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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, September 19, 2008, Vol. 11, No. 187

                            Headlines

A U S T R A L I A

A.C.N. 006 223 543: Proofs of Debt Due on September 26
A.C.N. 104 137 117: Proofs of Debt Due on September 26
BABCOCK & BROWN: Key Banker Won't Fund Any Margin Lending
BABCOCK & BROWN: S&P Cuts Issuer Credit Rating to BB/Outlook Neg.
BEVTECH SYSTEMS: To Declare Dividend on September 26

BLUEBERRY HILL: Joint Meeting Slated on September 22
CENTRO PROPERTIES: Likely to Get Loan Extension, Analysts Say
CENTRO PROPERTIES: Sells Shopping Malls & Carpark for AU$157.5MM
GILTQUEST PTY: Members and Creditors to Meet on September 26
GOLDEN WEST: To Declare Dividend on September 23

MASH RESTAURANT: Members and Creditors to Meet on September 24
NQ CHARTERS: To Declare Dividend on September 26
OPES PRIME: Creditors' Chance of Recouping Depends on Talks Result
PFT CONTRACTING: Joint Meeting Slated on September 26
R & R FAMILY: Members Opt to Liquidate Business

TRONOX INC: Undecided on NYSE Delisting Notice
* AUSTRALIA: Stock Exchange Suspends Lehman's Clearing Services


C H I N A

BANK OF CHINA: Group Has US$129-Mil. Exposure to Lehman Brothers
BANK OF CHINA: Says HKS$3-Bil. Bond Issue Was 5 Times Subscribed
BOE TECHNOLOGY: To Build CNY17.6 Bil. LCD Production Line in Hefei
CHINA MERCHANTS: Has US$70-Million Exposure to Lehman Brothers
COREL CORP: To Reduce Global Workforce by 90 Employees

ICBC: Holds US$151.8 Million Bonds Related to Lehman Brothers
JIANGXI COPPER: To Use CNY2.5BB Bond Issue Funds for Overseas Buy
SHANDONG ZHOUYUAN: Files Amended 2007 Annual Report


H O N G K O N G

HOPSON DEVELOPMENT: S&P Assigns Corporate Credit Rating at BB-
* HONG KONG: Suspends Lehman Brothers Trading


I N D I A

GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake
SANT JANABAI: Insolvency Prompts Reserve Bank to Cancel License
TESLA TRANSFORMERS: CRISIL Rates Rs.18.5 Mil. Term Loan at 'BB+'
* CRISIL: Study Reveals Need to Revisit Regulatory Framework


J A P A N

FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake
FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
JAPAN AIRLINES: To Refund Passengers on Overcharge Fees
LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors
LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices

LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D
* JAPAN: 3 Major Asset Firms Have 65 Funds Exposed to Lehman
* JAPAN: Injects JPY1.5 Trillion to Ease Credit Crisis
* JAPAN: S&P Says Lehman Bankrupcty Has Little Effect on Banks


K O R E A

ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake


M A L A Y S I A

KIMBLE CORPORATION: Unit Receives Wind-Up Petition from Valspar
WONDERFUL WIRE: Discloses Details on MDV's MYR1.3MM Payment Demand
WWE HOLDINGS: Updates on Legal Proceedings Filed by Tebing Aur


N E W  Z E A L A N D

ALEX SPA: High Court Appoints Liquidator
CONCRETE WORKS: Proofs of Debt Due on September 30
FP SOUTH: Proofs of Debt Due on September 30
FP STRUCTURED: Proofs of Debt Due on September 30
GTF HOLDINGS: Proofs of Debt Due on September 30

JONES FINANCIAL: Proofs of Debt Due on September 30
LIFE PHARMACY: Raises NZ$11.6 Million Through Share Offer
PROPERTY VENTURES: Subsidiary Owes NZ$79.6 Mil., Receivers Say
PROPERTY VENTURES: Subsidiary Owes NZ$79.6 Mil., Receivers Say
ROBERT BROWN: Commences Liquidation Proceedings

ROBERT BROWN: Commences Liquidation Proceedings
RB NAPIER: Commences Liquidation Proceedings
TAURANGA SHUTTLES: Parsons and Kenealy Appointed as Liquidators
* NEW ZEALAND: Local Authorities' Surplus Falls to NZ$37.4 Million


P H I L I P P I N E S

* PHILIPPINES: Lehman Exposure Manageable, Banks Prepare US$114.9M
* PHILIPPINES: Posts Php31.7BB Fiscal Deficit from Jan. to August


S I N G A P O R E

ICONIC: Inks Agreement With Hunan Taihe, Phoon Wui and Zenna
LOUIS YEAP: Court to Hear Wind-Up Petition on September 26
TAI THONG: Creditors' and Contributories  to Meet on September 26


X X X X X X X X

* S&P Cuts Asia-Pacific CDO Ratings Affected By Lehman Bankruptcy
* Lehman Bankrupcty Effect Insignificant to Asian Banks, S&P Says
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N. 006 223 543: Proofs of Debt Due on September 26
------------------------------------------------------
A.C.N. 006 223 543 Pty Ltd's members agreed on Aug. 1, 2008, to
voluntarily liquidate the company's business.  Nicholas Giasoumi
and Roger Darren Grant, Registered Liquidators, were appointed to
facilitate the sale of its assets.

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

The liquidators can be reached at:

          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


A.C.N. 104 137 117: Proofs of Debt Due on September 26
------------------------------------------------------
A.C.N. 104 137 117 Pty Ltd's members agreed on Aug. 1, 2008, to
voluntarily liquidate the company's business.  Nicholas Giasoumi
and Roger Darren Grant, Registered Liquidators, were appointed to
facilitate the sale of its assets.

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

The liquidators can be reached at:

          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


BABCOCK & BROWN: Key Banker Won't Fund Any Margin Lending
---------------------------------------------------------
Australia and New Zealand Banking Group Limited (ANZ), one of
Babcock & Brown Ltd's key bankers, took the drastic step of
ditching B&B from its retail margin-lending list on Wednesday,
Sept. 17, 2008, triggering another wave of margin calls and
pushing the stock to a record low, Adele Ferguson of The
Australian reports.

In a letter and email to its margin-lending clients obtained by
The Australian, ANZ said that from September 17 it would not fund
any margin lending for Babcock & Brown stock in its standard
margin-lending product and it would treat all B&B stocks as one
stock.

"These changes will reduce the security value of your portfolio.
Depending on your holdings, your loan amount may then exceed your
security value.  Please note this may result in your loan entering
buffer or margin call on Wednesday, September 17, 2008," ANZ says
in the letter.

According to the report, ANZ offered four choices: transfer
additional shares, deposit cash, deposit funds to reduce the loan
balance or sell shares in the portfolio.

The Australian relates that ANZ is one of the 25 banks that have
refinanced B&B's AU$2.8 billion loan after B&B was forced into
talks with its lenders in June after a dramatic fall in its market
capitalization gave the financiers the right to review the debt
facility.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2008, Babcock & Brown has been advised by its banking
syndicate that the market capitalization review clause will be
removed altogether from its corporate facilities.  The syndicate
has also agreed to waive its right to a review of Babcock & Brown.

The Australian adds B&B's share price dived 12.4 per cent to a
record low of 92c Wednesday, Sept. 17, 2008, a far cry from the
AU$36 share price in July last year.

                    About Babcock & Brown Ltd

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

                          *     *     *

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


BABCOCK & BROWN: S&P Cuts Issuer Credit Rating to BB/Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.

"The downgrade reflects potential weakening in BBIPL's operating
and financial flexibility driven by the continued fall in the
listed parent Babcock & Brown Ltd.'s share price, and heightened
dislocation of the global financial markets in recent days," S&P's
credit analyst Sharad Jain said.  "We believe that these events
could hamper BBIPL's ability to sell its assets."  Furthermore,
the potential loss of investor confidence would likely affect
Babcock & Brown group's future earnings stream due to potentially
constrained growth in transactional revenues and upward pressure
on BBIPL's borrowing costs.  S&P believes that a loss of investor
confidence would also affect investor interest in satellite assets
managed by BBIPL.

The negative outlook reflects a possibility of the rating on BBIPL
coming under pressure due to the recent developments in the global
financial markets.  BBIPL's susceptibility to the heightened
dislocation in the global financial markets is accentuated by the
company's reliance on favorable investor sentiment, and the
company's significant dependence on a bank-consortium facility for
funding.

As with all loan documents, there are financial covenants within
BBIPL's bank facility; but S&P believes that the company currently
has sufficient headroom to cover them.  It is important to
remember that the market-capitalization covenant has now been
removed.  Aside from adhering to relevant covenants, BBIPL must
maintain the confidence of its bankers, which will require moving
toward the structure it has discussed with the banks, and making
progress with reducing gearing of the balance sheet at the Babcock
& Brown consolidated level on a "look-through" basis.

Mr. Jain added: "The ratings on BBIPL are likely to be lowered if
investor sentiment materially worsens.  A  downgrade may occur if
asset sales do not proceed as expected, or if BBIPL's loan to
Babcock & Brown Power is not fully repaid, as expected."  The
ratings may also come under pressure if the company's franchise is
affected by a serious operational lapse, a perceived conflict of
interest, high risk appetite, financial market volatility, or
underperformance by assets under management.  In the less likely
event that the Babcock & Brown group breaches any bank covenant,
particularly those of the main syndicate, the rating could be
downgraded by multiple notches.

An affirmation of the ratings with a stable outlook would depend
on restoration of equity and debt-investor confidence, stability
of financial markets, reduced debt leverage, and orderly sale of
assets.  Additionally, a rating upgrade will depend on evidence
that the restructuring and new governance efforts are working,
which would be reflected in a track record of delivering under its
new model.  An upgrade would also depend on the demonstration of
much more focus on core sectors, in addition to a disciplined
approach to origination, success of the co-investment model, and a
reduced appetite for asset acquisitions on the balance sheet.


BEVTECH SYSTEMS: To Declare Dividend on September 26
----------------------------------------------------
Bevtech Systems Pty Ltd will declare dividend on Sept. 26, 2008.

Creditors who were unable to prove their debts on Sept. 12, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          John Irving
          BRI Partners
          Level 4, 12 Pirie Street
          Adelaide SA 5000


BLUEBERRY HILL: Joint Meeting Slated on September 22
----------------------------------------------------
Blueberry Hill Food Co. Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Sept. 22, 2008.  During the
meeting, the company's liquidator, Leonard A. Milner, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Venn Milner & Co Chartered Accountants
          Suite 1, 43 Railway Road
          Blackburn, Vic 3130


CENTRO PROPERTIES: Likely to Get Loan Extension, Analysts Say
-------------------------------------------------------------
Centro Properties Group will likely get an extension on its AU$1.2
billion loans to US noteholders maturing on Sept. 30, 2008, amidst
failure in selling American shopping centre assets, The Age
reports, citing analysts.

The TCR-AP reported on Sept. 16, 2008, that Centro's due diligence
period relating to an agreement to sell its 29 properties in the
Centro America Fund has expired and the purchaser has elected to
terminate the agreement.

According to The Age, analysts say the last thing Centro's
financiers want is to become owners of shopping centres via a
complicated web of syndicates and funds.  Especially when those
shopping centres, both here and in the US, are proving hard to
sell.

Banks and financiers were "probably leaning towards an extension,"
the same report relates, citing Winston Sammut, investment
director of Maxim Asset Management.

"What Centro has basically got going for it is time — I think if
they can get an extension they will survive," Mr. Sammut said.
"If Centro goes into administration, its lenders will be in the
same position that Centro is at the moment — with assets to sell
but no buyers, or buyers at very low prices," The Age quotes Mr.
Sammut as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2008, Centro Properties Group obtained additional
liquidity facilities from its financiers.  In addition, the
company's Australian lenders, owed AU$2.3 billion, and its US
private placement noteholders, owed US$450 million, extended the
debt repayment deadline until December 15, 2008.

                      Financing Extensions

The extension remains subject to the condition that the
following must occur by Sept. 30, 2008:

   * The Australian financiers and US private placement
     noteholders to be satisfied as to Centro's progress
     in implementing its strategic plan;

   * The US lending group, which is owed in aggregate
     US$1.1 billion (AU$1.2 billion) associated with
     Centro's joint venture with Centro Retail Trust,
     agreeing to further extend those facilities from
     September 30, 2008, to a date no earlier than
     December 15, 2008; and

   * The Australian financiers, US private placement
     noteholders and the US lending group reaching a
     further agreement by September 30, 2008 on the
     terms on which assets can be sold and the proceeds
     of such sales applied after that date.

However, Mr. Sammut said Centro had failed to reassure its
lenders.

                 About Centro Properties

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

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

                          *     *     *

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


CENTRO PROPERTIES: Sells Shopping Malls & Carpark for AU$157.5MM
----------------------------------------------------------------
Centro Properties Group disclosed the sale of two shopping centres
and unconditional contracts for the sale of two other assets for a
total of AUD$157.5 million.

Together, the Centro Australia Wholesale Fund (CAWF) and Centro
Retail Trust (CER) have entered into an unconditional contract to
sell each of their 50% interest in Centro Southport for a total of
AU$68 million, a 9.9% discount to June 30, 2008, book value.
Settlement is expected to occur on Oct. 20, 2008.  Centro
Southport is a 19,279 square metre sub-regional shopping centre
located on the Gold Coast in Queensland.

CER also announced that it has sold Meadowlands Shopping Centre
(Meadowlands) and entered into an unconditional contract to sell
Barrington Shopping Centre (Barringtons) for a total of NZD$49.9
million, a 1% discount to the combined June 30, 2008, book values.
Both centres are 100% owned by CER.  Barringtons is expected to
settle on Sept. 26, 2008.  Meadowlands is a 5,362 square metre
neighbourhood centre, located in Howick, Auckland. Barringtons is
an 11,573 square metre neighbourhood shopping centre in
Somerfield, Christchurch.

Additionally, Centro MCS said it has completed the sale of
Adelaide Central Carpark and Charles Street Plaza, Centro MCS 2
Syndicate's sole asset, for AUD$47.69 million.  The contract price
represents a 3.85% discount to June 30, 2008, book value.

In addition to these sales, Centro Properties and its managed
funds have also sold US$246 million of assets in the United States
since July 2007.

Centro Chief Executive Officer, Glenn Rufrano said, "We are
pleased with these outcomes in difficult market conditions and
will continue to pursue asset sales with a measured approach and
only where pricing represents acceptable value for our investors."

                    About Centro Properties

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

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

                          *     *     *

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


GILTQUEST PTY: Members and Creditors to Meet on September 26
------------------------------------------------------------
Giltquest Pty Ltd will hold a meeting for its members and
creditors at 3:30 p.m. on Sept. 26, 2008.  During the meeting, the
company's liquidator, Paul Burness, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Telephone: (03) 9613 5515
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au


GOLDEN WEST: To Declare Dividend on September 23
------------------------------------------------
Golden West Refining Corporation Ltd will declare dividend on
Sept.  23, 2008.

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

The company's liquidator is:

          Garry Trevor
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St Georges Terrace
          Perth WA 6000


MASH RESTAURANT: Members and Creditors to Meet on September 24
--------------------------------------------------------------
Mash Restaurant and Bar Pty Ltd will hold a meeting for its
members and creditors at 10:30 a.m. on Sept. 24, 2008.  During the
meeting, the company's liquidator, Adrian Brown, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Adrian Brown
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


NQ CHARTERS: To Declare Dividend on September 26
------------------------------------------------
NQ Charters & Tours Pty Ltd will declare dividend on Sept.  26,
2008.

Creditors who were unable to prove their debts on Sept. 5, 2008,
are excluded from the dividend distribution.

The company's liquidators are:

         Paul Sweeney
         Terry van der Velde
         SV Partners Pty Ltd
         Website: www.svpartners.com.au


OPES PRIME: Creditors' Chance of Recouping Depends on Talks Result
------------------------------------------------------------------
Opes Prime Group Ltd creditors are expected to be called to a
final meeting in mid-October.  But their chances of a retrieving
anything hinge on talks with Opes Prime's financiers, ANZ Bank and
Merrill Lynch, Leonie Wood of The Age reports.

According to the report, it is still unclear precisely how much is
owed to former clients as Opes Prime administrators, John Lindholm
and Adrian Brown of Ferrier Hodgson, try to extract a deal for the
banks to compensate Opes Prime's unsecured creditors.

The Age recounts that these clients deposited shares with Opes in
return for cash, which many used to buy more shares.  When Opes
collapsed on March 27, its financiers seized and sold millions of
dollars of shares under the terms of their own share-lending
agreements with Opes, the report says.

The report relates that most of the clients have not issued Opes
with a notice of default, a move that would finalize their
positions.

According to the Age, the Federal Court has ruled that it would
not regard March 27 as the official date of default for Opes
Prime's 1,200 share-lending accounts.

Justice Ray Finkelstein noted that Opes' share-lending agreements
provided for an automatic event of default when the company
appointed a "liquidator or analogous officer", but he said that
definition did not extend to receivers or administrators.

Instead, the report says, the date of default would be either when
creditors issued Opes with a notice of default or when a
liquidator is appointed.  In other words, the precise sum owed to
Opes clients will not be known until creditors vote to wind up the
company, the report adds.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


PFT CONTRACTING: Joint Meeting Slated on September 26
-----------------------------------------------------
PFT Contracting Pty Ltd will hold a final meeting for its members
and creditors at 11:00 a.m. on Sept. 26, 2008.  During the
meeting, the company's liquidator, Leonard A. Milner, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Venn Milner & Co Chartered Accountants
          Suite 1, 43 Railway Road
          Blackburn, Vic 3130


R & R FAMILY: Members Opt to Liquidate Business
-----------------------------------------------
R & R Family Enterprises Pty Limited's members agreed on Aug. 8,
2008, to voluntarily liquidate the company's business.  Andrew
James Heard and Anthony John Arthur Phillips of Heard Phillips
Chartered Accountants, were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide SA 5000
          Telephone: (08) 8212 3433


TRONOX INC: Undecided on NYSE Delisting Notice
----------------------------------------------
Tronox Inc. disclosed in a regulatory filing with the Securities
and Exchange Commission that on Aug. 28, 2008, it was notified by
the New York Stock Exchange that it is not in compliance with the
NYSE's continued listing standard regarding the average closing
price of its Class B Common Stock.  The NYSE's notice indicated
that the average closing price of the Company's Class B Common
Stock was less than US$1.00 over the 30 consecutive trading day
period ended Aug. 27, 2008.

The Company must bring its average share price back above US$1.00
by six months following receipt of the notice and must notify the
NYSE within 10 business days to acknowledge receipt of the notice
and indicate its intent to cure the deficiency or be subject to
delisting or suspension procedures.

On Aug. 21, 2008, the Company informed the Securities and Exchange
Commission regarding its failure to satisfy a different NYSE
listing standard regarding its average market capitalization.

The Company has not decided on what action, if any, it will take
with respect to its failure to satisfy NYSE listing standards.  If
the Company fails to cure its listing deficiencies, the NYSE will
commence suspension and delisting procedures.

Separately, Tronox Incorporated named Gary Pittman vice president
of special projects on September 3, 2008.  The Company entered
into an employment contract that is effective until September 3,
2009, and if not terminated at the end of that term, will
automatically renew for successive one-year periods.  Pursuant to
the agreement, among other things, Mr. Pittman will receive a base
salary of US$350,000 per annum and will be eligible for bonuses.
Mr. Pittman will be entitled to four weeks of vacation and the use
of an apartment leased in Oklahoma City. Upon termination, other
than for "cause," Mr. Pittman is eligible for a payment of twice
his base salary.

Additionally, effective September 5, 2008, Thomas W. Adams
resigned as a Director of Tronox.

                   About Tronox Incorporated

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment.  Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products.  The company's five pigment plants, which are
located in the United States, Australia, Germany and the
Netherlands, supply performance products to approximately 1,100
customers in 100 countries.  In addition, Tronox produces
electrolytic products, including sodium chlorate, electrolytic
manganese dioxide, boron trichloride, elemental boron and lithium
manganese oxide.

The company has US$1.7 billion in total assets, including
US$703.5 million in current assets, as at June 30, 2008.  The
company has US$937.8 million in current debts and US$336.9 million
in total noncurrent debts.


* AUSTRALIA: Stock Exchange Suspends Lehman's Clearing Services
---------------------------------------------------------------
The Australian  Securities Exchange (ASX) has been advised that
third-party clearers have terminated their clearing services for
Lehman Brothers Australia Limited.

Consequently, in the absence of clearing arrangements, Lehman
Brothers Australia has had its status as an ASX Market Participant
suspended immediately, under the terms of ASX's Operating Rules.

The third-party clearers - Citi Securities Clearing Australia and
Berndale Securities -- have committed to meet obligations on
behalf of Lehman Brothers Australia for all unsettled, novated
transactions.

Lehman Brothers Australia is not a Trading Participant on the SFE
market or a Clearing Participant on either of ASX's two central
counterparty clearing houses - ACH (cash) and SFECC (futures).
Consequently, neither ACH nor SFECC has any direct exposure to
Lehman Brothers Australia or to the wider Lehman Brothers group.
In addition, Lehman Brothers Australia is not an ASTC Settlement
Participant and does not directly participate in ASX's daily batch
settlement process.  All on-market trades, regardless of the
broker that transacted them, are novated by ASX's clearing houses,
guaranteeing the performance of the trades.

ASX's clearing houses continue to monitor the clearing exposures
and related risk management activities of their Clearing
Participants to ensure the ongoing compliance of Participants with
their obligations.

Settlement completed as normal for the whole market today.



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

BANK OF CHINA: Group Has US$129-Mil. Exposure to Lehman Brothers
----------------------------------------------------------------
Bank of China Group, the parent firm of Bank of China, disclosed
to the Hong Kong stock exchange that the Group has a US$128.82
million total exposure to failed investment bank Lehman Brothers
Holdings Inc.

The Group said that it holds US$75.62 million bonds issued
by Lehman Brothers and its subsidiaries, of which US$69.21 million
bonds are held by Bank of China (Hong Kong) Limited.

In addition, the Bank's New York Branch has outstanding
loans of US$50 million and US$3.2 million that were extended to
Lehman Brothers and its subsidiaries, respectively.  Company
Secretary YEUNG Cheung Ying said the above bonds and loans in
aggregate account for 0.01% of the total assets and 0.19% of the
net assets of the Bank of China Group as at June 30, 2008,
respectively.

Mr. Ying said that the bank will closely monitor the development
of this event, promptly assess any risk in relation thereto, make
corresponding provisions for diminution in value in a prudent
manner, and safeguard our assets to the greatest extent in
accordance with the relevant laws and regulations.

In a separate disclosure to the Hong Stock Exchange by Bank of
China (Hong Kong) Holdings, the company said that the
US$69.21 million exposure comprised:

-- US$50 million senior unsecured bonds held by its wholly-
   owned subsidiary, Bank of China (Hong Kong) Limited and

-- a HK$150 million senior unsecured bond held by its 51%
   owned subsidiary, BOC Group Life Assurance Company Limited.

Bank Secretary Jason C.W. Yeung said the Group has not, with
respect to the Lehman securities, included any provision for
impairment losses in its published financial statements.  The
Group will consider making appropriate provisions in accordance
with its accounting standards on a consistent basis and will make
appropriate disclosure in accordance with regulatory requirements
in due course.

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 Xinhua News, the Group's shares dropped by the daily
10% limit on Tuesday and tumbled a further 6.31% on the next day
in the yuan-denominated market.

Jing Ulrich, chairwoman of China equities at JPMorgan Securities,
told China Daily: "As China's financial market is not fully opened
yet, the problem of Lehman Brothers is expected to have only an
indirect impact on China's financial sector.  An individual
Chinese bank's exposure to the US financial crisis should be seen
in the context of its total assets."

                       About Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn -- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                         *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


BANK OF CHINA: Says HKS$3-Bil. Bond Issue Was 5 Times Subscribed
----------------------------------------------------------------
Bank of China's HK$3 billion (US$439 million) bond issue launched
in Hong Kong this month was five times subscribed, drawing
CNY15.5 billion, Susan Fenton of Reuters reports.

The bank, the report relates, said the retail and institutional
tranches would each be worth CNY1.5 billion.  Each would have a
CNY1 billion two-year issue and a CNY500 million three-year issue,
the report says.

According to Reuters, the issue carries a coupon of 3.25% on the
two-year bonds and 3.4% on the three-year bonds.

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn -- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.

                         *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


BOE TECHNOLOGY: To Build CNY17.6 Bil. LCD Production Line in Hefei
------------------------------------------------------------------
BOE Technology Group Co. Limited plans to spend CNY17.6 billion
building a sixth-generation liquid crystal display (LCD)
production line in Hefei, Anhui Province, in a bid to come up with
the rising demand for LCD panels in China, SinoCast News reports.

The project will mainly provide displays used in 37-inch-and-
below-sized TVs and computers.   According to the report, the
production line is scheduled to break earth in the first quarter
of 2009 and start production in the fourth quarter of 2010.

Meanwhile, SVA (Group) Co. Limited, the company's rival, is
mulling setting up its 6G LCD production line in Shanghai with an
over CNY17.4 billion investment, the report adds.

                    About BOE Technology

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

                           *     *     *

The company currently holds Xinhua Far East China Ratings' CC
issuer credit rating.


CHINA MERCHANTS: Has US$70-Million Exposure to Lehman Brothers
--------------------------------------------------------------
China Merchants Bank disclosed to the Hong Kong stock exchange
that the company holds bonds issued by Lehman Brothers Holdings
Inc., with a total exposure of US$70 million, of which US$60
million was senior debt and US$10 million was subordinated bonds.

The company said it has made any provision for impairment losses.
The Company will conduct a risk assessment on the above mentioned
bonds.

Company Chairman Qin Xiao said that based on the principle of
prudence, the company will make corresponding provision for
impairment losses and will comply with the disclosure obligation
pursuant to the relevant rules.

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 Dow Jones Newswires, China Merchants fell sharply
Wednesday after it disclosed the worth of Lehman-issued bond it
holds.  At the midday break, the shares were down 6.4% at
CNY15.05, off an intraday low of CNY14.89, compared with the
benchmark Shanghai Composite Index's loss of 1.6%, the same report
notes.

Jing Ulrich, chairwoman of China equities at JPMorgan Securities,
told China Daily: "As China's financial market is not fully opened
yet, the problem of Lehman Brothers is expected to have only an
indirect impact on China's financial sector.  An individual
Chinese bank's exposure to the US financial crisis should be seen
in the context of its total assets."

                    About China Merchants Bank

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

                          *     *     *

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

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


COREL CORP: To Reduce Global Workforce by 90 Employees
------------------------------------------------------
Corel Corporation (NASDAQ:CREL) (TSX:CRE) is streamlining its
global operations in order to become more operationally efficient
and to increase its investment in key growth opportunities,
including emerging markets and eCommerce. As part of this effort,
the Company will reduce its global workforce by approximately 8%
or 90 employees worldwide.

The Company estimates that, as a result of these actions, it will
incur a one-time restructuring charge in the fourth quarter in the
amount of US$2.8 million. Subject to completion of usual review
procedures regarding quarterly financial results, the Company also
announced its expectation to report revenue and non-GAAP adjusted
net income and earnings per share, consistent with its Q3 guidance
communicated on July 3, 2008.

"Corel, like any company, must make periodic adjustments to ensure
we are running as efficiently as possible and that we are focusing
our teams and resources on the areas we believe offer the best
opportunities for growth,"said Kris Hagerman, Interim CEO of
Corel. "The actions we are taking today will enable us to expand
our sales and marketing activity in emerging markets and enhance
our eCommerce offerings – just two of the areas where we believe
incremental investment will improve both our financial performance
and our long-term competitive position in the market."

As indicated in a statement issued on August 20, 2008, the Company
is in discussions with a third party regarding a potential sale of
Corel. No agreement has been reached regarding a potential sale
and there can be no assurance that such an agreement will be
reached. In addition, there can be no assurance that any
transaction will be completed or, if completed, of its terms,
price or timing.

        Will Release Third Quarter Financials on Oct. 3

The Company will issue its earnings release for the third quarter
ended August 31, 2008, before markets open on Friday, October 3,
2008. Corel will host a conference call to discuss its financial
results at 8:00 AM Eastern time on the same day.

                       About Corel Corp.

Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is
one of the world's top software companies with more than 100
million active users in over 75 countries.  The company provides
high quality, affordable and easy-to-use Graphics and Productivity
and Digital Media software.  The company's products products are
sold through a scalable distribution platform comprised of
Original Equipment Manufacturers (OEMs), the company's global e-
Stores, and the company's international network of resellers and
retail vendors.

The company's award-winning product portfolio includes some of the
world's most widely recognized and popular software brands,
including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop Pro(R)
Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R), Corel(R)
WordPerfect(R) Office and WinZip(R).  The company's global
headquarters are in Ottawa, Canada, with major offices in the
United States, United Kingdom, Germany, China, Taiwan and Japan.


ICBC: Holds US$151.8 Million Bonds Related to Lehman Brothers
-------------------------------------------------------------
Industrial and Commercial Bank of China's mainland and overseas
branches held a total of US151.8 million worth of bonds of, or
related to bankrupt bank Lehman Brothers, People Daily On Line
News reports.

The bank, the report relates, said it was considering to draw
provisions for the said bonds.

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 China Daily News, the bank directly had an exposure
of US$139 million of advanced bonds, which would allow the lender
to have priority in claiming over other bond and option holders in
the bankruptcy of the issuer, while its Macao unit, Seng Heng Bank
Limited, held US$12.81 million worth of bonds related to a Lehman
Brothers trust.

The bank said that the Lehman bankruptcy would not constitute a
substantial impact on them, adding it would still keep monitoring
market changes, evaluate the risk of the said bonds and draw
equivalent write-down provisions according to prudence principle,
the Daily relates.

The bond investment, the Daily says, accounted for 0.03% of ICBC's
total bond portfolio and 0.01% of its total assets, compared to
figures in its 2008 half-year report.

ICBC shares in the domestic stock market sank by the daily limit
of 10% to CNY3.42 (50 US cents) on Wednesday.

Jing Ulrich, chairwoman of China equities at JPMorgan Securities,
told China Daily: "As China's financial market is not fully opened
yet, the problem of Lehman Brothers is expected to have only an
indirect impact on China's financial sector.  An individual
Chinese bank's exposure to the US financial crisis should be seen
in the context of its total assets."

                            About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

                           *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


JIANGXI COPPER: To Use CNY2.5BB Bond Issue Funds for Overseas Buy
-----------------------------------------------------------------
Jiangxi Copper Company Limited will use about CNY2.5 billion
(US$365.7 million) of a convertible bond issue to fund overseas
acquisitions that will ensure raw materials for its expanded
capacity, Lucy Hornby of Reuters reports.

On September 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, Jiangxi Copper had obtained approval from the
securities regulator to issue up to CNY6.8 billion of convertible
bonds with warrants.  The company, the report said,  originally
disclosed plans for the bond issue in January to fund acquisitions
and repay debts.

"Right now, about 36% of our copper concentrate is self-supplied.
With the development of our mines and overseas projects, that
ratio will rise sharply and the amount of raw materials we need to
buy from outside the company will fall," Reuters cited the company
as saying.

According to the report, this year, Jiangxi has already won the
right to develop the Aynak copper deposit in Afghanistan, together
with China Metallurgical Group Corp, and purchased Canadian miner
Northern Peru Copper Corp together with Minmetals Corp.

                   About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                          *     *     *

The company continues to carry Xinhua Far East China Ratings'
"BB+" issuer credit rating.


SHANDONG ZHOUYUAN: Files Amended 2007 Annual Report
---------------------------------------------------
Shandong Zhouyuan Seed and Nursery Co. Ltd., formerly known as
Pingchuan Pharmaceuticals Inc., filed Sept. 8, 2008, an amended
annual report for the year ended Dec. 31, 2007, with the U.S.
Securities and Exchange Commission.  The annual report was
originally filed on April 15, 2008.

The annual report was amended to:

    (i) Revise the Controls and Procedure portion to provide
        disclosures required by Item 307 of Regulation SB.
        The company's management evaluated the effectiveness
        of the design and operation of its disclosure controls
        and procedures.  Based upon the evaluation, its chief
        executive officer and its chief financial officer have
        concluded that for the year ended Dec. 31, 2007, the
        company's disclosure controls and procedures were
        effective.

   (ii) Revise note 1 to the Consolidated Financial Statements
        to reflect the business combination between Infolink
        Pacific Limited and Zhouyuan as reorganization of
        entities under common control.

  (iii) File the consent of the company's auditors,
        Kempisty & Company CPAs PC.

                       Business Combination

Pingchuan issued on Jan. 30, 2007, to Zhigang Wang and Li You
55,000,000 shares of its capital stock in exchange for all of the
capital stock of Infolink.

Infolink, a British Virgin Islands company, was incorporated for
the purpose of seeking and consummating a merger or acquisition
with a business entity.

Li Han Xun and You Li, Chinese citizens, are the record
shareholders owning a 60% equity ownership interest in Shandong
Zhouyuan Seed and Nursery Co., Ltd.

Mr. Li and Ms. You executed on Oct. 18, 2006, a Trust and
Indemnity Agreements with Infolink.  The Trustees assigned to
Infolink all of the beneficial interest in their equity ownership
interest in Zhouyuan.  These arrangements have been undertaken
solely to satisfy Chinese regulations, which prohibits foreign
companies from owning or operating the business of sale and
development of crop seeds in China.

                        Going Concern Doubt

Kempisty & Company CPAs PC in New York expressed substantial doubt
about Shandong Zhouyuan Seed & Nursery Co. Ltd.'s 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 said that the company had net losses of
US$813,341 and US$322,586 for the years ended Dec. 31, 2007, and
2006, respectively, and an accumulated deficit of US$2,636,401 at
Dec. 31, 2007.  The auditing firm added that the company was in
default on its bank loans as of Dec. 31, 2007, totaling
US$1,764,834, as of Dec. 31, 2007.

Management said the recoverability of a major portion of the
company's recorded asset is dependent upon its continued
operations, which in turn is dependent upon the its ability to
raise additional capital, obtain financing and succeed in its
future operations.  The financial statements do not include any
adjustments relating to the recoverability and classification of
recorded asset amounts or amounts and classification of
liabilities that might be necessary should the company be unable
to continue as a going concern.

The company is actively pursuing additional funding and a
potential merger or acquisition candidate and strategic partners,
which would enhance stockholders' investment.

                            Financials

For the year ended Dec. 31, 2007, the company reported an
US$843,695 net loss on US$702,602 of sales compared with a
US$347,706 net loss on US$424,709 of sales in the prior year.

At Dec. 31, 2007, the company's balance sheet showed US$3,495,009
in total assets, US$3,083,171 in total liabilities, US$248,020 in
minority interest, and US$163,818 in stockholders' equity.

The company's balance sheet at Dec. 31, 2007, showed strained
liquidity with US$343,532 in total current assets available to pay
US$3,083,171 in total current liabilities.

A full-text copy of the company's amended 2007 annual report is
available for free at http://ResearchArchives.com/t/s?322a

            About Shandong Zhouyuan Seed and Nursery

Shandong Zhouyuan Seed and Nursery Co., Ltd., formerly known as
Pingchuan Pharmaceuticals, Inc., develops, produces and
distributes hybrid crop seeds in the People's Republic of China
through its wholly owned subsidiary Infolink Pacific Limited.

The company's executive offices are located at Laizhou, Shandong
Province, People's Republic of China.



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

HOPSON DEVELOPMENT: S&P Assigns Corporate Credit Rating at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB-' long-term
corporate credit rating on Hopson Development Holdings Ltd. and
the 'B+' issue ratings on the company's US$350 million senior
unsecured notes due 2012 and Chinese renminbi (RMB) 1.83 billion
zero-coupon convertible bonds due 2010 on CreditWatch with
negative implications.

The CreditWatch action reflects the higher risks surrounding
Hopson's financial performance and liquidity position.

"Increasingly challenging market conditions have put Hopson's
sales and profit margin under pressure due to the less-than-prime
location of its properties.  In addition, its new management team,
which inherited an aggressive growth strategy, continues to
acquire land despite the deteriorating market conditions and
sales," said S&P's credit analyst Bei Fu.

S&P expects Hopson's results for the first half of 2008 to be
materially weaker than 50% of the company's full-year forecast.
Its debt level should rise while sales proceeds are likely to
materially underperform the company's full-year target of RMB15
billion for fiscal 2008.  As price competition heats up, it will
be hard for Hopson to improve its sales performance in a
significant way in the second half of this year.

The CreditWatch is likely to be resolved within the next few weeks
after Hopson's interim results are announced and following S&P's
discussions with management.  The ratings could be lowered if S&P
is not satisfied that management is able to improve the company's
financial performance or if Hopson's liquidity continues to be
under pressure.


* HONG KONG: Suspends Lehman Brothers Trading
---------------------------------------------
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned
subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx),
has suspended the trading of Lehman Brothers Futures Asia Limited
in its markets after today's afternoon session ended.

Lehman Brothers Futures Asia Limited's right to access HKATS, the
Hong Kong Futures Automed Trading System, and the firm's HKFE
Participantship have been suspended until further notice under
HKFE Rule 706.

As a result of the suspension of the HKFE Participantship of
Lehman Brothers Futures Asia Limited, HKFE Clearing Corporion
Limited (HKCC), a wholly-owned member of the HKEx Group, has
suspended Lehman Brothers Futures Asia Limited's HKCC
Participantship until further notice under Rule 510 of the HKCC
Rules.

HKSE also disclosed the suspension effective 9:30 a.m. on
Sept. 16 of trading in all the structured products issued by
Lehman Brothers Holdings Inc.



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

GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake
--------------------------------------------------------------
Southeastern Asset Management, Inc. discloses in a regulatory
filing with the Securities and Exchange Commission that it may be
deemed to beneficially own as of August 31, 2008, 34,174,000
shares of Series B Convertible Senior Debentures, which represents
32.9% of the 104,000,000 shares outstanding.

Longleaf Partners Fund, in the same filing, disclosed that it may
be deemed to beneficially own 17,230,000 shares of Series B
Convertible Senior Debentures, which represents 16.6% of the
104,000,000 shares outstanding.

The 34,174,000 shares of Series B Convertible Senior Debentures
are convertible into 13,163,825 shares of common stock.

In a separate filing, Southeastern Asset Management said that the
13,163,825 shares of General Motors Corporation common stock
represents 2.3% of outstanding common shares.  There are
566,162,606 shares of common stock outstanding.

Southeastern Asset Management is a registered investment adviser.
All of the securities disclosed are owned legally by
Southeastern's investment advisory clients and none are owned
directly or indirectly by Southeastern.  O. Mason Hawkins is the
chairman of the board and C.E.O. of Southeastern Asset Management,
Inc.

Southeastern Asset Management has sole power to vote or to direct
the vote of 5,238,720 common shares.  It has shared power to vote
or to direct the vote of 6,636,996 common shares, with Longleaf
Partners Fund.  Southeastern Asset Management has no power to vote
1,288,109 common shares -- this figure does not include 201,845
common shares held by completely non-discretionary accounts over
which Southeastern Asset Management and Mr. Hawkins have neither
voting nor dispositive power and for which they disclaim
beneficial ownership.  Southeastern Asset Management has the sole
power to dispose or to direct the disposition of 6,520,280 common
shares and the shared power to dispose or to direct the
disposition of 6,636,996 common shares, with Longleaf Partners
Fund.  It does not have the power to dispose of 6,548 common
shares.

                     About General Motors

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

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period.


SANT JANABAI: Insolvency Prompts Reserve Bank to Cancel License
---------------------------------------------------------------
The Reserve Bank of India has canceled the license of Sant Janabai
Nagari Sahakari Bank Ltd, Gangakhed, Parbhani, Maharashtra.  The
bank had ceased to be solvent and all efforts to revive it in
close consultation with the Government of Maharashtra, had failed
and the depositors were being inconvenienced by continued
uncertainty.

The Commissioner for Co-operation and Registrar of Co-operative
Societies, Maharashtra, has also been requisitioned to issue an
order for winding up the bank and appoint a liquidator for the
bank.  It may be highlighted that on liquidation every depositor
is entitled to repayment of his deposits up to a monetary ceiling
of Rs. 1,00,000/- (Rupees one lakh only) from the Deposit
Insurance and Credit Guarantee Corporation (DICGC) under usual
terms and conditions.

The decision to cancel the license of Sant Janabai Nagari Sahakari
Bank Ltd was taken as a final step after examining all the options
for revival of the bank and in order to protect the interest of
the depositors.  Earlier, based on its financial position as on
31.12.2004 and due to the adverse liquidity position and to
protect the interests of the depositors, directions under Section
35A of the Banking Regulation Act, 1949 (As Applicable to
Cooperative Societies) were issued to the bank vide directive
dated March 4, 2005 restricting its operations and prohibiting
withdrawal of deposits above Rs 500/-.  The bank failed to bring
any improvement in its financial position.

The inspection of the bank with reference to its financial
position as on March 31, 2007 revealed that its financial position
was impaired with no scope of turnaround.

The Reserve Bank of India also issued a notice to the bank on
April 7, 2008 asking it to show cause as to why the license
granted to it to conduct banking business should not be canceled.
The reply to the show cause notice was examined.   In the absence
of any viable proposal for turn around and achievement of the
required regulatory prescriptions the possibility of revival of
the bank was remote. Therefore, the Reserve Bank of India took the
extreme measure of cancelling license of the bank in the interest
of the bank's depositors.

Consequent to the cancellation of its license, Sant Janabai Nagari
Sahakari Bank Ltd. is prohibited from carrying on 'banking
business' as defined in Section 5(b) of the Banking Regulation
Act, 1949 (As Applicable to Cooperative Societies) including
acceptance and repayment of deposits.

For any clarifications, depositors may approach:

          Shri Shreedhar Behera
          Deputy General Manager
          Reserve Bank of India
          Urban Banks Department, Nagpur
          Postal Address:
          Reserve Bank of India
          Urban Banks Department
          Nagpur Regional Office
          Telephone Number: 0712 - 2538696
          Fax Number : 0712 - 2552896


TESLA TRANSFORMERS: CRISIL Rates Rs.18.5 Mil. Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of Tesla Transformers Ltd (TTL).

  Rs.40.0 Million Cash Credit Limit   BB+/Stable (Assigned)
  Rs.18.5 Million Term Loan           BB+/Stable (Assigned)
  Rs.45.0 Million Letter of Credit    P4 (Assigned)
  Rs.322.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the company's small scale of operations and
high working capital intensity, which restricts its financial
flexibility. These weaknesses are partially offset by TTL's
established presence in the transformer industry.

Outlook: Stable

CRISIL believes that TTL's financial risk profile will remain
constrained by its small scale of operations and highly leveraged
capital structure.  The outlook may be revised to 'Positive' upon
a more-than-expected increase in the company's net worth base
through equity infusion or otherwise.  Conversely, the outlook may
be revised to 'Negative' in case of significant delays in recovery
of dues, or large, debt-funded expansions, putting pressure on
TTL's debt protection measures.

                           About TTL

TTL, promoted by the Jain and Siddiqui families, was set up in the
late 1970s. Its manufacturing facility is located in Bhopal,
Madhya Pradesh.  The company is engaged in the manufacture of
transformers and execution of turnkey projects.

For 2006-07 (refers to financial year, April 1 to March 31), TTL
reported a profit after tax (PAT) of Rs.6 million on net sales of
Rs.289 million, as against a PAT of Rs.1 million on net sales of
Rs.179 million in the previous year.


* CRISIL: Study Reveals Need to Revisit Regulatory Framework
------------------------------------------------------------
A little less than a year ago, the Reserve Bank of India (RBI)
permitted banks to issue preference shares as part of their Tier I
and Tier II capital.  This was done to increase the capital-
raising options available to banks and, thus, to help them meet
capital adequacy norms under the Basel II framework.  However, a
CRISIL study reveals that only a few banks are likely to use this
route, because of limited investor appetite for preference shares,
and restrictions under the regulations that apply to these
instruments.  Changes in the regulations can help preference
shares become a viable alternative to equity capital, CRISIL says.

According to CRISIL, banks need new instruments as part of
regulatory capital to fund credit growth while meeting capital
requirements under Basel II.  To enable banks to raise the
required capital, RBI has allowed them to issue innovative capital
instruments for inclusion under Tier I capital, and hybrid debt
capital instruments for inclusion under Tier II capital.

In October 2007, RBI also allowed Indian banks to also issue
preference shares as capital.  Under the guidelines, perpetual
non-cumulative preference shares (PNCPS) will be treated on par
with equity, while all other types of preference share are to be
treated as debt.

According to Mr. Raman Uberoi, Senior Director, CRISIL, "PNCPS
offer banks an alternative to issuing equity to enhance their
capital base.  Public sector banks (PSBs) are potentially the
biggest beneficiaries of the guidelines, since the Banking
Regulation Act stipulates that the Government of India (GoI)
maintain a shareholding of at least 51 per cent in PSBs.  In the
absence of fresh Tier I capital, PSBs have had to curtail growth
due to capital constraints.  By issuing PNCPS, PSBs can raise
additional Tier I capital without diluting GoI shareholding."

CRISIL says raising capital through PNCPS holds significant
advantages for banks, especially PSBs, but the challenge lies in
finding suitable investors.  While most corporate bonds are
tradable and are listed on the National Stock Exchange, the
secondary market remains illiquid; the limited appetite for these
instruments results in investors generally holding them to
maturity.

Moreover, CRISIL says a tenor-wise analysis of corporate bonds
indicates that most investors prefer instruments with maturity up
to seven years and that demand for instruments with longer
maturity is low, virtually ruling out broad-based demand for
perpetual instruments.

CRISIL continues that another impediment to issuance of PNCPS is
the fact that insurance companies—among the few investors in the
Indian market with any appetite for long-term instruments—
currently cannot invest in preference shares where the dividend is
non-cumulative, and the instrument non-redeemable.  Provident
funds and banks, other likely investors in PNCPS, also have
restrictions pertaining to issuers and investments.

According to Mr. Tarun Bhatia, Head, Financial Sector Ratings,
CRISIL, "If PNCPS is to emerge as an alternative to core equity
capital, revisiting the current guidelines and regulatory
framework is essential.  Given the strong appetite for long-term
and perpetual investments in the global market, RBI could consider
permitting banks to issue PNCPS in currencies other than the
Indian rupee. Allowing foreign institutional investors (FIIs) to
take larger exposures in debt instruments will also deepen the
debt market and create an opportunity for banks to raise long-term
funds."



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

FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake
-------------------------------------------------------
Tracinda Corporation and Kirk Kerkorian disclosed in a Schedule
13D filing with the U.S. Securities and Exchange Commission that
they may be deemed to beneficially own 140,800,000 shares of Ford
Motor Co. common stock or 6.43% of the outstanding shares.
Percentage calculated on the basis of 2,190,498,174 shares of
common stock issued and outstanding as of July 29, 2008.

As of Aug. 28, 2008, Tracinda entered into Value Sharing
Agreements with Christensen, Glaser, Fink, Jacobs, Weil & Shapiro,
LLP, Jerome B. York and Alex Yemenidjian.  The Value Sharing
agreement for Mr. York references an existing Agreement for
Services between Tracinda and Mr. York pursuant to which Mr. York
provides consulting services.

Copies of the Value Sharing Agreements are available for free at:

     -- Value Sharing Agreement between Tracinda and
        Christensen

         http://researcharchives.com/t/s?3202

     -- Value Sharing Agreement between Tracinda and
        Jerome B. York

         http://researcharchives.com/t/s?3203

     -- Value Sharing Agreement between Tracinda and
        Alex Yemenidjian

         http://researcharchives.com/t/s?3204

      -- Agreement for Services between Tracinda and
         Jerome B. York

         http://researcharchives.com/t/s?3205

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
-------------------------------------------------------------
Ford Motor Co., in a Securities and Exchange Commission filing,
disclosed US$265.3 billion in total assets, US$265.52 billion in
total liabilities, resulting in US$1.7 billion in total
shareholders' deficit, as of June 2008.

Ford posted US$8.67 billion in net losses on US$41.51 billion in
net revenues for the second quarter ended June 30, 2008, compared
with US$750 million in net profit on US$44.24 billion in net
revenues for the same period in 2007.

Ford posted US$8.57 billion in net losses on US$85.04 billion in
net revenues for the first half ended June 30, 2008, compared with
US$468 million in net profit on US$87.26 billion in net revenues
for the same period in 2007.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.



JAPAN AIRLINES: To Refund Passengers on Overcharge Fees
-------------------------------------------------------
Japan Airlines International Company Limited will refund
passengers on overcharge fees, Jiji Press reports.

The airline, the report relates, have charged passengers too much
for fuel surcharges on international air tickets that included Air
Canada flights.  Between April 2006 and June 2008, the airline
collected excess surcharges totaling about JPY65 million to 4,243
customers.

The Press explains that the overcharging occurred because Air
Canada made mistakes entering surcharge amounts in an
international fee registration system.

The passengers overcharged by JAL include those who used Air
Canada flights that connected to JAL services between Narita, near
Tokyo, and Vancouver, the report says.

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

                          *     *     *

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

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


LEHMAN BROTHERS: Case Summary & 31 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/

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
LB 745 LLC                                         08-13600

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

A. Lehman Brothers' 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

B. LB 745's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Rocky-Forty-Ninth LLC          ground lease      US$0
c/o The Rockefeller Group
1221 Avenue of the Americas
New York, NY 10020


LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices
-------------------------------------------------------------
Standard & Poor's made these changes to the S&P 100, S&P 500 and
S&P MidCap 400 indices:

  -- Lehman Brothers Holdings Inc. has been removed from the
     S&P 100 and S&P 500 indices on September 16.  The company
     has filed for Chapter 11 bankruptcy protection.

  -- Lehman's place in the S&P 100 will be taken by S&P 500
     constituent Occidental Petroleum Corp.

  -- Lehman's place in the S&P 500 will be taken by S&P MidCap
     400 constituent Harris Corp., and Harris Corp. will be
     replaced by Greif Inc.  in the S&P MidCap 400, all after the
     close of trading on Friday, September 19.


LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D
------------------------------------------------------------------
Fitch has short-term ratings on approximately 260 tender option
bonds, based on liquidity provided by Lehman Brothers Holding Inc.
Of those, some also have long-term ratings based on credit
enhancement provided by LBHI.  The short-term rating on those TOBs
will all be downgraded to 'D', based on LBHI's current short-term
rating, which was downgraded to 'D' on September 15, 2008.

For the TOBs whose long-term rating is based on credit enhancement
from LBHI, the long-term rating will be revised to either the
long-term rating of the underlying security within the TOB trust,
if rated by Fitch, or withdrawn in those cases where Fitch does
not rate the underlying security.  The long-term ratings on the
TOBs that are not based on LBHI will remain the same.

The CUSIPs of the affected securities and the rating changes will
be announced as soon as they are processed.


* JAPAN: 3 Major Asset Firms Have 65 Funds Exposed to Lehman
------------------------------------------------------------
Three major Japanese asset management firms, Nomura Asset
Management Co., Daiwa Asset Management Co. and Nikko Asset
Management Co., have a combined 65 funds with investments in
shares and bonds of failed U.S. investment bank Lehman Brothers,
Jiji Press reports.

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 the report, the collapse of Lehman Brothers is likely
to affect 11 funds managed by Nomura Asset, 26 by Daiwa Asset, and
28 by Nikko Asset.

The proportion of Lehman-related securities in the funds ranges
from less than one pct to 2 pct, the report notes.

The Press says that the three firms run a total of 900 funds with
money from individual investors.


* JAPAN: Injects JPY1.5 Trillion to Ease Credit Crisis
------------------------------------------------------
The Bank of Japan added JPY1.5 trillion (US$14.4 billion) to the
financial system in its third day of fund injections to ease a
global credit crisis, Bloomberg News reports.

Tokyo Tanshi Co., the report relates, said the overnight call loan
rate dropped to 0.51% after the BOJ's operation at 9:05 a.m. in
Tokyo, yesterday, Sept. 18, falling from as high as 0.65%.

According to Reuters, the latest injection brought the amount of
funds the bank pumped into money markets to JPY7 trillion since
Tuesday, after the Lehmna Bankrupcy Holdings Inc.'s bankruptcy was
made public.

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.

"There is a credit crunch everywhere.  Domestic institutions don't
want to give money to foreign institutions, so the BOJ stepped in
to stabilize the market," Bloomberg News cited Susumu Kato, chief
economist in Tokyo at Calyon Securities, as saying.

The Tokyo Stock Exchange's benchmark Nikkei-225 index was down
about three percent in early trading Thursday.


* JAPAN: S&P Says Lehman Bankrupcty Has Little Effect on Banks
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the direct impact of
the Lehman Brothers Holdings Inc. bankruptcy on Japanese banks,
securities firms, and insurers is limited, and that the ratings on
the institutions would not be immediately affected.  However, S&P
is paying close attention to the potential indirect impact of the
bankruptcy, stemming from global turbulence in market products,
and may consider rating actions subject to market and economic
developments.

Japanese financial institutions have only limited exposure to the
Lehman Brothers group, including its Japanese subsidiaries. For
major banking groups and the 26 regional banks rated by S&P, total
net exposure was US$1.8 billion and US$0.4 billion, respectively,
as of March 31, 2008, which was equivalent to 0.6% and 0.4% of net
worth.  The highest exposure for a single entity, as a percentage
of net worth, was 3.8%, which is manageable.  Net exposure is also
limited for the three major Japanese securities groups and major
insurance companies, and thus does not significantly impact the
companies' creditworthiness.

Lehman Japan has been financing various finance companies and real
estate firms in the Japanese market, and there are concerns that
the suspension of Lehman's business could put additional pressure
on the liquidity of these companies.  However, the finance
companies rated by S&P do not have large borrowings from Lehman at
present, and S&P considers the impact on their liquidity to be
limited.

Nevertheless, global financial markets are facing significant
uncertainty, and S&P does not discount the possibility of indirect
impact on individual financial institutions.  If changes in market
prices significantly affect the financial profiles of financial
institutions or the slowdown in the global economy greatly impacts
the quality of bank assets, S&P will review its ratings
accordingly.

Japan's major financial groups and institutions are Mitsubishi UFJ
Financial Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui
Financial Group Inc., Resona Holdings Inc., Sumitomo Trust &
Banking Co. Ltd., Chuo Mitsui Trust Holdings Inc., Aozora Bank
Ltd., Shinsei Bank Ltd., Norinchukin Bank, and Shinkin Central
Bank.  The three major Japanese securities groups are Nomura
Holdings Inc., Daiwa Securities Group Inc., and Nikko Citi
Holdings Inc.

The seven major insurance companies are Nippon Life Insurance Co.,
Dai-ichi Mutual Life Insurance Co., Meiji Yasuda Life Insurance
Co., Sumitomo Life Insurance Co., Tokio Marine & Nichido Fire
Insurance Co. Ltd., Sompo Japan Insurance Co. Ltd., and Mitsui
Sumitomo Insurance Co. Ltd.



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

ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake
------------------------------------------------------------------
NWQ Investment Management Company, LLC, disclosed in a regulatory
filing with the Securities and Exchange Commission that it may be
deemed to beneficially own 2,792,842 shares of Abitibibowater
Inc.'s common stock, which represents 4.96% of the outstanding
shares.

In a separate filing, Lord, Abbett & Co. LLC also disclosed that
it may be deemed to beneficially own 3,801,260 shares of
Abitibibowater Inc.'s common stock, which represents 6.75% of the
outstanding shares.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's shares
trade under the stock symbol ABH on both the New York Stock
Exchange and the Toronto Stock Exchange.

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is Negative.



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

KIMBLE CORPORATION: Unit Receives Wind-Up Petition from Valspar
---------------------------------------------------------------
Kimble Corporation Berhad disclosed that a wind-up petition was
served on Kimble Furniture Corporation (M) Sdn Bhd (KFCM), a major
subsidiary of the company, on September 15, 2008, by Valspar
Corporation (Malaysia) Sdn Bhd.  The petition is fixed for hearing
on March 13, 2009.

Valspar is claiming for an outstanding amount of MYR4,968,524.72
without interest, indebted by KFCM for lacquer products supplied.

The filing of the wind-up petition arose from the failure of KFCM
to settle the outstanding amount to Valspar.  The petition was
served on the company acting as the corporate guarantor for KFCM.
The amount of indebtedness has been fully provided for in the
accounts for the financial year ended December 31, 2007.

The expected losses arising from the wind-up petition would
include legal cost and other charges incidental to the winding-up
notice.   The petition, if successful, would have material and
adverse impact on the financial and operational status of Kimble
Corporation Berhad's Group. KFCM is the main operating entity in
Kimble's Group, any successful winding up proceeding will affect
the Group's ability to continue operations and be affected
substantially.

The company's total cost of investment in KFCM is
MYR41.18 million.

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

                         *     *     *

The company disclosed with the Bursa Stock Exchange on Sept. 15,
2008, that it was considered as an Affected Listed Issuer pursuant
to PN17/2005 of the Listing Requirements of Bursa Malaysia
Securities Berhad citing these reasons:

   a) Kimble and its subsidiaries have ceased all of its major
      business; and

   b) The solvency declaration furnished to the Exchange on
      August 20, 2008, is no longer valid.

The Troubled Company Reporter – Asia Pacific reported on Aug. 21,
2008, that the group's total default reached MYR149,186,852 as of
August 15, 2008, in respect of various banking facilities from a
number of financial institutions.


WONDERFUL WIRE: Discloses Details on MDV's MYR1.3MM Payment Demand
------------------------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
September 15, 2008, Wonderful Wire & Cable Berhad (WWC) has been
served with a notice by Messrs. Cheah Teh & Su acting for Malaysia
Debt Ventures Bhd (MDV), demanding the payment of MYR1,292,216.86
being the principal sum, accrued and default interests, and costs
owed by the company as at September 3, 2008.

In a filing with the Bursa Stock Exchange, the company disclosed
other details regarding the notice filing of MDV.

   Default leading to the filing of Notice

MDV had in 2006 granted a revolving project loan facility to
Transmission Resources Sdn Bhd (TRSB), which was a subsidiary
company of WWC at that time.  The loan was secured by a corporate
guarantee by WWC.

On April 25, 2007, WWC entered into an agreement to dispose of all
its holding of 882,000 ordinary shares of MYR1.00 each,
representing 70% of the entire share capital of TRSB, to Business
Nexus (M) Sdn Bhd (BNSB).  This agreement was later varied via a
supplemental agreement between WWC and BNSB on October 31, 2007.
The sale of shares in TRSB was deemed completed in early
November 2007.

On December 26, 2007, the company had, and on numerous occasions,
subsequently informed MDV that TRSB has ceased to be its
subsidiary, and thus, WWC cannot continue to be the corporate
guarantor for the loan.  However, MDV did not release WWC from the
corporate guarantee and subsequently, the company was served with
a notice of demand dated January 21, 2008, by the solicitors of
MDV based on an alleged default of the loan by TRSB.  The company
referred the matter to BNSB which then assured the company that it
would address the issue with MDV.

On July 1, 2008, the company was served with a writ of summons
dated June 11, 2008, by MDV in connection with the revolving
project loan.

The company's memorandum of appearance filed by its solicitors in
connection with the above writ was held to be out of time and the
judgment in default was entered against the company.  The company
is still seeking an explanation from its solicitors as to the
legal avenues available when it was served with the Notice.

   Financial and operational impact of the payment

The company is currently finalizing negotiations with its bank
lenders on a debt settlement scheme, in line with the
regularization plan as set out in the company's requisite
announcement dated July 31, 2008.  It is expected that the claims
of MDV be subjected to the regularization plan.  Further, any full
payment of the sum in the Notice claimed by MDV, which may be
regarded as an unsecured lender of the company, may be viewed as a
preferential payment by the other secured lenders of the company,
and may jeopardize the ongoing negotiations with the secured
lenders.  Without the support of the secured lenders for the
regularization plan, the company may not be able to regularize its
financial position as required under Practice Note No. 17/2005 of
the Listing Requirements of Bursa Securities.

   Expected losses

The claim under the Notice would result in the crystalisation of
the company's contingent liability under the corporate guarantee
pertaining to the revolving project loan from MDV to TRSB, of
MYR1,292,216.86 as at September 3, 2008.

                      About Wonderful Wire

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

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


WWE HOLDINGS: Updates on Legal Proceedings Filed by Tebing Aur
--------------------------------------------------------------
With regards to the application for an injunction filed by WWE
Holdings Bhd's sub-contractor Tebing Aur Sdn Bhd against the
company, the High Court entered an order on September 16, 2008:

   a) that the company whether by its shareholders, directors,
      officers or employees or by their servants and/or agents or
      otherwise be restrained and injuncted from receiving
      directly or indirectly monies up to a sum of MYR10 million
      from the Government of Malaysia in relation to the contract
      awarded to the company by the Government of Malaysia
      pertaining to the Sewage Treatment Plant and Central Sludge
      Facility Phases 1 and 2 in Penang vide a Letter of Award
      dated September 23, 2004, (the Jelutong Sewage Project)
      pending disposal or conclusion of this suit; and

   b) that the company be ordered to deposit into an escrow or
      trust account jointly held in the names of the TASB and the
      company or such other account deemed fit by the Court monies
      to be received from the Government of Malaysia in relation
      to the Jelutong Sewage Project, up to the value of
      MYR10 million pending disposal or conclusion of the suit
      filed herein.

The Court further ordered Tebing Aur to provide security in the
form of properties valued by them at MYR3.4 million.

The company is seeking advice of its lawyers in relation with the
injunction order.

WWE also disclosed that the application for Stay of Proceedings
pursuant to Section 10 of the Arbitration Act, 2005 had been fixed
for hearing on April 29, 2009.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.



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

ALEX SPA: High Court Appoints Liquidator
----------------------------------------
The High Court at Auckland has appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidators of Alex Spa
Limited.

Creditors and shareholders may direct their inquiries to:


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


CONCRETE WORKS: Proofs of Debt Due on September 30
--------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Concrete Works Limited appointed John Trevor
Whittfield and Peri Micaela Finnigan, insolvency practitioners 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.

The liquidators can be reached at:

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


FP SOUTH: Proofs of Debt Due on September 30
--------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of FP South 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 STRUCTURED: Proofs of Debt Due on September 30
-------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of FP Structured 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


GTF HOLDINGS: Proofs of Debt Due on September 30
------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of GTF Holdings 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


JONES FINANCIAL: Proofs of Debt Due on September 30
---------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Jones Financial 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


LIFE PHARMACY: Raises NZ$11.6 Million Through Share Offer
---------------------------------------------------------
Life Pharmacy Limited disclosed that its offer of ordinary shares
pursuant to the combined Short-form prospectus and investment
statement dated Aug. 21, 2008, has raised a total of NZ$11.6
million for the company, and as a result the company has allotted
29,004,631 partly paid ordinary shares.  50% of the amount raised
was payable upon allotment of the partly paid ordinary shares with
the remaining 50% payable one year following allotment.

Life Pharmacy said the Rights Issue was fully supported by LPL
Trustee Limited.  By exercising its option approved by LPL
shareholders on July 26, 2007, LPL Trustee Limited has acquired a
total of 27,068,975 shares in LPL, taking its total holding to
50.01% of the total shares on issue in LPL immediately following
the allotment of shares under the Rights Issue.

LPL Chairman, Liz Coutts said: "The amount of funds raised in the
Rights Issue is above expectations announced on 7 August 2008. We
are delighted to have the commitment from LPL Trustee Limited,
which is backed by Andrew Bagnall.  With the funds now available,
a strong board and management team, and a cornerstone investor the
company is now well placed to leverage the opportunities within
the Health, Beauty and Wellness sector in New Zealand."

In previous announcements the board outlined the plans for the net
proceeds of the offer including:

   -- reducing LPL's external bank debt in the currently
      restricted credit market;

   -- providing adequate resources for future growth and
      working capital in the health, beauty and wellness
      sector; and

   -- investing in the future growth of pharmacy within
      New Zealand.

The partly paid shares from the Rights Issue will trade separately
(NZSX code: LPLCA) for the full year until they are fully paid, at
which time they will convert to fully paid ordinary shares.

                    About Life Pharmacy

Based in New Zealand , Life Pharmacy Limited (NZX:LPL) --
http://www.lifepharmacy.co.nz/ is a New Zealand-based company.
The company operates the life pharmacy franchise and brand
comprising 26 pharmacies within New Zealand.  The segments of the
company are corporate, franchise and group investments.  The
corporate segment includes transactions relating to central office
support function costs, including governance and funding costs.
The franchise segment includes income and expense relating to
associates, subsidiaries and joint venture day to day activities.
The group investments segment include income and expense relating
to investment (capital) transactions, including dividends received
and profit/loss on sale of shares.  In May 2008, the company
completed the acquisition of Care Chemist Services Ltd.

                      *     *     *

The company incurred two consecutive net losses of NZ$570,000 and
NZ$6,562,000 for the years ended March 31, 2008 and 2007.


PROPERTY VENTURES: Subsidiary Owes NZ$79.6 Mil., Receivers Say
--------------------------------------------------------------
Five Mile Holdings, which is owned by the Property Ventures, has
NZ$79.6 million of claims for money owed against it, Marta Steeman
of The Press reports, citing receivers Rod Pardington and David
Vance, of accounting firm Deloitte Touche Tohmatsu.

Messrs. Pardington and Vance said in their first report that
claims received to date were NZ$76.6 million from secured
creditors and NZ$2.98 million from unsecured creditors.

According to The Press, the receivers said they had not reviewed
the creditors' claims yet and claims had not been received from
all parties with security interests registered against Five Mile.

The receivers were considering their options for the disposal of
the company's assets, The Press says.

The Press notes that parties with interests in the company in
receivership are registered on the Personal Property Security
Register and include PropertyFinance Securities, Dominion Finance
Group, Smith Crane and Construction, and March Construction.
Smith Crane and Construction has lodged an application for
liquidation of Five Mile.  That application has been adjourned by
the court until early next month, The Press adds.

                      About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, citing The Press, two secured creditors of Five
Mile Holdings placed the company under receivership for
non-payment of a loan said to be about NZ$70 million.

The secured creditors, Hanover Finance and NZ Castle, who are
first-mortgage holders, appointed Rod Pardington, of Deloitte
Touche Tohmatsu, as receiver.

The Press described Five Mile as an ambitious project to build a
high-density township for 10,000 people in Frankton, near
Queenstown Airport, with an expected value of NZ$2 billion when
finished.


PROPERTY VENTURES: Subsidiary Owes NZ$79.6 Mil., Receivers Say
--------------------------------------------------------------
Five Mile Holdings, which is owned by the Property Ventures, has
NZ$79.6 million of claims for money owed against it, Marta Steeman
of The Press reports, citing receivers Rod Pardington and David
Vance, of accounting firm Deloitte Touche Tohmatsu.

Messrs. Pardington and Vance said in their first report that
claims received to date were NZ$76.6 million from secured
creditors and NZ$2.98 million from unsecured creditors.

According to The Press, the receivers said they had not reviewed
the creditors' claims yet and claims had not been received from
all parties with security interests registered against Five Mile.

The receivers were considering their options for the disposal of
the company's assets, The Press says.

The Press notes that parties with interests in the company in
receivership are registered on the Personal Property Security
Register and include PropertyFinance Securities, Dominion Finance
Group, Smith Crane and Construction, and March Construction.
Smith Crane and Construction has lodged an application for
liquidation of Five Mile.  That application has been adjourned by
the court until early next month, The Press adds.

                      About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, citing The Press, two secured creditors of Five
Mile Holdings placed the company under receivership for
non-payment of a loan said to be about NZ$70 million.

The secured creditors, Hanover Finance and NZ Castle, who are
first-mortgage holders, appointed Rod Pardington, of Deloitte
Touche Tohmatsu, as receiver.

The Press described Five Mile as an ambitious project to build a
high-density township for 10,000 people in Frankton, near
Queenstown Airport, with an expected value of NZ$2 billion when
finished.


ROBERT BROWN: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch convened a hearing on Sept. 8,
2008, to consider an application putting Robert Brown Investments
Limited into liquidation.

The application was filed on July 24, 2008, by Bridgecorp Limited.

The plaintiff's address for service is at:

          Chapman Tripp Sheffield Young
          Level 35, ANZ Centre
          23-29 Albert Street, Auckland

Michael David Arthur is the plaintiff's solicitor.


ROBERT BROWN: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch convened a hearing on Sept. 8,
2008, to consider an application putting Robert Brown Enterprises
Limited into liquidation.

The application was filed on July 24, 2008, by Bridgecorp Limited.

The plaintiff's address for service is at:

          Chapman Tripp Sheffield Young
          Level 35, ANZ Centre
          23-29 Albert Street, Auckland

Michael David Arthur is the plaintiff's solicitor.


RB NAPIER: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Christchurch convened a hearing on Sept. 8,
2008, to consider an application putting RB Napier Investments
Limited into liquidation.

The application was filed on July 24, 2008, by Bridgecorp Limited.

The plaintiff's address for service is at:

          Chapman Tripp Sheffield Young
          Level 35, ANZ Centre
          23-29 Albert Street, Auckland

Michael David Arthur is the plaintiff's solicitor.


TAURANGA SHUTTLES: 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 Tauranga Shuttles 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


* NEW ZEALAND: Local Authorities' Surplus Falls to NZ$37.4 Million
------------------------------------------------------------------
Local authorities recorded a NZ$22.7 million seasonally adjusted
surplus in operating revenue over operating expenditure in the
June 2008 quarter, Statistics New Zealand said.  This surplus was
down NZ$37.4 million compared with the March 2008 quarter.

Total seasonally adjusted operating revenue for the June 2008
quarter was NZ$1,569.1 million, down NZ$15.7 million (1.0 percent)
compared with the March 2008 quarter.  The decrease was due to
decreases in rates (down NZ$8.2 million or 0.9 percent),
government grants and subsidies (down NZ$8.1 million or 3.8
percent) and regulatory income and petrol tax (down NZ$7.9 million
or 7.1 percent).  The decreases were partly offset by increases in
investment income (up NZ$5.5 million or 7.6 percent) and sales of
goods and services and all other income (up NZ$2.9 million or 1.0
percent).

Total seasonally adjusted operating expenditure for the June 2008
quarter was NZ$1,546.4 million, up NZ$21.7 million (1.4 percent)
compared with the March 2008 quarter.  Of the expenditure items,
depreciation showed the largest increase, up NZ$16.8 million (5.4
percent) from the March 2008 quarter to reach NZ$328.8 million.
Employee costs increased NZ$4.0 million (1.1 percent).

Provisional figures for the financial year ended June 30, 2008,
show local authorities reporting a combined operating surplus of
NZ$158.6 million, down NZ$29.3 million from the year ended June
2007 result.  Operating revenue increased NZ$405.4 million (to
NZ$6,228.7 million) compared with the year ended June 2007.
Operating expenditure for the latest year was NZ$6,070.1 million,
up NZ$434.8 million (7.7 percent) compared with the 2007 year.



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

* PHILIPPINES: Lehman Exposure Manageable, Banks Prepare US$114.9M
------------------------------------------------------------------
Three Philippine banks are allocating US$114,900,000 to cover
exposures to Lehman Brothers Holdings, Inc.

RCBC did not disclose the amount of its exposure to Lehman
Brothers Holdings but said it is allocating PHP980 million
(US$20.7 million) from its current excess reserves.  "This is to
ensure that any possible write-down that may result from this
exposure will have been properly and fully provided for," RCBC
said.  RCBC stated that it has investments in structured products
referencing Republic of the Philippines bonds, which have
exposure to Lehman Brothers.  The bank said the PHP980-million
provisioning will have no adverse effect on RCBC's capital base.

Metropolitan Bank & Trust Company disclosed that it has a direct
exposure to Lehman bonds of US$20.4 million and made provisions
equivalent to US$14 million using current market prices.  Metro
Bank also reported that it has loan exposure to a Lehman
subsidiary based in the Philippines amounting to PHP2.4 billion
(US$50.8 million).  The loan status is current and the company is
in normal operations.  Despite this development, the bank says it
is still on track with its income expectation for the whole year
of 2008.

Banco de Oro Unibank Inc. (BDO) also did not divulge its exposure
to Lehman but said it is setting aside provisions totaling
PHP3.8 billion (US$80.2 million) to cover its exposure to Lehman.
The provisions will come from reallocation of excess reserves and
from additional provisions in the current period.  With these
adjustments, BDO says that its balance sheet should be adequately
covered from potential losses arising from its Lehman exposure.
Despite these provisions, BDO still expects to post a reasonable
net income for the year.

Six other banks, namely Philippine Savings Bank, Security Bank
Corp., UnionBank, China Banking Corporation, Bank of the
Philippine Islands, and Export and Industry Bank, each said it
has no direct or indirect exposure to Lehman Brothers.  Export
and Industry Bank assured shareholders that it has "no direct or
indirect exposure to Lehman Brothers Holdings Inc., Merrill
Lynch, AIG or other US investment banks adversely affected by the
current market turmoil."  Security Bank said it has a $10-million
exposure to Merrill Lynch, but noted that the bond is being
acquired by Bank of America.

The Central Bank of the Philippines said in a statement that
domestic banks' exposure to structured products, such as CLNs and
CDOs, issued by investment houses like Lehman Brothers has been
limited and are well cushioned by banks' capital base.
"However, we continue to closely monitor developments in the
global financial markets, including further risk aversion against
emerging markets including the Philippines, as these may
adversely impact the growth of the banking sector."


* PHILIPPINES: Posts Php31.7BB Fiscal Deficit from Jan. to August
-----------------------------------------------------------------
The National Government registered a surplus in August amounting
to PHP1.7 billion.  The January to August fiscal deficit of the
National Government reached Php31.7 billion, higher than the
deficit of Php25.5 billion incurred during the same period
last year, data from the Bureau of the Treasury shows.

   Revenue Performance

Revenue collections reached Php118.9 billion for the month of
August.  It grew by 1.5% compared to the same period of last
year's Php117.1 billion.  For January to August, revenues grew by
8.1% compared to the same period last year of Php731.4 billion.
The Bureau of Internal Revenue registered a decline of 0.8% for
the month of August compared to same month last year.  Actual
collections for the month were recorded at Php78.9 billion for BIR
and Php25.4 billion for BOC.  Likewise, the Bureau of the Treasury
income was recorded at Php8.9 billion while other offices,
registered an income of Php5.6 billion.  For the January to August
period, BIR and BOC collections reached Php532.1 billion and
Php167.5 billion, respectively.  BTr income amounted to
Php45.6 billion, and other offices Php45.1 billion.

   Expenditures

For January to August 2008, total disbursements amounted to P822.0
billion, 8.6% higher than the comparable disbursements in 2007.
Excluding interest payments, total disbursements increased by
9.2%.  Interest payments increased by 6.8% over the same period
last year.  Actual disbursements in August amounted to
Php117.2 billion.

   Primary Surplus/ (Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month
amounting to Php33.0 billion.  Cumulatively, the primary surplus
reached to Php173.8 billion for January to August.



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

ICONIC: Inks Agreement With Hunan Taihe, Phoon Wui and Zenna
-------------------------------------------------------------
Iconic Holdings Limited disclosed that it has entered into a Heads
of Agreement (HOA) with Hunan Taihe Group Stock Co., Ltd, Phoon
Wui Nyen (Vendors) and Zenna Overseas Limited (Parties) in
relation to the proposed acquisition of the entire share capital
of Zenna, which if undertaken and completed will result in a
reverse take-over of the company.

The Proposed Acquisition is proposed to be based on the principal
terms as set out in the HOA and subject to the terms and
conditions to be agreed and set out in definitive agreements
proposed to be entered into between the relevant parties with
respect to the matters contained in the HOA.  The Vendors
collectively own or will own the entire interest in the share
capital of Zenna immediately prior to completion of the Proposed
Acquisition.

Pursuant to the Proposed Acquisition and subject to the entry into
the Definitive Agreements, the company or its subsidiary shall
acquire the entire issued and paid-up share capital of Zenna on
completion of the Proposed Acquisition.

   Certain Bases of Acquisition

The Proposed Acquisition is on the basis that on or prior to the
completion of the Proposed Acquisition: a) Zenna is the
shareholder of the 100% equity interest of Yueyang Taihe
Development Co., Ltd., a company incorporated in the People's
Republic of China (PRC), which is engaged in property development
and investment in Hunan Province, the PRC; and b) Taihe
Development would have completed the acquisition of the entire
100% interest in Yueyang Taihe Hotel Co Ltd, which is the owner of
Yueyang Taihe Hotel and the transfer of the ownership of the
entire Yueyang Taihe Commercial Plaza from Taihe Group.

Both the Hotel and the Plaza are situated in Yueyang City, Hunan
Province, the PRC.  The Plaza is a mixed property development
comprising retail outlets, banks, restaurants, hotel, offices,
leisure and entertainment facilities with an aggregate leaseable
area of 122,972 sq m.  Its anchor tenant is Wal-Mart hyper-mart,
which leased approximately 19,000 sq m of the retail mall.  The
Plaza was opened in 2006 and is presently fully let out.  The
Hotel is a 550-room, 4-star hotel with a total gross floor area of
59,695 sq. meter.  The Hotel commenced operations in early 2007.

The Proposed Acquisition is expected to be inter alia conditional
upon the proforma consolidated net cash flow from operating
activities of Zenna and its subsidiaries for the financial year
ended 2008 being not less than RMB100 million.  Prior to
completion, Taihe Development shall also acquire a legally
enforceable option to purchase the rights to development
agreements in relation to townships located at Changsha City,
Hunan Province, PRC or such other projects as may be agreed
between the parties, at fair market value supportable by
independent valuation reports.

   Consideration for the Proposed Acquisition

The aggregate consideration payable by the company in respect of
Proposed Acquisition shall be RMB1 billion provided that the
aggregate final independent valuation of the Assets undertaken by
an internationally-reputable firm of valuers appointed by the
company is at a premium to RMB1 billion, such premium to be agreed
between the Parties.  For the avoidance of doubt, the Agreed
Consideration will not exceed RMB1 billion even if the valuation
discloses a higher valuation.  The Agreed Consideration is to be
satisfied by the issuance of the requisite number of new
ordinary shares in the company at an indicative issue price of
SGD0.20 per Share to the Vendors in proportion to their respective
shareholding interest in Zenna.

Pursuant to the HOA, the Vendors and all parties to whom the
Consideration Shares are issued shall agree to undertake a
moratorium not to dispose any Consideration Shares for a period of
six months after the completion of the Proposed Acquisition or
such other period as required by the SGX-ST.

   Compliance Placement

At the same time as the completion of the Proposed Acquisition,
the company shall issue new Shares by way of a placement, and
place such number of Vendors' Consideration Shares to comply with
the shareholding spread requirements under the Listing Manual of
the Singapore Exchange Securities Trading Limited and to raise
more funds for future developments, at an issue price of not less
than SGD0.20 per Share, credited as fully-paid.

Further, the company shall issue such number of Shares by way of a
share split to its shareholders on or prior to date of completion
of the Proposed Acquisition.  It is currently expected that there
will be no further changes to the share capital of the company.

   Execution of Definitive Agreements

The HOA shall not be binding on the Parties save for certain
specified terms relating to, inter alia, exclusivity.  All terms
relating to the Proposed Acquisition will be further negotiated
and are subject to execution of the Definitive Agreements by the
Company and the Vendors.  It has been agreed that parties will
work exclusively with the other parties to finalize and to
execute the Definitive Agreements for a period of three months
from the date of the HOA (unless extended by the parties), subject
to the terms of the HOA.

Iconic Holdings Limited, formerly known as Inchem Holdings
International Limited is an investment holding company.  The
company provides management services and purchasing of raw
materials for its subsidiaries.  The company's primarily derived
its revenue from the manufacture and sale of wood surface
coatings.  The company's subsidiaries include Intelchem Coatings
Pte Ltd, Inchem Technology Centre Pte Ltd, Inchem (HK) Limited,
Hernon (Asia) Pte Ltd and Colorman Coatings Pte Ltd.  In July
2008, The Sherwin-Williams Company acquired the Liquid Coatings
subsidiaries of Inchem Holdings of Inchem Holdings International
Limited.

                         *     *     *

The company incurred two consecutive net year losses of
SGD2.76 million in the full year ended June 30, 2008 and
SGD1.86 million net loss in year 2007.


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

Asia Premier Property Consultants Pte Ltd filed the petition
against the company on September 4, 2008.

Asia Premier's solicitor is:

          Messrs. Assomull & Partners
          111 North Bridge Road
          #22-04/05/06 Peninsula Plaza
          Singapore 179098


TAI THONG: Creditors' and Contributories  to Meet on September 26
-----------------------------------------------------------------
The creditors and contributories of Tai Thong Hung Industrial
Chemicals Pte Ltd will hold their meeting on September 26, 2008,
at 3:30 p.m., at 18 Cross Street, in #08-01 Marsh & McLennan
Centre (China Square Central), Singapore 048423.

At the meeting, the creditors and contributories will be asked to:

   -- receive an update on the status of liquidation;
   -- consider and if thought fit to appoint a committee of
      inspection; and
   -- discuss other business.

The company's liquidators are:

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



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

* S&P Cuts Asia-Pacific CDO Ratings Affected By Lehman Bankruptcy
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the ratings on
eight Asia-Pacific Synthetic CDOs  and placed 42 Synthetic CDOs on
CreditWatch with negative implications after the downgrade of
Lehman Bros. Holdings Inc. (D/--/D) on Sept. 16, 2008.

The eight transactions listed in Table 1 are supported by the
ratings of the underlying bonds either issued by Lehman Brothers
Treasury Co. B.V. (D) and guaranteed by Lehman Bros. Holdings Inc.
or issued by Lehman Bros. Holdings Inc.  The rating actions taken
on the affected transactions are:

Table 1

Deal Name                          Rating To  Rating From
--------------------------------------------------------------
Beryl Finance Ltd. Series 2005-10       D         BBB-
Beryl Finance Ltd. Series 2005-11       D         BBB-
Beryl Finance Ltd. Series 2005-12       D         BBB
Beryl Finance Ltd. Series 2005-15       D      BBB/Watch Neg
Beryl Finance Ltd. Series 2007-8        D     ApNRi/Watch Neg
Beryl Finance Ltd. Series 2007-11       D     ApNRi/Watch Neg
Diadem City CDO Ltd. Series 2008-2      D     ApNRi/Watch Neg
Zircon Finance Ltd. Series 2007-17      D        A-pNRi

These CreditWatch negative placements on 42 transactions (table 2)
follow the trigger of a downgrade provision relating to a swap
counterparty guaranteed by Lehman Bros.  Holdings Inc. under the
transaction documents.  Among the 42 transactions, seven of them
have already been placed on CreditWatch with negative implications
and remain on the list.  S&P will update or resolve the
CreditWatch placements following the replacement of the swap
counterparty, or the consequence of a possible termination of the
transaction.

Table 2

Deal Name                              Rating To     Rating From
----------------------------------------------------------------
Aquamarine Finance PLC Series 2004-1  AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2005-2      BB-/Watch Neg      BB-
Beryl Finance Ltd. Series 2005-14    BBB/Watch Neg  BB/Watch Neg
Beryl Finance Ltd. Series 2007-7      AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2007-10     AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2007-13    AAp NRi/Watch Neg  AAp NRi
Beryl Finance Ltd. Series 2007-16 A  A+p NRi/Watch Neg  A+p NRi
Beryl Finance Ltd. Series 2007-16 B   Ap NRi/Watch Neg   Ap NRi
Beryl Finance Ltd. Series 2007-17    AAp NRi/Watch Neg  AAp NRi
Beryl Finance Ltd. Series 2007-18    AAp NRi/Watch Neg  AAp NRi
Beryl Finance Ltd. Series 2008-4    AAAp NRi/Watch Neg AAAp NRi
Beryl Finance Ltd. Series 2008-5      AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2008-6    AA-p NRi/Watch Neg AA-p NRi
Beryl Finance Ltd. Series 2008-8      AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2008-9      AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2008-10     AAA/Watch Neg      AAA
Beryl Finance Ltd. Series 2008-14    A-p NRi/Watch Neg  AA-p NRi
Diadem City CDO Ltd. Series 2008-3   AAp NRi/Watch Neg   AAp NRi
Lion City CDO Ltd. Series 2006-1      AA/Watch Neg       AA
Lion City CDO Ltd. Series 2006-2      AA/Watch Neg  AA/Watch Neg
Lion City CDO Ltd. Series 2006-3      AA/Watch Neg  AA/Watch Neg
Lion City CDO Ltd. Series 2006-5     AAA/Watch Neg AAA/Watch Neg
Onyx Funding Ltd. Series 2005-1      BBB+/Watch Neg      BBB+
Onyx Funding Ltd. Series 2006-1       A+/Watch Neg  A+/Watch Neg
Saphir Finance PLC Series 2004-4      AAA/Watch Neg       AAA
Saphir Finance PLC Series 2004-7      AAA/Watch Neg       AAA
Saphir Finance PLC Series 2004-11      A-/Watch Neg        A-
Saphir Finance PLC Series 2004-12      AA/Watch Neg        AA
Saphir Finance PLC Series 2008-6      AAA/Watch Neg       AAA
Saphir Finance PLC Series 2008-7      AAA/Watch Neg       AAA
Saphir Finance PLC Series 2008-8      AA+/Watch Neg       AA+
Saphir Finance PLC Series 2008-9       AA/Watch Neg        AA
Saphir Finance PLC Series 2008-10      AA/Watch Neg        AA
Saphir Finance PLC Series 2008-11      AA/Watch Neg        AA
Saphir Finance PLC Series 2008-12      AA/Watch Neg        AA
Saphir Finance PLC Series 2008-13     AAA/Watch Neg       AAA
Zircon Finance Ltd. Series 2007-8     BBB/Watch Neg       BBB
Zircon Finance Ltd. Series 2007-10     BB/Watch Neg        BB
Zircon Finance Ltd. Series 2007-14 BBB+p NRi/Watch Neg BBB+p NRi
Mahogany Capital Ltd. Series I         A-/Watch Neg        A-


* Lehman Bankrupcty Effect Insignificant to Asian Banks, S&P Says
-----------------------------------------------------------------
Standard & Poor's Ratings Services said the direct exposures of
rated banks in Asia ex-Japan to Lehman Brothers are not expected
to be significant enough to materially damage their credit
profiles.

"A few Taiwan, Philippine, and Chinese banks appear to have more
direct exposure to Lehman Brothers entities," said S&P's credit
analyst Ritesh Maheshwari.  "However, Asian banks' strengthened
balance sheets, as a result of healthy profits over the vibrant
economic environment during the past half a decade, can withstand
the impact of likely losses from direct exposure, without rating
downgrades."

"We continue to believe that the risk to Asian banks is more from
the impending economic slowdown and market turmoil than from
direct exposure to the distressed U.S. financial institutions,"
Mr. Maheshwari said.  He noted that Asian banks' exposure to
structured finance products were similarly not material enough to
do substantial damage.

The latest turmoil in the U.S. financial sector beginning with
Lehman Brothers Holdings' bankruptcy filing and uncertainties
about AIG's flexibility in meeting additional collateral needs
could accelerate and exacerbate the economic impact on Asia.
S&P's view on the impact of slowing economic growth on Asian
economies has been detailed in a recent article titled "Slower
Economic Growth Poses Turbulence But No Crisis For Asian Banking
Systems," published Sept. 11, 2008, on RatingsDirect.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
  Company                       Ticker    (US$MM)    (US$MM)
  -------                       ------     ------   ------------

AUSTRALIA

ALLSTATE EXPLORA                  ALX      19.47      -55.69
ALLSTATE EXPL-PP                ALXCC      19.47      -55.69
ARC EXPLORATION                   ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.80      -50.23
FULCRUM EQUITY L                  FUL      40.08       -8.00
IRONCLAD MINING                   IFE      20.07     -122.33k
INTELLECT HLDGS                   IHG      18.25      -15.49
KH FOODS LTD                      KHF      38.40       -6.79
KH FOODS LTD-PRF                KHFPA      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST      14.30       -5.13
RESIDUAL ASSC-EE                RAGXF     597.33     -126.96
TOOTH & CO LTD                    TTH     127.93      -90.21
VERTICON GROUP                    VGP      31.28      -12.39


CHINA

SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27  -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53     -188.88k
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38     -244.53
AMOI ELECTRONICS               600057     414.93      -30.40
SUNTIME INTERN-A               600084     372.80      -50.59
SHANG WORLDBES-A               600094     327.98     -175.17
MIANYANG GAO-A                 600139      30.66      -12.44
HEBEI BAOSHUO CO               600155     313.38     -212.29
HUATONG TIANXI-A               600225      73.84      -41.14
TAIYUAN TIANLON                600234      12.69      -51.58
TIBET SUMMIT IND               600338      73.50      -16.42
CHONGQING CHANG                600369      98.87      -62.64k
QINGHAI SUNSHI-A               600381      47.31      -49.66
WINOWNER GROUP C               600681      21.50      -81.28
HEBEI JINNIU C-A               600722     379.30       -2.89
SUNTEK TECHNOLOG               600728      44.69      -22.95
FUJIAN START-A                 600734     105.66      -14.34
TIANJIN MARINE                 600751      75.44      -26.60
TOPSUN SCIENCE-A               600771     232.68     -131.98
XIAMEN OVERSEAS                600870     433.19      -13.78
HUDA TECHNOLOG-A               600892      18.46       -1.90
NINGBO YIDONG-H                  8249      86.83     -187.88k
TIANJIN MARINE-B               900938      75.44      -26.60
SHANG WORLDBES-B               900940     327.98     -175.17
HISENSE ELEC-H                    921     604.98      -86.30


HONG KONG

PLUS HOLDINGS LT                 1013      12.38      -14.21
SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
CHIA TAI ENTERPR                  121     316.11      -40.95
OCEAN GRAND CHEM                 2882      12.27      -46.25
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
CHINA GRAND PHAR                  512      25.48       -5.36
PALADIN LTD -PRE                  642     167.43       -6.23
CHINA HEALTHCARE                  673      25.24       -5.73
WAH SANG GAS                     8035      61.51     -106.48
TAKSON HLDGS                      918      11.35       -2.11


INDIA

ARTSON ENGR                       ART      10.31     -705.78k
ASHIMA LTD                       ASHM      96.57      -42.59
BHAGHEERATHA ENG                 BGEL      22.65      -28.20
BALAJI DISTILLER                  BLD      59.97      -50.89
BELLARY STEELS                   BSAL     438.80      -67.01
CFL CAPITAL FIN                 CEATF      20.64      -48.88
CORE HEALTHCARE                  CPAR     185.36     -241.91
DUNCANS INDUS                     DAI     213.32     -148.20
DIGJAM LTD                       DGJM      98.77      -14.62
DISH TV INDIA                    DITV     302.06     -112.86
ELQUE POLYESTERS                 ELQP      13.80      -25.63
FACOR ALLOYS LTD                 FACA      17.34       -1.39
GANESH BENZOPLST                  GBP      82.16      -38.25
GUJARAT SIDHEE                   GSCL      59.44     -660.00k
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                 HMFC     633.33     -104.79
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                  HPHT      95.12     -953.35
IFB INDS LTD                     IFBI      50.67      -65.49
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                  JCTE     117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                   JN      14.81      -81.79
KALYANPUR CEMENT                 KCEM      38.11      -48.48
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                    LYDM      76.63     -409.40k
LLOYDS STEEL IND                 LYDS     392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI     123.63      -83.84
MILLENNIUM BEER                   MLB      38.26       -3.52
NATH PULP & PAP                  NPPM      11.60      -34.77
PAREKH PLATINUM                  PKPL      59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02     -325.12k
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                 PTLE      54.29     -397.48k
PANYAM CEMENTS                    PYC      30.24       -9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                 SILB      12.46      -19.96
SANDUR MANGANESE                 SMIO      32.57       -2.61
SPICE COMMUNICAT                 SPCM     263.69      -19.68
SHREE RAMA MULTI                 SRMT      71.22      -29.91
TATA TELESERVICE                 TTLS     857.96      -50.01
USHA INDIA LTD                   USHA      12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
WIRE AND WIRELES                  WNW     106.98      -23.62
YASHRAJ CONTAINE                 YRCT      17.49       -2.09


INDONESIA

PRIMARINDO ASIA                  BIMA      12.69      -20.69
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.29       -7.12
ERATEX DJAJA                     ERTX      24.29       -3.18
JAKARTA KYOEI ST                 JKSW      37.34      -40.93
KARWELL INDONESI                 KARW      33.06       -2.06
KERAMIKA INDO AS                 KIAS      87.06     -202.18
MULIA INDUSTRIND                 MLIA     402.10     -443.18
PANCA WIRATAMA                   PWSI      31.98      -33.73
STEADY SAFE TBK                  SAFE      16.61       -3.31
SURABAYA AGUNG                   SAIP     278.88      -78.09
TEXMACO JAYA TBK                 TEJA      41.58     -181.20
TEIJIN INDONESIA                 TFCO     259.68      -37.29
UNITEX TBK                       UNTX      17.01      -11.30


JAPAN

TSUCHIYA TWOBY                   1753      24.22       -2.24
MOC CORP                         2363      52.27      -12.66
LINK ONE                         2403      16.60       -3.12
APRECIO CO LTD                   2460      18.18       -1.87
TASCOSYSTEM CO L                 2709      53.71       -5.20
NEXUS                            2799      25.44      -18.58
L CREATE CO LTD                  3247      42.34       -9.15
NEXTECH CORP                     3767      30.59      -10.12
LINK CONSULTING                  4798      50.71      -10.14
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21
COWBOY CO LTD                    9971      21.32       -5.68


KOREA

FIRST FIRE & MAR               000610       2.04B      -1.78
ORICOM INC                     010470      82.65      -40.04
UNICK CORP                     011320      36.54       -4.45
STARMAX CO LTD                 017050      73.13       -5.54
DAISHIN INFO                   020180     740.50     -158.45
TONG YANG MAGIC                023020     355.15      -25.77
FATOMENT                       025460      28.43      -13.92
NANO MINING CO L               036270      18.22      -32.17
COSMOS PLC                     053170      19.31       -4.95
SEJI CO LTD                    053330      37.25     -311.07k
MEDIACORP INC                  053890      53.31      -32.22
DAHUI CO LTD                   055250     186.00       -1.50
INNO METAL IZIRO               070080      28.56     -330.04k
SINJISOFT CORP                 078700      12.76      -21.01


MALAYSIA

CNLT FAR EAST                    CNLT      44.97       -8.46
FOREMOST HLDGS                   FMST      10.13     -338.79k
HARVEST COURT                     HAR      10.81       -5.62
LITYAN HLDGS BHD                  LIT      21.28      -28.60
NIKKO ELECTRONIC                NIKKO      15.24       -3.15
PECD BHD                         PECD     377.12     -295.36
PANGLOBAL BHD                     PGL     185.95     -185.09
TECHVENTURE BHD                  TECH      37.38      -11.21
WONDERFUL WIRE                     WW      22.72       -1.94


PHILIPPINES

APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                  APXB      55.27       -1.97
BENGUET CORP-A                     BC      76.27      -32.54
BENGUET CORP 'B'                  BCB      76.27      -32.34
CENTRAL AZUC TAR                  CAT      35.74       -1.80
CYBER BAY CORP                   CYBR      14.85      -74.30
FIL ESTATE CORP                    FC      43.03      -10.93
FILSYN CORP A                     FYN      24.84      -11.37
FILSYN CORP. B                   FYNB      24.84      -11.37
GOTESCO LAND-A                     GO      18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95     -747.37k
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                 POPI      99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                   UP      45.12      -13.48
UNITED PARAGON                    UPM      26.81      -36.74
UNIWIDE HOLDINGS                   UW      65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE

ADV SYSTEMS AUTO                  ASA      20.49      -10.73
CHUAN SOON HUAT                   CSH      42.77       -6.42
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                 HLGE     107.39       -9.85
INFORMATICS EDU                  INFO      29.84       -3.99
LINDETEVES-JACOB                   LJ     217.66       71.35
PACIFIC CENTURY                   PAC      51.84      -20.37


TAIWAN

CHIEN TAI CEMENT                 1107     213.25       -8.62
DAHIN-ENTL CERT                 1320V     276.48     -230.27
PROTOP TECHNOLOG                 2410      36.41      -22.41
HELIX TECHNOL-EC                2479S      29.01      -18.18
HELIX TECH-EC                   2479T      29.01      -18.18
HELIX TECH-EC IS                2479U      29.01      -18.18
CHIEF CONST-ENT                 2522R     215.18      -21.15
CHIEF CONST-ENTL                2522S     215.18      -21.15
CHIEF CONST-ENTL                2522T     215.18      -21.15
OPTODISC TECHNOL                 3142      70.41     -139.97
UNICAP ELECT-EC                 5307R     133.88      -19.06
UNICAP ELECT-EC                 5307S     133.88      -19.06
UNICAP ELECT-ENT                5307T     133.88      -19.06
YEU TYAN MACHINE                 8702      39.57     -271.07


THAILAND

ABICO HOLDINGS                  ABICO      16.69       -9.85
ABICO HOLD-NVDR               ABICO-R      16.69       -9.85
ABICO HLDGS-F                 ABICO/F      16.69       -9.85
BANGKOK RUBBER                    BRC      83.99      -68.07
BANGKOK RUB-NVDR                BRC-R      83.99      -68.07
BANGKOK RUBBER-F                BRC/F      83.99      -68.07
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STE-NVDR                BSI-R     458.73     -136.44
BANGKOK STEEL-F                 BSI/F     458.73     -136.44
CIRCUIT ELEC PCL               CIRKIT      61.30      -25.89
CIRCUIT ELE-NVDR           CIRKIT-RTB      61.30      -25.89
CIRCUIT ELEC-FRN             CIRKIT/F      61.30      -25.89
CENTRAL PAPER IN                CPICO      13.25     -241.78
CENTRAL PAPER-NV              CPICO-R      13.25     -241.78
CENTRAL PAPER-F               CPICO/F      13.25     -241.78
DATAMAT PCL                     DTMTB      12.69       -6.13
DATAMAT PCL-NVDR                DTM-R      12.69       -6.13
DATAMAT PLC-F                DTM/F TB      12.69       -6.13
ITV PCL                        ITV TB      37.69      -71.61
ITV PCL-NVDR                    ITV-R      37.69      -71.61
ITV PCL-FOREIGN                 ITV/F      37.69      -71.61
K-TECH CONSTRUCT                KTECH      83.20       -5.69
K-TECH CONTRU-R               KTECH-R      83.20       -5.69
K-TECH CONSTRUCT              KTECH/F      83.20       -5.69
MALEE SAMPRAN                   MALEE      67.13     -865.42k
MALEE SAMPR-NVDR              MALEE-R      67.13     -865.42k
MALEE SAMPRAN-F               MALEE/F      67.13     -865.42k
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KN-NVDR                NPK-R      10.08       -2.03
NEW PLUS KNITT-F                NPK/F      10.08       -2.03
PREMIER MARKET                     PM      41.96       -2.35
PREMIER MAR-NVDR                 PM-R      41.96       -2.35
PREMIER MARK-FOR                 PM/F      41.96       -2.35
KUANG PEI SAN                  POMPUI      18.78      -14.07
KUANG PEI-NVDR             POMPUI-RTB      18.78      -14.07
KUANG PEI SAN-F              POMPUI/F      18.78      -14.07
SAFARI WORLD PUB               SAFARI     106.03      -12.70
SAFARI WORL-NVDR           SAFARI-RTB     106.03      -12.70
SAFARI WORLD-FOR             SAFARI/F     106.03      -12.70
SAHAMITR PRESSUR                 SMPC      27.26      -34.59
SAHAMITR PR-NVDR               SMPC-R      27.26      -34.59
SAHAMITR PRESS-F               SMPC/F      27.26      -34.59
TUNTEX THAILAND                TUNTEX     209.87      -59.17
TUNTEX THAI-NVDR           TUNTEX-RTB     209.87      -59.17
TUNTEX THAILAN-F             TUNTEX/F     209.87      -59.17
UNIVERSAL STARCH                  USC     100.96      -33.25
UNIVERSAL S-NVDR                USC-R     100.96      -33.25
UNIVERSAL STAR-F                USC/F     100.96      -33.25



                         *********

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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