TCRAP_Public/080924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, September 24, 2008, Vol. 11, No. 190

                            Headlines

A U S T R A L I A

ACCESS 31: License Cancelled, Winds-Up Business
ANT DEVELOPMENTS: Members and Creditors to Meet on September 30
AK SERVICES: Liquidator to Give Wind-Up Report on September 29
ARMSFURY PTY: Members Opt to Liquidate Business
AUSTRALIAN MOWER: Joint Meeting Set for September 29

BEDDIA PTY: Liquidator to Present Wind-Up Report on September 29
CONSTRUCTIONS METROPOLIS: Joint Meeting Set for September 30
COVENANT TRUSTEE: Receives Purchase Offer, Puts Business for Sale
DELUXE PLUMBING: Members and Creditors to Meet on September 29
ENVIRONINVEST LTD: Appoints Administrator, Placed in Receivership

GBS GOLD: Appoints Administrators to Australian Subsidiaries
HAMPERS HOLDINGS: Members' Final Meeting Set for September 29
KANE'S CRANES: Members Opt to Liquidate Business
NATURAL FUEL: Appoints Administrators to 50% Owned Joint Venture
NOMURA HOLDINGS: To Buy Lehman Brothers' Unit in Australia

PAN PHARMACEUTICALS: Fined AU$10 Million for Falsification
THILKA PTY: Liquidator to Give Wind-Up Report on September 29
ULTIMATE CONCRETING: Joint Meeting Slated for September 29
WESTAFF INC: Has Until March 9 to Comply with Nasdaq's Price Rule
* AUSTRAIA: ASIC's Clarifies Prohibition on Short Selling


C H I N A

CHINA MERCHANTS: Inks Deal to Buy 60.5% of Trust Investment
SHANDONG ZHOUYUAN: Files Amended 2007 Annual Report
SHANGHAI ZENDAI: Fitch Affirms 'B+' LT Issuer Default Rating
SINOBIOMED INC: Names Lionel Choong as Chief Financial Officer
* CHINA: Fitch Says Despite Profits, Banks Shows Emerging Strains


H O N G K O N G

CITILINK INVESTMENT: Members and Creditors to Meet on October 23
CYBERNET: Members' Final Meeting Set for October 20
FUEL AND MARINE: Placed Under Voluntary Liquidation
HONG KONG ARCHITECTURAL: Creditors' Proofs of Debt Due on Oct. 24
MAXWING LOGISTICS: Placed Under Voluntary Liquidation

NEW WORDLWIDE: Placed Under Voluntary Liquidation
NGEI CHEONG: Creditors' Meeting Set for October 15
PLEXWOOD LIMITED: Members and Creditors to Meet on October 23
TOTAL PROPERTY: Members' and Creditors' Meeting Set for Oct. 23
WORLDWIDE TRANSPORT: Members and Creditors to Meet on Oct. 23

XINAO GAS: Moody's Downgrades Sr. Unsecured Bond Rating to Ba2


I N D I A

ADHUNIK ALLOYS: Fitch Rates INR920MM Long-Term Loan 'BB+(ind)'
LEHMAN BROTHERS: SK Bangur Eyes Buyback of Bank's West Coast Stake
* INDIA: Banks May Weather Market Turmoil, S&P Says
* INDIA: Study Reveals 1,200 Listed Companies Forged Results


I N D O N E S I A

PT PERTAMINA: To Invest US$500 Mil. in Oil and Gas Project in Cepu


J A P A N

NOMURA HOLDINGS: To Buy Lehman Brothers' Asia Pacific Franchise
SHINSEI BANK: Sees 80% Drop in Full Year Profit on Lehman Exposure
SHINSEI BANK: Acquires GE Consumer Finance for JPY580 Billion
* JAPAN: S&P Cuts Rating on Various Synthetic CDO Transactions


K O R E A

HYUNDAI MOTOR: Union to Vote for New Tentative Wage Deal
* KOREA: Government Aims to Give Financial Help to Smaller Firms


N E W  Z E A L A N D

BRASS MAGAZINE: Proofs of Debt Due on September 30
HIGHLINE ROOFING: Commences Liquidation Proceedings
LANDSCAPE CONCEPTS: Commences Liquidation Proceedings
MT FYFFE: Liquidators Set September 30 as Claims Bar Date
OHOKA MOUNTAIN: Shareholders Opt to Liquidate Business

ORAKEI GROUP: Placed Under Liquidation
PULSE EVENTS: Liquidators Set September 30 as Claims Bar Date
SECA LTD: Proofs of Debt Due on September 30
TEPAKI GROUP: Commences Liquidation Proceedings
* NEW ZEALAND: Central Bank Takes Actions to Alleviate Liquidity


P H I L I P P I N E S

LODESTAR INVESTMENT: Mulls Possible Investment in Abacus Coal
LEHMAN BROTHERS: Metrobank Files Court Rehabilitation for 2 Units
* PHILIPPINES: Asks Companies to Submit Plan to Address Deficiency
* GOLDEN TOWER: PSE Lifts Trading Restriction


S I N G A P O R E

ASIAN PARTNERS: Creditors' Proofs of Debt Due on October 14
PEC TECHNOLOGY: Wind-Up Petition Hearing Set for October 17
PROJECTOR S.A.: Court to Hear Wind-Up Petition on October 3
SZU MING: Court to Hear Wind-Up Petition on October 3


X X X X X X X X

* Fitch: Banks in Asia Achieved Good Levels of Profitability
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ACCESS 31: License Cancelled, Winds-Up Business
-----------------------------------------------
ACCESS 31's community television license has been cancelled, The
Australian Communications and Media Authority said.  The company
ceased broadcasting on Aug. 6, 2008.

"The loss of Perth's community television service is a
disappointing outcome," said Chris Chapman, ACMA Chairman. "The
decision to cancel the license was not taken lightly.

"ACMA is charged with promoting the availability of a diverse
range of television services throughout Australia, as well as
ensuring that broadcasters meet all their statutory obligations.
ACMA reached its decision after considerable deliberations and
taking into account both these objectives," Mr. Chapman said.

"ACMA will now move quickly to ensure the Perth community can once
again have access to a community television service," he said.

According to ACMA, a number of interested parties have contacted
ACMA and/or the liquidator with a view to providing a community
television service for Perth.  ACMA will shortly invite
applications to conduct a two year trial community television
service for Perth.

ACMA said community broadcasting licenses are subject to the
condition that the licensee provides a service or services for
community purposes.  On Sept. 18, 2008, ACMA found that Channel 31
Educational Community Television Ltd, licensee of ACCESS 31,
breached this license condition as it was no longer providing a
service for the Perth community.

ACCESS 31 ceased broadcasting at 5:00 p.m. on Wednesday, Aug.  6,
2008.  A meeting of members of the licensee held on Sept. 1, 2008,
voted to wind-up the company voluntarily and appointed
Kim Holbrook as liquidator.

Under the Broadcasting Services Act 1992 (the Act), ACMA may
suspend the license, for a period up to three months, or cancel
the license if the licensee breaches a condition of the license.
ACMA decided to cancel ACCESS 31's license with effect from Sept.
18, 2008.

ACCESS 31 is a licensed community television station broadcasting
on Channel 31 Perth.


ANT DEVELOPMENTS: Members and Creditors to Meet on September 30
---------------------------------------------------------------
Ant Developments Pty Limited will hold a meeting for its members
and creditors at 10:00 a.m. on Sept. 30, 2008.  During the
meeting, the company's liquidator, P. Ngan, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


AK SERVICES: Liquidator to Give Wind-Up Report on September 29
--------------------------------------------------------------
AK Services (SA) Pty Ltd will convene a meeting for its members
and creditors at 10:00 a.m. on Sept. 29, 2008.  During the
meeting, the company's liquidator, Peter J. Lanthois, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Peter J. Lanthois
          KordaMentha
          Level 4, 70 Pirie Street
          Adelaide South Australia


ARMSFURY PTY: Members Opt to Liquidate Business
-----------------------------------------------
Armsfury Pty Ltd's members agreed on July 24, 2008, to voluntarily
liquidate the company's business.  Steven Nicols was  appointed to
facilitate the sale of its assets.

The liquidator can be reached at:

          Steven Nicols
          Nicols + Brien
          Telephone: (02) 9299 2289
          Website: www.bankrupt.com.au


AUSTRALIAN MOWER: Joint Meeting Set for September 29
----------------------------------------------------
Australian Mower Company (Sales) Pty Ltd will hold a meeting for
its members and creditors at 9:30 a.m. on Sept. 29, 2008.  During
the meeting, the company's liquidators, Robyn Erskine and
Peter Goodin, will provide the attendees with property disposal
and winding-up reports.

The liquidators can be reached at:

          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone (03) 9882 6666


BEDDIA PTY: Liquidator to Present Wind-Up Report on September 29
----------------------------------------------------------------
Beddia Pty Limited will hold a meeting for its members and
creditors at 11:30 a.m. on Sept. 29, 2008.  During the meeting,
the company's liquidator, Ozem Kassem, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney


CONSTRUCTIONS METROPOLIS: Joint Meeting Set for September 30
------------------------------------------------------------
Constructions Metropolis Pty Limited will hold a meeting for its
members and creditors at 10:15 a.m. on Sept. 30, 2008.  During the
meeting, the company's liquidator, P. Ngan, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


COVENANT TRUSTEE: Receives Purchase Offer, Puts Business for Sale
-----------------------------------------------------------------
Fiona Robertson of The National Business Review reports that
Covenant Trustee Company Limited is up for sale.

According to the report, Covenant Trustee director Graeme Miller
said he decided to open up the bidding after the company was
approached by an interested buyer.

Mr. Miller said his age made sale a "sensible" option to explore
but he has not yet committed to selling.

The Business Review relates that Covenant has brought in advisers
to take expressions of interest from potential buyers, but the
process is not yet at a due diligence stage.

Mr. Miller owns 80 per cent of the company with two other
managers, Stewart Lockhart and Peter Orpin owning 15 per cent and
5 per cent, respectively, the report notes.

                     About Covenant Trustee

Covenant Trustee Company Limited -- http://www.covenant.co.nz/--
acts as trustee for secured and unsecured trust deeds, convertible
notes deeds and bond issues.  The company also act as statutory
supervisor for a number of property proportionate ownership
schemes, forestry and film partnerships, and other forms of
participatory securities, and as trustee of unit trusts.   It
provides statutory supervision services to the retirement village
industry and also the trustee for a number of debenture issues for
finance companies in New Zealand.


DELUXE PLUMBING: Members and Creditors to Meet on September 29
------------------------------------------------------------
Deluxe Plumbing Services Pty Limited will hold a meeting for its
members and creditors at 11:15 a.m. on Sept. 29, 2008.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney


ENVIRONINVEST LTD: Appoints Administrator, Placed in Receivership
-----------------------------------------------------------------
The directors of Environinvest Ltd appointed James Downey as
administrator of the company on Sept. 19, 2008.  Mr. Downey is the
principal of J P Downey & Co, Chartered  Accountants.

On Sept. 22, 2008, Commonwealth Bank of Australia appointed
Craig Shepard and Mark Mentha of KordaMentha as joint and several
receivers and managers of Environinvest.

According to KordaMentha, in the past few months, Environinvest
has been negotiating a sale of the land upon which three schemes
operate, together with the trees growing on the land.  The schemes
are:

   -- Primary Yield Eucalypt Project ARSN 093 575 270;

   -- Primary Yield Eucalypt Project No. 7 ARSN 108 736 705;
      and

   -- Primary Yield Eucalypt Project No. 9 ARSN 117 062 601.

Environinvest has stated that due to extenuating circumstances (in
particular, drought conditions) it is necessary to sell the trees
before they reach maturity.

The receivers said they will likely continue the sale process.
The receivers anticipate that finalising any sale process and
winding up of these three schemes will take at least two months.

For the other schemes, the receiver will undertake an assessment
as to whether the schemes can be continued by a new responsible
entity.  If the purpose of a scheme has been accomplished or
can no longer be accomplished then scheme assets, subject to
liabilities, may be realised as a result of a sale or winding up.

                   About Environinvest Ltd

Headquartered in Melbourne, Victoria in Australia, Environinvest
Limited -- http://www.environinvest.com.au/-- which trades as
Primary Yield, holds a financial services licence to run several
forestry and agricultural investment schemes.  Since its
inception in 1997, the company is currently responsible under
ownership, lease, and agistment for 370,000 acres (148,857
hectares) of agricultural land in Victoria, Tasmania, South
Australia, New South Wales, and Queensland.  The company also
offers Eucalyptus industry investment opportunities, cattle
industry investment opportunities and blue gum investment
information for Australian national markets and international
clients.  As at June 30, 2004,  Environinvest and its
subsidiaries had net assets of approximately AU$36 million.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, the Herald Sun said David Nairn of HLB Mann Judd
expressed substantial doubt about Environinvest Ltd's ability
to continue as a going concern pointing to the company's program
to sell its forestry assets.

According to the report, the auditor is concerned that "without
such a program current liabilities would exceed current assets."

The auditor's statement was made based on the company's 2007
financial accounts filed with the Australian Securities &
Investments Commission on May 22.


GBS GOLD: Appoints Administrators to Australian Subsidiaries
------------------------------------------------------------
GBS Gold International Inc. said that its indirect wholly-owned
subsidiary, GBS Gold Australia Pty Ltd, has appointed
Andrew Saker, Darren Weaver and Martin Jones of Ferrier Hodgson as
joint and several voluntary administrators of GBS Australia and
its Australian subsidiary entities.

The appointment of the administrators is required under Australian
law following the recent degradation of GBS Australia's financial
position and places control of the Australian subsidiaries in the
hands of the administrators.  Claims of creditors are delayed with
the principal aim of allowing the Australian subsidiaries to be
restructured and recapitalized with a view to being able to
continue their business.

The appointment has arisen due to the company being unable within
the time required to secure appropriate financing for
recapitalizing its Australian subsidiaries.  The appointment
constitutes an event of default under the company's debt financing
arrangements, including the existing CDN$46 million secured
promissory note facility and secured Australian banking
facilities.  The security arrangements give the secured parties
certain rights and decisions with respect to the company's assets.
The amounts due under the promissory note facility have become
repayable and discussions have commenced with the noteholders.

The administrators are making immediate contact with the company's
noteholders, banks and other creditors and, in consultation with
the Board and management of GBS Gold, will review the company's
operations and investigate production, restructuring and
recapitalization plans.

The Administrators has set out the process in Australia and the
approach for seeking and agreeing to potential restructuring
outcomes.  If the Australian subsidiaries cannot ultimately be
restructured or continue as a going concern, they may then be
subject to liquidation proceedings.

The appointment of the administrators is required as a result of
production issues and weaker operating cashflows leading to a
reduction in the company's cash resources.  In particular, GBS
Gold's Australian subsidiaries have recently suffered from lower
production and cashflow losses as a result of the following:

   -- A stope failure experienced in the Brocks Creek
      underground mine in June and recent experiences within
      lower levels of this orebody.  Following the stope failure,
      development of the underground workings continued into
      lower levels of this mine where it is now evident that
      ore tonnes and gold grades in these mining levels are
      below those experienced in the higher levels of the mine.
      As a result, the economics of the mine have deteriorated
      and additional drilling is required to confirm the
      geological interpretation that ore tonnes and grades
      will improve towards previous levels as mining progresses
      deeper.

   -- Mining of the Chinese South Extension open pit mine has
      recently required, and is expected to continue to require,
      removal of greater quantities of waste rock material than
      originally anticipated, resulting in reduced ore quantities
      available for the Union Reefs plant. Ore from other
      available open pit sources is not expected to cover this
      shortfall.

   -- In the course of ramping up production to in excess of
      200,000 tonnes per month through the Union Reefs plant,
      the company incurred additional production and capital
      costs while experiencing significant cost increases in
      Australia, particularly in fuel, processing consumables
      and labour.

   -- Production delays and lower ore grades than planned at
      the Tom's Gully operation have led to increased start-up
      costs. Based on recent mining and processing activities,
      ore grades from the underground mine in the short term are
      expected to be less than budgeted until the higher grade
      veins of the orebody are accessed.

   -- The company's inability to secure appropriate financing
      in the current market conditions.  The company is
      currently working closely with the administrators to
      assess the effect upon the future business and direction
      of the company and its Australian subsidiaries, and will
      provide further advice to shareholders in due course.

                  Union Reefs Operations Update

GBS Gold said that the administrators of the company's Australian
subsidiaries have informed the company that they will be ceasing
mining operations at the Union Reefs Operations Centre effective
from Sept. 30, 2008 and wind down milling operations and
eventually place the Union Reefs plant on care and maintenance.

As a result, GBS Gold said it will cease gold production pending
the outcome of the administration process.  The value of the
company's common shares is uncertain and will be dependent on the
outcome of the administration process and any potential
recapitalization of the company.

                          About GBS Gold

Based in Vancouver, BC, Canada, GBS Gold International Inc.
(TSE:GBS)-- http://www.gbsgold.ca/-- is a gold producer with 2.4
million ounces (Moz) of measured and indicated resources, and
1.6Moz of inferred resources of gold at its Union Reefs operations
centre located in the Northern Territory of Australia (Union Reefs
Operations Centre). The Company produces gold at its 2.5 million
tons per annum (Mtpa) Union Reefs processing plant (the Union
Reefs Plant). During the year ended December 31, 2007, GBS Gold
produced 91,186 ounces of gold, of which total production from the
commencement of commercial production on April 1, 2007, was 80,092
ounces of gold. During 2007, ore was sourced from the Rising Tide
and Fountain Head open pits, and from the high-grade Brocks Creek
underground mine and nearby historic stockpiles. On July 25, 2007,
the company acquired the Tom's Gully mine assets from Australian
company Renison Consolidated Mines NL.


HAMPERS HOLDINGS: Members' Final Meeting Set for September 29
-------------------------------------------------------------
Brad hutchesson, Hampers Holdings Pty Limited's appointed estate
liquidator, will meet with the company's members on Sept. 29,
2008, at 4:00 p.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Brad Hutchesson
          WHK Horwath
          Level 32, 80 Collins Street
          Melbourne VIC 3000


KANE'S CRANES: Members Opt to Liquidate Business
------------------------------------------------
Kane's Cranes Y Pty Limited's members agreed on July 24, 2008, to
voluntarily liquidate the company's business.  Steven Nicols was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Steven Nicols
          Nicols + Brien
          Telephone: (02) 9299 2289
          Website: www.bankrupt.com.au


NATURAL FUEL: Appoints Administrators to 50% Owned Joint Venture
----------------------------------------------------------------
Natural Fuels Australia Limited, a 50-50 joint venture between
Natural Fuel Limited and Babcock and Brown Environmental
Investments Limited, has appointed Peter Walker and Steven Sherman
of Ferrier Hodgson as joint and several voluntary administrators
under Part 5.3A of the Corporations Act 2001.

Natural Fuels Australia and its subsidiary Natural Fuel Darwin Pty
LTD own and operate the biodiesel production facility in Darwin.

The directors of Natural Fuels Australia resolved to appoint
administrators on Friday Sept. 19, 2008, following the withdrawal
of funding support by Babcock and Brown Environmental Investments
Limited, with the effect that the Sept. 30, 2008, repayment date
for Natural Fuels Australia's secured loan to that shareholder
would not be extended.

Administrators have not been appointed to Natural Fuel Limited.
The directors believe that Natural Fuel Limited's financial
position remains sound and that the appointment of administrators
to Natural Fuels Australia and Natural Fuel Darwin will not
adversely affect it.

Following an assessment of the recoverability of Natural Fuel
Limited's secured loan to Natural Fuels Australia, Natural Fuel
Limited raised a provision for impairment of AU$30.3 million in
its Dec. 31, 2007, financial statements.  In Natural Fuel
Limited's preliminary final report as at June 30, 2008, that loan
was valued at AU$13.8 million.  Natural Fuel Limited considers it
is likely that a further provision for impairment of its loan to
Natural Fuels Australia will now be required and will determine
the appropriate quantum of this as soon as possible.

The directors of Natural Fuel Limited are disappointed with this
development.  They note, however, that Natural Fuel Limited will
cease providing funding for Natural Fuels Australia, allowing it
to focus on its wholly owned biodiesel production facility in
Singapore.  This is expected to have a positive impact on cashflow
and earnings in the current year.


               About Babcock & Brown Environmental

Babcock & Brown Environmental Investments Ltd. (BEI) is engaged in
investment and management of businesses in the renewables sector.
The company's portfolio consists of four businesses: Denco LLC
(Denco), which is an ethanol producer in the United States;
Natural Fuel Australia Limited, which has built a bio-diesel plant
in Darwin, Australia; Southern Oil Refineries (SOR) that operates
a 30 million liter per annum used oil recovery and refining
operation at its refinery base at Wagg Wagga, New South Wales, and
EarthPower Technologies Sydney, which operates an anaerobic
digester facility in Camellia, Sydney, New South Wales.  In August
2007, the company completed the sale of EarthPower Technologies
Sydney Pty Limited to Veolia Environmental Services (Australia)
Pty Limited and Transpacific Industries Group Ltd.  As of April
20, 2008, Babcock & Brown Limited's subsidiary, Babcock & Brown
Environmental Investments Holdings Pty Ltd and its associates, had
acquired a 97.88% interest in BEI.

                      About Natural Fuel

Natural Fuel Limited (ASX:NFL)-- http://www.naturalfuel.com/ --
is engaged in the construction and commissioning of a biodiesel
plant in Darwin, Australia with its 50% joint venture partner and
the construction of a biodiesel plant in Singapore. It is engaged
in the development of biodiesel plants with the plan to produce,
market and distribute bio-diesel products in the future. It is
organized on a global basis through three geographical segments:
Australia, Singapore and United States of America. its
subsidiaries are Natural Fuel Pte Ltd and Natural Fuel & Energy
Inc.


NOMURA HOLDINGS: To Buy Lehman Brothers' Unit in Australia
----------------------------------------------------------
Nomura Holdings Inc. has agreed to acquire Lehman Brothers'
franchise in the Asia Pacific region including Japan and
Australia.  The transaction is subject to a number of conditions.

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.

The deal includes all of Lehman Brothers' franchises and
approximately 3,000 employees in multiple locations in the Asia-
Pacific region.  Lehman has been a strong player in the investment
banking field, particularly M&A, execution services, non-cash
business including derivatives, electronic trading and prime
brokerage.  By combining two strong client franchises, the
partnership will enable Nomura to strengthen its wholesale
business and to further realize its strategy of delivering Asia to
the world.

Under the terms of the transaction all employees in Asia Pacific
will be offered employment with Nomura.  The deal does not include
any trading assets or trading liabilities.

Kenichi Watanabe, Nomura's President and CEO, said: "This is a
transformational deal that allows us to bring together the
strengths of Nomura and Lehman Brothers to further deliver value
to our clients.  It will significantly extend our reach in Asia.
We see immediate strategic benefits, delivering the scale and
scope to realize our vision to be a world-class investment bank.

"The businesses we are acquiring are hugely successful with
excellent management and staff.  This is a once in a generation
opportunity and we are delighted to be able to partner with Lehman
Brothers' talented people to create one of the biggest independent
global financial institutions that provides world-class investment
banking services to clients across the globe. Our ability to
capitalize on this opportunity in spite of such volatile markets
reflects our financial strength and demonstrates how well we have
managed the credit crisis.  This deal is validation for our
strategy," said Mr. Watanabe.

Jesse Bhattal, CEO of Lehman Brothers Asia, added: "To partner
with such a reputable firm as Nomura is truly a remarkable
opportunity for both firms, as it creates a completely
complementary platform across an expanded range of products and
services. We are honored to work with Nomura in building a
platform which we believe offers tremendous potential."

                      About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating.

On Aug. 1, 2008, the Troubled Company Reporter - Asia pacific ,
citing the Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


PAN PHARMACEUTICALS: Fined AU$10 Million for Falsification
----------------------------------------------------------
Pan Pharmaceuticals Limited has been fined AU$10 million for 51
offenses after pleading guilty to using false certificates and
altering the ingredients of products it exported to Vietnam, The
Age reports.

According to the report, the NSW District Court said employees of
Pan Pharmaceuticals knowingly used false Australian certification
and counterfeited documents in order to get the drugs past
Vietnamese authorities.

Judge John Nield said the criminal offenses were serious enough to
warrant prison terms had the offender been a person, not a
company.

"One serious consequence of the Pan Pharmaceuticals case is that
it undermined Australia's standing in the world as an exporter of
safe therapeutic goods," the report cites Judge Nield as saying.

The Age relates that Mr. James Selim, former Chief Executive
Officer and Managing Director of Pan Pharmaceuticals, said he felt
vindicated by the court's decision.

Mr. Selim said he would push ahead with preparations for a AU$200
million class action against the TGA over the collapse of the
company in 2003.

According to the Age, Andrew Thorpe, Mr. Selim's solicitor, said
there was a "high degree of interest" from former customers and
creditors of Pan Pharmaceuticals in pursuing a class action.

There would most probably be hundreds of parties involved and a
claim would be made on behalf of companies which lost money as a
direct result of the Therapeutic Goods Administration's handling
of the Pan matter, Mr. Thorpe said.

                    About Pan Pharmaceuticals

On May 22, 2003, Anthony Gregory McGrath & Christopher John
Honey of McGrathNicol+Partners were appointed administrators for
Pan Pharmaceuticals Limited and its subsidiaries:

   1. Pan Pharmaceuticals Services Pty Limited;
   2. Pan Pharmaceuticals Exports Pty Limited;
   3. Pan Laboratories (Australia) Pty Limited; and
   4. Pan Pharmaceuticals Technologies Pty Limited

On Sept. 23, 2003, the creditors of Pan rejected a proposal for
a Deed of Company Arrangement submitted by Fred Bart and Jim
Selim.  Subsequently on the same day, the creditors of Pan and
Laboratories resolved that these two companies be wound-up.

On Oct. 21, 2003, the creditors of Services, Exports, and
Technologies resolved to place these three companies into
liquidation.

                         Sale of business

Since their appointment, the Administrators and the Liquidators
have overseen a major upgrade of Pan's facilities, processes,
and documentation.  On Oct. 1, 2003, the Therapeutic Goods
Administration advised that it was satisfied that Pan was
compliant with the Australian Code of GMP for Medicinal Products
with respect to the manufacture of soft gelatine capsules that
are required to be listed in the Australian Register of
Therapeutic Goods, and that reinstatement of the company's soft-
gel license could be recommended.  The TGA issued the soft-gel
license on Nov. 4, 2003.

After the reinstatement of the soft-gel license, the Liquidators
recommenced the sale process for the Pan business.  The
Liquidators offered the assets as a going concern and accepted
an offer of AU$20 million.  Settlement occurred on Dec. 15,
2003.

The business and assets of Pan have been sold to Sphere
Healthcare Pty Ltd.


THILKA PTY: Liquidator to Give Wind-Up Report on September 29
-------------------------------------------------------------
Thilka Pty Limited will hold a meeting for its members and
creditors at 11:45 a.m. on Sept. 29, 2008.  During the meeting,
the company's liquidator, Ozem Kassem, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney


ULTIMATE CONCRETING: Joint Meeting Slated for September 29
----------------------------------------------------------
Ultimate Concreting and Landscaping Pty Ltd will hold a meeting
for its members and creditors at 11:00 a.m. on Sept. 29, 2008.
During the meeting, the company's liquidator, Bruno A. Secatore,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Bruno A. Secatore
          Cor Cordis Chartered Accountants
          406 Collins Street
          Melbourne VIC 3000


WESTAFF INC: Has Until March 9 to Comply with Nasdaq's Price Rule
-----------------------------------------------------------------
Westaff Inc. received a letter from The Nasdaq Stock Market
indicating that, for the last 30 consecutive business days, the
bid price of Westaff's common stock had closed below the minimum
US$1.00 per share requirement for continued inclusion under Nasdaq
Marketplace Rule 4450(a)(5).  As Sept. 16, 2008, Westaff's common
stock has not been delisted and continues to be listed on the
Nasdaq Global Market.

In accordance with Nasdaq Marketplace Rule 4450(e)(2), Westaff has
180 calendar days from the date of the Nasdaq letter, or until
March 9, 2009, for the bid price of its common stock to close at
US$1.00 per share or more for a minimum of 10 consecutive business
days to regain compliance.

In the event that Westaff does not regain compliance by March 9,
2009, Nasdaq will provide notice to Westaff that its common stock
will be delisted.  At that time, Westaff would be permitted to
appeal Nasdaq's determination to delist Westaff's common stock to
a Nasdaq Listing Qualifications Panel.  Alternatively, Nasdaq
Marketplace Rule 4310(c) may permit, upon approval by Nasdaq,
Westaff to transfer its common stock to the Nasdaq Capital Market
if Westaff's common stock satisfies all criteria, other than
compliance with the minimum bid price rule, for initial inclusion
on such market. In the event of such a transfer, the Nasdaq
Marketplace Rules provide that Westaff would be afforded an
additional 180 calendar days to comply with the minimum closing
bid price rule while listed on the Nasdaq Capital Market.

                       About Westaff Inc.

Based in Walnut Creek, California, Westaff Inc. (Nasdaq: WSTF)
-- http://www.westaff.com/-- provides staffing services and
employment opportunities for businesses in global markets.
Westaff annually employs in excess of 125,000 people and services
more than 20,000 client accounts from more than 177 offices
located throughout the United States, Australia and New Zealand.

                     Forbearance Agreement

As reported in the Troubled Company Reporter on Sept 4, 2008,
Westaff Inc. entered into a Forbearance Agreement with U.S. Bank
National Association and Wells Fargo Bank, National Association,
effective Aug. 27, 2008.  The agreement relates to bank covenant
defaults which occurred on April 19, 2008, under the Financing
Agreement dated Feb. 14, 2008.  Under the terms of this
Forbearance Agreement, the banks have agreed to forebear from
exercising any remedies that they may have against the company as
a result of such events of default through Sept. 30, 2008.


* AUSTRAIA: ASIC's Clarifies Prohibition on Short Selling
---------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
issued further clarification to market participants regarding the
prohibition on short-selling to ensure that fair and ordinary
markets continue.

                          Prohibition

ASIC has prohibited naked and covered short selling of all
securities, managed investment products and stapled securities
quoted on licensed markets in Australia, subject to certain
exceptions.  This prohibition came into effect on 19 and 22
September 2008.

                        Permitted Exceptions

ASIC has reviewed the operation of the market since its
announcements and had opportunity to consult with ASX and
industry.  This document summarises decisions of ASIC to exempt
some market operations from the short selling prohibition, in line
with overseas developments.  The prohibition on covered short
sales does not apply to the following:

   * Hedging for existing positions


ASIC has provided relief for hedging of pre-22 September positions
of market makers arising from their client business, to the effect
that the prohibitions on covered short sales will not apply to
hedging a position that was taken by an entity prior to Sept. 22,
2008, as part of its business of dealing as principal in equities,
options or derivatives (whether OTC or exchange-traded) to fulfil
orders received from clients or to respond to a client's request
to trade, in each case before that date.

   * Dual listed entities


ASIC has provided relief to enable persons engaging in arbitrage
transactions in relation to the securities of dual listed entities
to make covered short sales of the relevant securities in
Australia.

   * All exchange-traded options

ASIC has provided relief for sales resulting from the exercise of
exchange-traded options issued before or after Sept. 22, 2008.

    * Index arbitrage transactions

Covered short sales as part of an index arbitrage are not
currently permitted under ASIC's class orders.  However, ASIC
considers index arbitrage transactions that are unlikely to be a
mechanism for market abuse should be allowed.  ASIC has provided
relief that will apply to index arbitrage.

    * Market makers


Certain covered short sales made by market makers are exempt from
the prohibition relating to covered short sales. ASIC has
determined to widen the relief for market makers in line with
overseas decisions. ASIC will provide relief for transactions that
satisfy all of the following requirements:

   a) the market maker must be an entity that makes a market
      as set out in section 766D of the Corporations Act 2001;

   b) the market maker must hold an Australian financial
      services licence relating to making a market or relies
      upon an exemption so it does not need an Australian
      financial services licence;

   c) the covered short sale is a bona fide transaction to
      manage the entity's risk arising from its market making
      activities; and

   d) the market maker must not enter into a short sale in
      respect of a product if it knows the client's transaction
      for which it is making the market will result in the
      client or counterparty establishing or increasing an
      economic net short position in respect of a product
      covered by the ASIC Class Orders.

Therefore the market makers exemption will cover some activities
such as:

   a) client facilitation ie. selling stock to a client thereby
      "filling" the client demand at a price which is certain,
      prior to the broker covering the position in the market
      (at the broker's own risk);

   b) hedging certain OTC equity swaps;

   c) guaranteeing VWAP to a client, where the broker will
      short throughout the day and then cross with the client
      at the end of day at guaranteed VWAP price; and

   d) enabling market making to hedge CFD products where the
      client holds a long position.

    * Covered short sales to manage risk associated with
      underwriting of dividend reinvestment plans, share
      purchase plans and convertible bonds and hybrids

ASIC said it will grant relief where covered short sales occur to
manage risk of underwriting these corporate transactions at the
request of the relevant entity.

                          Disclosure

Where covered short selling is permitted (in limited
circumstances) the short selling transaction needs to be disclosed
in accordance with ASIC Class Order [CO 08/751].  These reporting
requirements are equivalent to end of trading day net short sale
position disclosure under the ASX Market Rules.  The reporting
requirements came into effect on Sept. 19, 2008, and apply to
trading from Sept. 22, 2008.



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

CHINA MERCHANTS: Inks Deal to Buy 60.5% of Trust Investment
-----------------------------------------------------------
China Merchants Bank has signed an agreement to buy 60.5% of Trust
Investment Corp of Tibet from the region's government, aimed at
diversifying its sources of revenue, Langi Chiang of Reuters
reports.

According to the report, net fee and commission income, including
commissions from trust operations, rose 53.7% to CNY4.1 billion
(US$600 million) in the first half of 2008 and accounted for 14%
of the bank's operating net income.

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'.


SHANDONG ZHOUYUAN: Files Amended 2007 Annual Report
---------------------------------------------------
Shandong Zhouyuan Seed and Nursery Co. Ltd., 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 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.

Management also revised the Consolidated Financial Statements to
reflect the business combination between Infolink Pacific Limited
and Zhouyuan as reorganization of entities under common control.

A copy of the consent of the company's auditors, Kempisty &
Company CPAs PC, was filed with the SEC together with the amended
documents.

Shandong Zhouyuan posted US$843,695 in net losses on US$702,602 in
net revenues for the year ended Dec. 31, 2007, compared with
US$347,706 in net losses on US$424,709 in net revenues for the
year ended Dec. 31, 2006.

At Dec. 31, 2007, Shandong Zhouyuan had 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

                       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.

                    About Shandong Zhouyuan

Shandong Zhouyuan Seed and Nursery Co. Ltd. (OTC BB: SZSN) --
http://www.chinaseedcorp.com/-- was originally incorporated in
the State of North Carolina.  The company, through its
consolidated subsidiary, Shandong Zhouyuan Seed and Nursery Co.
Ltd., a company formed under the laws of the People's Republic of
China, is engaged in the business of developing, distributing and
selling agricultural seeds in China.

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


SHANGHAI ZENDAI: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed China-based Shanghai Zendai Property
Limited's Long-term foreign currency Issuer Default Rating at
'B+'.  The Outlook remains Stable.  Fitch has also affirmed the
issue rating of 'B+' and the recovery rating of 'RR4' on the
US$150m senior notes due 2012.

SZP's ratings continue to be constrained by its operating scale
and level of diversification.  Currently there are 14 projects
under development or for future development, which is a relatively
small-sized portfolio, compared with its peers rated at the 'BB'
category.  In 2007 and H108, its several projects in Shanghai - in
particular, Mandarin Palace, Zendai Cube Tower and Wudaokou
Financial Centre - remained the key sources of its profit and cash
flow.

However, Fitch observes that SZP has acquired some new integrated
or commercial projects in its non-traditional markets since 2007.
The acquisitions reflect the company's continuous efforts to
diversify its portfolio outside its origins, Shanghai.  "The
purchase of these projects is consistent with the company's
strategy to strengthen its position as an integrated developer and
help alleviate the variability in terms of sales and cash flow
during the downturn in the residential market," commented Matthew
Kong, Associate Director in Fitch's Asia Corporates team.

The ratings take into account the vulnerability of SZP's sales to
regulatory and market changes.  Fitch notes that SZP's residential
property sales in Jilin and Changchun have fallen due to weak
market sentiment affected by tightening mortgages and soaring
property prices, which will put uncertainty over its FY08 sales.
However, as the contracted sales from commercial properties
constituted 68% of total in H108, SZP, as an integrated developer,
should be less affected by the residential market downturn than
those residential-focused developers.

Fitch also notes the impact of corporate governance issues on
SZP's credit quality.  In particular, although the ownership
restructuring made by SZP and Shanghai Zendai Investment
Development Co., Ltd in the Himalaya project - likely to remain a
net cash drain over the coming few years - has resulted in the
project not being consolidated any more in SZP's accounts, Fitch
considers that it remains possible that financial resources will
be transferred out of SZP if the Himalaya project were to require
significant capital injection; given that both SZP and SZI are
being controlled by the same ultimate shareholder.

SZP's ratings are supported by its sound financial profile.  While
the potential price volatility in the residential market may exert
pressure on profit margins, the agency does not view profitability
as a major concern, as more multi-use and commercial properties
are coming on stream and these usually command high margins and
have solid demand.  At the same time, the company's leverage and
coverage ratios remain comfortable; its FFO adjusted net leverage
and FFO net interest coverage read 1.2x and 5.2x at end-07.  SZP's
liquidity is also viewed as adequate as cash and equivalents was
HK$1.2 billion at end-H108 and further enhanced by an estimated
HK$800 million-900 million in contracted sales in H208, which is
more than sufficient to cover its outstanding short-term debt of
HK$243.6 million at end-H108 and investment needs of approximately
HK$950 million in H208.

SZP is a mainland China-based integrated property developer
principally engaged in the property development in some selected
cities in the Yangtze River Delta and northeast China, now
expanding into the Bohai Bay Rim, Inner Mongolia and Hainan.  In
its recently released interim results, SZP posted a turnover of
HKD935m, up 42% year on year, and an operating profit of HK$426
million in H108.  Giant Glory Limited, a private company wholly-
owned by SZP's Chairman, Dai Zhikang, is the controlling
shareholder with a 59% stake in SZP.


SINOBIOMED INC: Names Lionel Choong as Chief Financial Officer
--------------------------------------------------------------
Sinobiomed Inc. has appointed Lionel Choong as Chief Financial
Officer beginning Sept. 1, 2008.  The current CFO of Sinobiomed,
Mr. Asher Zwebner, has resigned effective Aug. 31, 2008.

As CFO, Mr. Choong will oversee the Company's various financial
functions, including finance and accounting, financial planning
and analysis, regulatory and risk management, and facilities and
strategic growth.  He will also be involved with other corporate
activities and serve as a strategic partner with the CEO as the
Company develops its unique strategies and tactics for long-term
impact.

Mr. Choong, 46, most recently led the corporate finance department
of Kennic L.H. Lui & Co, a Certified Public Accounting firm in
Hong Kong. A former partner with Deloitte Touche Tohmatsu in Hong
Kong and former CFO of Byford International Ltd., a company listed
on the Hong Kong Stock Exchange, he has more than 20 years of
experience in corporate finance, business development, IPO and
M&A, and financial management and reporting in a variety of
industries in Hong Kong, China and overseas.  A Chartered
Accountant with an Institute of Chartered Accountants in England
and Wales Advanced Diploma in Corporate Finance, Mr. Choong has an
MBA from J. L. Kellogg School of Management at Northwestern
University.

"I am looking forward to helping Sinobiomed achieve its full
potential as a public company," said Mr. Choong.  "The Company
team is first rate and there is tremendous scope for growth both
in Asia and around the world. It is my intention to work with the
team to effectively implement strategy and further strengthen the
Company's finance team, transparency and corporate governance".

"With the current new funding from Accelera Ventures, and
anticipated intermediate-term funding to prepare for the next
phase of growth, it is imperative to have a solid finance team,"
Banyun Yang, Sinobiomed CEO, commented.  "Lionel's deep experience
will create the cornerstone for that."

Sinobiomed extends its sincere thanks to Mr. Zwebner for his
services to the Company as Chief Financial Officer and wishes him
every success as he pursues other interests.

                     About Sinobiomed Inc.

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The company is a leading Chinese developer of
genetically engineered recombinant protein drugs and vaccines.
Based in Shanghai, Sinobiomed currently has 10 products approved
or in development: three on the market, four in clinical trials
and three in research and development.  The company's products
respond to a wide range of diseases and conditions, including:
malaria, hepatitis, surgical bleeding, cancer, rheumatoid
arthritis, diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'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
reported that the company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.

Sinobiomed Inc.'s consolidated balance sheet at June 30, 2008,
showed US$8.6 million in total assets, including US$1.9 million in
current assets, and US$16.1 million in liabilities all due within
the next 12 months, resulting in a US$7.4 million stockholders'
deficit.

The company reported a net loss of US$1,2 million on sales of
US$359,228, for the second quarter ended June 30, 2008.



* CHINA: Fitch Says Despite Profits, Banks Shows Emerging Strains
-----------------------------------------------------------------
Fitch Ratings said that despite the strong profit figures posted
by Chinese banks in H108, there are a number of strains emerging
in the banking sector that point to an increasingly difficult road
ahead, including rising borrower stress, escalating credit
leakage, and tightening excess liquidity.

In a special report on Chinese banks entitled "Chinese Banks:
Signs of Strain Emerging, Despite Strong H108", the agency
highlights that weakening global demand, rising inflation, and
intensifying domestic economic pressures are taking a toll on
borrowers and placing growing strains on banks.

"Pressures within the banking system are mounting, and this
carries important consequences for Chinese banks' future earnings,
asset quality, and capital," said Charlene Chu, Senior Director
with Fitch's Financial Institutions team in Beijing.

The agency notes that despite a fall in the aggregate NPL ratio
for China's listed banks at end-June 2008, there are early signs
of a rise in loan delinquencies.  The amount of loans recorded as
overdue from one day to one year increased almost across-the-board
for listed banks in H108, while at the same time the assessment
rates for the amount of loan loss reserves that should be set
aside for performing loans also rose.

"Certain data is starting to indicate that the benign credit
environment of the last few years may be turning, although it
remains too early to draw solid conclusions," said Chu.

The agency highlights that recent earnings growth has been
primarily driven by two new noteworthy trends evolving out of the
tight credit environment, including higher loan pricing and the
rapid rise in the sale and re-packaging of loans into wealth
management products that are then re-sold to investors.  Fitch
notes that although sales of these products have helped banks' fee
income accelerate at a time when mutual fund sales have plummeted,
this activity should be viewed with a considerable amount of
caution due to extremely poor transparency and disclosure, and
uncertainty about the amount of residual exposure banks retain on
the underlying loans that have been sold.

"If nothing else, recent international experience underscores the
necessity of clear and transparent reporting by banks, and the
hazards of permitting hidden risks to grow," added Chu.



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

CITILINK INVESTMENT: Members and Creditors to Meet on October 23
----------------------------------------------------------------
The members and creditors of Citilink Investment Limited will meet
on October 23, 2008, at 10:30 a.m. and 10:45 a.m., respectively,
at 1401, Level 14 of Tower 1, Admiralty Centre, in 18 Harcourt
Raod, Hong Kong.

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


CYBERNET: Members' Final Meeting Set for October 20
---------------------------------------------------
The members of Cybernet (Asia Pacific) Limited will hold their
final meeting on October 20, 2008, at 10:00 a.m., at the office of
John Lees & Associates Limited, 1904 Hong Kong Club Building, 3A
Chater Road, in Central, Hong Kong..

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


FUEL AND MARINE: Placed Under Voluntary Liquidation
---------------------------------------------------
Fuel and Marine Marketing Hong Kong Limited commenced liquidation
proceedings on September 11, 2008.  Leung Fung Yee Alice was
appointed as liquidator.

The Liquidator can be reached at:

          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place
          Central, Hong Kong


HONG KONG ARCHITECTURAL: Creditors' Proofs of Debt Due on Oct. 24
-----------------------------------------------------------------
The creditors of Hong Kong Architectural Aluminum Association
Limited are required to file their proofs of debt by October 24,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 10,
2008.

The company's liquidator is:

          Chan Lok Sang
          Tai Yau Building, 21st Floor
          181 Johnston Road
          Wanchai, Hong Kong


MAXWING LOGISTICS: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on September 19, 2008,
the members of Maxwing Logistics Limited resolved to voluntarily
wind up the company's operations.

Creditors are required to file their proofs of debt by October 21,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Kong Wing Cheung
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road
          Kowloon, Hong Kong


NEW WORDLWIDE: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on September 9, 2008, the
members of New Worldwide Corporation Co., Limited agreed to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by Nov. 7,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Tseng Yih Sun
          Kingsford Industrial Centre
          Unit 2, 8th Floor
          No. 13 Wang Hoi Road
          Kowloon Bay
          Kowloon, Hong Kong


NGEI CHEONG: Creditors' Meeting Set for October 15
--------------------------------------------------
The creditors of Ngei Cheong Hong International Limited will meet
on October 15, 2008, at 10:15 a.m., for the purposes provided for
in Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at Room 2429, 24th Floor of Sun Hung Kai
Centre, 30 Harbour Road in Wanchai, Hong Kong.


PLEXWOOD LIMITED: Members and Creditors to Meet on October 23
-------------------------------------------------------------
The members and creditors of Plexwood Limited will meet on
October 23, 2008, at 11:00 a.m. and 11:15 a.m., respectively, at
1401, Level 14 of Tower 1, Admiralty Centre, in 18 Harcourt Raod,
Hong Kong.

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


TOTAL PROPERTY: Members' and Creditors' Meeting Set for Oct. 23
---------------------------------------------------------------
The members and creditors of Total Property Services Limited will
meet on October 23, 2008, at 11:30 a.m. and 11:45 a.m.,
respectively, at 1401, Level 14 of Tower 1, Admiralty Centre, in
18 Harcourt Raod, Hong Kong.

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


WORLDWIDE TRANSPORT: Members and Creditors to Meet on Oct. 23
-------------------------------------------------------------
The members and creditors of Worldwide Transport (Far East)
Limited will meet on October 23, 2008, at 12:00 noon and
12:15 a.m., respectively, at 1401, Level 14 of Tower 1, Admiralty
Centre, in 18 Harcourt Raod, Hong Kong.

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


XINAO GAS: Moody's Downgrades Sr. Unsecured Bond Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 of Xinao
Gas Holdings' (Xinao) senior unsecured bond rating.  At the same
time, Moody's has affirmed the company's corporate family rating
at Ba1.  The outlook for both ratings is stable.

"The downgrade of the bond rating mainly reflects structural
subordination risk as Xinao's subsidiary debt to total debt and
total asset has shown an increasing trend in the past few years
and is above 75% and 30% respectively as of 1H2008," says Jennifer
Wong, Moody's lead analyst for the company, adding "Moody's
considers such high level of subsidiary debts would impair the
priority of claims for the senior unsecured bondholders at the
holding company."

"Although Xinao has indicated its intention to lower subsidiary
level debt, given its reliance on on-shore borrowings at the
subsidiary or project level to fund its operations in China, such
ratios are likely to remain at a high level in the next year or
two," adds Ms. Wong.

Currently, the Ba1 corporate family rating continues to reflect
Xinao's geographically diversified piped gas operations and large
market presence - often involving monopoly positions - to
distribute gas for 30 years and favorable industry trends that
offers growth potential.  The company has also demonstrated its
ability to grow rapidly under favorable conditions and generate a
more stable revenue structure by gradually increasing the
proportion of piped gas sales as compared to one-off connection
fees.

At the same time, balancing these strengths are the following key
credit concerns: a relatively short track record at managing the
financial and operational business challenges at its current
scale; the company's exposure to China's evolving regulatory and
operating environments and execution risk in acquiring projects.
Furthermore, downward pressure on connection fees may increase
cash flow volatility, while negative free cash flow (FCF) and high
capex limit its financial flexibility.

Xinao's projected financial metrics -- EBIT/Int of 3.5-4.5x and
RCF/TD of 13-20% in the next two years -- remain in line with a
Ba1 rating, after taking into consideration the increasing
proportion of cash flow generated from the more stable piped gas
sales.

Upward rating pressure would evolve over time if Xinao
demonstrates the ability to generate FCF on a consistent basis;
and achieves a track record for raising piped gas penetration for
its projects in different provinces, such that the more stable
piped gas sales account for most of its revenue and gross profit.
Consistent and transparent regulation over tariffs would also be
positive for the rating.  Key credit metrics that Moody's would
consider for a rating upgrade include: EBIT/Int greater than 5.0-
5.5x and RCF/TD above 20% on a sustainable basis.

On the other hand, the rating may experience a downward trend if:
(1) the expected ramp-up in the penetration rate is consistently
slower than expected; (2) adverse changes in regulatory
environments negatively affect its cash-generating ability; or (3)
aggressive capital expenditure for new initiatives such as
overseas expansion emerges.  The key credit metrics that Moody's
would consider for a rating downgrade include: EBIT/Int below 3.0-
3.5x and RCF/TD below 10-12%.

Xinao Gas Holdings Ltd (Xinao), listed on the Hong Kong Stock
Exchange, is principally engaged in the construction and operation
of facilities for piped natural gas distribution to residential
and commercial/industrial customers in various cities in China.



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

ADHUNIK ALLOYS: Fitch Rates INR920MM Long-Term Loan 'BB+(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed India's Adhunik Alloys & Power
Limited's National Long-term issuer rating at 'BB+(ind)'.  The
Outlook is Stable.  Simultaneously, Fitch has assigned the
following ratings to its bank loans:

  -- Outstanding long-term loans aggregating INR2920 million:
     'BB+(ind)';

  -- Sanctioned non-fund based limits aggregating INR250 million:
     National Short-term rating of 'F4 (ind)'; and

  -- Cash Credit Limits aggregating INR350m: National Long-term
     rating of 'BB+(ind)'.

This rating action updates the same published by the agency on 13
August 2008, and reflects AAPL's higher debt/limits as sanctioned
by the banking system.

AAPL presently operates a sponge iron facility with a capacity of
210,000 MTPA.  The company has a single unit with all the
facilities located at Jamshedpur in Jharkhand.  AAPL is setting up
an Integrated Steel Plant for production of high value-added steel
products to be utilized by the power and telecommunication
industries and their ancillaries.  The project is expected to be
completed by FY09E and will involve a total project cost of
INR5239.3 million.  Fitch expects leverage to peak in FY09 and
deleverage once the benefits of the capex start accruing.

The successful completion of its expansion projects resulting in
an improvement in the margins and a debt/EBIDTA ratio lower than
5.5x could potentially act as a positive ratings trigger.
Overruns in its expansion plans or a major debt-funded investment
that results in the Debt/EBIDTA ratio moving in the range of 7x
after FY2009 may be downgrade triggers.


LEHMAN BROTHERS: SK Bangur Eyes Buyback of Bank's West Coast Stake
------------------------------------------------------------------
S K Bangur group has expressed interest to buy back Lehman
Brothers Holdings Inc.'s stake in West Coast Paper Mills Ltd., The
Times of India reports.  Lehman Brothers holds close to 6% in the
company through two investment arms Lehman Brothers Asia Ltd
(LBAL) and LB India Holdings Mauritius Ltd (LIHML), the report
says.

The West Coast Paper Mills is the flagship company of SK Bangur
Group, based in Kolkata, India.

"As far as we know, the majority of the Lehman's holding in West
Coast Paper is still intact.  We are definitely interested in the
shares.  But we have to check whether we can buy the entire Lehman
stake in West Coast Paper as Sebi has imposed a 55% cap on
promoters' holding," Bangur sources told The Times of India.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
18, 2008, Lehman has been offloading its assets in India since
late last month.  According to The Economic Times, Lehman
offloaded around Rs 400 crore of its equity holding in nearly 10
companies, most of which were purchased by Deutsche Bank.  Prior
to the sell-off, Lehman's Indian equity portfolio is estimated to
have been worth more than Rs 1,000 crore, which has now nearly
halved to about Rs 500 crore, the news agency said.

Separately, Japan's Nomura Holdings Inc., which agreed to buy
Lehman Brothers Holdings Inc.'s Asian operations, has not included
the failed bank's Powai operations in India, The Economic Times
reports.  The unit employs more than 2,000.

A source in Lehman Brothers' Powai office told The Economic Times
that the outsourcing facility in India is not included in the deal
because it falls under the management of New York, rather than
Asia Pacific.  However, ET's source said the Japanese bank is
soliciting information about the Powai operations.

According to The Times, in Mumbai, Lehman had offices in Worli
which housed the investment bankers and in Powai which looked
after the back-end operations of Lehman Brothers, USA.

                     About S K Bangur Group

S K Bangur Group is the sponsor and promoter of West Coast Paper
Mills Limited (WCPM), an integrated pulp and paper mill.

                     About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. --
http://www.nomura.com/-- is a securities and investment banking
firm in Japan and has worldwide operations.  Nomura is a holding
company.  The services it provides include trading, underwriting,
and offering securities, asset management services, and others.
As of March 31, 2008, it operated offices in about 30 countries
and regions, including Japan, the United States, the United
Kingdom, Singapore and Hong Kong through its subsidiaries.  The
Company’s customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.  In February, 2007, Nomura acquired Instinet
Incorporated.

                      About Lehman Brothers

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

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16, 2008 (Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Luc A. Despins, Esq., and Wilbur F. Foster,
Jr., Esq., at MILBANK, TWEED, HADLEY & McCLOY LLP, in New York,
and Paul Aronzon, Esq., and Gregory A. Bray, Esq., at MILBANK in
Los Angeles, California, represent the official unsecured
creditors committee.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which have filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


* INDIA: Banks May Weather Market Turmoil, S&P Says
---------------------------------------------------
Standard & Poor's expects India's banking industry to stay afloat
despite slow down of growth in core industries and lowered GDP
targets, The Times of India reports.

The likely impact of slower growth on Indian banks is expected to
be "mild", the rating agency said in a report cited by The Times.

S&P, the Times relates, said India is also expected to continue to
be one of the engines of the world by growing 7.8% in 2008.

According to The Times, S&P's report noted that at a broad level,
it (the sensitivity of a banking system to economic decline) will
depend on the total debt in the system and the strength of the
banking industry to withstand or respond to changes in the
environment.

"The Asian banking systems learned in the financial crisis of the
late 1990s that the unsustainable portion of leverage precipitates
as nonperforming loans and needs to be addressed by
recapitalization and restructuring of the banking system," Ritesh
Maheshwari, S&P Primary Credit Analyst of financial market
intelligence provider said in the rating agency's report.


* INDIA: Study Reveals 1,200 Listed Companies Forged Results
------------------------------------------------------------
A study conducted by Pune-based Indiaforensic Consultancy Services
(ICS) said that with recession tightening its grip on global
economy and the stock market in a state of flux, more and more
Indian companies are tinkering with their financial statements to
meet market expectations, The Times of India reports.

According to the report, the study, called 'Early Warning Signals
of Corporate Frauds', said at least 1,200 companies listed on
domestic stock exchanges have forged their financial results by
deferring revenue and inflating expenses.

The Times says the ICS study, which examined more than 6,000
companies listed on the BSE and the NSE, involved 340 chartered
accountants and some chartered accountancy students as
respondents.

The survey cited by The Times showed that as many as 73% of
respondents said the motive for committing accounting statement
frauds was to exceed expectations of stock market analysts.

Meanwhile, the report says PwC associate director (forensic
services) Sumit Makhija and Haribhakti & Company's Arijit
Chakraborty believe that accounting frauds are on the rise.



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

PT PERTAMINA: To Invest US$500 Mil. in Oil and Gas Project in Cepu
------------------------------------------------------------------
Jakarta Post reports that PT Pertamina plans to spend
US$500 million next year on its 50%-owned oil and gas project in
Cepu, East Java.  The remaining 50% is held U.S.-based oil company
ExxonMobil.

The Post, citing Pertamina Finance Director Frederick Siahaan,
says the company will fund the project through the use of internal
revenues due to the current unfavorable market conditions.

The report noted that Pertamina had planned to seek loans of up to
US$1 billion from foreign banks to finance the estimated
US$2 billion project.

                       About PT Pertamina

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

                          *     *     *

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

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



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


NOMURA HOLDINGS: To Buy Lehman Brothers' Asia Pacific Franchise
---------------------------------------------------------------
Nomura Holdings Inc. has agreed to acquire Lehman Brothers'
franchise in the Asia Pacific region including Japan and
Australia.  The transaction is subject to a number of conditions.

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.

The deal includes all of Lehman Brothers' franchises and
approximately 3,000 employees in multiple locations in the Asia-
Pacific region.  Lehman has been a strong player in the investment
banking field, particularly M&A, execution services, non-cash
business including derivatives, electronic trading and prime
brokerage.  By combining two strong client franchises, the
partnership will enable Nomura to strengthen its wholesale
business and to further realize its strategy of delivering Asia to
the world.

Under the terms of the transaction all employees in Asia Pacific
will be offered employment with Nomura.  The deal does not include
any trading assets or trading liabilities.

Kenichi Watanabe, Nomura's President and CEO, said: "This is a
transformational deal that allows us to bring together the
strengths of Nomura and Lehman Brothers to further deliver value
to our clients.  It will significantly extend our reach in Asia.
We see immediate strategic benefits, delivering the scale and
scope to realize our vision to be a world-class investment bank.

"The businesses we are acquiring are hugely successful with
excellent management and staff.  This is a once in a generation
opportunity and we are delighted to be able to partner with Lehman
Brothers' talented people to create one of the biggest independent
global financial institutions that provides world-class investment
banking services to clients across the globe. Our ability to
capitalize on this opportunity in spite of such volatile markets
reflects our financial strength and demonstrates how well we have
managed the credit crisis.  This deal is validation for our
strategy," said Mr. Watanabe.

Jesse Bhattal, CEO of Lehman Brothers Asia, added: "To partner
with such a reputable firm as Nomura is truly a remarkable
opportunity for both firms, as it creates a completely
complementary platform across an expanded range of products and
services. We are honored to work with Nomura in building a
platform which we believe offers tremendous potential."

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                        *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating.

On Aug. 1, 2008, the Troubled Company Reporter - Asia pacific ,
citing the Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


SHINSEI BANK: Sees 80% Drop in Full Year Profit on Lehman Exposure
------------------------------------------------------------------
In a company press release, Shinsei Bank Limited has revised its
forecasts for consolidated earnings for the interim period ending
September 30, 2008; the fiscal year ending March 31, 2009, and its
non-consolidated earnings forecast for the fiscal year ending
March 31, 2009.

The company revised its full year consolidated forecast for net
income for the fiscal year ending March 31, 2009 from JPY62.0
billion to JPY12.0 billion due primarily to the impact on its
Institutional Group that included the expected losses to entities
of Lehman Brothers Holdings Inc.

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.

In a separate company disclosure, the company said its maximum
exposure to Lehman Brothers is approximately JPY38 billion,
largely comprised of an unsecured loan of JPY25 billion to a
Japanese entity guaranteed by Lehman Brothers, JPY9 billion in
bonds (notional amount), and market counterparty risk of
JPY1 billion.  The company added that it is taking prompt action
to manage its exposure and maximize recovery.  In addition, the
bank has International Swaps and Derivatives Association/CSA
agreements in place.

"These figures leave a very bad impression.  The JPY38 billion to
Lehman was already announced but the size of the downward revision
is much bigger than expected," Bloomberg News cited Hiromichi
Tsuyukubo, a hedge-fund manager in Tokyo at Myojo Asset Management
Japan Co., which oversees about US$150 million, as saying.

Meanwhile, the company said that the Individual Group, which now
includes the operations of GE Consumer Finance that is expected to
contribute JPY30 billion to the above forecast, contributed in
part to offset the lower performance of the Institutional Group.

Accordingly, Shinsei Bank also revised its full year non-
consolidated forecast for net income for the fiscal year ending
March 31, 2009 from CNY60.0 billion to CNY12.0 billion.

Shinsei Bank revised its interim consolidated forecast for net
income for the interim period ending September 30, 2008 from
JPY28.0 billion to a loss of JPY15.0 billion due largely to the
expected losses to entities of Lehman Brothers Holdings, Inc.,
which filed for bankruptcy.  This forecast does not include any
contribution from the newly acquired GE Consumer Finance that is
expected to contribute to earnings only from the second half of
this fiscal year.

According to Bloomberg News, the bank will make additional
provisions on European asset-backed securities and investments.

Chief Executive Officer Thierry Porte is betting that Japan's
consumer finance industry, after contracting since a 2006
crackdown by authorities on interest rates and collection tactics,
is poised to recover, Bloomberg News relates.

                    About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --
http://www.shinseibank.com/-- is a financial institution
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of JPY11.5 trillion (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

The bank continues to carry Fitch Ratings affirmed Shinsei Bank
Ltd's Short-term foreign and local currency IDRs at 'F2',
Individual 'C', Support '3', and Support Rating Floor 'BB+'.

Shinsei Bank Ltd also continues to carry a "BB" Subordinated
Debt rating, which was placed by Mikuni Credit Ratings on
October 25, 2006.


SHINSEI BANK: Acquires GE Consumer Finance for JPY580 Billion
-------------------------------------------------------------
Shinsei Bank Limited has acquired GE Consumer Finance Co. Ltd.
(GECF) and its subsidiaries for an all cash consideration of
JPY580 billion from GE Japan Holdings Corporation.

Shota Umeda, who has over 20 years experience in GE in Japan, has
been appointed as the president of this new subsidiary.

With this acquisition, Shinsei has taken a contrarian approach to
consumer finance which is currently undergoing an unprecedented
transformation.  GECF brings additional scale in personal loans,
credit cards, mortgage and sales finance to Shinsei's existing
related operations in Shinsei Bank, APLUS and Shinki.  The newly
acquired company will contribute immediately to Shinsei's earnings
from October 2008 with an estimated JPY30 billion earnings
contribution in this fiscal year.

"Stable consumer credit is an integral component of every
developed economy. Shinsei has the opportunity now to be a leader
in bringing together highly-trusted retail banking and responsible
consumer lending – lending that is sustainable for both lenders
and customers alike," said Thierry Porte, President and Chief
Executive Officer of Shinsei Bank.  "We believe we have made the
right choice to capitalize on the current market dislocation which
allows us to accelerate our development as a leading responsible
lender with a current customer base that is now expected to exceed
12 million accounts.  This acquisition will increase both the
scale and competencies of our Individual Group and opens up
further opportunity for synergy between our retail banking and
consumer finance operations – all built upon Shinsei's foundation
of best-in-class corporate governance, compliance, risk management
and IT expertise."

Shinsei believes this acquisition will increase shareholder value
for three main reasons:

(a) "we are acquiring a high quality customer base originated
     under a highly-regarded Lake brand and built upon
     consistently sound underwriting.  This acquisition also
     brings to Shinsei a highly effective management team and
     workforce.

(b)  this is a very attractive acquisition from a financial
     perspective.  We are acquiring JPY879 billion in assets
    (personal loans (JPY647 billion), mortgage loans (JPY105
     billion), credit card/sales receivables (JPY81 billion) and
     other assets (JPY44 billion)) for a total debt and equity
     consideration of JPY580 billion yen funded entirely by our
     internal funding sources of mainly stable retail deposits.
     Capital optimization will be carried out after closing with
     no impact on a consolidated basis.  This consideration
     provides for JPY221 billion of provisions for future grey
     zone claims as well as JPY64 billion in credit reserves for
     losses unrelated to grey zone.  The purchase agreement
     includes an indemnity from GE that provides protection for
     potential losses beyond JPY203.9 billion from the majority of
     the legacy accounts with grey zone interest exposure.  Total
     goodwill from the acquisition is expected to be a modest
     JPY15 billion and other intangible assets will be recorded at
     approximately JPY27 billion upon consolidation with Shinsei
     Bank as at September 30, 2008.  The consolidated earnings
     contribution to Shinsei from GECF is forecasted at JPY30
     billion for the fiscal year ending March 31, 2009.

(c) there are significant opportunities for both expense and
    revenue synergies across the related operating entities.
    While much of the potential impact has not been factored into
    current forecasts, the opportunities for further profitability
    include the ability to utilize retail deposits for the funding
    of GECF, potential cross selling of deposit services,
    consumer, mortgage and auto loans, credit cards and insurance
    brokerage services to 12 million existing accounts, and
    further operational efficiencies leveraging Shinsei's
    technology and operating platforms."

The demands and preferences for consumer financial services will
continue to grow in both diversity and sophistication, and the
provision of responsible consumer credit solutions will be an
important part of meeting the future needs of its individual
customers.  With this strategic, transformational acquisition,
Shinsei is well positioned to be a leader in redefining retail and
consumer finance in Japan.

                       About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --
http://www.shinseibank.com/-- is a financial institution
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of JPY11.5 trillion (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

The bank continues to carry Fitch Ratings affirmed Shinsei Bank
Ltd's Short-term foreign and local currency IDRs at 'F2',
Individual 'C', Support '3', and Support Rating Floor 'BB+'.

Shinsei Bank Ltd also continues to carry a "BB" Subordinated
Debt rating, which was placed by Mikuni Credit Ratings on
October 25, 2006.


* JAPAN: S&P Cuts Rating on Various Synthetic CDO Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 80
tranches relating to 56 Japanese synthetic CDO transactions.  At
the same time, S&P placed its ratings on seven tranches relating
to six Japanese synthetic CDO transactions on CreditWatch with
negative implications.

The downgrades and CreditWatch placements reflect a review of
Japanese synthetic CDO tranches that had already been placed on
CreditWatch, plus a review of synthetic CDO tranches with exposure
to any one of Fannie Mae, Freddie Mac, Lehman Brothers
Holdings Inc. (Lehman; D/--/D), American International Group Inc.
(AIG; A-/Watch Dev/A-1), Bank of America Corp. (BofA; AA-/Watch
Neg/A-1+), Washington Mutual, Inc. (WAMU; BB-/Negative/B), or any
of their subsidiaries.

The downgrades and CreditWatch placements reflect the impact on
the relevant portfolios of several events that have occurred since
the start of September: the placement of Fannie Mae and
Freddie Mac under regulatory conservatorship; Lehman's Chapter 11
bankruptcy filing; and negative rating migration that reflects,
but is not limited to, the downgrades and CreditWatch placements
of AIG, BofA, and WAMU.

Synthetic Rated Overcollateralization (SROC) is the key
measurement used to determine whether a rating action is required.
It captures the major influences on portfolio performance: events
of default, asset migration, amortization of
assets, and time decay.

Ratings Lowered:

Helium Capital Ltd.:

Corporate basket limited recourse secured credit-linked
extendable notes (Scarborough) series 64

To   From          Issue Amount    SROC (%)
BB-  A-/Watch Neg  AU$100 million  98.3916

Limited recourse secured floating rate credit-linked notes series
65

To  From  Issue Amount    SROC (%)
B   BBB   JPY2 billion    98.7907

Series 79 limited recourse secured floating rate credit-linked
notes

To            From  Issue Amount     SROC (%)
BB/Watch Neg  BBB-  US$20 million    99.4535

Beryl Finance Ltd.:

Floating rate secured portfolio credit-linked notes series 86
To  From  Issue Amount    SROC (%)
BB  BBB   US$10 million   99.5576

Hummingbird Securitisation Ltd.:

Series 2 loan

To  From           Issue Amount     SROC (%)
AA  AAA/Watch Neg  JPY3 billion     57.5301

Series 2005-10 secured floating rate credit-linked notes

To             From  Issue Amount     SROC (%)
BB-/Watch Neg  BB+   JPY2 billion     99.7345

Andante Ltd.:

Credit-linked secured notes series 2

Class  To  From   Issue Amount     SROC (%)
A-1     B+  AA-   JPY1.7 billion   95.4955
A-2     B+  AA-   JPY1.3 billion   95.4955

Credit linked secured notes series 4

Class  To              From  Issue Amount     SROC (%)
A-1    A-/Watch Neg    AA-   JPY4.1 billion   99.4628
A-2    A-/Watch Neg    AA-   JPY500 million   99.4628
B      BBB/Watch Neg   AA-   JPY500 million   98.9346
C      BBB/Watch Neg   AA-   US$10 million    98.9449
D-1    BBB-/Watch Neg  AA-   JPY3.3 billion   98.7392
D-2    BBB-/Watch Neg  AA-   JPY300 million   98.7392
E-1    BB+/Watch Neg   A-    JPY500 million   98.7380
E-2    BB+/Watch Neg   A-    JPY300 million   98.7380
F      BBB+/Watch Neg  AA-   JPY300 million   99.0238
G      BBB-/Watch Neg  A-    JPY1.2 billion   99.0414



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

HYUNDAI MOTOR: Union to Vote for New Tentative Wage Deal
--------------------------------------------------------
Hyundai Motor Company's unionized worker will hold a vote to
approve the new preliminary wage deal reached by the company and
the group on Thursday, Cheon Jong-woo of Reuters reports.

According to the report, the deal, which still needs to be
approved by union members, includes a 5.61% rise in base salary, a
one-off payment of KRW4 million (US$3,548) and a bonus for 2008 of
300% of monthly salary for each employee.

Earlier this month, the report recounts, Hyundai's unionized
employees vetoed a deal that included a 5.61% rise in base salary,
a one-off payment of KRW3 million and a bonus of 300% of monthly
salary.  That compares with last year's 5.8% base rise and KRW2
million bonus per employee, the same report points out.

The report relates the company and the union also agreed to reduce
total working hours to 17 hours a day from 20 hours from next
year, but to keep production volumes steady.

On August 29, 2008, the Troubled Company Reporter - Asia Pacific,
citing Reuters, reported that unionized workers at Hyundai and Kia
Motors Corp launched another round of partial strikes over a wage
deal and working conditions.  Union members then told Reuters they
also planned to stage further partial strikes if they fail to
reach agreements with management.

That report said Hyundai's unionized workers started a two-
hour walkout on Aug. 27 which was expected to cost the company
1,998 vehicles in lost production.

Reuters says that the 12 partial strikes from July 2 during the
wage negotiations, caused the company 44,645 vehicles in lost
output.

Union members at the companies usually make up production losses
with overtime work once they reach wage deals.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


* KOREA: Government Aims to Give Financial Help to Smaller Firms
----------------------------------------------------------------
South Korea will help keep smaller companies from failing due to
temporary cash shortages, despite healthy business performances,
with the central bank ready to supply funds, Reuters reports,
citing Finance Minister Kang Man-soo.

According to the report, the Financial Services Commission will
soon unveil detailed measures to help small and medium-sized
enterprises, Minister Kang told reporters after a special meeting
with the heads of the commission and the Bank of Korea.

Minister Kang, the report relates, said there was no problem with
foreign-currency liquidity at financial institutions operating in
the country but that authorities would keep closely watching the
situation and take pre-emptive measures when necessary.



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

BRASS MAGAZINE: Proofs of Debt Due on September 30
--------------------------------------------------
The High Court at Auckland has appointed Damien Grant and
Steven Khov, insolvency practitioners of Auckland, as liquidators
of Brass Magazine Limited.

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:

          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          Email: enquiries@waterstone.co.nz


HIGHLINE ROOFING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Wellington convened a hearing on Sept. 8, 2008,
to consider an application putting Highline Roofing Limited into
liquidation.

The application was filed on July 22, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          Wellington
          Telephone: (04) 890 1127
          Facsimile: (04) 890 0009

Julia Marie Snelson is the plaintiff's solicitor.


LANDSCAPE CONCEPTS: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Invercargill convened a hearing on Sept. 10,
2008, to consider an application putting Landscape Concepts
Limited into liquidation.

The application was filed on June 26, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


MT FYFFE: Liquidators Set September 30 as Claims Bar Date
--------------------------------------------------------
The High Court has appointed Stephen John Tubbs, chartered
accountant, and Colin Anthony Gower, insolvency practitioner, both
of Christchurch, as liquidators of Mt Fyffe Developments Limited.

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:

          Barbara King
          BDO Spicers
          Level 6, Spicer House
          148 Victoria Street
          Christchurch 8013
          Telephone: (03) 353 5528
          Facsimile: (03) 353 5526
          Email: barbara.king@chc.bdospicers.com


OHOKA MOUNTAIN: Shareholders Opt to Liquidate Business
------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Ohoka Mountain Views Limited resolved that the
company be liquidated and appointed Iain Andrew Nellies and
Wayne John Deuchrass, as liquidators.

Creditors and shareholders may direct their inquiries to:


          Iain Andrew Nellies
          Wayne John Deuchrass
          Insolvency Management Limited
          Level 1, 148 Victoria Street
          PO Box 13401
          Christchurch


ORAKEI GROUP: Placed Under Liquidation
--------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Orakei Group Limited resolved that the company be
liquidated and appointed Grant Bruce Reynolds, insolvency
practitioner of Auckland, as liquidator.

Creditors and shareholders may direct their inquiries to:

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


PULSE EVENTS: Liquidators Set September 30 as Claims Bar Date
-------------------------------------------------------------
The High Court at Hamilton has appointed Damien Grant and
Steven Khov, insolvency practitioners of Auckland, as liquidators
of Pulse Events Limited.

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:

          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          Email: enquiries@waterstone.co.nz


SECA LTD: Proofs of Debt Due on September 30
--------------------------------------------
The High Court at Auckland has appointed Damien Grant and
Steven Khov, insolvency practitioners of Auckland, as liquidators
of Seca Limited.  Messrs. Grant and Khov replaced Robert Laurie
Merlo who had been appointed liquidator on June 17, 2008.

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:

          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          Email: enquiries@waterstone.co.nz


TEPAKI GROUP: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Wellington convened a hearing on Sept. 8, 2008,
to consider an application putting Tepaki Group Limited into
liquidation.

The application was filed on July 10, 2008, by V & R Consultants
Limited.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213 or DX SX 10069
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff's solicitor.


* NEW ZEALAND: Central Bank Takes Actions to Alleviate Liquidity
----------------------------------------------------------------
The Reserve Bank reiterated its confidence that the New Zealand
banking system remains sound, despite significant further
turbulence in the US and global financial markets over the past
week.

Reserve Bank Governor Alan Bollard said disruptions in the US
markets are reverberating around the world.  New Zealand banks are
not directly involved, although there are indirect adverse effects
on liquidity in New Zealand's financial markets.

"Financial prices have become volatile and, with heightened
uncertainty, investors are becoming more risk averse,"Dr Bollard
said.  "While New Zealand will inevitably feel the effects of
major financial shocks such as this, New Zealand banks are not
involved in the sort of complex financial transactions that have
caused significant losses in many of the large global
institutions.

"However, as stated in the Bank's May Financial Stability Report,
the New Zealand banks have seen a tightening in the availability
of funding in global debt markets, on which they are relatively
reliant.  These pressures are exacerbated by recent events.

"There is no immediate problem, but the Reserve Bank always stands
ready to support the liquidity of the New Zealand financial
system," Mr. Bollard said.

Deputy Governor Grant Spencer said two new measures are being
introduced which will assist in alleviating the current liquidity
pressures.

First, the Reserve Bank proposes to facilitate the injection of
funds into the banking system by accepting bank paper in its daily
market operations.

"While bank paper is already eligible for use in our standing
facility, it has not been accepted to date in the Bank's open
market operations," Mr. Spencer said.  "This measure should take
some pressure off the FX swap market which is the usual channel
for injecting Reserve Bank funds.

"It is our intention to offer longer terms than usual in our
operations, up to six months, in order to help ease pressure at
the short end of the market.

"Second, the Reserve Bank is intending to introduce a new facility
which will make certain Asset Backed Securities (ABS) eligible as
collateral in its domestic liquidity facilities.  This is intended
to further broaden the range of assets and institutions that have
access to Reserve Bank liquidity.  The proposed terms for this
facility will be released separately and will be subject to
industry consultation before they are finalised."

In addition, the Bank will soon be releasing a consultation
document on a proposed revised policy for banks in regards to the
management of their own liquidity and funding.  This policy is
aimed at ensuring that the banks are less vulnerable to future
liquidity shocks and disruptions in global funding markets.

"While these measures will assist in promoting a more stable
liquidity situation, the Reserve Bank retains full confidence in
the underlying solvency of the New Zealand banking system,"
Mr. Spencer said.



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

LODESTAR INVESTMENT: Mulls Possible Investment in Abacus Coal
-------------------------------------------------------------
During a special meeting held on September 22, 2008, the Board of
Directors of Lodestar Investment Holdings Corporation (LIHC)
passed a resolution authorizing the company to explore and
consider a possible investment into Abacus Coal Exploration
Development Corporation.

Moreover, the Board authorized LIHC President Alfonso S. Anggala,
to execute appropriate agreements to carry out the mentioned
resolution subject to other requisite approvals.

In the same meeting, the members of the Board of Directors still
constituting a quorum, nominated and appointed Chi Ho Co director,
to serve as such until his successor has been elected and
qualified.


LEHMAN BROTHERS: Metrobank Files Court Rehabilitation for 2 Units
-----------------------------------------------------------------
Philippine-based Metropolitan Bank & Trust Company (Metrobank),
has submitted to the Regional Trial Court of Makati, petitions for
Philippine Investment One, Inc. and Philippine Investment Two,
Inc. to be placed under corporate rehabilitation.   The two
companies are subsidiaries of Singaporean company Lehman Brothers
South East Asia Pte Limited.

The petitions were filed to ensure the continued normal operations
of the companies and defer all claims, actions, and proceedings
against them.

Metrobank executive vice president, Vicente R. Cuna said, "This
creditor-led rehabilitation is a preemptive move to protect the
Bank against possible dissipation of assets by foreign claimants."

Metrobank earlier disclosed its aggregate loan exposure amounting
to Php2.4 billion to the Lehman subsidiaries based in the
Philippines.  To date, the loan is current and both companies are
operating normally.

In its petition, Metrobank said that unless a stay order is issued
by the Court, the companies will suffer setbacks in meeting their
financial obligations while they are being beleaguered by the
attempts of some creditors to enforce payment of their claims to
the detriment of other creditors, especially with the recent act
of default by Lehman Brothers.  The Bank said the filing is
necessary to prevent any undue preference to certain creditors,
and to ensure that the assets of both companies are properly
preserved for the benefit of all the creditors during the period
of rehabilitation.  Philippine Investment One and Two are in the
business of investing in non-performing assets of financial
institutions under the terms of the Special Purpose Vehicle Act of
2002.

Metrobank is confident that it will recover in full its loan
principal, given the amount and quality of assets that the two
companies are holding.  The loan was used to purchase the
foreclosed properties and NPLs of Development Bank of the
Philippines and sequestered United Coconut Planters Bank.


* PHILIPPINES: Asks Companies to Submit Plan to Address Deficiency
------------------------------------------------------------------
The Philippine Stock Exchange requested some of its listed
companies to submit their business plans to address their capital
deficiencies.  These companies include:

   a) AGP Industrial Corporation (AGP);
   b) Apex Mining Co., Inc. (APX);
   c) Central Azucarera de Tarlac (CAT);
   d) Lodestar Investment Holdings Corporation (LIHC);
   e) Nexstage, Inc. (NXT);
   f) NiHAO Mineral Resources International, Inc. (NI);
   g) PICOP Resources, Inc. (PCP); and
   h) Unioil Resources & Holdings Company, Inc. (UNI)


* GOLDEN TOWER: PSE Lifts Trading Restriction
---------------------------------------------
The Philippine Stock Exchange (PSE) has lifted the trading
restrictions imposed on brokerage firm Golden Tower Securities and
Holdings, Inc. immediately after the company rectified all the
audit findings of the Market Regulation Division (MRD).

"We are pleased to inform the public that Golden Tower has
resolved the audit findings, including a 100 percent buyback of
its short position.  Golden Tower has taken immediate measures to
address company issues, which I think should put to rest any cause
of alarm among its investors," PSE president and Chief Executive
Officer Francis Lim said.

Based on MRD's post audit report, Golden Tower has rectified its
violations of the Securities Regulation Code and has been
recommended to resume to its regular trading.

In the meantime, the PSE is still waiting for HK Securities, Inc.,
to fulfill its promise to infuse at least the equivalent of
US$1 million by September 19, 2008, to cure its short security
position.

PSE has earlier imposed trade restrictions on HK Securities based
on MRD's findings that the company had short security position and
misstatement of cash balance.

The principal owner of HK Securities, Mr. Rodolfo V. Cruz has
agreed that if they are not able to infuse the required amounts
within the period agreed upon, HK Securities will immediately be
placed under suspension and takeover proceedings to further
protect the investing public.



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

ASIAN PARTNERS: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
Asian Partners Asia Pacific (Singapore) Pte. Ltd., which is in
voluntary liquidation, requires its creditors to file their proofs
of debt by October 14, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


PEC TECHNOLOGY: Wind-Up Petition Hearing Set for October 17
-----------------------------------------------------------
A petition to have PEC Technology (S) Pte Ltd's operations wound
up will be heard before the High Court of Singapore on October 17,
2008, at 10:00 a.m.

Johnson Controls (S) Pte Ltd filed the petition against the
company on September 8, 2008.

Johnson Controls' solicitors are:

         M/S Sim Mong Teck & Partners
         7500A Beach Road
         #09-301 The Plaza
         Singapore 199591


PROJECTOR S.A.: Court to Hear Wind-Up Petition on October 3
-----------------------------------------------------------
A petition to have Projector S.A.'s operations wound up will be
heard before the High Court of Singapore on October 3, 2008, at
10:00 a.m.

ING Belgium N.V. filed the petition against the company on
Sept. 9, 2008.

ING Belgium's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00
          AIA Tower
          Singapore 048542


SZU MING: Court to Hear Wind-Up Petition on October 3
-----------------------------------------------------
A petition to have Szu Ming Trading Pte Ltd's operations wound up
will be heard before the High Court of Singapore on October 3,
2008, at 10:00 a.m.


Hawley & Hazel Chemical Co., (S) Pte Ltd filed the petition
against the company on September 8, 2008.

Hawley & Hazel's solicitors are:

         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620



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

* Fitch: Banks in Asia Achieved Good Levels of Profitability
------------------------------------------------------------
Fitch has reviewed the key trends for banks in Asia, ex-Japan and
found that they have remained generally good - for the most part,
banks in Asia achieved good levels of profitability, stable or
improving asset quality and adequate or strong capitalization.

In January this year, the agency issued a report discussing the
prospects for Asian banks in 2008, and noted that despite the
credit crisis economic growth remained strong in Emerging Asia.
Fitch expected growth to slow in Emerging Asia in 2008 but to a
still robust 8%, led by growth in China.  Based on this outlook,
Fitch expected to see, as a regional trend, slower growth in
lending and underlying earnings and a modest increase in NPLs from
their recent lows.  There was, however, little sign of this in the
first half numbers with results mostly in line with or exceeding
the agency's somewhat cautious forecasts.

However, Fitch notes that global growth has slowed more than it
initially expected in 2008 and that growth will be slow in the
developed economies in 2009.  Fitch's forecast for 2008 growth
rates for Emerging Asia have also come down, but only slightly, in
part because actual growth for 2007 came in well above previous
expectations.

It was the agency's expectation that negative trends would be more
apparent in the second half of 2008 and the recent turmoil in
global financial markets, stemming from the ongoing credit crisis
centred on the US, is likely to exacerbate these.

So far in 2008 in Asia Fitch have seen some adverse developments:
Vietnam is experiencing high inflation and some stress in its
financial system; India's Long-term local currency Issuer Default
Rating has been placed on Negative Outlook due to high domestic
debt and a weak fiscal position; Thailand is experiencing a
political crisis although this has yet to impact its banks which
got off to a good start in 2008; China has seen its stock markets
crash and signs of weakness emerge in its property markets; and
concerns have revived over Korea's external borrowings.

Exposure to Lehman Brothers will result in some additional credit
costs during 2008 but for most banks in Asia ex-Japan, such
exposures are not very material.

In summary, banks in Asia generally continued to perform well in
the first half of 2008 but they face growing challenges arising
from external shocks and the slowdown in both their domestic
economies and in global growth.  The extent of this slowdown is
not yet clear as it depends on how the credit crisis plays out and
how seriously troubles in the financial sector impact the real
economy.


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

                   Featured Conference

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

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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