TCRAP_Public/080917.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

            Wednesday, September 17, 2008, Vol. 11, No. 185

                            Headlines

A U S T R A L I A

BARBEQUES GALORE: Closes US$15-Mil. Asset Sale to Grand Hall
BROWN-FORMAN: Members' Final Meeting Set for September 30
CENTURION ADMINISTRATION: Placed Under Voluntary Liquidation
GAP TRANSPORT: Members Opt to Liquidate Business
GH PACKAGING: Members and Creditors to Meet on September 26

NETWORKS MULTIMEDIA: Joint Meeting Set on September 23
OCTAVIAR LIMITED: Creditor Calls in Receivers
OCTAVIAR LIMITED: Wind-Up Application Moved Until November 7
ONE.TEL DIGITAL: To Declare Dividend on September 24
RUSSELL PRODUCTION: Members and Creditors to Meet on September 22

SEND AUSTRALIA: To Declare Dividend on September 24
SHARPER IMAGE: Wants Chapter 7 Conversion Motion Denied
TRUECASH PTY: Supreme Court Enters Wind-Up Order
WIDE BLUE: Liquidator To Give Wind-Up Report on September 22


C H I N A

CHINA SOUTHERN: Aug. Passenger Data Drops 16.2% on Strict Rules
CITIC RESOURCES: 1H Net Income Up 277% as Oil Output Increases
CITIC RESOURCES: To Spin Off CITIC Dameng Holdings
GREENTOWN CHINA: 1H Revenue Drops 16% to CNY1.765 Billion
ZTE CORP: To Build US$5.2 Mil. Mobile Phone Facility in Ethiopia


H O N G K O N G

ASIA GLOBAL: US$14 Mil. Accumulated Deficit Raises Subt'l. Doubt
BRI FINANCE: Annual Meetings Slated for October 14
CELLICE COMPANY: Derek and Haughey Quit as Liquidators
ECM LIBRA: Commences Liquidation Proceedings
EDGEWORTH LIMITED: Appoints Yeh King Yeung as Liquidator

ENCHANTING INVESTMENT: Chiu and Yin Quit as Liquidators
DEMAT INVESTMENT: Appoints Cheng Chun Chung as Liquidator
GLORY DRAGON: Appoints Cheung Hing Chik as Liquidator
GOLD TAT: Members Agree on Voluntary Liquidation
SHENZHEN SKYWOOD: Commences Liquidation Proceedings

YUE HING: Placed Under Voluntary Liquidation


I N D I A

AGARWAL DAL MILLS: CRISIL Rates Rs.10 Mil. Cash Credit at 'B'
COMMANDER INDUSTRIES: CRISIL Rates Rs. 80 Mil. Loans at 'BB+'
SRI GANESH SPONGE: CRISIL Rates Rs. 487 Mil. Facilities at 'BB+'
TATA MOTORS: Gov't Compensation Offer Irks Opposition Party


J A P A N

ATARI INC: Nasdaq to Complete Delisting of Stocks
LEHMAN BROTHERS: Regulator Halts Japan Operations Until Sept. 26
LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors
LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing

LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'
MAZDA MOTOR: To Raise Vehicle Prices on Soaring Raw Material Costs

PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6


K O R E A

DAEWOO ELECTRONIC: Spin Offs Entire Stake in Joint Venture Company
JEONBUK BANK: Samyang & Affiliate Becomes Largest Shareholders
HYNIX SEMICONDUCTOR: Conducts Joint Research w/ Samsung Electronic


M A L A Y S I A

CNLT (FAR EAST): Has Until March 10 to Submit Regularization Plans
MERGE ENERGY: Posts MYR2.36 Mil. Net Profit in Qtr. Ended July 31
NIKKO ELECTRONICS: Court Orders to Appoint Provisional Liquidator
NIKKO ELECTRONICS: Defaults on MYR1.29 Mil. Acceptance Facilities
WEMBLEY INDUSTRIES: Bourse Delists Securities


N E W  Z E A L A N D

BLUE CHIP: Bianco Investors Files Injunction Against Developer
BRIDGECORP: Borrower Misrepresents Assets, Receiver Says
COMMERCIAL & INDUSTRIAL: Proofs of Debt Due on September 30
DEVERY DRAINAGE: Commences Liquidation Proceedings
FP ADMINISTRATION: Proofs of Debt Due on September 30

FP ADVISORY: Proofs of Debt Due on September 30
FP DUNEDIN: Proofs of Debt Due on September 30
LE RUE: Parsons and Kenealy Appointed as Liquidators
PLATINUM PLASTERING: Commences Liquidation Proceedings
PLUS SMS: Christopher Tiensch Resigns as CEO & Chairman

PROVENCOCADMUS: Raises Capital Through Asset Sale
QUAYSTONE CBD: Liquidators Set September 26 as Claims Bar Date
SAI GROUP: Commences Liquidation Proceedings
WAIHI CUSTODIANS: Commences Liquidation Proceedings


P H I L I P P I N E S

TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance


S I N G A P O R E

ELLIOTT GORDON: Court to Hear Wind-Up Petition on September 26
SUPER BIKE: Court Enters Wind-Up Petition
VANDA PRESS: Wind-Up Petition Hearing Set for September 19
YEN KEE: Court Enters Wind-Up Order


X X X X X X X X

* ADB: Asia's Growth to Slow Down, Inflation to Rise Sharply
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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BARBEQUES GALORE: Closes US$15-Mil. Asset Sale to Grand Hall
------------------------------------------------------------
Barbeques Galore, Inc. has closed the sale of substantially all of
the assets to Grand Home Holdings Inc., a newly formed entity
owned by Grand Hall Enterprise Co., Ltd., the largest BBQ grills
manufacturer in Taiwan, one day after receiving bankruptcy court
approval for the sale of its assets pursuant to Section 363 of the
U.S. Bankruptcy Code.

The sale was for an aggregate purchase price equal to US$15
million in cash consideration, including assumption of at least 31
stores in Texas, California and Arizona and the right to designate
additional stores for assumption within the next three months.

"Grand Hall has more than 30 years of experience in manufacturing
barbeque grills, and we are delighted at the opportunity to
acquire the only retail chain of barbeque grills in the United
States," said William Home, chairman & CEO of Grand Hall.

"We believe this acquisition creates a new chapter for the
Barbeques Galore concept. The acquisition by Grand Hall returns
the business to its original 'roots' as a world-class
manufacturer, retail and distribution company. The strength of the
business plan will allow Barbeques Galore to continue its
leadership in innovative products and will allow the company to
continue to take care of its valued customers and employees for
many years to come," said Jeffery R. Sears, CEO of Barbeques
Galore.

Barbeques Galore aborted a September 10 auction for its assets,
Bill Rochelle of Bloomberg News reported.  Hilco Merchant
Resources LLC serves as agent to conduct going-out-of-business
sales, the report says.

On Sept. 8, 2008, the Debtors entered into an asset purchase
agreement with Grand Home.  Under the agreement, Grand Home will
pay US$12 million, which is equal to 90% of the purchase price
less
the deposit, to the Debtor and deposit into an account with the
escrow agent an amount equal to 10% of the purchase price.

According to papers filed with the Court, several creditors
objected to the sale, including Inland Western Fort Worth
Southwest Crossing L.P., Inland Western San Antonio Huebner Oaks,
California Taxing Authorities, NGL Warehouse, LLC, Maister
Enterprises, Inc., Maister Holdings, Inc., Rancho Barbeques, Inc.,
and Tustin Barbeques, Inc.

On Sept. 4, 2008, the Court approved sale procedures and bid
protections -- including break-up fee of US$50,000 -- in
connection with the auction that was later aborted.

A full-text copy of the Asset Purchase Agreement date Sept. 8,
2008, among the Debtor and Grand Home is available for free at:

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

                       About Grand Hall

Grand Hall -- http://www.grandhall.com-- established in 1976, is
principally engaged in manufacturing gas grills, as well as
related appliances and components. The Company's major products
include barbeque gas grills, gas valves, indoor/outdoor heaters
and gas water heaters. The Company distributes its products in
Asia, the United States, Australia, Europe and Africa. Grand
Hall's securities are publicly traded on Taiwan's Over-the-Counter
market (Gretai: 8941).

                     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.


BROWN-FORMAN: Members' Final Meeting Set for September 30
---------------------------------------------------------
David J. F. Lombe and Simon J. Cathro, Brown-Forman Beverages
Australia Pty Limited's appointed estate liquidators, will meet
with the company's members on Sept. 30, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The liquidators can be reached at:

          Grosvenor Place
          225 George Street
          Sydney NSW 2000


CENTURION ADMINISTRATION: Placed Under Voluntary Liquidation
------------------------------------------------------------
Centurion Administration Pty Limited's members agreed on Aug. 4,
2008, to voluntarily liquidate the company's business.  Frank Lo
Pilato was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2611
          Telephone: (02) 6247 5988


GAP TRANSPORT: Members Opt to Liquidate Business
------------------------------------------------
Gap Transport (NSW) Pty Limited's members agreed on Aug. 4, 2008,
to voluntarily liquidate the company's business.  Stephen Wesley
Hathway and Terry Grant van der Velde were appointed to facilitate
the sale of its assets.

The liquidators can be reached at:

          SV Partners
          Insolvency Accountants and Business Solutions
          Suite 6.03, Level 6
          135 King Street
          Sydney NSW 2000
          Website: www.svpartners.com.au


GH PACKAGING: Members and Creditors to Meet on September 26
------------------------------------------------------------
GH Packaging Pty Limited will hold a meeting for its members and
creditors at 9:30 a.m. on Sept. 26, 2008.  During the meeting, the
company's liquidator, Peter P. Krejci, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


NETWORKS MULTIMEDIA: Joint Meeting Set on September 23
------------------------------------------------------
Networks Multimedia Pty Limited will hold a meeting for its
members and creditors at 11:00 a.m. on Sept. 23, 2008.  During the
meeting, the company's liquidator, S. W. Free, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          S. W. Free
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


OCTAVIAR LIMITED: Creditor Calls in Receivers
---------------------------------------------
Fortress Credit Corporation (Australia) II Pty Ltd., one of
Octaviar Limited's major creditors, has appointed Stephen James
Parbery and Anthony Milton Sims of PPB as receivers and managers
for Octaviar.

The Business Day reports that Octaviar still owes Fortress about
AU$60 million, which is secured against the assets of the main
company in the group.

The receivers said in a statement that it is their intention to
consider various restructure proposals available in respect of
Octaviar in light of the of the appointment of the Administrators.

Meanwhile, Business Day says, the Australian Securities and
Investments Commission (ASIC) has begun legal action to delay a
meeting of unit holders in the former MFS Premium Income Fund that
is scheduled for Thursday, Sept. 18, 2008.

The meeting is to call for a vote of unit holders that could
restrain Wellington Investments's managerial control of the fund,
the Business Day relates.

"Unit holders require additional information in order to make
informed decisions," the Business Day quotes ASIC as saying.

According to Business Day, ASIC's view echoes that of a unit
holder group, the PIF Initiative, which is recommending investors
to reject the proposed changes and seek alternatives.

The Business Day relates that Hicksons partner Kalinda Cobby, who
is representing PIF, expressed concern that the PIF noteholders
were being railroaded into accepting proposals with implications
that are not fully understood.

                     About Octaviar Limited

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

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar has appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, have also appointed Messrs. Greig and
Harwood as Voluntary Administrators.


OCTAVIAR LIMITED: Wind-Up Application Moved Until November 7
------------------------------------------------------------
Octaviar Limited has been given a two-month liquidation reprieve
after the group had a winding-up application adjourned by the
Supreme Court of Queensland until Nov. 7, 2008, Maurice Dunlevy of
The Australian reports.

According to the report, the stay of execution was agreed to by
the Public Trustee of Queensland, the creditor seeking the wind-up
over AU$350 million of unsecured notes, to allow newly appointed
administrators enough time to resolve whether Octaviar can be
saved.

The Australian notes, citing various reports, Octaviar has offered
noteholders 22.5c in the dollar.  But analysts believe nothing
will save the group, whose shares have now been suspended from
trading on the Australian Stock Exchange (ASX) for eight months,
the report says.

                     About Octaviar Limited

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

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar has appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, have also appointed Messrs. Greig and
Harwood as Voluntary Administrators.


ONE.TEL DIGITAL: To Declare Dividend on September 24
----------------------------------------------------
One.Tel Digital Pty Ltd will declare dividend on Sept. 24, 2008.

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

The company's liquidator is:

          S. J. Sherman
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Telephone: (02) 9286 9999
          Facsimile: (02) 9286 9888


RUSSELL PRODUCTION: Members and Creditors to Meet on September 22
-----------------------------------------------------------------
Russell Production Pty Limited will hold a meeting for its members
and creditors at 11:00 a.m. on Sept. 22, 2008.  During the
meeting, the company's liquidator, Christopher J. Palmer, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Christopher J. Palmer
          Level 4, 23-25 Hunter Street
          Sydney NSW 2000


SEND AUSTRALIA: To Declare Dividend on September 24
---------------------------------------------------
Send Australia Pty Ltd will declare dividend on Sept. 24, 2008.

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

The company's liquidator is:

          Nicholas Crouch
          Crouch Amirbeaggi
          Insolvency Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000


SHARPER IMAGE: Wants Chapter 7 Conversion Motion Denied
-------------------------------------------------------
Sharper Image Corp. asks the U.S. Bankruptcy Court for the
District of Delaware to deny Frederic Prohov's request to convert
its Chapter 11 case to a case under Chapter 7 of the Bankruptcy
Code for lack of cause.

"[Mr.] Prohov has not established he is a creditor of TSIC, other
than the claim that his father purportedly purchased a Sharper
Image gift card in the amount of US$50 and gave it to him," the
Debtor argues.

John H. Strock, Esq., at Womble Carlyle Sandridge & Rice, PLLC,
in Wilmington, Delaware, tells the Court that the Debtor and its
professionals have worked diligently, expeditiously, and
efficiently to convert its remaining assets and interests to
cash, including, without limitation, its interests in real
property and unexpired nonresidential leases.  As a result of its
efforts, the Debtor has realized approximately US$56,200,000 in
recoveries and is presently pursuing additional recoveries.

The Debtor's management, employees, and its professionals have
worked overtime to minimize the impact of the disappointing
recoveries and to maximize the value of remaining assets for the
benefit of the estate, Mr. Strock says.  If conversion is
granted, it will negatively affect the ongoing efforts to realize
value for the estate and its economic stakeholders, the Debtor
argues.

"Mr. Prohov has initiated the conversion motion to obtain
leverage for the granting of his motion to certify a putative
class of TSIC gift card claimants, the objective being to
eliminate potential review and objections to claims that may be
asserted by the gift card claimants," Mr. Strock asserts.

The Debtor informs the Court that, together with its
professionals, it has worked diligently to collect and dispose of
the estate's remaining assets, as well as resolve any outstanding
liabilities, including, among other things:

  (a) termination of its unexpired nonresidential lease interest
      in its Rockefeller Center and Marlton Center leases,
      resulting in recovery of US$1,360,000 in cash;

  (b) conclusion of the second wave of store closing liquidation
      sales;

  (c) management of an auction for the assumption and assignment
      of the Debtor's remaining unexpired nonresidential lease
      property interest and, after resolving contested
      assignments with respective lessors, recovery of over
      US$2,500,000 in cash for the estate;

  (d) negotiations with the joint venture of Hilco/Gordon
      Brothers to reconcile merchandise value sold in the second
      wave store liquidation sales, resulting in receipt of
      US$700,000 in cash;

  (e) settlement with Wells Fargo Retail Finance LLC in an
      amount of US$150,000 to terminate the prepetition indemnity
      account, which had been maintained in favor of Wells on
      account of the prepetition credit facility;

  (f) termination of the Debtor's interest in certain corporate
      owned life insurance policies, estimated recovery of
      US$100,000 in cash;

  (g) analysis and pursuit of potentially valuable claims;

  (h) collection of amounts outstanding in closed store bank
      accounts, valued at over US$2,000,000 in cash;

  (i) management of the cash flows and maintenance of the estate
      within the projected wind-down budget; and

  (j) closure of the corporate headquarters and preservation of
      corporate records.

In a separate filing, the Official Committee of Unsecured
Creditors disputes Mr. Prohov's contention that the Committee is
"working to deprive priority creditors of their rights."

The Committee argues that Mr. Prohov's statements regarding the
settlements of its objection to the Debtor's sale of assets to
Hilco/Gordon Brothers are wrong, unsupported by the records, and
do not constitute evidence supporting his burden of proof with
respect to the Conversion Motion.

Mr. Prohov's characterization of the settlement and obligations
was squarely addressed and refuted in the Court's Memorandum
Opinion on August 18, 2008, pursuant to which the Court approved
the settlement and held, among other things, that (i) the
Committee owes its responsibility and duty to the class it
represents, the general unsecured creditors of the Debtor; and
(ii) the money to be paid to the Committee on behalf of general,
unsecured creditors, is non-estate property, the Committee points
out.

Pursuant to the Memorandum Opinion, the Joint Venture's funds are
not proceeds from a secured creditor's lien, do not belong to the
estate, and will not become part of the estate even if the Court
does not approve the settlement, the Committee contends.   In
addition, the Committee avers that Mr. Prohov's unfounded
characterization of its role in the proceeding is a thinly veiled
attempt to rewrite the record of the Debtor's  case and gain
leverage for his gift card class-certification and conversion
motion.

                    About Sharper Image Corp.

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

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

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

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

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

(Sharper Image Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TRUECASH PTY: Supreme Court Enters Wind-Up Order
------------------------------------------------
On Aug. 4, 2008, the Supreme Court of New South Wales entered an
order to have Truecash Pty Limited's operations wound up.

D. I. Mansfield was appointed as liquidator.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens
          Chartered Accountants
          Level 6, 460 Church Street
          Parramatta NSW 2150


WIDE BLUE: Liquidator To Give Wind-Up Report on September 22
------------------------------------------------------------
Wide Blue Yonder Investments Pty Limited will hold a meeting for
its members and creditors at 10:45 a.m. on Sept. 22, 2008.  During
the meeting, the company's liquidator, Christopher J. Palmer, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Christopher J. Palmer
          Level 4, 23-25 Hunter Street
          Sydney NSW 2000



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CHINA SOUTHERN: Aug. Passenger Data Drops 16.2% on Strict Rules
---------------------------------------------------------------
China Southern Airlines Co. Limited's passenger volume in August
declined 16.2% to 4.98 million, on visa restrictions and other
security measures in the months leading up to the Olympic Games,
deterring travel, Reuters reports, citing Shanghai Securities
News.

According to Reuters, major Chinese airlines began posting year-
on-year declines in passenger volume in May, hit by a devastating
earthquake in southwest China and security measures before the
August Games, after a steady record of growth as China's economy
boosted leisure and business travel.

Although many industry executives have said air traffic was likely
to recover after the Games and the Paralympic Games, the Shanghai
Securities News also cited a weaker tone in the overall economy as
a factor weighing on the sector this year, the report relates.

Reuters adds that a severe earthquake in Sichuan province in May,
which led to the cancellation of conferences and other events,
also attributed to the decline in domestic travel.

                     About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


CITIC RESOURCES: 1H Net Income Up 277% as Oil Output Increases
--------------------------------------------------------------
Citic Resources Holdings Ltd's half net income increased 277% to
HK$520.1 million (US$67 million), or 9.84 cents a share, from
HK$138.3 million, or 2.83 cents a share, a year earlier, as oil
output and prices soared, Winnie Zhu of Bloomberg News reports.

The company's sales, the report relates, gained 83% to HK$9.49
billion, as it turns into a supplier of oil to capitalize on
rising energy demand from China.

On June 4, 2008, the Troubled Company Reporter - Asia Pacific,
citing Shanghai Daily News, reported that Citic Resources aims to
increase its crude oil output in its Kazakhstan field in western
Kazakhstan by 13% to 40,000 barrels of oil a day from 35,500
barrels a day last year.   The company bought the field from
parent China Investment Trust & Investment Corp for US$1 billion
last year, the report recounted.

The TCR-AP said the Karazhanbas field holds an estimated 363.8
million barrels of oil reserves.  The firm also has 51% in the
Non-Bula Block in Indonesia's Maluku province.

Meanwhile, the report notes that Citic Resources also increased
its stake in Macarthur Coal Ltd. to more than 20%, becoming the
coal producer's biggest shareholder.  Supply constraints and
rising Asian demand boosted prices of power-station coal at
Australia's Newcastle port, to all-time highs, the report says.

This year's contract price, which rose 125% to a record US$125 a
ton, may increase 36% to US$170 next year, Merrill Lynch & Co.
said in a Sept. 5 report, Bloomberg News adds.

                      About CITIC Resources

Incorporated in Bermuda in 1997, Citic Resources Holdings Ltd.,
has its shares listed on the Hong Kong Stock Exchange.  The
company positions itself as an integrated provider of key
commodities and strategic natural resources with particular focus
in oil business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 3,
2008, that Moody's Investors Service affirmed the Ba2 corporate
family rating on CITIC Resources Holdings Ltd (CITIC Resources)
and the Ba2 rating on the US$1 billion in 7-year unsecured
senior notes issued by CITIC Resources Finance (2007) Ltd and
guaranteed by CITIC Resources.  The ratings outlook is stable.

The company continues to carry Standard & Poor's Ratings
Services' 'BB+' rating.


CITIC RESOURCES: To Spin Off CITIC Dameng Holdings
--------------------------------------------------
CITIC Resources Holdings Limited disclosed that CITIC Dameng
Holdings Limited submitted an advance booking form for an
application for the listing of, and permission to deal in, the
shares of CITIC Dameng Holdings on the Main Board of the
Stock Exchange.

CITIC Dameng Holding's business principally involves manganese
mining and ore processing, manganese downstream processing, non-
manganese ferroalloy processing and other businesses, including
the trading of various commodities such as manganese ore,
electrolytic manganese metal, chromium ore and sulfur, as well as
transportation services and subcontracting services.

The company currently owns 80% of CITIC Dameng Holdings
indirectly and is expected to be diluted to below 50% after the
completion of the spin-off.  However, the company will remain as a
controlling shareholder of CITIC Dameng Holdings.

Sun Xinguo, the Chief Executive Officer of the company, said, "The
Company's Manganese business has grown to a size and scale that
satisfies sealing a separate listing on the Stock Exchange.

The spin-off allows the company to focus on its non-manganese
related business and as well as enabling investors to appraise and
assess the potential and performance of the Spin-off Business
separately from the company's retained businesses.  Furthermore,
the capital base of CITIC Dameng Holdings will be enlarged which
will provide financial resources for continuing organic expansion
as well as acquisitions.

The company will continue to enjoy the benefits from the
development of the Spin-off Business."

The operation of the manganese business of CITIC Dameng Holdings
commenced in March 2006 through the formation of CITIC Dameng
Mining Industries Limited ("JVCo").  The JVCo is currently
owned as to 60% by CITIC Dameng Holdings and 40% by Guangxi Dameng
Manganese Industry Co., Ltd.

The company intends to reorganize and rationalize CITIC Dameng
Holdings operation structure, including that Guangxi Dameng will
transfer all its 40% equity interest in the JVCo to CITIC Dameng
Investments Limited, which is a wholly-owned subsidiary of CITIC
Dameng Holdings.

Immediately after the reorganization, the Spin-off Business will
be indirectly wholly owned by CITIC Dameng Holdings. The spin-off
and separate listing of CITIC Dameng Holdings is subject to
approval of the Listing Committee of the Stock Exchange of Hong
Kong Limited.

                      About CITIC Resources

Incorporated in Bermuda in 1997, Citic Resources Holdings Ltd.,
has its shares listed on the Hong Kong Stock Exchange.  The
company positions itself as an integrated provider of key
commodities and strategic natural resources with particular focus
in oil business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 3,
2008, that Moody's Investors Service affirmed the Ba2 corporate
family rating on CITIC Resources Holdings Ltd (CITIC Resources)
and the Ba2 rating on the US$1 billion in 7-year unsecured
senior notes issued by CITIC Resources Finance (2007) Ltd and
guaranteed by CITIC Resources.  The ratings outlook is stable.

The company continues to carry Standard & Poor's Ratings
Services' 'BB+' rating.


GREENTOWN CHINA: 1H Revenue Drops 16% to CNY1.765 Billion
---------------------------------------------------------
Greentown China Holdings Limited's first half revenue plunged 16%
year on year to CNY 1.765 billion, SinoCast News reports.

The report relates that CNY1.733 billion of the revenue came from
the sales of properties, down 16.7% from a year earlier, with the
gross profit margin increasing from 35.3% to 36.3%.

According to the report, net profit reached CNY341 million,
surging 31.7% from the comparable period of 2007, as net profit
margin grew from 19.6% to 20.9%.

At the end of the first half, the report notes, the company's
liabilities got to CNY14.418 billion, and debt to capital ratio
increased from 88.2% at the end of 2007 to 116.7%.

In the first eight months of 2008, Greentown China and its
affiliated companies pre-sold CNY12.2 billion worth of properties,
compared to its plan of CNY20 billion for the full year, SinoCast
recounts.

Meanwhile, Greentown China CFO said that his company would release
a plan of CNY40 billion sales for 2009, the report adds.

                      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'.


ZTE CORP: To Build US$5.2 Mil. Mobile Phone Facility in Ethiopia
----------------------------------------------------------------
ZTE Corporation will work with two Ethiopian companies, Janora
Technology and Organisation for the Rehabilitation and Development
of Amhara Region (TIRET), to build a US$5.2 million mobile phone
assembly plant in the northern town of Bhar Dar, Africa, Tsegaye
Tadesse of Reuters reports.

The report says the facility will be able to produce more than
3,000 handsets a day once it is up and running in 18 months' time.

According to the report, Janora Technology said TIRER would build
the factory, while ZTE would provide the machinery and
technological informations.

Industry sources said ZTE would also set up a CDMA network with
capacity for 2.4 million Ethiopian subscribers, the report notes.

Reuters says, demand for mobile phones in the Horn of Africa
nation has risen sharply following the upgrading of services and
the expansion of state-owned Ethiopian Telecommunication
Corporation.

                             About ZTE

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

ASIA GLOBAL: US$14 Mil. Accumulated Deficit Raises Subt'l. Doubt
----------------------------------------------------------------
Asia Global Holdings Corp. disclosed in a regulatory filing that
as of June 30, 2008, it incurred an accumulated deficit of
US$14,030,324, which raise substantial doubt about the company's
ability to continue as a going concern.

On May 5, 2008, the Troubled Company Reporter-Asia Pacific
reported that Zhong Yi (Hong Kong) C.P.A. Company Limited
expressed substantial doubt about Asia Global Holdings' ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm  pointed to Asia Global's substantial
losses.

The company said management has taken certain action and continues
to implement changes designed to improve the company's financial
results and operating cash flows.  The actions involve certain
cost-saving initiatives and growing strategies, including:

   (a) business expansion in media and advertising business
       by increasing number of distributors and setup of
       a new direct sales office in China; and

   (b) cost-saving plan in TV entertainment business and
       distribution of new TV programs in China.

For the three months ended June 30, 2008, the company recorded net
income of US$1,376,833 on US$2,837,939 of net revenues.  In the
same period last year, the company posted net income of US$111,389
on US$2,189,697 of net revenues.

As of June 30, 2008, Asia Global Holdings had total assets of
US$5,812,549, total liabilities of US$1,775,011, and total
stockholders' equity of US$4,037,538.

Headquartered in Kowloon, Hong Kong, Asia Global Holdings Corp.
(AAGH) -- http://www.asiaglobalholdings.com/-- is focused on
building businesses in China and other emerging regions and
markets in Asia and worldwide.  The company has subsidiaries
participating in media and advertising, television entertainment,
marketing services and Internet commerce.  Its direct and indirect
subsidiaries include Sino Trade-Intelligent Development Corp.,
Limited (Sino Trade), Idea Asia Limited (Idea Asia), China Media
Power Limited (CMP), and Wah Mau Corporate Planning Development
Co., Ltd. (Wah Mau).  Sino Trade is a wholly owned subsidiary of
the Company.  Idea Asia and Wah Mau are wholly owned subsidiaries
of Sino Trade. CMP is a 60%-owned subsidiary of Idea Asia.  The
company sells its products and services worldwide from four sales
locations in three countries to a customer base in Asia, North
America, Europe, and Canada.


BRI FINANCE: Annual Meetings Slated for October 14
--------------------------------------------------
The members of BRI Finance Limited will hold their annual and
final meeting on October 14, 2008, at 10:00 a.m., at the
27th Floor of Alexandra House, 16-20 Chater Road in Central,
Hong Kong.

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


CELLICE COMPANY: Derek and Haughey Quit as Liquidators
------------------------------------------------------
On September 3, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
quit as liquidators of Cellice Company Limited.

The company's former Liquidators can be reached at:

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


ECM LIBRA: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary general meeting held on August 29, 2008, the
members of ECM Libra Securities Limited resolved to voluntarily
liquidate the company's business.

Messrs. Wong Poh Weng and Wong Tak Man, Stephen were appointed as
liquidators.


EDGEWORTH LIMITED: Appoints Yeh King Yeung as Liquidator
--------------------------------------------------------
At an extraordinary general meeting held on September 1, 2008, the
members of Edgeworth Limited appointed Yeh King Yeung Albrecht
Carl as the company's liquidator.

The Liquidator can be reached at:

          Yeh King Yeung Albrecht Carl
          Wing Hang Finance Centre, 23rd Floor
          60 Gloucester Road
          Wanchai, Hong Kong


ENCHANTING INVESTMENT: Chiu and Yin Quit as Liquidators
-------------------------------------------------------
On September 8, 2008, Ying Hing Chiu and Chung Miu Yin, Diana
stepped down as liquidators of Enchanting Investment Company
Limited.

The company's former Liquidators can be reached at:

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


DEMAT INVESTMENT: Appoints Cheng Chun Chung as Liquidator
---------------------------------------------------------
Cheng Chun Chung was appointed as liquidator of Demat Investment
(China) Company Limited on September 5, 2008.

The Liquidator can be reached at:

          Cheng Chun Chung
          Kowloon Building, Suite 904
          555 Nathan Road
          Kowloon, Hong Kong


GLORY DRAGON: Appoints Cheung Hing Chik as Liquidator
-----------------------------------------------------
At an extraordinary general meeting held on August 29, 2008, the
members of Glory Dragon Properties Limited appointed Cheung Hing
Chik as the company's liquidator.

The Liquidator can be reached at:

          Cheung Hing Chik
          West Tower, Room 2506
          Shun Tak Centre
          200 Connaught Road Central
          Hong Kong


GOLD TAT: Members Agree on Voluntary Liquidation
------------------------------------------------
The members of Gold Tat Company Limited met on September 5, 2008,
and agreed to voluntarily liquidate the company's business.

Leung Chi Wing was appointed as liquidator.

The Liquidator can be reached at:

           Leung Chi Wing
           Kiu Fu Comm. Bldg.
           4th Floor, Room B
           300-306 Lockhart Road
           Wanchai, Hong Kong


SHENZHEN SKYWOOD: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on September 2, 2008, the
members of Shenzhen Skywood Info-Tech Industries Co., Limited
agreed to voluntarily liquidate the company's business.

The company's liquidator is:

          Yuen Sik Ming
          Greenwich Centre, 6th Floor
          260 King's Road, North Point
          Hong Kong


YUE HING: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on September 9, 2008, the
members of Yue Hing Property Management Limited agreed to
voluntarily wind up the company's operations.

The company's liquidator is:

          Robert Garfield Watt
          Prince's Building, Room 1206
          Ice House Street
          Hong Kong



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

AGARWAL DAL MILLS: CRISIL Rates Rs.10 Mil. Cash Credit at 'B'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable/P4' to the various
bank facilities of Agarwal Dal Mills Private Ltd (Agarwal Dal).

  Rs.10 Million Cash Credit         B/Stable(Assigned)
  Rs.120 Million Letter of Credit   P4(Assigned)

The rating reflects Agarwal Dal's limited financial flexibility
due to small net worth size, and exposure to risks relating to
volatility in foreign exchange rates, and small size of operations
with low operating margins.

Outlook: Stable

CRISIL believes that Agarwal Dal Mills Pvt Ltd's (Agarwal Dal's)
size and scale of operations will continue to be small.  The
outlook may be revised to 'Positive' if the company manages to
increase its scale and net worth size, thus giving it more
financial flexibility.  Conversely, it may revise to 'Negative' if
the company undertakes any large debt funded expansion plans.

                        About Agarwal Dal

Agarwal Dal was promoted by Mr. Sanjay Kumar Agarwal in 1999.
This company was incorporated with the purpose of setting up a dal
mill.  However, these plans did not materialize, and the company
began trading in coal in 2005-06 (refers to financial year, April
1 to March 31) and since than engaged in the same business.

For 2007-08 (refers to financial year, April 1 to March 31),
Agarwal Dal reported a profit after tax (PAT) of Rs.1.6 million on
net sales of Rs.169 million, as against a PAT of Rs.2.2 million on
net sales of Rs.285 million for 2006-07.


COMMANDER INDUSTRIES: CRISIL Rates Rs. 80 Mil. Loans at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its bank loan ratings of'BB+/Stable/P4' to the
various bank facilities of Commander Industries Pvt Ltd
(Commander).

  Rs.52.5 Million Cash Credit*   BB+/Stable(Assigned)
  Rs.27.0 Million Term Loan      BB+/Stable(Assigned)
  Rs.0.5 Million Bank Guarantee  P4(Assigned)

* Fungible with Foreign currency loan up-to Rs. 20.0 million

The ratings reflect the small scale of Commander's operations in
the highly-fragmented flour mill industry, with low margins and
commoditised products, and Commander's limited financial
flexibility owing to low net worth.  These weaknesses are,
however, partly offset by Commander's comfortable debt protection
measures and gearing.

Outlook: Stable

CRISIL believes that Commander will remain exposed to risks
relating to small scale of operations in a highly-fragmented
industry, low operating margins, and limited financial flexibility
on account of low net worth.  The outlook may be revised
to'Positive' if Commander's scale of operations and size of net
worth improve considerably from current levels.  Conversely, the
outlook may be revised to'Negative' if Commander contracts large
debt to fund expansions, thereby weakening its capital structure.

                         About Commander

Promoted by Mr. Sanjay Kumar Agarwal in 1996 as a partnership
firm, Commander was converted into a company in 1999.  The company
has a flour mill with a 200 tonne per day capacity in Khandwa,
Madhya Pradesh, and manufactures and sells traditional wheat-based
products, such as atta (flour), maida (refined flour), and rava
and suzi (both semolina variants), among other things.  The
company books its major turnover from Andhra Pradesh (AP),
Maharashtra, and Karnataka; each of these states account for
almost 30 per cent of its total turnover.  Commander has also set
up a wind mill for power generation at Dewas, Madhya Pradesh, and
has entered into a contract with the Madhya Pradesh state
government for sale of power.  Chameli Flour Mills Pvt Ltd, a
group company, is also setting up a flour mill in a food
processing zone (Nimrani, Madhya Pradesh).

For 2007-08 (refers to financial year, April 1 to March 31),
Commander reported a profit after tax (PAT) of Rs.8.5 million on
net sales of Rs.613 million, as against a PAT of Rs.0.7 million on
net sales of Rs.441 million for 2006-07.


SRI GANESH SPONGE: CRISIL Rates Rs. 487 Mil. Facilities at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of'BB+/Stable/P4' to the
various bank facilities of Sri Ganesh Sponge Iron Pvt Ltd (Sri
Ganesh).

Rs.135.0 Mil. Cash Credit Limits*#      BB+/Stable(Assigned)
Rs. 20.3 Mil. Stand-by Line of Credit*^ BB+/Stable(Assigned)
Rs.331.7 Mil. Term Loan Limits**        BB+/Stable(Assigned)
Rs.2.0 Mil. Bank Guarantee$             P4(Assigned)
Rs.8.0 Mil. Letter of Credit$           P4(Assigned)
Rs.1.5 Mil. Stand-by Line of Credit$    P4(Assigned)

* Interchangeable with each other
$ Interchangeable with each other
# Includes a proposed facility of Rs.85 Million
^ Includes a proposed facility of Rs12.8 Million
** Includes a proposed facility of Rs 247.5 Million

The ratings are constrained by the company's aggressive debt-
funded capital expenditure (capex) plans and its exposure to
fluctuations in prices of raw materials.  These weaknesses are
mitigated by the company's strong topline growth due to buoyancy
in the steel industry.

Outlook: Stable

CRISIL believes that Sri Ganesh will be able to maintain its
business profile on the back of improving operational efficiency
and buoyancy in the steel industry. However, the credit profile of
the company will continue to be restricted due to the debt-funded
capex plans.  The outlook may be revised to 'Positive' if the
company manages to stabilise its new capacities, improve
profitability, and also reduce the gearing.  Conversely, it could
be revised to 'Negative' if the company undertakes more-than-
expected capex and aggressively funds the same through debt,
leading to further deterioration in the debt protection measures.

                        About the Company

Sri Ganesh manufactures and sells sponge iron.  The company was
incorporated in 2001 by Mr. Laxmi Narayan Sharma and his two sons,
Mr. Mahesh Kumar and Mr. Ganesh Kumar.  At present, the company
has a 200-tonnes per day (tpd)-capacity sponge iron plant, and a
75-tonnes per hour (tph)-capacity iron ore crusher.  All the
facilities are located in Keonjhar district of Orissa.  In April
2008, the company set up 1.05-megawatt captive power plant to cut
its operational costs.

Sri Ganesh reported a profit after tax (PAT) of Rs.22.7 million on
net sales of Rs.402 million in 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.8 million on net
sales of Rs.241 million in the previous year.


TATA MOTORS: Gov't Compensation Offer Irks Opposition Party
-----------------------------------------------------------
Tata Motors Ltd.'s small car project, the Nano, faces further
delays as protesters plan to target the company again, demanding
the return of land set aside for the factory, Bloomberg News
reports.  The Nano was planned to be rolled out in October.

According to the report, the West Bengal state government on
September 13 assured  farmers the return of about 70 acres (28
hectares) of land already given to Tata Motors and its component-
makers and increase in cash payments by 50%, after the governor's
mediation.

Tata Motors expected positive response from the government's
compensation initiatives.

However, Partha Chatterjee, a party spokesman, told Bloomberg News
that Trinamool Congress, the political party opposed to the plant
being built on farmland in eastern India's West Bengal state,
won't accept a compensation package announced by the province and
threatened to resume demonstrations at the factory site in Singur,
near Kolkata.

The rejection of the new compensation offer re-ignites a protest
which was temporarily ended last week, after Gopal Krishna Gandhi,
the governor of West Bengal, mediated a truce between the
protesters and the state, the report says.

The offer, Bloomberg News relates, is not acceptable to the
Trinamool Congress, which is asking for the return of about 400
acres of land from the 997 acres the state government had given
Tata Motors.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, the protests, which began August 24, prompted Tata
Motors to suspend construction and commissioning work at the Nano
Plant.

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

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

Tata Motors said the decision was taken in order to ensure the
safety of its employees and contract labor.

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

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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



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

ATARI INC: Nasdaq to Complete Delisting of Stocks
-------------------------------------------------
The NASDAQ Stock Market stated that it will delist the common
stock of Atari Inc.  Atari Inc.'s stock was suspended on May 9,
2008, and has not traded on NASDAQ since that time.  NASDAQ will
file a Form 25 with the Securities and Exchange Commission to
complete the delisting.

The delisting becomes effective 10 days after the Form 25 is
filed.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31,
2008.  The auditor pointed to the company's significant
operating losses.



LEHMAN BROTHERS: Regulator Halts Japan Operations Until Sept. 26
----------------------------------------------------------------
Lehman Brothers Holdings Inc.'s main units in Japan, Lehman
Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc., filed
for bankruptcy, following its parent firm's bankruptcy filing in
the U.S., Bloomberg News reports.

The report relates that Teikoku Databank Limited said the units
filed for bankruptcy in Tokyo District Court yesterday, with about
JPY4 trillion (US$38 billion) in combined liabilities.

As reported by the Troubled Company Reporter on September 16,
2008, Lehman Brothers Holdings Inc. filed a petition under Chapter
11 of the U.S. Bankruptcy Code with the United States Bankruptcy
Court for the Southern District of New York early morning on
September 15.  The report said that none of the broker-dealer
subsidiaries or other subsidiaries of the were included in the
Chapter 11 filing and all of the broker-dealers will continue to
operate.

According to various reports, the Financial Services Agency,
Japan's financial watchdog, ordered Lehman Brothers Japan Inc. to
halt operations for 12 days.

According to Reuters, Lehman Brothers Japan was ordered to halt
operations, except for carrying out existing contracts or
returning assets to customers, from Sept. 15 to Sept. 26.  The
regulator, Reuters relates, had earlier told the Japanese unit to
retain assets equivalent to its liabilities in Japan, excluding
those liabilities owed to parties overseas.

According to the agency, the Japanese unit manages about JPY1.2
trillion worth of assets, mainly for institutional investors.

The regulator, Agence France-Presse relates, said it was taking
action to make sure "not to damage the benefits of creditors and
investors through the outflow of money from Lehman's assets to
overseas affiliated companies" following the bankruptcy.

Japan Daily News adds to this report that the Finance Ministry
also said it has decided to delist Lehman Brothers Japan as a
special market participant or primary dealer in the government
bond market for 11 days, starting Tuesday.

The Nikkei business Daily, AFP notes, said the regulator was also
in contact with US financial authorities and Japanese financial
institutions to assess the damage.  "The US authorities say they
will protect customers' assets.  We are analyzing a possible
effect" on the Japanese financial sector," AFP cited an anonymous
official at the watchdog as saying.

       Japan Not Considering Move on Lehman Bankruptcy

Japan's government isn't considering "additional" measures to
boost economic growth and stabilize markets after Lehman Brothers
Holdings's bankruptcy filing, Bloomberg News reports, citing Chief
Cabinet Secretary Nobutaka Machimura.

According to Japan Daily News, Financial Services Minister
Toshimitsu Motegi sought to allay fears by saying the impact on
Japanese financial institutions was limited.  "So far, we haven't
confirmed any signs that Japanese financial institutions are
seriously affected.   Officials will "raise alert levels" to
closely monitor the situation, he said, the same report relates.

Bloomberg News relates that Mr. Machimura said the bankruptcy will
have a "limited" effect on Japan's financial companies.  "It won't
affect Japanese financial institutions seriously," he said.

Mr. Machimura's remark, Bloomberg News points out, follows that of
ruling Liberal Democratic Party Acting Secretary-General Hiroyuki
Hosoda, who said the government should take "emergency economic
and fiscal measures" to restore confidence.

The Daily says Japan's central bank pumped JPY1.5 trillion into
money markets yesterday, even before trading began to prepare for
possible volatility.  The Bank of Japan also added another JPY1
trillion to money markets in the afternoon.

The Daily notes that Tokyo's Nikkei 225 index plunged more than
5%, falling under than 12,000-point level for the first time since
mid-March.  The dollar also nose-dived to 104 yen levels, the same
report adds.

The list of creditors attached to Lehman Brothers' bankruptcy
petition in the U.S. showed that seven of top 30 unsecured
creditors are Japanese banks:

         Japan Banks               Scheduled Debt
         -----------               --------------
         AOZORA Bank               US$463,000,000
         Shinesi Bank Ltd.            231,000,000
         UFJ Bank Limited             185,000,000
         Mizuho Corporate Bank         93,000,000
         Shinkin Central Bank          93,000,000
         Chuo Mitsui Trust & Banking   93,000,000
         Nippon LIfe Insurance Co.     46,000,000

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com -- serves
the financial needs of corporations, governments and
municipalities, institutional clients and high-net-worth
individuals worldwide.  The company provides an array of services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  The company operates three business segments:
Capital Markets, Investment Banking and Investment Management.
Lehman Brothers generates client-flow revenues from institutional,
corporate, government and high-net-worth clients by advising on
and structuring transactions; serving as a market maker and/or
intermediary in the global marketplace, including having
securities and other financial instrument products; originating
loans for distribution to clients in the securitization or
principals market; providing investment management and advisory
services, and acting as an underwriter to clients.


LEHMAN BROTHERS: Goes Belly-Up In Biggest Bankruptcy Ever
---------------------------------------------------------
Lehman Brothers Holdings Inc. filed a petition under Chapter 11 of
the U.S. Bankruptcy Code with the United States Bankruptcy Court
for the Southern District of New York early morning on September
15.

None of the broker-dealer subsidiaries or other subsidiaries of
LBHI were included in the Chapter 11 filing and all of the broker-
dealers will continue to operate. Customers of Lehman Brothers,
including customers of its wholly owned subsidiary, Neuberger
Berman Holdings, LLC, may continue to trade or take other actions
with respect to their accounts.

The Board of Directors of LBHI authorized the filing of the
Chapter 11 petition in order to protect its assets and maximize
value. In conjunction with the filing, LBHI intends to file a
variety of first day motions that will allow it to continue to
manage operations in the ordinary course. Those motions include
requests to make wage and salary payments and continue other
benefits to its employees.

Ian T. Lowitt, Lehman's chief financial officer, controller, and
executive vice president, said that Lehman was materially affected
by conditions in the global financial markets and worldwide
economic conditions.  For most of 2008, Lehman Brothers operated
in an extremely unfavorable global business environment.
"Conditions were characterized by a continued lack of liquidity in
the credit markets, significantly depressed volumes in most equity
markets, a widening in certain fixed income credit spreads
compared to the end of the 2007 fiscal year, and declining asset
values."

"The hardships," Mr. Lowitt continued, were compounded by slowed
growth in major economies as a result of declining business and
consumer confidence.  Global inflation rose amid slowing economic
growth.  Commodity prices rose significantly during the quarter,
with oil and gold reaching record levels, raising costs of
industrial production.  Central banks' concerns about exacerbating
inflationary conditions limited their ability to effect monetary
policies intended to provide liquidity within the markets."

For the quarter ending August 31, 2008, Lehman posted a
preliminary net loss of US$3.9 billion, compared to an US$887
million net income for the same quarter in 2007.  The US$3.9
billion loss, Bloomberg said, is Lehman's biggest loss in history.
For the quarter ended May 31, 2008, Lehman posted US$2.7 billion
in losses, and US$489 million in income for the quarter ended Feb.
29, 2008.  The net loss, according to a company statement, was
driven primarily by gross mark-to-market adjustments stemming from
writedowns on commercial and residential mortgage and real
estates.

LBHI is exploring the sale of its broker-dealer operations and is
in advanced discussions with a number of potential purchasers to
sell its Investment Management Division.  LBHI intends to pursue
those discussions as well as a number of other strategic
alternatives.

Neuberger Berman, LLC and Lehman Brothers Asset Management will
continue to conduct business as usual and will not be subject to
the bankruptcy case of its parent, and its portfolio management,
research and operating functions remain intact. In addition, fully
paid securities of customers of Neuberger Berman
are segregated from the assets of Lehman Brothers and are not
subject to the claims of Lehman Brothers Holdings' creditors.

Sean Egan of Egan-Jones rating agency, says Lehman's bankruptcy
"wo[n]'t have as big an impact" as the bankruptcy of Fannie Mae
or Freddie Mac, Bear Stearns Cos., or Countrywide Financial Corp.
would have had.  "What the market has been telling us is that
Lehman's equity and assets don't cover its liabilities, so the
debt isn't worth 100 cents on the dollar," Mr. Egan said.  "That
means credit default swaps on Lehman's debt will be triggered."

Martin Bienenstock, Esq., a prominent corporate restructuring
lawyer at Dewey & LeBeouf, who represents several Lehman
creditors, told Bloomberg that, in the short term, there will
regrettably be losers including creditors, investors and the
capital markets."

The International Swaps and Derivatives Association, according to
WSJ, said a "netting trading session" took place between 2:00
p.m. and 6:00 p.m. Sunday night, to reduce risks associated with
Lehman's bankruptcy.

In its bankruptcy petition, Lehman estimated that funds will be
available for unsecured creditors.  Lehman believes that it has
more than 100,000 creditors.

Senior unsecured debt-holders of Lehman may receive 60 cents to
80 cents on the dollar in a bankruptcy filing, research firm
CreditSights said Sept. 14.  Early quotations on Lehman senior
debt show the bonds trading in the 32 cents to 35 cents range,
CreditSights said.  Secured creditors could receive 100%
recovery, according to analyst David Hendler, who co-authored the
report.  Lehman owes US$149 billion in bond debt.

                     Possible Liquidation

Bloomberg said Lehman has access to a lending facility for
brokers that would permit an orderly process for unwinding the
firm.  A group of banks, Bloomberg said, citing people familiar
with the matter, is also negotiating a fund to lend to troubled
financial firms and shore up investor confidence.

The WSJ said many Wall Street firms conceded that a liquidation
of Lehman's assets likely would proceed in an orderly fashion.  A
liquidation of Lehman's assets would allow other firms to quickly
buy real estate, securities, and other investments, preventing
the assets from flooding the market.  Because of this, the WSJ
said some participants in the Fed talks decided that "liquidation
was no worse an option that selling Lehman to a buyer such as
Barclays."

"There will be an orderly wind down," the WSJ quoted one
unidentified banker involved in the matter as saying.  "This was
the default option. It happens when you have no buyer."  The WSJ
further said that the outside firms decided that instead of
making guarantees for Barclays or some other purchaser of Lehman,
they would prefer to pool their resources and buy the assets
themselves, taking on the risks and carrying costs, along with
the possibility of profiting down the road.  Those firms, the WSJ
said, would likely then buy assets such as mortgage-backed
securities, leveraged loans, private-equity positions and
investments in real estate or hedge funds.

                Talks Continue with Barclays PLC

Lehman Brothers was negotiating on Monday a last-minute plan to
sell its assets to Barclays PLC, before too many workers and
clients leave the company, which could cause the assets' value to
decline, Jeffrey McCracken, Matthew Karnitschnig, Carrick
Mollenkamp, and Susanne Craig at the Wall Street Journal reports.

A person involved in the talks said that Barclays Americas
chairperson Archibald Cox was leading the talks, and an agreement
is hoped to be reached today, Sept. 16, WSJ reports.

The planned sale, says WSJ, would fold Lehman's core business --
underwriting stocks and bonds, providing merger advice, and
securities trading -- into Barclays. "The assets will be moved as
soon as possible," WSJ quoted a person working on the Lehman
bankruptcy.

Barclays was not expected to take on Lehman's operations in Europe
and Asia, WSJ relates.

According to WSJ, Barclays held discussions about buying Lehman
before the bankruptcy filing. Barclays remains interested in
Lehman's U.S. broker-dealer unit, WSJ states.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

As of May 31, 2008, the Company's consolidated assets totaled
approximately US$639 billion, and its consolidated liabilities
totaled US$613 billion.

Lehman's bankruptcy petition listed US$639 billion in assets and
US$613 billion in debts, effectively making the firm's bankruptcy
filing the largest in U.S. history.  The September 15 Chapter 11
filing by Lehman Brothers Holdings, Inc., does not include any of
its subsidiaries.


LEHMAN BROTHERS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                  company serves the financial needs of
                  corporations, governments and municipalities,
                  institutional clients, and high net worth
                  individuals worldwide.  Founded in 1850, Lehman
                  Brothers is involved in equity and fixed income
                  sales, trading and research, investment banking,
                  private investment management, asset management
                  and private equity.  The company operates in
                  three segments: Capital Markets, Investment
                  Banking, and Investment Management.  It has
                  regional headquarters in London and Tokyo, and
                  operates in a network of offices around the
                  world.  It has about 28,000  full-time
                  employees.

               See: http://www.lehman.com/

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

The Debtor's financial condition as of May 31, 2008:

Total Assets: US$639 billion

Total Debts: US$613 billion

Debtor's 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Citibank, N.A., as indenture   bond debt
US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York           bond debt
US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                       letter of credit
US$100,000,000
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan          US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan          US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan          US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan           US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit    US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan           US$59,000,000
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan           US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan           US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan           US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan           US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit    US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan           US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan           US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan           US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan           US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit    US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit    US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan           US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800


LEHMAN BROTHERS: Fitch Puts Ratings at 'D' After Bankruptcy Filing
------------------------------------------------------------------
Fitch Ratings has downgraded the long- and short-term Issuer
Default Ratings and outstanding debt ratings of Lehman Brothers
Holdings Inc, parent of Lehman Brothers Inc. and other
subsidiaries as:

-- Long-term IDR to 'D' from 'A+';
-- Short-term IDR to 'D' from 'F1';
-- Senior debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A'.

Fitch has also removed LBHI's long- and short-term ratings from
Rating Watch Negative, where they were originally placed on
Sept. 9.  The rating action follows LBHI's declaration of
bankruptcy.  The ratings of the subsidiaries will remain on Rating
Watch Negative and will likely be downgraded as additional
information becomes available.

LBHI's declaration of bankruptcy results from an inability to
raise additional capital or effect a merger in the very near term.
Liquidity has become constrained extremely limiting flexibility,
particularly for its UK broker-dealer, Lehman Brothers Holdings,
plc.  LBHI is expected to explore the sale of several divisions
and or subsidiaries including the investment management division
which owns Neuberger Berman, the former Lincoln Capital and equity
interests in GLG, Spinnaker and DE Shaw.  Execution of the
proposed structural sales and changes as discussed on LBHI's
third-quarter 2008 earnings call are not likely to be executed.

LBHI posted a net operating loss nine months year-to-date of
US$6.2 billion or (US$10.81) per share. Offsetting these
cumulative
losses have been share raises of US$4 billion of common equity and
US$4 billion of preferred debt which serve to cushion senior debt
holders from any future losses.  The mark to market nature of
securities firms' assets result in regularly updated valuations.

Fitch expects the liquidation and lack of financing by
counterparties to reduce the most recent valuation of these
assets, particularly the US$17 billion of residential related
securities and whole loans, and the US$37 billion of commercial
real
estate exposures.  However, an orderly liquidation should provide
substantive cash for recovery at the senior level.  At this time,
Fitch expects limited to no recovery at the subordinated and
preferred debt levels at LBHI.

Fitch will evaluate ratings of various subsidiaries over the next
few days with an expectation of downgrades of long-term IDRs of
'CCC' for Lehman Brothers Inc., Lehman Brothers Holdings, plc and
Lehman Brothers International (Europe).  By law, broker dealer
subsidiaries are not subject to bankruptcy but in turn face
liquidation.  Fitch believes Lehman Brothers Inc, its US broker
dealer, will continue to operate for some time.  Eventual default
remains a real possibility.

LBHI's bank subsidiaries, Lehman Brothers Bank, FSB, Lehman
Brothers Commercial Bank and Lehman Brothers Bankhaus AG will also
be downgraded; however debt is expected to remain more highly
rated than the broker-dealer subsidiaries.  US based regulated
entities will be protected from cash outflows to the parent.  The
vast majority of deposits are brokered retail deposits and all
below US$100,000.  Uninsured deposits, while minimal, are expected
to be protected by the well-capitalized status of the
institutions.

Borrowings at Lehman Brothers Bank, FSB are largely from the
Federal Home Loan Bank System, and secured by mortgage collateral.
Both bank entities have an ability to put weakened assets back to
LBHI which will protect their capital base, but increase loss
potential for unsecured creditors of LBHI.

Fitch has downgraded these ratings:

Lehman Brothers Holdings Inc.
-- Long-term IDR to 'D' from 'A+';
-- Long-term senior to 'CCC' from 'A+';
-- Senior unsecured debt to 'CCC' from 'A+';
-- Subordinated debt to 'C' from 'A';
-- Preferred stock to 'C' from 'A';
-- Short-term IDR to 'D' from 'F1';
-- Short term debt to 'D' from 'F1';
-- Individual to 'F' from 'B/C'.

All support ratings of subsidiaries are downgraded from '1' to
'5'.

Lehman Brothers Holdings Capital Trust III - VII
-- Preferred stock to 'C' from 'A'.

Lehman Brothers UK Capital Trust LP, II and III
-- Preferred stock to 'C' from 'A'.

Lehman Brothers E-Capital Trust I
-- Preferred stock to 'C' from 'A'.

Fitch has also affirmed these ratings:

Lehman Brothers Holdings Inc.
-- Support at '5';
-- Support Floor at 'NF'.


LEHMAN BROTHERS: Parent's Bankruptcy Cues Fitch to Review Units
---------------------------------------------------------------
Following its rating downgrade of Lehman Brothers Holdings Inc.'s
long- and short-term Issuer Default Ratings to 'D' on its
declaration of bankruptcy, Fitch Ratings is reviewing LBHI and
subsidiaries' counterparty exposure in global structured finance
transactions.  Credit default swap counterparty, eligible security
and reference entity exposure will be discussed in a separate
commentary to be issued shortly by Fitch.

In addition to those actions, Fitch is evaluating ratings of
various LBHI subsidiaries, the long term IDRs of which were also
downgraded by Fitch.  The subsidiaries include:

-- Lehman Brothers Inc.;
-- Lehman Brothers Holdings, plc;
-- Lehman Brothers International (Europe);
-- Lehman Brothers Bank, FSB;
-- Lehman Brothers Commercial Bank.

Counterparty risk in SF transactions is subject to Fitch's
criteria for hedge counterparties.  For SF transactions rated
'BBB+' or higher with counterparties that are downgraded to below
'BBB+/F2', Fitch expects that the actions of choice by the issuer
should be to replace the counterparty or arrange for the hedge
obligations to be guaranteed by a rated entity that is consistent
with Fitch's criteria.  During the time a replacement or guarantor
is sought, Fitch expects collateral to be posted as a measure of
protection.

Fitch's hedge counterparty criteria provides for a 30-day cure
period before a security is placed on Rating Watch Negative
following a counterparty downgrade.  However given the severity of
the downgrades to LBHI and its subsidiaries, Fitch will move more
quickly to indicate which structured finance transactions are at
risk of downgrade, should no replacement counterparty or guarantor
assume Lehman's hedge obligations.  Fitch will provide lists of
transactions in the U.S., EMEA and Asia with exposure to the
various Lehman entities over the next few days.

The resolution of the Rating Watch Negative status will reflect
the rating of the specific counterparty, terms of the hedge
contract, the likelihood of cure, and when a cure is not expected,
analysis of transactions cash flows without benefit of existing
hedges.


LEHMAN BROTHERS: Fitch Cuts Ratings of Units, Keeps Neg. Watch
--------------------------------------------------------------
Fitch Ratings downgraded all subsidiary ratings of various
entities owned by Lehman Brothers Holdings Inc.  LBHI filed a
voluntary bankruptcy on Sept. 14, 2008 which excluded all
subsidiaries.  At this time, rating actions vary considerably by
subsidiary as regulatory actions are expected to occur to preserve
capital for specific constituencies.  Recovery ratings will be
assigned over the next few days.  Rating actions are listed
throughout this comment.

Lehman Brothers Inc.
-- Long-term Issuer Default Rating from 'A+' to 'B';
-- Long-term senior from 'A+' to 'B';
-- Senior unsecured debt from 'A+' to 'B';
-- Subordinated debt from 'A' to 'B-';
-- Short-term IDR 'F1' to 'B';
-- Short term debt 'F1' to 'B';
-- Individual from 'B/C' to D/E';
-- Ratings Remain on Rating Watch Negative
-- Recovery Ratings to be assigned.

Lehman Brothers Inc, a U.S. broker/dealer, continues to operate
and meet ongoing maturities.  However, liquidity is expected to
deteriorate quickly if a sale is not announced over the next few
days.  LBI remains eligible for financing of select assets by the
Federal Reserve under the existing primary dealer facilities and
term securities funding vehicles.  LBI could face liquidation
under Chapter 7 or the Securities Investor Protection Act by U.S.
law. Ratings remain on Rating Watch Negative.

Lehman Brothers Holdings plc
-- Long-term IDR from 'A+' to 'D';
-- Long-term senior from 'A+' to 'CCC';
-- Senior unsecured debt from 'A+' to 'CCC';
-- Subordinated debt from 'A' to 'C';
-- Short-term IDR 'F1' to 'D';
-- Short term debt 'F1' to 'C'
-- Individual from 'B/C' to 'F';
-- Ratings removed from Rating Watch Negative;
-- Recovery ratings to be assigned.

Lehman Brothers Holdings plc is an interim holding company that
owns equity in several European subsidiaries.  It is the issuer
and subordinated guarantor of several junior preferred securities
that are also fully guaranteed by the parent, LBHI and have been
previously downgraded.  There is minimal to no recovery expected
for preferred and subordinated debt.

Lehman Brothers International (Europe)
-- Long-term IDR from 'A+' to 'D';
-- Short-term IDR 'F1' to 'D';
-- Ratings removed from Rating Watch Negative.

Lehman Brothers International (Europe) has been placed into
administration following LBHI's failure to attest to its solvency.
The administrator has broad powers to validate contracts and make
payments as it wishes.  There is no long -term debt outstanding.
Ratings reflect short-term payables and debt outstanding although
a majority of the debt is received from affiliates including
parent, LBHI.

Lehman Brothers Bank, FSB
-- Long-term IDR from 'A+' to 'BB';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term IDR 'F1' to 'F3';
-- Short-term deposits from 'F1+' to 'F3;
-- Subordinated debt from A to 'BB-'
-- Individual from B/C to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers FSB retains a significant portion of Lehman's
residential mortgage exposures and obtain funding via brokered
certificates of deposit and the Federal Home Loan Bank.  At
June 30, 2008, the thrift remained well-capitalized under
regulatory standards with a majority of funding from retail
deposits.  Subordinated debt is intercompany and provides
additional regulatory capital.  Fitch believes regulators will
step in and prevent any cash flows to the parent until all
deposits and funding is repaid. The strong capitalization provides
material protection of funding.

Lehman Brothers Commercial Bank
-- Long-term IDR from 'A+' to 'BB';
-- Short-term IDR 'F1' to 'F3';
-- Long-term deposits from 'AA-' to 'BBB-';
-- Short-term deposits from 'F1+' to 'F3';
-- Individual from 'B/C' to 'D';
-- Ratings remain on Rating Watch Negative.

Lehman Brothers Commercial Bank is an industrial loan company with
very limited borrowings.  Two-thirds of its assets are supported
by retail brokered deposits.  Assets are highly liquid securities
and high grade commercial loans.  While ratings are tied directly
to the Lehman franchise, the bank remains well capitalized under
regulatory standards and is expected to liquidate in an orderly
fashion and return excess capital to the parent, LBHI.

LBHI posted a net operating loss 9MYTD of US$6.2 billion or
(US$10.81) per share.  Offsetting these cumulative losses has been
share raises of US$4 billion of common equity and US$4 billion of
preferred debt which serve to cushion senior debt holders from any
future losses.  The mark to market nature of securities firms'
assets result in regularly updated valuations.  Fitch expects the
potential for forced liquidation as a result of the lack of
available financing by counterparties will reduce the most recent
valuation of these assets, particularly the US$17 billion of
residential related securities and whole loans, and the
US$37 billion of commercial real estate exposures.

However, an orderly liquidation should provide material cash for
recovery at the senior level.  At this time, Fitch expects limited
to no recovery at the subordinated and preferred debt levels at
LBHI.


LEHMAN BROTHERS: Moody's Junks Debt Ratings; To Undertake Review
----------------------------------------------------------------
Moody's Investors Service downgraded the senior ratings of Lehman
Brothers Holdings Inc., and those of certain guaranteed
subsidiaries, to B3 from A2.  The firm's subordinated debt was
downgraded to Caa2 from A3, and its preferred stock to Ca from
Baa1.  The senior long-term rating of Lehman Brothers Inc. was
lowered to B1 from A1 and subordinated debt to B3 from A2.  The
short-term ratings for all rated Lehman entities were lowered to
Not-Prime from Prime-1.

All long-term ratings were placed on review for possible further
downgrade.  The rating action follows the collapse in market
confidence in the firm, and Lehman's announcement that it was
filing for Chapter 11 bankruptcy protection after its failure to
reach a merger agreement with a stronger strategic partner.
According to Lehman, none of the firm's broker-dealer subsidiaries
or other subsidiaries of LBHI will be included in the Chapter 11
filing.

On September 10, 2008, Moody's placed Lehman on review with
direction uncertain, reflecting the deterioration of Lehman's
situation, as well as the assessment of the possibility of a
strategic transaction that would add support to the ratings.
Moody's noted in the September 10 rating action that should a
strategic arrangement fail to materialize in the near term,
Lehman's ratings would be downgraded, likely into the Baa
category, with the ratings continuing on review for possible
downgrade.  However, the credit deterioration at Lehman has been
far sharper than anticipated, with LBHI's pending bankruptcy
filing driving the extent of the rating downgrade.

Moody's said that the B3 rating on LBHI senior obligations
reflects Moody's expectations that the financial regulators will
look to achieve an orderly wind-down of the firm that should help
support existing asset value coverage for senior creditors.  The
higher B1 rating on Lehman Brothers Inc. reflects the regulated
entity's primary broker-dealer status and higher quality balance
sheet relative to unregulated entities.  Nevertheless, the
extended time expected to affect such a wind-down brings
uncertainty as to ultimate asset value realizations.  Within the
review period Moody's will assess the potential for recovery for
various securities across Lehman's capital structure.

The ratings of the following Lehman subsidiaries are based upon
the quality of the guarantee from LBHI and do not reflect the
intrinsic quality of the balance sheets of these rated entities.

-- Lehman Brothers International (Europe),
-- Lehman Brothers OTC Derivatives Inc.,
-- Lehman Brothers Special Financing Inc.,
-- Lehman Brothers Bank, FSB,
-- Lehman Brothers Commercial Bank,
-- Lehman Brothers Bankhaus AG,
-- Lehman Brothers Treasury Co,B.V.

Moody's also said that the Caa2 rating on junior subordinated
obligations and the Ca rating on preferred stock reflect higher
loss expectations for these securities as Lehman's operations are
wound down and asset liquidations occur.

Lehman Brothers Holdings Inc. is a global investment bank and
financial services firm headquartered in New York, NY with total
stockholders equity of approximately US$28.4 billion and
US$143 billion of long-term capital at August 31, 2008.

The long-term and short-term ratings of Lehman Brothers Holdings
Inc. and its subsidiaries were downgraded.  The following is a
list of Lehman's major operating subsidiaries:

* Lehman Brothers Holdings Inc. -- long-term issuer rating to B3
   from A2; subordinate rating to Caa2 from A3; preferred rating
   to Ca from Baa1; commercial paper rating to Non-Prime from
   P-1; long-term ratings placed on review for possible
   downgrade.

* Lehman Brothers, Inc. -- long-term issuer rating to B1 from
   A1; subordinate rating to B3 from A2; commercial paper rating
   to Non-Prime from P-1; long-term ratings placed on review for
   possible downgrade.

* Lehman Brothers Bank, FSB -- long-term deposit rating to B3
   from A2; short-term deposit rating to Non-Prime from P-1;
   long-term ratings placed on review for possible downgrade.


LEHMAN BROTHERS: S&P Downgrades Credit Rating to 'SD' from 'A'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Lehman Brothers Holdings Inc. to
'SD' (selective default, meaning payments may not be made on some
financial obligations), from 'A'.  S&P also removed the rating
from CreditWatch, where it had been placed with developing
implications on Sept. 12, 2008.

The downgrade followed S&P's lowering of Lehman's preferred stock
issues to 'D' from 'BBB+'.  At the same time, S&P lowered Lehman's
senior unsecured debt issues to 'CCC-' from 'A', and its
subordinated debt issues to 'C' from 'A-'.  The issue ratings
remain on CreditWatch where they were placed on Sept. 12, 2008,
but S&P have changed the implications to negative from developing.

Meanwhile, S&P lowered the long-term counterparty credit and issue
ratings on most of Lehman's other subsidiaries to 'BB-'.  These
ratings remain on CreditWatch with developing implications, which
means that S&P could raise, affirm, or lower the ratings.

In addition, S&P lowered the long-term counterparty ratings on
Lehman Brothers International (Europe) and Lehman Brothers
Holdings PLC to 'R', signifying that regulators have taken over
these entities, from 'A'.  S&P removed the ratings from
CreditWatch, where they had been placed with developing
implications on Sept. 12, 2008.

"These rating actions follow Lehman Brothers Holdings Inc., the
parent/holding company of the Lehman Brothers group, filing for
Chapter 11 bankruptcy protection," said Standard & Poor's credit
analyst Scott Sprinzen.  "No other Lehman subsidiary has been
included in the filing.  At this time, it is not clear whether
Lehman will default on its holding company senior and subordinated
debt obligations. But we assume Lehman is highly likely to
discontinue payments on its hybrid capital issues."

It is also uncertain whether the Chapter 11 proceedings will
ultimately include some of Lehman's affiliates in the U.S. and in
other countries or whether regulators will take over those
entities.  Ten securities firms and banks reportedly have access
to a US$70 billion "club" borrowing facility, which should help to
stabilize the financial markets, while the Federal Reserve has
broadened the collateral eligible to be used under the Primary
Dealer Credit Facility.

"Standard & Poor's will continue to monitor the situation closely
and make additional rating changes as further information about
Lehman's reorganization becomes available," said Mr. Sprinzen.

Lehman's Chapter 11 filing followed a precipitous decline in
confidence on the part of creditors, counterparties, and clients,
with severe ramifications for its ability to fund its operations.
This faltering confidence is attributable, in part, to the
company's large holdings of commercial real estate, and
residential mortgages and mortgage-backed securities--and
uncertainty regarding their value--which therefore served as a
magnet for negative market sentiment in the current difficult
environment.


MAZDA MOTOR: To Raise Vehicle Prices on Soaring Raw Material Costs
------------------------------------------------------------------
Mazda Motor Corporation will increase the prices of some of its
commercial vehicles in Japan due to increasing raw material costs,
Jiji Press reports.

The Wall Street Journal relates that the company, the Japanese
affiliate of Ford Motor Co., will raise the prices on four
commercial models by 2.8% to 3% beginning Oct. 1.

According to the Press, Mazda will increase the prices of the
Bongo, Titan Dash, and Familia Van from Oct. 1, and its Titan
trucks from Nov. 1 by JPY35,000 to JPY144,000.  It will be Mazda's
first markups since 1974 without model changeovers, the same
report notes.

Mazda officials, the Press relates, said the price changes for the
Familia Van and Titan trucks, supplied by Nissan and Isuzu Motors
Ltd. under separate original equipment manufacturer contracts,
will result from the price hikes by the suppliers.

Toyota Motor Corp. and Nissan Motor Co. have also raised prices.
Honda Motor Co. is the only one that has resisted.

According to WSJ, Japanese car makers raised prices in some
overseas markets this year as higher prices of steel and other raw
materials needed to build cars are squeezing their profitability.
However, WSJ says, the auto firms had been cautious that Japanese
customers wouldn't easily accept price increases as Japanese
companies usually raises domestic prices only when they redesign
existing models.

The firms are also concerned that price increases could further
reduce consumer appetite in the domestic market, where auto sales
will likely fall to the lowest level in decades this year, WSJ
says.

However, Mazda's price increases will likely do little to help its
bottom line, as annual sales of those models account for just 2%
of its global auto sales, WSJ notes.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6
-----------------------------------------------------------------
A hearing to confirm the reorganization plan of Portola Packaging
Inc. and its debtor-affiliates is set for Oct. 6, 2008.  Objection
deadline is Sept. 29, 2008, and the reply date (if any) is Oct. 3,
2008.

The Troubled Company Reporter said on Sept. 1, 2008, that in
connection with the Debtors' bankruptcy filing, the Debtors
confirmed that all of its secured lenders and holders of
approximately 90% in aggregate principal amount of its 8-1/4%
Senior Notes due 2012 agreed to a voluntary and consensual
restructuring of the company pursuant to the restructuring support
agreement dated July 24, 2008.  Pursuant to the proposed plan of
reorganization, holders of the Senior Notes will receive 100% of
the common stock of reorganized Portola in exchange for their
claims.

The company reached agreement with its existing secured lenders
to provide the Company with debtor-in-possession financing of
US$79 million to pay off the outstanding indebtedness under the
company's existing secured facilities and to finance its ongoing
operations.

                   About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.

The company and 6 of its debtor-affiliates filed for Chapter 11
reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No.
08-12001).  Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean
T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent
the Debtors as counsel.  When the Debtors filed for protection
from their creditors, they listed assets of between US$50 million
and US$100 million, and debts of between US$100 million and
US$500 million.  The company has locations in China, Mexico and
Belgium.



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

DAEWOO ELECTRONIC: Spin Offs Entire Stake in Joint Venture Company
------------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has disposed its entire 40%
stake in its Korea-based joint venture company, which is mainly
engaged in manufacturing and sale of electronic and automobile
devices, for KRW200 million, effective September 8, 2008, Reuters
reports.

According to the report, its subsidiary company has also disposed
its entire 60% stake in the joint venture company, for KRW300
million.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


JEONBUK BANK: Samyang & Affiliate Becomes Largest Shareholders
--------------------------------------------------------------
Jeonbuk Bank Limited's largest shareholders have been changed to
Samyang Corporation and its an affiliate from KTB 2007 Private
Equity Fund, effective September 8, 2008, Reuters reports.

According to the report, following the transaction, Samyang
Corporation and the affiliate hold a combined total of 11.99%
stake in the company.

Jeonju-si, Jeollabuk-do, Korea-based Jeonbuk Bank --
http://www.jbbank.co.kr/-- provides commercial and retail
banking services mainly to the Jeonbuk province in South Korea.
The Bank's services include deposits, loans, credit cards,
foreign exchange, trust accounts, corporate loans, telebanking,
and Internet banking.

                       *     *     *

The company continues to carry Moody's Investors Service gave D+
bank financial strength rating.


HYNIX SEMICONDUCTOR: Conducts Joint Research w/ Samsung Electronic
------------------------------------------------------------------
Hynix Semiconductor Inc. and Samsung Electronics Co. will begin
joint research on next-generation semiconductors in January next
year, a move intended to help South Korea stay ahead in
intensifying global competition, Asia Pulse reports, citing the
Korean government.

The two companies, the report relates, will invest a total of
KRW24 billion (US$21.8 million) over the next four years to
develop futuristic chips.  The government will pick up half of the
envisioned investment, according to the Ministry of Knowledge
Economy, the report says.

The ministry expects to use the technologies to grab 40% of the
non-volatile memory market by 2012, the report points out.

The Pulse notes that the cooperation comes as South Korea's tech
giants have been facing mounting challenges from rivals in Japan
and China.

                 About Hynix Semiconductor

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
===============

CNLT (FAR EAST): Has Until March 10 to Submit Regularization Plans
------------------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to grant a further
extension of time until March 10, 2009, for CNLT (Far East) Berhad
to submit its regularization plans to the Securities Commission
and other relevant authorities for approval.

In the event CNLT fails to submit the regularization plans by
March 10, Bursa Securities will consider any written
representations that are filed by the company, provided that the
same is made within five market days from the expiry of the
further extended timeframe and then proceed to decide on whether
the securities of the company should be de-listed from the
Official List of Bursa Securities.

In the event the company has submitted the regularization plans to
the Approving Authorities for approval by March 10, Bursa
Securities will proceed to de-list the securities of the company
if:

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

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

   * the company fails to implement its regularization plans
     within the time frame or extended time frames stipulated by
     the Approving Authorities.

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

                  About CNLT (Far East) Berhad

CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn.  Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel.  The company
operates in Malaysia and Senegal.

                          *     *     *

The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.


MERGE ENERGY: Posts MYR2.36 Mil. Net Profit in Qtr. Ended July 31
-----------------------------------------------------------------
In a filing with the Bursa Stock Exchange, Merge Energy Berhad
disclosed that it incurred MYR2.36 million net profit on
MYR32.06 million of revenues in the second quarter ended July 31,
2008, as compared with MYR1.42 million net profit on
MYR19.08 million of revenues recorded in the same quarter of 2007.

As of July 31, 2008, the company's balance sheet showed
MYR98.5 million of total assets and MYR53.40 million of total
liabilities, resulting in a shareholders' equity of
MYR45.09 million.

                        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.

                        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.

As of September 15, 2008, the company's board of directors
instructed Alliance Investment Bank Berhad to pass the approved
revised Regularization Plan to the Securities Commission.


NIKKO ELECTRONICS: Court Orders to Appoint Provisional Liquidator
-----------------------------------------------------------------
On September 11, 2008, the High Court of Malaya entered an order
to appoint Dato' Robert Teo Keng Tuan of RSM NWT Advisory Services
Sdn Bhd as the company's provisional liquidator.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by Cheong Wai
Meng & Van Buerle, acting for Ishikawa Spring (Malaysia) Sdn Bhd.

Ishikawa Spring demanded Nikko to pay MYR201,194.67 for the supply
of goods.  Nikko was given 21 days to settle outstanding debts,
which the company has failed to do so.  Thus, a wind-up petition
was served against the company.

                          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.


NIKKO ELECTRONICS: Defaults on MYR1.29 Mil. Acceptance Facilities
-----------------------------------------------------------------
Nikko Electronics Berhad defaulted on MYR1.29 million bankers'
acceptance facilities, which was due on September 12, 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
loss making 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.


WEMBLEY INDUSTRIES: Bourse Delists Securities
---------------------------------------------
The securities of Wembley Industries Holdings Berhad, a PN4
company, will be removed from the Official List of Bursa Malaysia
Securities Berhad with effect from 9:00 a.m. on September 15,
2008.

Bursa Securities disclosed on August 22, 2008, that the Court of
Appeal had dismissed the company's appeal against the High Court's
decision to disallow Wembley's application for an injunction to
restrain Bursa Securities from de-listing the company.

Wembley has submitted an application for leave to appeal to the
Federal Court against the Court of Appeal's decision and the
Federal Court rejected Wembley's application.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.



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

BLUE CHIP: Bianco Investors Files Injunction Against Developer
--------------------------------------------------------------
About 50 Blue Chip investors who signed to buy 90 units in
Auckland's new Bianco twin towers got a temporary reprieve in
court Wednesday, Sept. 10, 2008, The New Zealand Herald reports.

According to the Herald, Neil Hickman and others, applied for an
interim injunction against Turn & Wave to stop the release of
their deposits for the units.

Mr. Hickman, the Herald relates, is a British investment banker
who sank NZ$1.7 million into 19 Blue Chip apartments as part of
his application for New Zealand residency.

Barristers representing the said investors, Paul Dale and Daniel
Grove, went to Justice Christopher Allen in the High Court at
Auckland on Wednesday, Sept. 10, 2008, the Herald says.

Mr. Grove said a two-week adjournment was agreed to after
representatives of Turn & Wave said they would take no immediate
action on the deposits in the meantime.  The money will stay in
the trust account and the case is called again on September 24,
the Herald notes.

Kris Hall of The Dominion Post relates that the 157-unit Bianco -
funded by Westpac and Boston Finance - is the second of five
Auckland apartment projects to go to the courts.

The Herald says the blocks are nearly finished, triggering the
transfer of the deposits and the completion of deals struck before
Blue Chip collapsed, owing at least 2000 people more than NZ$80
million.

The investors plan to dispute contracts they signed to settle on
the apartments, questioning promises made to them about values and
the validity of contracts, the Herald relates.

Meanwhile, the Post says Blue Chip liquidator Meltzer Mason Heath
revealed it had recouped just over NZ$456,000 from 17 companies to
date, including Lanark, which sold properties in Bianco.
Deductions, however, whittled funds down to a little over
NZ$57,000.

The liquidators reported on ART Apartments, Auckland Residential
Tenancies, Bribanc Property Group, Art Apartments (2006), Blue
chip Joint Ventures, Blue Jay Holdings, Blue Sky Holdings, Denby,
Ilminster, Kingsley, Lanark, LTS, McKeffry, Pendale, Strowan and
The Landings Management Services.

According to the Herald, citing reports from liquidator Lloyd
Hayward, the companies went into liquidation on either February 8
or 12 and were all part of the group operating as the NZ franchise
of Blue Chip Financial Solutions, now known as Northern Crest
Investments.

                       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.


BRIDGECORP: Borrower Misrepresents Assets, Receiver Says
--------------------------------------------------------
Investors in the Australian arm of Bridgecorp Ltd have been told
Craig McDermott might have misrepresented his personal assets when
taking out a multimillion-dollar loan, The National Business
Review reports.

According to the report, citing Sydney Morning Herald, the
investors' main chance of recovering their investments was in
clawing back money from Mr. McDermott, who owed the lender AU$19.6
million (NZ$24.4 million).

The Business Review recounts that in a statement in 2005 to
Bridgecorp Finance, Mr. McDermott said he owned his AU$7.5 million
Gold Coast mansion among total assets of AU$20 million.

But, the report relates, Mr. McDermott has told the receiver that
the house, along with millions of dollars in jewelery, furniture
and property investments, belongs to his wife, Ann-Maree.

On Thursday, Sept. 11, 2008, receiver Brian Silvia, of Ferrier
Green Krejci Silvia, sent a letter to the company's investors
about Mr. McDermott's apparent misrepresentation.

Mr. Silvia said that the return to secured debenture holders of
the company, which went into receivership last year, would be
between AU2.6 cents and AU27.8 cents in the dollar.

According to the Business Review, Mr. McDermott declared himself
bankrupt in June, listing his occupation as unemployed.  His
property development company, Maxen Developments, is in
liquidation.

                       About Bridgecorp Ltd

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


COMMERCIAL & INDUSTRIAL: Proofs of Debt Due on September 30
-----------------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Commercial & Industrial Finance Limited placed the
company under liquidation and appointed Andrew John McKay and John
Joseph Cregten, of Auckland, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


DEVERY DRAINAGE: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Invercargill held a hearing on Sept. 10, 2008,
to consider an application putting Devery Drainage and Earthworks
Limited into liquidation.

The application was filed on July 17, 2008, by New Zealand
Tractors Limited.

The plaintiff's address for service is at:

          Meares Williams
          Solicitors
          Level 6, Landsborough House
          287 Durham Street (PO Box 660)
          Christchurch
          Telephone: (03) 379 0059
          Facsimile: (03) 366 6299

R. S. Brown is the plaintiff's solicitor.


FP ADMINISTRATION: Proofs of Debt Due on September 30
-----------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of FP Administration Services Limited placed the
company under liquidation and appointed Andrew John McKay and John
Joseph Cregten, of Auckland, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


FP ADVISORY: Proofs of Debt Due on September 30
-----------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of FP Advisory Limited placed the company under
liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


FP DUNEDIN: Proofs of Debt Due on September 30
----------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of FP Dunedin Limited placed the company under
liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


LE RUE: Parsons and Kenealy Appointed as Liquidators
----------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
liquidators of Le Rue Foods 2002 Limited on Aug. 18, 2008.

The liquidators can be reached at:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton, New Zealand
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


PLATINUM PLASTERING: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Auckland convened a hearing on Sept. 11, 2008,
to consider an application putting Platinum Plastering Systems
Limited into liquidation.

The application was filed on May 13, 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.


PLUS SMS: Christopher Tiensch Resigns as CEO & Chairman
-------------------------------------------------------
Plus SMS Holdings Limited disclosed that its CEO and Chairman,
Christopher Tiensch, has resigned immediately as Chairman and
Director and has given the company six months notice of his
intention to resign from his roles a Chief Executive Officer.

Les Coates has also resigned as the company's Secretary with
immediate effect and given the company six months notice of his
intention to resign from his role as Chief Financial Officer.

Robert K. Hunter has been appointed to the Board of Directors to
fill a casual vacancy.  Mr. Hunter will be joining the Board with
immediate effect.  Mr. Hunter will also assume the role as
Chairman of the Board of Directors.

Mr. Hunter, B Com, FCA, SAA brings his extensive corporate
expertise with over 20 years as a Corporate Advisor and Company
Director across a range of industries.  His Australian work and
experience in guiding companies in their development phase ensures
he is well placed to assist the company.

Mr. Hunter's formal qualifications include Bachelor of Commerce;
Registered Public Practitioner, Tax Agent, Auditor, Financial
Advisor and Liquidator in Norfolk Island; a Fellow of the
Institute of Chartered Accountants in Australia, Specialist Member
of Superannuation Professionals Association and Member of NSW
Justices' Association.

                         About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- is the parent company of Plus SMS Limited.  It provides
access to businesses to the number ranges required for the
routing of short message service and multimedia messaging system
messages worldwide using a single short number.  On July 4,
2005, Plus SMS Limited acquired Plus SMS Holdings Limited in a
reverse acquisition.

                            *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


PROVENCOCADMUS: Raises Capital Through Asset Sale
-------------------------------------------------
ProvencoCadmus Limited disclosed in a regulatory filing that it
has finalised the sale of the New Zealand-based mobile computing
and POS integration business (previously Provenco Technology).
Additionally, the company is in the final due diligence phase of
an expected sale of its EFTPOS finance book.  Both divestments
have been identified as non-core to the future direction of the
realigned group.  The group is also exploring other initiatives to
recapitalise the group.

"As previously advised to the market, a range of funding options
is being considered.  A capital raising was considered earlier,
but based on expert advice and current equity market conditions
the directors are now considering other funding possibilities,
including the sale of certain assets as an alternative," said
Chairman Rick Christie.

                   Sale of the Mobile Computing and
                      POS Integration Business

An independent evaluation of this business provided a range of
price expectations and the company's board announce that members
of the senior management team of this business have acquired the
business for a price within the range.

"A sale to management offered a rapid transition with minimal
disruption," said Jim Doyle, the Group CEO.  "It is also important
to note that the current supply agreement with our Vantex division
will continue following the sale of the business," Mr. Doyle said.

                     Proposed Sale of the EFTPOS
                             Finance Book

Prior to the merger in May 2008, the Cadmus group built up a
finance business based on leasing EFTPOS terminals into the New
Zealand and Australian markets.  Provenco, on the other hand used
third party providers to supply this service.

"The finance market is a specialized industry and one that is not
considered to be core to the future of the merged group", said
Rick Christie.  "We can provide all of the leasing services for
our customers through a professional finance provider and focus
our people on the sale of the best quality EFTPOS equipment for
these markets," Mr. Christie said.

A number of finance industry players have provided indicative bids
and the company is currently working through a process of due
diligence.  The company's advisors expect the due diligence
process to be completed in late September and an outcome of the
sale process to be announced shortly thereafter.  The sale of the
integration business and the finance book will improve the
company's working capital position as both businesses require
significant amounts of funding support.

                           Other On Going
                     Recapitalization Initiatives

Mr. Christie also announced that the directors were considering
the possibility of the sale of its Vantex distribution division.
The company has received a significant amount of unsolicited
interest from a number of parties who are interested in acquiring
this division.  The company's directors are reviewing this
possibility very seriously.

"A sale of Vantex would greatly assist with the recapitalization
of the group and provide funding to grow the payments solutions
division without the burden of high levels of bank debt", said
Rick Christie.  "This would be a significant strategic move and
one that would allow the group to consider identified strategic
acquisitions.   The board has engaged PricewaterhouseCoopers in a
process to review the possible sale of the Vantex distribution
division as an alternative to a capital raising.  Throughout the
business realignment and recapitalization process the company has
been working with ANZ National Bank.  Mr. Christie said the bank
continue to support the company through this process.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2008, ProvencoCadmus posted a net loss of NZ$36.3 million
after restructuring costs, IP impairment and write off of tax
losses.

The company said that merger between Provenco and Cadmus was
finalized on May 8, 2008, and the annual result includes a full
year for Provenco and the last two months of the 2008 financial
year for Cadmus.

The Group reported revenues of NZ$160.9 million and a positive
operating cash flow position of NZ$9.8 million for the 12 months
ended June 30, 2008.  In line with market guidance given in June
2008, the Group delivered a NZ$9.9 million deficit before
interest, tax, depreciation, amortization and impairment (EBITDA
and impairment). NZ$3 million of this amount represents costs
associated with the merger, restructuring and acquisition
activity.  The balance of NZ$6.9 million represents the trading
deficit for the year.

Mr. said "the 2008 financial year has been challenging for the
company and the overall financial loss of NZ$36.3 million, after
asset impairment and adjustments to taxation assets, is very
disappointing."

                      About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.


QUAYSTONE CBD: Liquidators Set September 26 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 241 (2) (a) of the Companies Act 1993, the
shareholders of Quaystone CBD Limited fka Blue Chip CBD Limited
placed the company under liquidation and appointed Andrew Gareth
Russel Hoole and Kevin David Pitfield, as liquidators.

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

Creditors and shareholders may direct their inquiries to:

          Staples Rodway Limited
          Chartered Accountants
          PO Box 3899, Auckland
          Telephone: (09) 309 0463


SAI GROUP: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Auckland convened a hearing on Sept. 11, 2008,
to consider an application putting SAI Group Limited into
liquidation.

The application was filed on June 4, 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.


WAIHI CUSTODIANS: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland convened a hearing on Sept. 11, 2008,
to consider an application putting Waihi Custodians Limited (as
trustees in the Waihi Trust) into liquidation.

The application was filed on May 27, 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.



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

TUPPERWARE BRANDS: Moody's Lifts Ratings on Sustained Performance
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Tupperware
Brands Corporation, including the company's corporate family
rating to Ba1 from Ba2.  The upgrade reflects Tupperware's
sustained operating performance, meaningfully improved credit
metrics as well as Moody's expectation that the company's
financial policies will remain balanced.  Moody's also assigned a
Speculative Grade Liquidity rating of SGL-2.  The ratings outlook
is stable.

These ratings of Tupperware were upgraded/LGD assessments revised:

-- Corporate family rating to Ba1 from Ba2
-- Probability of default rating to Ba2 from Ba3
-- US$200 million senior secured revolving credit facility due
    2012 to Baa3 (LGD 2, 21%) from Ba1 (LGD 2, 22%)

-- US$563 million senior secured term loan A due 2012 to Baa3
    (LGD 2, 21%) from Ba1 (LGD 2, 22%)

These ratings were assigned:

-- Speculative Grade Liquidity rating of SGL-2

-- Outlook is stable

"Tupperware's Ba1 rating is driven by its modest leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a base of independent sales consultants that
provides a significant platform for growth," says Moody's Vice
President Janice Hofferber.  Notwithstanding these positive credit
qualities, the rating reflects the company's moderate scale,
relatively narrow product diversification and weaker market share
position in the broader cosmetics and personal care sector.  The
rating also considers ongoing growth challenges of the direct
selling model in mature markets (Europe and the U.S.), its
exposure to raw materials and currency price volatility,
sensitivity to discretionary spending trends, competition from
traditional and direct selling, and the potential for future
acquisitions.

Tupperware's liquidity profile is good and is supported by its
strong cash flow from operations, modest cash balances, and full
access (approx. US$16 million outstanding) to its US$200 million
revolving credit facility which expires in September 2012.
Tupperware's liquidity is constrained by the seasonal nature of
its business as approximately 50% of their cash flow is generated
in the fourth quarter and that all of the company's cash is held
offshore.  In addition, future acquisitions or additional share
repurchases could impact the company's liquidity depending upon
the timing and financing of any related transactions.

The last rating action regarding Tupperware was on September 17,
2007 when Moody's assigned ratings to the company's new bank
credit facilities and revised the outlook to positive from stable.

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP) is a direct seller of premium food storage,
preparation, serving items and cosmetics and personal care
products with sales in over 100 countries worldwide.  Tupperware's
distribution system includes 1,800 distributors, 50,900 managers
and 1.1 million dealers worldwide.  The company's beauty sales
force totaled 1.1 million.  For the last twelve months ended
June 30, 2008, Tupperware's sales were approximately US$2.1
billion.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.



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

ELLIOTT GORDON: Court to Hear Wind-Up Petition on September 26
--------------------------------------------------------------
A petition to have Elliott Gordon Singapore Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
September 26, 2008, at 10:00 a.m.

Mewah - Oils Sdn. Bhd. filed the petition against the company on
September 4, 2008.

Mewah's solcitors are:

         Messrs. Haridass Ho & Partners
         24 Raffles Place
         #18-00 Clifford Centre
         Singapore 048621


SUPER BIKE: Court Enters Wind-Up Petition
-----------------------------------------
On August 29, 2008, the High Court of Singapore entered an order
to have Super Bike Centre Pte Ltd's operations wound up.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


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

The petition was filed by Stamford Press Pte Ltd on August 13,
2008.

Stamford's solicitor is:

          Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


YEN KEE: Court Enters Wind-Up Order
-----------------------------------
On September 5, 2008, the High Court of Singapore entered an order
to have Yen Kee Pte. Ltd.'s operations wound up.

Singapore Food Industries Limited filed the petition against the
company.

Yen Kee's liquidator is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118



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

* ADB: Asia's Growth to Slow Down, Inflation to Rise Sharply
------------------------------------------------------------
Developing Asian economies will revert to a more moderate growth
outlook of 7.5% this year and 7.2% next year after posting its
fastest growth of 9% in nearly two decades in 2007, the Asian
Development Bank (ADB) says in a new major report.

The Asian Development Outlook 2008 Update (ADO Update) also warns
that inflationary pressures in the region are mounting and could
boil over if left unaddressed.

The report projects an inflation rate of 7.8% in 2008 in Asia and
the Pacific, up from an earlier estimate of 5.1%. In 2009,
inflation could reach 6.0%.

Clouding the outlook for the region, the report notes, are the
continued elevated level of international oil and food prices, the
persistence of high inflation, and a prolonged slowdown in
industrial countries.

The report highlights that a supply shortage will remain a
dominant issue in global commodity markets.

"While oil prices are likely to soften somewhat in the short run,
they will remain high and volatile in the long run. High oil
prices are here to stay. And as food prices are heavily influenced
by oil prices, high food prices are here to stay as well," says
Ifzal Ali, Chief Economist of the Manila-based multilateral
development bank.

The report also warns that the inflation spike now seen throughout
developing Asia cannot be blamed solely on cost-push factors, such
as high global commodity prices. Analysis in the ADO Update shows
that demand-pull factors, in particular excess aggregate demand
and inflation expectations, account for a larger share of
variations in domestic price inflation.

"The impact of high food and oil prices on inflation has been
muted in most of Asia," says Mr. Ali.  "This central finding has
vast implications for monetary policies in the region.  In
particular, it means that monetary tightening will continue to be
a principal instrument for fighting inflation in Asia.  It's time
to tighten our belts and for governments to cut subsidies, on fuel
for example, that have shielded consumers from the brunt of the
increases.  These subsidies are not sustainable. When the
subsidies are removed, renewed upward pressure will commence and
will raise inflation."

The ADO Update urges developing Asian economies to address rising
inflation even at the expense of slower growth, adding that the
region must learn to adjust to high commodity prices.

The report also recognizes that the regional outlook remains tied
to the fortunes of industrial countries.

"Uncoupling is a myth," says Mr. Ali.  "Our study shows that the
region still depends on industrial countries to fuel its growth.
If the global slowdown extends beyond 2009, the repercussions for
the region could be severe."

Overall, the report concludes, the key to fulfilling the region's
enormous potential is the speed and success by which macroeconomic
stability is restored and requisite structural reforms are
adopted.

                              *****

Asian Development Outlook, and Asian Development Outlook Update,
are ADB's primary economic reports analyzing the economic
conditions and prospects in Asia and the Pacific, and are issued
in April and September, respectively.


* 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. 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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