affiliates emerged from bankruptcy protection under Chapter
11 of the United States Bankruptcy Code.

The Debtors' amended joint Chapter 11 plan of liquidation dated
Aug. 21, 2008, became effective Sept. 5, 2008.

All requests for payment of an administrative claims, and
professional compensation and reimbursement claims must be filed
by Oct. 20, 2008.

As reported in the Troubled Company Reporter on Aug. 22, 2008, the
Plan and related settlement among the Term Lenders, the Official
Committee of Unsecured Creditors and the Debtors provide for the
liquidation and distribution of the Debtors' assets.

Under the Plan, Term Lenders, whose claims total US$45.6 million
and
are secured by their duly perfected liens on substantially all of
the Debtors' assets, have agreed to waive their Adequate
Protection Claims, which could range from US$9 million to more
than US$20 million.  The Term Lenders, in turn, will receive
roughly 53% to 60% of their Secured Claims.  The Term Lenders will
also provide US$1.8 million in cash to a liquidating trust to pay
down general unsecured claims.

In addition, the GUC Liquidating Trust will also receive the
avoidance actions.  General unsecured creditors asserted
US$2.6 billion in claims.

A full-text copy of the Amended Liquidation Plan is available for
free at http://ResearchArchives.com/t/s?3101

A full-text copy of the black-lined Amended Liquidation Plan is
available for free at http://ResearchArchives.com/t/s?3100

                     About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.  The company and several affiliates
filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del.
Lead Case No. 07-11182).  Norman L. Pernick, Esq., and J. Kate
Stickles, Esq., at the Wilmington, Delaware office of Cole,
Schotz, Meisel, Forman & Leonard P.A.; and Irving E. Walker, Esq.,
at Cole Schotz's Baltimore, Maryland, office represent the Debtors
in their restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official Committee
of Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP. When the Debtors filed for protection from creditors,
they listed total assets of US$186,300,000 and total debts of
US$322,000,000.


GREENTOWN CHINA: Mulls 50% Increase in Sales Next Year
------------------------------------------------------
Greentown China Holdings Limited CFO Tony Lam said the company
plans to increase its 2009 sales by 50% to CNY40 billion (US$5.8
billion), as it builds more projects, Kyunghee Park of Bloomberg
News reports, citing South China Morning Post.

According to the report, the company plans to invest CNY13 billion
to CNY15 billion yuan in 2009, up CNY9 billion this year.

Chief Executive Officer Shou Bainian said Greentown expects about
CNY8 billion in property sales in the next four months, the report
notes.

On August 13, 2008, the Troubled Company Reporter-Asia Pacific,
citing SinoCast News, reported that Greentown China realized
CNY3 billion sales incomes in recent ten days and has so far
completed half of its full-year goal.  Sales of 118 apartments in
the Lucheng Plaza project contributed 60%, or CNY2.3 billion, to
the total of the first-half sales while the remaining CNY70
million was collected from a project in Hangzhou and a project in
Qingdao.

Bloombeg News relates Mr. Bainian said space under construction
will increase 56% to 7.8 million square meters (84 million square
feet) this year.

                      About Greentown China

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'.


XINHUA FINANCE: Completes Tender Offer for Sr. Guaranteed Notes
---------------------------------------------------------------
Xinhua Finance Limited has successfully completed its tender offer
for a portion of its outstanding 10% Senior Guaranteed Notes due
2011, which expired on September 4, 2008, at 3:00 p.m. London
time.

The Tender Offer was made pursuant to a tender offer statement
dated August 5, 2008.  As of the Expiration Date, US$85,543,000.00
principal amount of the Notes were tendered, representing
approximately 85.543% of the aggregate principal amount of the
Notes outstanding.

Pursuant to the terms of the Tender Offer Statement, the company
has accepted the Notes validly tendered for payment on a pro rata
basis since the aggregate principal amount of the Notes validly
tendered exceeded US$49,113,000.00.  The pro rata allocation has
been calculated by multiplying the principal amount of the Notes
validly tendered by a Holder via a tender instruction by a factor
equal to the aggregate principal amount of the Notes that the
Company was to purchase divided by the aggregate principal amount
of the Notes validly tendered and not validly withdrawn.  Any
tendered Notes not purchased due to proration will be returned to
the Holders thereof as promptly as practicable after September 9,
2008.

The Excess Proceeds (as defined in the Indenture) remaining after
the Tender Offer in the amount of US$374,000.00 will be carried
forward and accumulated pursuant to Section 4.13(c) of the
Indenture.

Holders of the Notes whose Notes were accepted for purchase will
receive 100% of the principal amount of the accepted Notes, plus
accrued and unpaid interest thereon from the most recent payment
of interest preceding the Payment Date, up to, but not including,
the Payment Date, as adjusted on a pro rata basis.

All payments will be made as provided in the Tender Offer
Statement.  On the Payment Date, the company will pay
US$50,201,170.00 in the aggregate to purchase the Notes which
amount includes the payment of the Purchase Price and Accrued
Interest.

                   About Xinhua Finance Limited

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

                          *     *     *

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



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

ADEXI (H.K.): Liquidator Quits Post
-----------------------------------
Chan King Shu ceased to act as liquidator of Adexi (H.K.) Limited
on August 26, 2008.

The company's former Liquidator can be reached at:

          Chan King Shu
          Hyde Centre, Unit C, 7th Floor
          221-226 Gloucester Road
          Hong Kong


ASAHI CREATIVE: Creditors' Proofs of Debt Due on September 26
-------------------------------------------------------------
The creditors of Asahi Creative Technology Limited requires its
creditors to file their proofs of debt by September 26, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

          Wong Teck Meng
          1810 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


EASTPOOL TRADING: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Eastpool Trading Limited met on August 26, 2008,
and agreed to voluntarily wind up the company's operations.

The company's liquidator is:

          John Robert Lees
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


GTH (HK): Appoints Robert Osborne Lee as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on August 28, 2008, the
members of GTH (HK) Holding Limited appointed Robert Osborne Lee
as the company's liquidator.

The Liquidator can be reached at:

          Robert Osborne Lee
          Wu Chung House, Unit 2803A, 28th Floor
          213 Queen's Road East
          Wan Chai, Hong Kong


KENLEX TECHNOLOGY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on August 27, 2008, the
members of Kenlex Technology Limited resolved to voluntarily wind
up the company's operations due to its inability to pay its debts
when it fall due.

The company's liquidators are:

          Ng Kwok Wai
          Lui Chi Kit
          JCG Building, Unit A, 14th Floor
          16 Mongkok Road, Mongkok
          Kowloon, Hong Kong


R & I PROJECT: Creditors' Meeting Slated for September 22
---------------------------------------------------------
The creditors of R & I Project Consultant Limited will hold their
first meeting on September 22, 2008, at 10:30 a.m., to appoint a
liquidator and to consider other matters regarding to the
company's wind-up.

The company commenced liquidation proceedings on August 25, 2008.

The company's provisional liquidators are:

          Tang Yau Sing
          Pang Fung Ming
          Man Yee Building, Suites 2406-7
          68 Des Voeux Road Central
          Hong Kong


RIGHTMAN INVESTMENT: Placed Under Voluntary Liquidation
-------------------------------------------------------
The shareholders of Rightman Investment Limited met on August 29,
2008, and agreed to voluntarily liquidate the company's business.

The company's liquidators are:

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


SINCO TRADE: Members' Final Meeting Slated for October 10
---------------------------------------------------------
A final meeting will be held for the members of Sinco Trade
Limited on October 10, 2008, at 10:00 a.m., at the 29th Floor of
Wing On Centre, 111 Connaught Road in Central, Hong Kong.

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


THORN LIGHTING: Seng and Lo Cease to Act as Liquidators
-------------------------------------------------------
On September 5, 2008, Natalia K M Seng and Susan Y H Lo ceased to
act as liquidators of Thorn Lighting CLK Limited.

The company's former Liquidators can be reached at:

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


UNITED POTTERIES: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on August 29, 2008, the
members of United Potteries Limited resolved to voluntarily wind
up the company's operations.

Creditors are required to file their proofs of debt by Sept. 26,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Tong Lap Hong
          Mirror Tower, Unit 501, 5th Floor
          61 Mody Road
          Tsimshatsui East
          Kowloon, Hong Kong



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

VEDANTA RESOURCES: Unveils Corporate Structure Restructuring
------------------------------------------------------------
Vedanta Resources Plc disclosed a restructuring to simplify
its corporate structure into three commodity focused groups:
Copper and Zinc-Lead; Aluminium and Energy; and Iron Ore.

Consolidation of minorities and simplification of the Group
structure has been a strategic priority since IPO and the proposed
restructuring is an important step in this strategy.  The Board
believes that the corporate restructuring will:

   -- Simplify the corporate structure;

   -- eliminate conflicts of interest, and

   -- increase efficiency.

The respective Boards of Directors of Vedanta, Sterlite Industries
(India) Limited, and The Madras Aluminium Company Limited have
unanimously approved a Scheme of Restructuring of the entities and
businesses of the Group.

Under the Scheme which will be effective from April 1, 2009,
Sterlite will demerge its aluminium and energy businesses to MALCO
(to be simultaneously renamed Sterlite Aluminium Limited)
and Vedanta will transfer its 79.4% equity interest in Konkola
Copper Mines plc to Sterlite.  The Scheme will also eliminate
cross holdings between businesses arising out of MALCO's holding
in Sterlite.  The corporate restructuring is expected to be
completed by March 2009.

"We are delighted to announce a significant milestone for the
group in the streamlining of our corporate structure following a
number of years of industry leading growth."  said Anil Agarwal,
Chairman of Vedanta.  "We believe that the resulting structure
will bring material improvements to our organization and will
improve focus and transparency across our businesses."

                     Strategic Rationale

Vedanta has delivered superior returns through both organic growth
and acquisitions.  The acquisitions of MALCO, BALCO, HZL, CMT and
KCM have resulted in a group structure with cross holdings between
group companies and overlapping businesses.
The Board believes that the corporate restructuring will secure
the following benefits for shareholders:

   -- It will simplify the corporate structure into three focused
      commodity businesses with fewer cross-shareholdings and
      overlapping businesses. It aligns legal and management
      structures and increases transparency, further enhancing
      corporate governance;

   -- It will increase efficiency, streamlining decision making
      and business processes through focused management teams;
      and,

   -- It will eliminate conflicts of interest by providing
      strategic clarity.  Opportunities either organic growth
      projects or M&A will be allocated to the relevant
      commodity business.

Furthermore, it provides each business with the strategic
flexibility and scale to pursue their respective growth
opportunities Consolidation of minorities remains a strategic
priority.  The buyout of minorities in both BALCO and HZL will
remain unaffected by the restructuring.  Post completion of the
restructuring, Vedanta will continue to seek opportunities to
further simplify, streamline and collapse the corporate structures
within the new business groups.

                       Share Exchange Ratios

   -- MALCO will issue equity shares to the shareholders of
      Sterlite in the ratio of Seven (7) Equity Shares of Rupees
      Two each of MALCO for every Four (4) Equity Shares
      of Rupees Two each held in Sterlite;

   -- Sterlite will issue One (1) fully paid up equity share of
      Rupees Two each in exchange for One (1) Equity Share of
      US$0.01 each of THL KCM Limited, a wholly owned subsidiary
      of Vedanta; and

   -- Sterlite will issue equity shares to the shareholders of
      MALCO in the ratio of One (1) Equity Share of Rupees Two
      each of Sterlite for every Fifty One (51) Equity Shares of
      Rupees Two each held in MALCO.

To ensure the equitable treatment for all shareholders, the
independent valuation has been conducted by Grant Thornton India.
JM Financial Consultants Private Limited provided a fairness
opinion on the share swap ratio.  This independent exercise
ensures fair treatment for all shareholders in a transparent
manner.

The Scheme is expected to be completed in March 2009 and is
subject to the requisite approvals of the shareholders, creditors,
lenders, Indian Stock Exchanges, Indian and Mauritius Courts
and such other regulatory authorities.

                    Three Large Scale, High Growth
                        and Focused Businesses

The restructuring will consolidate and simplify Vedanta's
corporate structure into three commodity focused groups: Aluminium
and Energy; Copper and Zinc-Lead; and Iron Ore.

Each of these businesses has the scale and potential to continue
to deliver industry leading organic growth:

A) Copper and Zinc-Lead

     World's largest integrated zinc-lead producer

     Large scale integrated copper producer; 1.1mtpa post
        Asarco

     Lowest decile cost zinc producer

     Lowest cost custom copper smelter in the world

     World class resource base: Konkola Deep and Rampura
       Agucha mines

B) Aluminium and Energy

    Top 5 global aluminium producer by 2012 with c2.6mtpa

    Ideally positioned to develop India's abundant bauxite
     and coal reserves

    Lowest decile production costs

    Benchmark costs and timelines of project development

C)Iron Ore

    Indian's largest private sector iron ore producer-exporter:
     2008 production 12.4mt

    Significant growth in capacity to 25 mtpa by CY2010

    Long life resources

    Low costs of production

The gross assets and profits that were the subject of this
transaction for the year ended March 31, 2008, are:

     In $ million        Gross Assets          Profits
     ------------        ------------          -------
     Vedanta              16,036                2,763
     Sterlite              9,400                2,070
     BALCO                 1,182                  211
     HZL                   3,282                1,497
     SEL                     418                  -
     MALCO                   171                   19
     KCM                   1,461                  211
     VAL                   2,154                  (1)
     Sesa Goa                791                  560

JPMorgan Cazenove and Morgan Stanley acted as corporate brokers to
Vedanta.

PricewaterhouseCoopers India acted as tax and regulatory advisors.


                 About Vedanta Resources plc

Vedanta Resources plc http://www.vedantaresources.com/-- is a
London listed FTSE 100 diversified metals and mining major.  The
group produces aluminium, copper, zinc, lead, iron ore and
commercial energy.  Vedanta has operations in India, Zambia and
Australia and a strong organic growth pipeline of projects.
With an empowered talent pool of 29,000 employees globally,
Vedanta places strong emphasis on partnering with all its
stakeholders based on the core values of entrepreneurship,
excellence, trust, inclusiveness and growth.

                       *     *     *


As reported in the Troubled Company Reporter-Asia Pacific on
July 07, 2008, Moody's Investors Service affirmed the Ba1 senior
unsecured bond rating for Vedanta Resources plc (Vedanta) with a
stable outlook.  The issuance of the US$500 million 8.75% notes
due 2014 and the US$750 million 9.5% notes due 2018 has been
completed and the rating has been removed from its provisional
status.

The bond proceeds will be used for capital expenditure, working
capital, repayment of existing debt and other general corporate
purposes.


VINAY CREDIT: Central Bank Cancels Certificate of Registration
--------------------------------------------------------------
The Reserve Bank of India has on Aug. 8, 2008 cancelled the
certificate of registration granted to Vinay Credit Company
Private Limited having its registered office at 9-16-29, CBM
Compound, Visakhapatnam-530003 for carrying on the business of a
nonbanking financial institution as the company has opted to exit
from the business of a nonbanking financial institution.

Following cancellation of the registration certificate, Vinay
Credit Company Private Limited, cannot transact the business of a
non-banking financial institution.



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

PERTAMINA: Subsidy Miscalculation Led to IDR7.6 Tril. State Losses
------------------------------------------------------------------
PT Pertamina's oil and gas subsidy miscalculation led to a state
loss amounting to IDR7.6 trillion (US$830 million) in 2006 and
2007, Jakarta Post reports citing the findings of Supreme Audit
Agency (BPK).

The Post cited BPK chief Anwar Nasution as saying that Pertamina
had been using a pricing formula that was not in line with the
2005 presidential regulation on oil price benchmarks, which states
that the price of subsidized goods (JBT) have to be based on the
average price of the commodity a month before a new purchase is to
be made.

"The problem arose when Pertamina interpreted -- a month before --
to mean a month before claiming payment (to the government)",
Mr. Anwar was quoted by the Post as saying.

Mr. Anwar added that this led to to the state to pay more for oil
subsidies that amounted to IDR1.08 Trillion in 2006 and
IDR6.55 Trillion in 2007, the report noted.

                       About PT Pertamina

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

                          *     *     *

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

A report by the Troubled Company Reporter-Asia Pacific on
August 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).


PT PERTAMINA: To Go Public as Unlisted Company
----------------------------------------------
Jakarta Post, citing Antara News, reports that PT Pertamina will
go public without listing its shares on stock exchanges.

According to the report, Pertamina's Corporate Secretary Sudirman
Said said that the government chose Pertamina to be a non-listed
public company so that it would not be affected by market
fluctuations.  By going public, Pertamina is expected to operate
in more transparent and efficient ways and be able to compete with
multinational oil and gas companies, the report adds.

Currently, the company is hiring securities company Mandiri
Sekuritas and public accounting company Ernst & Young to help
transform the oil company into a public company, the report notes.

The report relates Mr. Sudirman said the government is also
preparing a regulation (PP) to provide a legal ground for
Pertamina to go public without listing its shares.

All these processes would be completed in December this year, the
report says.

                       About PT Pertamina

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

                          *     *     *

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

A report by the Troubled Company Reporter-Asia Pacific on
August 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

ELPIDA MEMORY: To Cut DRAM Output Amid Oversupply & Low Prices
--------------------------------------------------------------
Elpida Memory Inc. plans to cut its DRAM output to fight
oversupply and eroding prices, Baker Li of Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
August 13, 2008, Elpida incurred a net operating loss of JPY15.6
billion in the first quarter of fiscal 2008 (April 2008 to June
2008).  This represented the company's third consecutive quarterly
loss.

Although Elpida's slower-than-expected earnings recovery does not
immediately warrant a rating change, Standard & Poor's Ratings
Services said it believes the operational and financial risks
assumed by Elpida are likely to increase if the slowdown in the
DRAM market worsens at the same time as the company expands
investments aimed at boosting production, the report related.

According to Reuters, the company plans to cut output by about 10%
from mid-September.

Elpida said it appears DRAM supplies are exceeding demand by 5 to
10%, however, the market conditions are expected to improve by the
middle of next year, the report relates.

"At the end of the fourth quarter this year, the DRAM market would
have been sluggish for two years.  In the past, we haven't seen
the market remain this weak for as long as two years.  Plus, DRAM
makers have made virtually no capital investments over the past
year.  We expect market conditions to improve in the first half of
2009," the news agency cited Elpida Chief Executive Yukio
Sakamoto, as saying.

                       About Elpida Memory

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

                         *     *     *

The company continues to carry Standard & Poor's  BB- long-term
corporate credit rating with a stable outlook reflecting the
company's heavy financial burden, which is required to make
regular large investments to maintain and improve its
competitiveness.


LEHMAN BROTHERS: Stock Tumbles 45% After KDB Talks End
------------------------------------------------------
Lehman Brothers Holdings Inc.'s stock dropped 45% in New York
trading late on Tuesday after intensive negotiations about a
possible investment in Lehman by Korean Development Bank ended,
The Wall Street Journal reports.

As reported in the Troubled Company Reporter on Aug. 28, 2008,
South Korean regulators led by Financial Services Commission
chairman Jun Kwang-woo, warned KDB to take cautious steps in
taking over the bank, pointing out that the deal would be better
led by private lenders.

Korean officials, WSJ says, are careful of any step by Korean
Development that may subject taxpayers at risk of absorbing
Lehman's liabilities.

"There will be other opportunities for Korean Development," WSJ
quoted Mr. Jun as saying.

WSJ relates that Lehman generated at least US$6 billion in new
capital as its experienced fiscal-second-quarter loss of
about US$2.8 billion in June 2008.  It wanted to disclose the
financial report on Sept. 18, 2008, after reaching a deal with
Korean Development, WSJ notes.

Lehman was down US$4.82 to US$9.33, WSJ relates.  The stock fell
86% this year, the report notes.

                       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.



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

HYNIX SEMICONDUCTOR: Cutting NAND Output by 20% to 30%
------------------------------------------------------
Hynix Semiconductor Inc. said it would cut its production of NAND
flash memory chips by 20 to 30% starting in this month, Reuters
reports.

The company, the report relates, is planning to shut down a
production line this month, while a new memory line is only
producing small quantities.

On April 4, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Hynix Semiconductor
plans to shut down a NAND flash-memory-chip fabrication line (M9)
in the third quarter to reduce output amid an industry slump and
falling chip prices.   The NAND prices have remained at
record lows since late 2007 because of weaker-than-expected
demand for the chips, the report said.

According to Reuters, the 2008 outlook for NAND makers is dim as
global consumer spending suffers from a worldwide economic
slowdown.

                           About Hynix

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
August 6, 2008, Moody's Investors Service changed to negative from
stable the outlook for both Hynix Semiconductor Inc's Ba2
corporate family rating and senior unsecured bond rating.


HYNIX: Creditors' KRW3-Trillion Stake Sale Plan Due Sept. 19
------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors have until Sept. 19 to decide
on a plan outlining the sale of their stake, valued at about
KRW3 trillion (US$2.73 billion), Reuters reports.

According to the report, Korean Exchange Bank spokeswoman
Lee Nahm-yon said once all nine shareholders, who own a combined
36% stake in the company, agree on the principle of the sale, the
process will continue and a lead manager will be picked.
"Although no timetable has yet been set, the timing of the bidding
process will take into account the company's situation, the chip
market's condition, the price of the stock and the state of the
M&A market," she said.

The bank, the report relates, is determined with the plan despite
negative factors such as the instability of the global credit
market and the domestic slowdown, because finding a real owner
with strategic and financial capabilities was the best way to
ensure Hynix's continued development.

KEB is the top single shareholder in Hynix with an 8.2% stake.

                         About Hynix

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
August 6, 2008, Moody's Investors Service changed to negative from
stable the outlook for both Hynix Semiconductor Inc's Ba2
corporate family rating and senior unsecured bond rating.



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

PUTERA CAPITAL: Inks MYR1.4BB Sale Deal With CKL Enterprise
-----------------------------------------------------------
Kamunting Textiles Industries Sdn Bhd (KTI), a wholly-owned
subsidiary Putera Capital Berhad, entered into a sale and purchase
agreement with CKL Enterprise Sdn Bhd for the disposal of KTI's
dyeing machinery (including accessories and spare parts) for a
consideration of MYR1,4 million to be satisfied fully by cash.

On May 15, 2008, KTI said that it decided to cease its textile
products' manufacturing operations.  In line with the Textile
Business Cessation, KTI also undertook a tender exercise for the
disposal of its factory building and plant and machinery.

The disposal consideration of MYR1.4 million was arrived at a
willing buyer-willing seller basis after taking into consideration
these factors:

   -- the result of the Tender Exercise where CKL emerged as the
      bidder;
   -- the audited net book value of the Disposal Machinery of
      MYR1.622 million as at May 31, 2007; and
   -- textile business cessation.

The cash proceeds of MYR1.4 million from the Disposal will be
utilized by KTI to repay its creditors and used as working
capital.

   Rationale for the Disposal

The Textile Business Cessation was due to the losses suffered by
KTI over the past seven years and the Board's assessment on the
market conditions of the textile industry in Malaysia, which is
expected to remain challenging.  The disposal is a consequence of
the Textile Business Cessation.

                       About Putera Capital

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

As of Feb. 29, 2008, Putera Capital's consolidated balance sheet
went upside down by MYR22.18 million, on total assets of
MYR31.53 million and total liabilities of MYR53.71 million.



===============
M O N G O L I A
===============

KHAN BANK: Moody's Assigns Ba2 Foreign Currency Issuer Rating
-------------------------------------------------------------
Moody's Investors Service has assigned to Khan Bank a Baa3 local
currency issuer rating and Ba2 foreign currency issuer rating.

At the same time, Moody's assigned Baa3 and Ba1 ratings
respectively to the local currency senior and subordinated notes
in its proposed US$300m Global Medium Term Notes Program.

Finally, Moody's assigned Ba2 ratings to the foreign currency
senior and subordinated notes in the program.

The outlook for all ratings is stable.

The ratings of the program are contingent upon the final terms and
conditions for the program and subordination structure not showing
any significant difference from those already reviewed by Moody's.

"The foreign currency issuer rating of Ba2 is two notches below
the local currency issuer rating of Baa3 because of country
ceiling constraints on foreign currency debt," says Cherry Huang,
a Moody's VP/Senior Analyst.

"Accordingly, the ratings for the bank's foreign currency senior
and subordinated notes are constrained by the country ceiling,"
says Ms. Huang.

The senior notes to be issued under the program will represent
direct, unconditional, unsecured and unsubordinated obligations of
Khan Bank.

Meanwhile, the subordinated notes in the program will represent
unsecured and subordinated obligations.  These subordinated notes
will be intended for lower tier 2 capital treatment by the
Mongolian banking regulator.

Khan Bank is rated Baa3/P-3 for its long-term/short-term local
currency deposits and B2/NP for its long-term/short-term foreign
currency deposits.

The bank carries a bank financial strength rating of D.  The
outlook for all these ratings is stable.

"The BFSR of D reflects Khan Bank's leading positions in consumer,
micro- and small-business finance, its dominant market shares in
loans and deposits, stable and experienced management team, strong
profitability, and improving asset quality," says Ms. Huang.

"However, the BFSR is constrained by the pressure exerted on its
capital adequacy by continuous rapid growth, growing competition,
and the volatility inherent in its operating environment," adds
Ms. Huang.

Issuance under the program would help diversify Khan Bank's
funding source and support loan growth.  On the other hand, the
growth in the bank's risk-weighted assets is much faster than its
pace of internal capital formation.  If such a trend continues,
then further supplements to capital may be warranted.

Meanwhile, Khan Bank's liquidity profile will become less
favorable as it increasingly relies on confidence-sensitive market
funds such as the program.  By contrast, Moody's considers
deposits a relatively more stable source of funding.

The bank's generally high loan to deposit ratio (92% as of 1H2008
and 99% end-2007) along with the government's tightening monetary
policy may expose it to liquidity issues in the event of name-
specific funding disruptions.  Any significant deterioration in
its liquidity position may also lead to a ratings review.

Khan Bank is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT 797 billion (approximately US$687 million) at
June 30, 2008.



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

AFG TRUST: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Auckland held a hearing on Sept. 5, 2008, to
consider an application putting AFG Trust Management Limited into
liquidation.

The application was filed on May 12, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.



ARC PARTNERS: 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 Arc Partners Limited, fka HTK
Projects 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
          Facsimile: (07) 839 4043

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


BIG B: Commences Liquidation Proceedings
---------------------------------------
The High Court at Auckland held a hearing on Sept. 5, 2008, to
consider an application putting Big B Cartage Limited into
liquidation.

The application was filed on May 12, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.


BUILDRITE DESIGN: Wind-Up Petition Hearing Set for September 24
---------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 24, 2008,
at 10:45 a.m., to consider putting Buildrite Design Limited into
liquidation.

The application was filed on June 3, 2008, by Carters (a division
of Carter Holt Harvey Limited).

The plaintiff's address for service is at:

          Edmund Lawler & Associates
          PO Box 25931
            St Heliers, Auckland

Edmund Lawler is the plaintiff's solicitor.


CHEVIN & COMPANY: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland held a hearing on Aug. 20, 2008, to
consider an application putting Chevin & Company Investments
Limited (in receivership) into liquidation.

The application was filed on April 11, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.


DOMINION FINANCE: Trustee Puts Subsidiary in Receivership
---------------------------------------------------------
The directors of Dominion Finance Group Limited (DFG), a wholly
owned subsidiary of Dominion Finance Holdings Limited, have been
advised by Perpetual Trust Limited, that Perpetual Trust has
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
DFG, rather than allow DFG to put its moratorium proposal to DFG
stockholders for approval.

Dominion Finance Holdings said in a regulatory filing that DFG has
provided Perpetual Trust with all essential terms of its
moratorium proposal on Sept. 4, 2008, and was at an advanced stage
of preparing the necessary disclosure documents, and had wished to
present the moratorium proposal to stockholders for consideration
at a meeting of stockholders as soon as the trustee had approved
DFG doing so.

According to Dominion Finance Holdings, the directors of DFG do
not consider that Perpetual Trust's decision is in the best
interest of DFG's stockholders, and are aware that a number of DFG
stockholders have contacted the company to ask that they be given
the opportunity to vote on the two alternatives.

Covenant Trustee Company Limited, the trustee for North South
Finance Limited (NSF), has not appointed a receiver at this time
and the directors' expectation is that Covenant will not do so.
NSF has provided Covenant with all terms of the moratorium for
NSF, and are working constructively with Covenant with a view to
finalising disclosure documents and holding a stockholder meeting
in late September/early October.

                   About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board of Directors had become
concerned about the liquidity position of its two subsidiaries
-- Dominion Finance Group Limited and North South Finance
Limited -- and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The company is facing liquidity pressure from the impact of the
international credit crisis on the confidence of Dominion
Finance Group and North South Finance's investor base, and the
inability of the company's borrowing clients to refinance or
repay the debt facilities previously provided to those
borrowers.

The company's Board entered into discussions with bankers,
auditors, and Trustee's of DFG and NSFL respectively, with a
view to exploring the prospect of those two companies entering
into a Moratorium with their respective debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to debentureholders
for a yet to be determined period of time with a view to enabling
those companies the opportunity to restructure in order to
alleviate the liquidity pressures and ensure the maximum
realization of investor's investment in DFG and NSFL.


DYSON FARMS: Shareholders Placed Company Under Liquidation
----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Dyson Farms Limited resolved that the company be
liquidated and that Douglas Bruce Ellison, chartered accountant of
Auckland, be appointed as liquidator.

Creditors and shareholders may direct their inquiries to:

          Douglas Bruce Ellison
          PO Box 8722
          Symonds Street
          Auckland 1015
          Telephone: (09) 303 2200
          Facsimile: (09) 307 2074


HTK 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 HTK 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
          Facsimile: (07) 839 4043

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


MIKE RICHARDS: Shareholders Placed Company Under Liquidation
------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Mike Richards Limited resolved that the company be
liquidated and that Murray G. Allott, chartered accountant of
Christchurch, be appointed as liquidator.

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

Creditors and shareholders may direct their inquiries to:

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


STEELBUILT HOMES: 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 Steelbuilt Homes North Island
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
          Facsimile: (07) 839 4043

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


* NEW ZEALAND: Terms of Trade Index Falls 0.5% in June Quarter
--------------------------------------------------------------
The merchandise terms of trade index fell 0.5 percent in the June
2008 quarter, due to import prices rising more than export prices,
Statistics New Zealand said.  Although there was a fall in the
latest quarter, the terms of trade are still at the second-highest
level since the March 1974 quarter the highest level was in the
March 2008 quarter.

The export price index rose 4.4 percent in the June 2008 quarter,
while seasonally adjusted export volumes fell 3.7 percent, with
food and beverages the main contributor to both movements.  The
food and beverages price index rose 3.8 percent this quarter, with
meat being the main driver of the rise.  At the same time, food
and beverage volumes fell 9.2 percent, with dairy products and
casein recording the largest falls. The volume of dairy products
exported is at its lowest level since the September 2005 quarter.

The import price index rose 4.8 percent in the June 2008 quarter,
while seasonally adjusted import volumes rose 5.4 percent.  The
price increase was driven by a 17.7 percent rise in the petroleum
and petroleum products index, the largest quarterly rise since a
19.9 percent rise in the June 2006 quarter.  When these products
are excluded, the price index for merchandise imports rose 2.5
percent.

The rise in import volumes was driven by the capital goods index
(up 38.1 percent), which reached a new high in the June 2008
quarter.  An oil rig and a floating platform imported during
April, with a combined value of NZ$477 million, were the main
commodities contributing to the rise in this index.



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

* PHILIPPINES: August Inflation Rises by 12.5 Percent
-----------------------------------------------------
Headline inflation climbed to 12.5 percent year-on-year in August
from 12.3 percent (revised) in July, bringing the year-to-date
average to 8.8 percent, data from Bangko Sentral ng Pilipinas
shows.

August inflation, the highest level since December 1991, was
within the 11.8-12.6 percent forecast range of the Bangko Sentral
ng Pilipinas (BSP) for the same month.  Except for food,
beverages, and tobacco, all major commodity groups posted higher
inflation rates relative to their levels in the previous month.
The increase in the prices of the food, beverages, and tobacco
group slowed down for the first time since November 2007.  Month-
on-month headline inflation was also lower for the second
consecutive time at 0.3 percent in August from 1.6 percent
(revised) in July.  However, core inflation, which excludes
certain specific food and energy items to obtain an underlying
measure of generalized price pressures, was higher at 7.0 percent
year-on-year in August from 6.3 percent in July.

Higher prices of petroleum products pushed inflation up in August.
While domestic pump prices of petroleum products declined in
August relative to July, lower prices a year ago yielded higher
year-on-year inflation in August.  By contrast, rice posted lower
year-on-year price increase in August compared to July, reflecting
the easing trend in the global price of rice since June.

Governor Amando M. Tetangco, Jr. stressed that "the BSP will
continue to monitor developments that can impact on inflation,
including movements in global oil and food prices, to be able to
craft monetary policy that is consistent with its price stability
objective."


* PHILIPPINES: Posts US$36.7BB GIR as of August, Central Bank Says
------------------------------------------------------------------
The country's gross international reserves (GIR) stood at US$36.7
billion as of end-August 2008, US$0.2 billion lower than the
previous month's level of US$36.9 billion, data from Bangko
Sentral ng Pilipinas shows.

The decrease in the GIR was due mainly to the negative revaluation
from the lower value of the BSP's gold holdings following the
decline in the international price of gold in August.  Payments of
maturing foreign exchange obligations of the National Government
and the Bangko Sentral were covered by receipts from the BSP's net
foreign exchange operations as well as income from its investments
abroad and credits from foreign financial counterparties.

The current GIR level can cover 6.0 months of imports of goods and
payments of services and income.  It was also equivalent to 5.0
times the country's short-term external debt based on original
maturity and 2.9 times based on residual maturity.  Short-term
debt based on residual maturity refers to the sum of short-term
external debt and medium- and long-term loan repayments falling
due within the next 12 months.

The level of net international reserves (NIR) as of end-August
2008, which includes revaluation of reserve assets and reserve-
related liabilities, declined by US$0.4 billion to US$36.0
billion.  NIR refers to the difference between the BSP's GIR and
total short-term liabilities.



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

ASIA-PACIFIC BULK: Creditors' Proofs of Debt Due on September 19
----------------------------------------------------------------
The creditors of Asia-Pacific Bulk Terminal (Holdings) Pte Ltd are
required to file their proofs of debt by September 19, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Gautam Banerjee
          Kan Yut Keong
          c/o PricewaterhouseCoopers
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


LAN BAO: Requires Creditors to File Claims by October 6
-------------------------------------------------------
The creditors of Lan Bao Xing Trading Pte Ltd are required to file
their proofs of debt by October 6, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


MADGE SE: Requires Creditors to File Claims by September 19
-----------------------------------------------------------
Madge SE Asia Pte Ltd, which is compulsory liquidation, requires
its creditors to file their proofs of debt by September 19, 2008,
to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Thien Phong
          c/o PricewaterhouseCoopers
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


VIENTITY PTE: Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------
Vientity Pte Ltd, which is in voluntary liquidation, requires its
creditors to file their proofs of debt by October 6, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Victor Goh
          101 Upper Cross Street
          #08-15 People's Park Centre
          Singapore 058357



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

* TAIWAN: Registers Trade Deficit for Two Consecutive Months
------------------------------------------------------------
Taiwan's foreign trade registered deficit for two consecutive
months, Xinhua News reports, citing figures from the Taiwan
authorities.  The island's latest statistics indicated trade
deficit of US$410 million in July and US$30 million in August, the
report says.

According to the report, authorities said that although foreign
trade in the first eight months this year still retained a
favorable balance of US$7.57 billion, the figure was down 47%, or
US$6.7 billion, from that of the same period last year.  Experts
cited by Xinhua News said that sounded a "warning signal" to the
local economy as the island, with a relatively small local market,
relied heavily on foreign trade.

Meanwhile, the report says Taiwan's trade with the Chinese
mainland remained robust, with a 21.7% increase in export to China
for the first half of this year from last year, and a trade
surplus of US$24.4 billion, which expected to hit new high for the
whole year.


                         *********

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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