TCRAP_Public/080926.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

            Friday, September 26, 2008, Vol. 11, No. 192

                            Headlines

A U S T R A L I A

1XCHANGE AUSTRALIA: Joint Meeting Slated for September 30
A.C.N. 075 512 024: Liquidators to Give Wind-Up Report on Oct. 2
A.C.N. 083 898 122: Members' Final Meeting Set for October 2
A.C.N. 084 347 428: Members to Hear Wind-Up Report on Oct. 2
AZASH PTY: Liquidator to Present Wind-Up Report on September 30

BIRDS BUILDING: Joint Meeting Set for October 10
CITY PACIFIC: To List City Pacific Mortgage Fund on ASX
F R METALWORKS: Members Opt to Liquidate Business
FORTESCUE METALS: Wins High Court Ruling Against BHP Billiton
JASIST HOLDINGS: Liquidator to Give Wind-Up Report on September 30

HAN QIN: Liquidator to Present Wind-Up Report on September 30
HEMPELS AVIATION: Goes Into Liquidation
SEIZA AUGUSTUS: Fitch Puts 'BB+' Rating on AU$19.02MM Notes
TOTAL HOSE: Members and Creditors to Meet on September 30
* AUSTRALIA: ITSA Releases Research Into Bankruptcy

* AUSTRALIA: Central Bank Injects AU$1.21 Bil. to Financial System


C H I N A

AUTOCAM CORP: Moody's Changes PDR to 'Caa3/LD' from Caa3
BANK OF COMMUNICATIONS: Chairman Resigns to Lead China Dev't Bank
BOE TECH: To Increase Investment in TFT-LCD Project by 9.77%
CHINA PROPERTIES: S&P Places B+ Ratings on CreditWatch Negative
FEDERAL-MOGUL: Restructuring Plan Includes 4,000 Workforce Cut

GALAXY CASINO: S&P Holds B+ Ratings; Shifts Outlook to Negative
SANLU GROUP: Fonterra Cuts Stake in Dairy Company by 70%
XINAO GAS: S&P Affirms BB+ Corp. Credit and Senior Notes Ratings
* CHINA: Insurers See Asset Drop in August, Commission Says


H O N G K O N G

AICHI ELECTRONICS: Members to Hear Wind-Up Report on October 22
BEST POWER: Court to Hear Wind-Up Petition on October 22
CROWN WORLDWIDE: Moody's Withdraws (P)Ba2 Corporate Family Rating
DIOMED HOLDINGS: Plan Goes to Creditors for Confirmation Vote
ETERNAL GLOBAL: Court to Hear Wind-Up Petition on October 15

INDEX FUTURES: Creditors' Proofs of Debt Due on October 6
LONGEVITY NAVIGATION: Members' Final Meeting Slated for October 20
MASTER-LAU: Court to Hear Wind-Up Petition on October 15
NEOMAX TRADING: Derek and Haughey Cease to Act as Liquidators
OASIS GROWTH: Creditors' Proofs of Debt Due on October 10

SUCCESSFUL: Creditors and Contributories to Meet on Sept. 29
SUNNY RAY: Subject to Cheung Yuen's Wind-Up Petition


I N D I A

GENERAL: US$3.5BB Facility Draw Down Won't Affect S&P's Ratings
ENERGY LEADER: CRISIL Rates Rs.534MM Facilities at 'BB+'
RANBAXY LABORATORIES: U.S. Won't Fund AIDS Drug on FDA Inspection
VEDANTA RESOURCES: Not To Pursue Proposed Group Restructuring


J A P A N

DELPHI CORP: Access to GM Loans Illusory, Committee Says
DELPHI CORP: Government Balks at Release Provisions in GM Deal
DELPHI CORP: Wants Appaloosa's Motion to Strike Denied
DELPHI CORP: Will Not Pay Plan Investors
DELPHI CORP: Gets Permission to Halt Pension Contributions

FORD MOTOR: Reviewing Lehman Bankruptcy's Impact on Loan
MITSUBISHI UFJ: S&P Affirms B Bank Fundamental Strength Rating
RE-PLUS INC: Files for Bankruptcy With JPY32.6 Billion Debts
URBAN CORP: Shareholders Mulls Lawsuit on Undisclosed Deal


K O R E A

HYUNDAI MOTOR: Increases i10 Production in India
HYUNDAI MOTOR: To Build US$600 Million Plant in Sao Paulo, Brazil


M A L A Y S I A

HO HUP: Appoints Faris Najhan Bin Hashim as Executive Director
SUNWAY: Appoints Tai Keat as New Chairman of Audit Committee
UBG BERHAD: Gets Statement of Claim from Merrill for MYR14.89MM


N E W  Z E A L A N D

ARGYLE BAY: Wind-Up Petition Hearing Set for October 3
AVMT LIMITED: Proofs of Debt Due on October 2
CANTERBURY GARAGE: Wind-Up Petition Hearing Set for October 6
FILM TRANSPORT: Liquidators Set October 6 as Claims Bar Deadline
JOSEPH PRODUCTIONS: Liquidators Set October 1 as Claims Bar Date

JOSEPH PRODUCTIONS: Liquidators Set October 1 as Claims Bar Date
KIWI COVING: Proofs of Debt Due on October 1
PLUS SMS: Proposed Share Issue to Former CEO May Spark Suit
PROFILE DEVELOPMENTS: Proofs of Debt Due on September 30
PROFIX CONTAINER: Proofs of Debt Due on September 30

URBAN MEWS: Liquidators Set October 1 as Claims Filing Deadline
WHISPER COVE: Placed in Receivership
WHITEHALL JEWELERS: Incentive Plan Hearing Set for Oct. 3
* NEW ZEALAND: Decline in Economic Activity Continues
* NEW ZEALAND: Increases Investment With Australia

* NEW ZEALAND: 31% of Private Businesses for Sale, Survey Says


P A K I S T A N

* PAKISTAN: Moody's Shifts Outlook on B3 Rating of 4 Banks to Neg.


P H I L I P P I N E S

GEOGRACE RESOURCES: Approves Operating Agreement With PGMC
* PHILIPPINES: Bank Regulators Seek Ways for New Bailout System


S I N G A P O R E

ADVANCE VIEW: Court to Hear Wind-Up Petition on October 3
AT & J: Creditors' Proofs of Debt Due on October 3
PAN PACIFIC: Creditors' Proofs of Debt Due on October 20
SNP PANPAC: Requires Creditors to File Claims by October 20
SNP PROPERTIES: Creditors' Proofs of Debt Due on October 20


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

1XCHANGE AUSTRALIA: Joint Meeting Slated for September 30
---------------------------------------------------------
1xchange Australia Pty Ltd will hold a joint meeting for its
members and creditors at 9:30 a.m. on Sept. 30, 2008.  During the
meeting, the company's liquidator, Dean Royston McVeigh, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


A.C.N. 075 512 024: Liquidators to Give Wind-Up Report on Oct. 2
----------------------------------------------------------------
Christopher R. Campbell and Simon J. Cathro, A.C.N. 075 512 024
Pty Limited fka Mos Data Assembly Specialists Pty Limited's
appointed estate liquidators, will meet with the company's members
on Oct. 2, 2008, to provide them with property disposal and
winding-up reports.

The liquidators can be reached at:

         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney NSW


A.C.N. 083 898 122: Members' Final Meeting Set for October 2
------------------------------------------------------------
Christopher R. Campbell and Simon J. Cathro, A.C.N. 083 898 122
Pty Limited fka Adult Population Index Pty Ltd's appointed estate
liquidators, will meet with the company's members on Oct. 2, 2008,
to provide them with property disposal and winding-up reports.

The liquidators can be reached at:

         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney NSW


A.C.N. 084 347 428: Members to Hear Wind-Up Report on Oct. 2
------------------------------------------------------------
Christopher R. Campbell and Simon J. Cathro, A.C.N. 084 347 428
Pty Limited fka Chateau Margaux Pty Ltd's appointed estate
liquidators, will meet with the company's members on Oct. 2, 2008,
to provide them with property disposal and winding-up reports.

The liquidators can be reached at:

         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney NSW


AZASH PTY: Liquidator to Present Wind-Up Report on September 30
---------------------------------------------------------------
Azash Pty Ltd will hold a joint meeting for its members and
creditors at 9:00 a.m. on Sept. 30, 2008.  During the meeting, the
company's liquidator, Dean Royston McVeigh, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


BIRDS BUILDING: Joint Meeting Set for October 10
------------------------------------------------
Birds Building Pty Limited will hold a meeting for its members and
creditors at 9:30 a.m. on Oct. 10, 2008.  During the meeting, the
company's liquidator, Peter G. Burton and Brian H. Allen, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

          Burton Glenn Allen
          Chartered Accountants
          Level 2, 57 Grosvenor Street
          Neutral Bay NSW 2089
          Telephone: (02) 9904 4644
          Facsimile: (02) 9904 9644


CITY PACIFIC: To List City Pacific Mortgage Fund on ASX
-------------------------------------------------------
City Pacific Limited unveils plans to list its City Pacific First
Mortgage Fund on the Australian Securities Exchange (ASX).

The Board of City Pacific said it has undertaken a comprehensive
review of liquidity solutions for the Fund with its advisors and a
determination has been made that listing the Fund on the ASX will
satisfy this objective.  Listing the Fund on the ASX allows
unitholders to access liquidity through the sale of their units on
the ASX and provides equity between the unitholders.

In light of the ongoing global credit and liquidity crisis and its
impact on the Australian property market, it is believed that
listing the Fund will protect unitholders' interests by ensuring
that the Fund's investments are realised pursuant to their loan
terms and conditions in the normal course of operations.  Where
investments are not given the opportunity to be realised in this
manner they may be exposed to discounting pressure which would be
detrimental to unitholders' interests.

It is proposed to list the Fund before the end of the year subject
to unitholder and other approvals.

The Fund has total assets of AU$969 million with 60 projects at
different stages of completion and primarily located in areas
where strong population growth exists.  The primary objective of
the Fund is to invest in quality property development
opportunities that deliver consistent investment returns.  Over
the 11 years of the Fund's operations it has advanced in excess of
AU$4.4 billion to fund 461 projects with an end value of AU$8.2
billion.  This has enabled the Fund to pay out in excess of AU$435
million in distributions to unitholders.

City Pacific said it will send detailed information about the
proposal to unitholders over the coming weeks.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.

City Pacific, a non-bank loan provider, has AU$5 billion
in mortgage assets under advice, comprising over AU$1 billion
funds under management in the City Pacific First Mortgage
Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of
AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from previous year's operating profit of
AU$133.42 million.


F R METALWORKS: Members Opt to Liquidate Business
-------------------------------------------------
F R Metalworks Services Pty Limited's members agreed on Aug. 7,
2008, to voluntarily liquidate the company's business.  M. F.
Cooper appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney NSW 2000


FORTESCUE METALS: Wins High Court Ruling Against BHP Billiton
-------------------------------------------------------------
Fortescue Metals Group said it has moved one step closer to
negotiating third party rail access to the BHP Billiton Iron Ore's
Mt Newman and Goldsworthy rail lines, after the High Court
yesterday, Sept. 24, 2008, ruled the rail track services provided
by the railways are not excluded, by the 'production process'
exemption, from coverage under Part IIIA of the Trade Practices
Act.

"This is a great victory for Fortescue," said Fortescue Executive
Director Operations Graeme Rowley.  "But it has been a long
running saga and an unnecessary waste of significant time and
money that could have easily been avoided if BHP Billiton Iron Ore
(BHPBIO) had simply agreed to negotiate rail access on commercial
terms.

"Arguments that this is a disincentive to rail investment and, as
a result, no-one will do it are rubbish.  Fortescue has done it.
We have built a railway under conditions of open access and
negotiated access can provide both parties with a superior outcome
compared to a regulated regime and that has always been our goal"
Mr. Rowley said.

Fortescue said that the unanimous High Court ruling upholds
previous decisions by the Federal Court and the Full Federal Court
on the issue.  Fortescue applied to declare the Newman railway
line in 2004.

As a result of the High Court ruling, the decision on whether the
Mt Newman railway should be declared now rests solely with the
Australian Competition Tribunal.  The Tribunal is currently
receiving submissions from the parties and is expected to hear the
matter around March/April next year.

If the Australian Competition Tribunal rules that the Newman line
should be declared, BHPBIO will be compelled to negotiate third
party access terms with Fortescue.

"Efficient, third party railway access will enable companies to
utilise the vast natural resources located in the Pilbara to
generate economic and social benefits for the region, Western
Australia and Australia."

"It will avoid the stranding of assets or the imposition of
unnecessary duplication costs and inflation, which costs smaller
miners, costs the state and ultimately costs the community.

Today's ruling is not only a win for economic and social
development, it is also a win for commonsense," Mr. Rowley said.
The High Court decision also overturned the 1999 decision in
Hamersley Iron Pty Ltd National Competition Council where the
Federal Court found that the 'production process'
exemption applied to exclude the Hamersley railway from coverage
under Part IIIA.

Today's decision also has application for the Goldsworthy, Robe
River and Hamersley declaration applications and "Fortescue is
hopeful that today's decision will encourage early
commercial access negotiations on these lines, rather than another
unnecessary and expensive legal exercise," Mr. Rowley said.

In June, the National Competition Council released a draft
recommendation to declare those lines. Its final recommendation
(which is confidential until Treasurer Wayne Swan releases his
decision on the matter) has been presented to Mr. Swan for his
decision.

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX:FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


JASIST HOLDINGS: Liquidator to Give Wind-Up Report on September 30
------------------------------------------------------------------
Jasist Holdings Pty Ltd will hold a joint meeting for its members
and creditors at 11:00 a.m. on Sept. 30, 2008.  During the
meeting, the company's liquidator, Dean Royston McVeigh, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


HAN QIN: Liquidator to Present Wind-Up Report on September 30
------------------------------------------------------------
Han Qin Pty Ltd will hold a joint meeting for its members and
creditors at 11:30 a.m. on Sept. 30, 2008.  During the meeting,
the company's liquidator, Dean Royston McVeigh, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


HEMPELS AVIATION: Goes Into Liquidation
---------------------------------------
Hempels Aviation Pty Ltd has gone into liquidation, ABC News
reports.

The report says Hempels Aviation has been under investigation
since the company's owner and pilot Barry Hempel and his passenger
Ian Lovell died when the plane they were in crashed into the ocean
off south-east Queensland last month.

According to ABC News, Civil Aviation Safety Authority (CASA)
spokesman Peter Gibson said the company's collapse would mean CASA
could not take regulatory action against the business, but he says
legal action may be considered.

Based Brisbane, Australia, Hempels Aviation Pty Ltd, offers air
charter services worldwide.  It specializes in Air Charter, Flying
Training, Joy and Adventure Flights, Aerial Advertising, Search
and Rescue, Aircraft Crewing and more.


SEIZA AUGUSTUS: Fitch Puts 'BB+' Rating on AU$19.02MM Notes
-----------------------------------------------------------
Fitch Ratings has placed four classes of notes issued by
Australian Executor Trustees Limited as trustee of the Seiza
Augustus Series 2007-1 Trust on Rating Watch Negative, as:

Seiza Augustus Series 2007-1 Trust
  -- AU$154.9m, Class A (AU3FN0002440) 'AAA'; placed on RWN;
  -- AU$20.22m, Class B (AU3FN0002457) 'AA'; placed on RWN;
  -- AU$21.85m, Class C (AU3FN0002465) 'A'; placed on RWN; and
  -- AU$19,020,000, Class D (AU3FN0002463) 'BB+; placed on RWN.

The above rating actions follow the voluntary administration of
Seiza Management Pty Ltd on 23 September 2008.  Fitch is currently
seeking further information regarding the effects of this event
and will provide a further update when more information is
available.


TOTAL HOSE: Members and Creditors to Meet on September 30
---------------------------------------------------------
Total Hose Services Pty Ltd will hold a joint meeting for its
members and creditors at 12:00 p.m. on Sept. 30, 2008.  During the
meeting, the company's liquidator, Dean Royston McVeigh, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Dean Royston McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


* AUSTRALIA: ITSA Releases Research Into Bankruptcy
---------------------------------------------------
The Acting Inspector-General in Bankruptcy, David Bergman, has
announced the release of the Insolvency and Trustee Service
Australia's (ITSA) biennial Profiles of Debtors publication.

Mr. Bergman said "This year marks the tenth year since the
publication of the first Profile of Debtors in 1998.  Since then,
ITSA has compiled fresh data reported by insolvents and produced
Profiles for 2002, 2003, 2005 and 2007.

"Profiles of Debtors 2007 provides a vital update of statistics
and information on Australian debtors.

"For example, 62% of bankrupts have an income of less than
AU$30,000 p.a. and 87% have an income of less than AU$50,000 in
the year preceding bankruptcy, 33% of bankrupts owe less than
AU$20,000 to their unsecured creditors, and 65% owe less than
AU$50,000.  This confirms that the majority of bankrupts live in
low socio-economic circumstances.

"We also researched the growing number of Australians choosing to
enter into a debt agreement, as an alternative to bankruptcy.

"In 2007, over 6,600 people entered into debt agreements.  These
Debtors attribute the main causes of financial difficulty to
'excessive use of credit' or 'unemployment or loss of income'.

"31% of people entering into debt agreements had gross incomes of
less than $30,000 p.a.

"The study reveals that 35% of debt agreement debtors owed
unsecured creditors less than AU$20,000, and 8% owed less than
AU$10,000.

"Profiles of Debtors 2007 also details information about
occupation groups and status, age groups and gender of bankrupts
and debtors," said Mr. Bergman.


* AUSTRALIA: Central Bank Injects AU$1.21 Bil. to Financial System
------------------------------------------------------------------
The Reserve Bank of Australia added AU$1.21 billion (US$1 billion)
to the financial system after estimating the country's money
markets would have a deficit of AU$699 million yesterday, Sept.
25, 2008, Garfield Reynolds of Bloomberg News reports.

Bloomberg News says the bank last week added an average of AU$2.5
billion a day through so-called repurchase agreements.  Banks'
holdings at RBA exchange settlement accounts rose AU$300 million
Wednesday, Sept. 24, to AU$7 billion.

The report relates that in repurchase agreements, or repos,
central banks typically buy debt securities for a set period,
temporarily raising the amount of money available in the banking
system.

The U.S. Federal Reserve led central banks in Europe and Asia in
pouring cash into global financial markets over the past two weeks
as the collapse of Lehman Brothers Holdings Inc. sparked a crisis
of confidence, Bloomberg News says.



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

AUTOCAM CORP: Moody's Changes PDR to 'Caa3/LD' from Caa3
--------------------------------------------------------
Moody's Investors Service changed Autocam Corporation's
Probability of Default rating to Caa3/LD from Caa3 and affirmed
the Corporate Family Rating of Caa3 and Caa2 rating of the senior
secured credit facilities.  The rating action follows the
completion of a capital restructuring which included an exchange
of 20% of the senior secured debt for newly issued equity by its
parent Titan Holdings, Inc., a cash contribution by certain
shareholders of Titan of US$20 million and a credit agreement
amendment.

Moody's considers the transaction a distressed exchange of the
rated term loan debt, thus has changed the PDR to Caa3/LD.  The
PDR will revert to Caa3 in approximately three days. The rating
outlook is negative.

The reduction of the debt of approximately 10% per Moody's
estimate does not materially alter the credit profile reflected in
Autocam's Caa3 CFR.  The company's cash flow generation remains
weak and leverage remains high despite the positive effect of the
debt reduction and the cash infusion by its equity holders as a
result of the restructuring.  The current rating reflects Moody's
continued concern on the company's weak operating performance
which has been impacted by reduced automotive production levels in
North American and Western Europe, as well as operational
difficulties at Autocam's French subsidiaries, among other
factors.

In Moody's opinion, the operating environment for automotive
supplier will remain challenged and Autocam's will likely persist,
offsetting the benefit from the restructuring.

The negative outlook continues to reflect the company's limited
prospect of near-term improvement in the operating performance in
light of a prolonged challenging operating environment for auto
suppliers which will continue for the next 12-18 months.  The
outlook also contemplates the company's weak liquidity position in
spite of the enhancement due to the cash infusion.

The rating action is as follows:

Autocam Corporation

-- Corporate Family Rating: affirmed at Caa3
-- Probability of Default Rating: changed to Caa3/LD from Caa3
-- US denominated first lien term loan affirmed at Caa2
    (LGD-3, 39%)

-- US denominated first lien revolving credit facility affirmed
    at Caa2 (LGD-3, 39%)

-- Outlook, negative

Autocam Corporation France SARL

-- Euro denominated first lien revolving credit facility
    affirmed at Caa2 (LGD-3, 39%)

Moody's last rating action was on August 15, 2008 when Autocam's
CFR was downgraded to Caa3 from B3 with negative outlook.

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies, primarily for performance
and safety critical automotive applications.  Revenues in 2007
were approximately US$387 million from operations in North
America, Europe, Brazil and China.


BANK OF COMMUNICATIONS: Chairman Resigns to Lead China Dev't Bank
-----------------------------------------------------------------
Bank of Communications Limited Chairman Jiang Chaoliang has
resigned from his position to replace Chen Yuan as President of
China Development Bank, as part of efforts to speed up China
Development's transformation into a commercial and publicly listed
company, Luo Jun of Bloomberg News reports, citing South China
Morning Post.

However, the report notes, Bank of Communications denied the news
report.

According to Bloomberg News, Mr. Chaoliang joined BoCom in June
2004.  He served as deputy governor of Hubei province in central
China and held various positions at People's Bank of China
previously, the same report says.

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

                          *     *     *

The bank carries Fitch Rating's 'D' individual rating effective
November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


BOE TECH: To Increase Investment in TFT-LCD Project by 9.77%
------------------------------------------------------------
BOE Technology Group Co. Ltd. plans to increase its investment in
the planned 4.5 generation thin-film transistor-liquid crystal
displays (TFT-LCD) project by 9.77% to CNY3.41395 billion,
SinoCast News reports.

On July 24, 2008, the Troubled Company Reporter-Asia Pacific,
citing China Tech News, reported that the company said it plans to
issue an additional 411 million shares to establish its 4.5
generation production lines of TFT- LCD for CNY2.25 billion, repay
the bank loans of Beijing BOE Optoelectronics Technology, and for
additional capital.

According to the TCR-AP report, the construction of the production
lines will cost the company CNY3.11 billion and its construction
cycle is eighteen months.  Apart from the company registered
capital of CNY2.2 billion, the project will gain the other CNY910
million through financial institutions, the same report said.

SinoCast News says Boe Technology's TFT-LCD project was delayed
due to the Sichuan earthquake and the mounting prices of
construction materials and labor force.  The company will add
expense on equipment procurement to finish the project smoothly,
the report notes.

According to SinoCast News, the company will finance CNY1.83
billion of the investment by its own funds and the rest CNY1.58395
billion by loans.

Another TCR-AP report on Sept. 19, 2008, citing SinoCast News,
said BOE Technology plans to spend CNY17.6 billion building a
sixth-generation liquid crystal display (LCD) production line in
Hefei, Anhui Province, in a bid to come up with the rising demand
for LCD panels in China.

                       About BOE Technology

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

                           *     *     *

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


CHINA PROPERTIES: S&P Places B+ Ratings on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
corporate credit rating on China Properties Group Ltd. (CPG) and
the 'B+' issue rating on the company's US$300 million senior
unsecured notes due 2014 on CreditWatch with negative
implications.

"The CreditWatch action follows CPG's interim-result announcement
yesterday [Sept. 23] that highlighted the company's tight
liquidity," said S&P's credit analyst Bei Fu.  "CPG reported just
Hong Kong dollar (HK$) 352 million in unrestricted cash.  This is
compared with HK$703 million in short-term debt.  It also reported
capital commitments of HK$221 million, which have been contracted
for but not provided.  S&P understands that, to date, the company
has an additional Chinese renminbi (RMB) 260 million in returned
deposits from several Chongqing projects, and out of the HK$703
million in short-term debt, about RMB100 million was pledged by
cash.  Nevertheless, CPG's cash level is weak compared with
peers."

"We believe it will be difficult for CPG to significantly improve
its weak liquidity position amid the currently volatile real
estate market and tight credit market in China," the analyst
added.

CPG's financial results for the six months ended June 30, 2008
were much weaker than S&P's expectation and the company's
performance in 2007.  Sales and EBITDA declined by more than 20%
from a year earlier, and debt of close to HK$3 billion (including
the RMB100 million in debt pledged by cash) was higher than S&P's
full-year forecast.  A significant portion of the interim sales
were contracted in 2007.

The CreditWatch is likely to be resolved within the next few
weeks, following S&P's discussions with management.  The ratings
could be lowered if S&P is not satisfied that management can
address the company's tight liquidity position and improve its
financial performance over the next 12 months.


FEDERAL-MOGUL: Restructuring Plan Includes 4,000 Workforce Cut
--------------------------------------------------------------
Federal-Mogul Corporation disclosed a restructuring plan designed
to improve operating performance and respond to challenging
conditions in the worldwide automotive market.  The plan, when
combined with  other workforce adjustments, is expected to reduce
the company's worldwide workforce by approximately 4,000
positions or 8%.  The planned actions are expected to occur as
a result of several initiatives designed to streamline business
processes, consolidate or close selected locations, and reduce
general and administrative staffing.

The company is not disclosing the specific sites at this time,
pending further evaluation and consultations with appropriate
parties.  The restructuring initiatives will begin during
September 2008 and continue into 2009 with several phases of
implementation.

Preliminary cost estimates of the restructuring program are
US$60 million to US$80 million through the end of 2009.

"We are taking actions in response to a downturn in regional
markets and global industry outlook," Jose Maria Alapont, Federal-
Mogul President and CEO, said.  "We recognize this is a difficult
decision, yet these measures are required to prepare the company
for the increasingly challenging automotive environment.  The
efficiencies gained as a result of these initiatives will
strengthen Federal-Mogul's competitive position and help assure
the company's future as we continue to implement our sustainable
global profitable growth strategy,"

                       About Federal-Mogul

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

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

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

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


GALAXY CASINO: S&P Holds B+ Ratings; Shifts Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Galaxy Casino S.A. to negative from stable.  At the same time, S&P
affirmed its 'B+' long-term corporate credit rating on Galaxy
Casino and the 'B+' issue rating on senior unsecured notes issued
by Galaxy Entertainment Finance Co. Ltd. with Galaxy Casino's
guarantee.

"The outlook revision follows a very weak performance in the first
half of 2008 by Galaxy Casino's parent, Galaxy Entertainment Group
Ltd., largely stemming from heightened competition in the "VIP" or
high-roller segment.  Competition and recent visa restrictions
could moderate Galaxy Casino's performance at existing casinos and
at its new gaming resort, Galaxy Cotai Mega Resort, which is set
to open in mid 2009.  As a result, Galaxy Casino's financial
metrics are likely to be weaker than levels expected for the
rating category," said S&P's credit analyst Christopher Lee.

The rating affirmation reflects the fact that Phase 1 of Galaxy
Cotai Mega Resort is fully funded and should open on time and
within budget.  In addition, S&P expects the company's operating
performance to stabilize at existing casinos in the next three to
six months, and will be supported by the launch of another key
project, StarWorld's Jumbo VIP gaming facility, by the end of
September 2008.  The Macau government's decision to cap junket
commissions at 1.25% should also ease the competitive pressure on
margins.  Completion of Galaxy Cotai Mega Resort will be the key
to Galaxy Casino's ability to achieve a financial risk profile
consistent with the current rating.

The earnings of Galaxy Casino's flagship StarWorld hotel and that
of its City Club casinos deteriorated in the first half of 2008
due to fierce competition in the VIP gaming sector.  Earnings are
not likely to improve as visa restrictions are still in place.
This situation may deteriorate in 2009 when more supply from the
Cotai strip enters the market, with about 3,800 hotel rooms, 1,200
tables, and 3,500 slot machines.  These risks are partly offset by
the transaction with Permira and share placement in 2007, which
substantially increased Galaxy Entertainment's cash reserves and
reduced its outstanding debt.  Even with a recent write-down of
HK$8.2 billion for the carrying value of the gaming license, the
company's adjusted ratio total debt to total capital ratio was
still about 35%.


SANLU GROUP: Fonterra Cuts Stake in Dairy Company by 70%
--------------------------------------------------------
New Zealand based dairy exporter Fonterra Co-operative Group has
reduced the value of its 43% stake in China's Sanlu Group dairy by
about 70% amid the melamine scandal, Food Business Review reports.
Bloomberg News says Fonterra paid US$107 million for its stake in
Sanlu in 2006 to access China's domestic dairy industry.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

The Wall Street Journal relates Fonterra said the events prompted
it to book a NZ$139 million impairment charge against the carrying
value of its investment in Sanlu, leaving a residual value of
NZ$62 million in the Chinese company.

Meanwhile, WSJ cited Fonterra Chief Executive Officer Andrew
Ferrier as saying the Sanlu brand was probably beyond repair.
"Sanlu has been damaged very badly.  It's hard to say how Sanlu
could be reconstructed," he said.

                      About Sanlu Group

Sanlu Group is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.


XINAO GAS: S&P Affirms BB+ Corp. Credit and Senior Notes Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' long-
term corporate credit rating on XinAo Gas Holdings.  The outlook
is stable. At the same time, S&P also affirmed its 'BB+' issue
rating on XinAo's US$200 million senior unsecured notes due 2012.

"The affirmed rating reflects strong demand and growth potential
for piped natural gas in China, a captive market for XinAo's
secured projects, and the company's favorable upstream gas
resources," said S&P's credit analyst Lawrence Lu. "These
strengths are partly offset by uncertain regulatory risks in
China, the company's still-heavy reliance on income from
connection fees, and intensified competition over the acquisition
of new piped-gas projects."

XinAo is making steady progress at increasing the penetration rate
of its existing projects and boosting the sales of bottled
liquefied petroleum gas (LPG).  These efforts helped to shift
XinAo's revenue mix toward sustainable gas sales and away from
one-off connection fees, and contributed to strong revenue and
profit growth for the first half of 2008.

As at June 30, 2008, XinAo's ratio of priority debt over total
assets was about 24%, which is higher than S&P's threshold of 15%
for speculative-grade companies.  The issue rating is not notched
because S&P expects the company to reduce its priority debt
substantially before the end of 2008 to bring down the ratio to
close to its threshold through options that include refinancing
at the holding-company level or repaying some of its subsidiary-
level debt.  S&P also expects XinAo to achieve its target of
further reducing the ratio to below its threshold before the end
of 2009, given the strong cash-generative nature of its business
and its currently strong liquidity position.  Should management's
actions deviate from S&P's expectations, the issue rating will be
lowered by one notch below the corporate credit rating to reflect
that holders of the notes are materially disadvantaged in the case
of default relative to the company's onshore creditors.

When analyzing XinAo's debt profile, S&P treated a RMB1 billion
short-term debenture issued by XinAo's wholly owned subsidiary
XinAo (China) Gas Investment Co. Ltd. as having lower priority
than other onshore borrowings at the operating-subsidiary level.



* CHINA: Insurers See Asset Drop in August, Commission Says
-----------------------------------------------------------
The China Insurance Regulatory Commission said the country's
insurance sector assets declined in August, reflecting ebbing
returns on equity investments and regular payments, Xinhua News
reports, citing the China Securities Journal.

According to the report, insurance assets totaled just over
CNY3 trillion (US446.8 billion) in the first eight months of this
year, down 1.26% from the January-July period.  From January to
August, premiums totaled CNY713.4 billion, up 12.1% over the
January-July level and up 71.38% year-on-year.  The total included
CNY165 billion in property policies and  CNY548 billion in
personal policies, says the report.

Xinhua News adds life insurers' premiums amounted to CNY491.7
billion nationwide, up 66.5% from a year earlier.



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

AICHI ELECTRONICS: Members to Hear Wind-Up Report on October 22
---------------------------------------------------------------
The members of Aichi Electronics (HK) Limited will meet on
Oct. 22, 2008, at 10:30 a.m., to hear the liquidators' report on
the company's wind-up proceedings and property disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


BEST POWER: Court to Hear Wind-Up Petition on October 22
--------------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2008, at
9:30 a.m., a petition to have Best Power Holdings Limited's
operations wound up.

The petition was filed by Kwok For Tai on August 20, 2008.


CROWN WORLDWIDE: Moody's Withdraws (P)Ba2 Corporate Family Rating
-----------------------------------------------------------------

Moody's Investors Service has withdrawn the provisional (P)Ba2
corporate family rating of Crown Worldwide Holdings Ltd (Crown)
and the (P)Ba2 rating for the company's proposed bond offering.
Moody's has withdrawn these ratings following the cancellation of
the company's bond issuance.

Headquartered in Hong Kong, Crown offers relocation and mobility
services (R&M) as well as record storage and management services
to multinational organizations and private individuals.  It also
offers value-added logistics services in a number of areas.  It is
a private company with more than 200 offices in over 50 countries
and is the flag-ship company of the privately-held Crown & Grace
Group.


DIOMED HOLDINGS: Plan Goes to Creditors for Confirmation Vote
-------------------------------------------------------------
Bill Rochelle of Bloomberg News reports that the United States
Bankruptcy Court for the District of Massachusetts will convene a
hearing on Nov. 4, 2008, to consider confirmation of the
liquidating Chapter 11 plan of Diomed Holdings, Inc., and its
debtor-affiliate Diomed, Inc.

Diomed obtained permission from the Court in June 2008 to sell its
assets for US$8 million to AngioDynamics Inc. plus the assumption
of specified liabilities.  The Debtors are now holding US$7.7
million for distribution to creditors, Mr. Rochelle says, citing
the disclosure statement approved on Sept. 18 by the Court.

The Plan provides for a 20.6% recovery for unsecured creditors.

A distribution to unsecured creditors was made possible by a
settlement of a US$5.7 million claim of secured debenture
holders who agreed to take US$4.7 million, according to the
report.

Another creditor asserting a US$40 million claim agreed to accept
an unsecured claim for US$3 million and a claim of US$300,000
to be paid in cash, according to the report.

                     About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


ETERNAL GLOBAL: Court to Hear Wind-Up Petition on October 15
------------------------------------------------------------
A petition to have Eternal Global (HK) Limited's operations wound
up will be heard before the High Court of Hong Kong on October 15,
2008, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on August 11, 2008.

The Petitioner's solicitor is:

         Linklaters
         Alexandra House, 10th Floor
         Chater Road
         Hong Kong


INDEX FUTURES: Creditors' Proofs of Debt Due on October 6
---------------------------------------------------------
The creditors of Index Futures Win Limited are required to file
their proofs of debt by October 6, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Leung Chi Kwong
         Eton Building
         Unit C, 7th Floor
         288 Des Voeux Road Central
         Hong Kong


LONGEVITY NAVIGATION: Members' Final Meeting Slated for October 20
------------------------------------------------------------------
The members of Longevity Navigation Company Limited will meet on
October 20, 2008, at 9:00 a.m., at Room 4411, 44th Floor of Cosco
Tower, in 183 Queen's Road Central, Hong Kong.

At the meeting, Mak Kam Choi Simon, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MASTER-LAU: Court to Hear Wind-Up Petition on October 15
--------------------------------------------------------
A petition to have Master-Lau Limited's operations wound up will
be heard before the High Court of Hong Kong on October 15, 2008,
at 9:30 a.m.

Chiu Chun Wah filed the petition against the company on Aug. 11,
2008.


NEOMAX TRADING: Derek and Haughey Cease to Act as Liquidators
-------------------------------------------------------------
On September 10, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
ceased to act as liquidators of Neomax Trading (Hong Kong)
Limited.

The company's former Liquidators can be reached at:

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


OASIS GROWTH: Creditors' Proofs of Debt Due on October 10
---------------------------------------------------------
Oasis Growth and Income Investments Limited requires its creditors
to file their proofs of debt by October 10, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

         Edward Middleton
         Patrick Cowley
         Alexandra House, 27th Floor
         18 Chater Road
         Central, Hong Kong


SUCCESSFUL: Creditors and Contributories to Meet on Sept. 29
------------------------------------------------------------
The creditors and contributories of Successful Restaurant Limited
-– in compulsory liquidation – will meet on September 29, 2008, at
11:45 a.m. and 12:00 p.m., at Room 203, 2nd Floor of Duke of
Windsor Social Service, No. 15 Hennessy Road, in Wan Chai,
Hong Kong.


SUNNY RAY: Subject to Cheung Yuen's Wind-Up Petition
----------------------------------------------------
On August 25, 2008, Cheung Yuen Wui filed a petition to have Sunny
Ray Limited' operations wound up.

The petition will be heard before the High Court of Hong Kong on
October 22, 2008, at 9:30 a.m.



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

GENERAL: US$3.5BB Facility Draw Down Won't Affect S&P's Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B-/Negative/--) are not immediately affected
by the company's announcement that it will draw down the remaining
US$3.5 billion of its secured revolving credit facility.  This
action underscores the anxious state of the capital markets, and
S&P remains concerned that the weak credit markets, if sustained,
could delay or complicate GM's plans to raise an additional
US$2 billion to US$3 billion from secured debt issuance and
another US$2 billion to US$4 billion from asset sales.

S&P does not believe GM's action reflects any additional
deterioration of the company's prospective cash outflows compared
to S&P's assumptions.  S&P previously estimated that GM could use
as much as US$16 billion from its global automotive operations
this
year, including cash restructuring costs and costs related to
bankrupt former unit Delphi Corp.

GM's cash and short-term investments totaled US$21 billion at
June 30, 2008, although S&P expects this amount to be reduced by
continued cash outflows.  S&P could lower the ratings if it came
to believe that cash and short-term investments would drop below
US$15 billion before the middle of 2009, or if total liquidity
would drop below US$20 billion.

Separately, GM announced the completion of a US$322 million debt-
to-equity exchange.  This action, although positive, represents
only a minor offset to the additional interest costs GM will take
on by drawing the remaining US$3.5 billion of its revolving credit
facility.


ENERGY LEADER: CRISIL Rates Rs.534MM Facilities at 'BB+'
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Positive/P4'to
the various bank facilities of Energy Leader Batteries India Ltd
(Energy Leader).

Rs.280.0 Million Cash Credit     BB+/Positive Assigned)
Rs.254.8 Million Term Loan       BB+/Positive Assigned)
Rs.342 Million Letter of
    Credit/Bank Guarantee *       P4 (Assigned)

* Includes proposed limit of Rs. 192 million

The rating is constrained by Energy Leader’s moderately-leveraged
funding structure and by the fact that the company is a new
entrant in the highly competitive industrial battery segment.
These weaknesses are however partly offset by the good industry
growth prospects and the strong background of the promoters.

Outlook: Positive

CRISIL expects an improvement in Energy Leader’s financial profile
once the plant is commissioned.  A significant top line growth and
success in penetrating the market can lead to the rating being
upgraded.  Conversely, inability to achieve projected turnover and
maintain healthy margins affecting the financial risk profile
would lead to a downward revision in the rating.

                       About Energy Leader

Incorporated in February 2007, Energy Leader has its registered
office in Hyderabad and fully-integrated manufacturing facility
near Vijayawada.  The company’s manufacturing plant is being set
up, and commercial activities are expected to commence by October
2008.  The trial production has been successfully completed, and
the necessary approvals for the start of commercial production
have been obtained.  The company will manufacture valve-regulated
lead acid (VRLA) batteries for industrial applications.  The
company also has a global supply alliance in place, with Zhejiang
Wolong Dengta Power Source Co Ltd, China.


RANBAXY LABORATORIES: U.S. Won't Fund AIDS Drug on FDA Inspection
-----------------------------------------------------------------
The United States President's Emergency Plan for AIDS Relief
suspended funding for three generic AIDS drugs made by Ranbaxy
Laboratories Ltd until the U.S. Food and Drug Administration says
deficiencies have been resolved in one of the plants in India
where they're produced, Bloomberg News reports citing an unnamed
spokeswoman for the program.  The three Ranbaxy drugs are
zidovudine, lamivudine and nevirapine.

The program, which provided US$8.9 million for Ranbaxy's AIDS
drugs last fiscal year, said it won't use funds to support new
orders, according to Bloomberg News.

                   Warning Letters from U.S. FDA

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
18, 2008, the U.S. FDA issued two warning letters to Ranbaxy
Laboratories Ltd. and an import alert for generic drugs produced
by Ranbaxy's Dewas and Paonta Sahib plants in India.

The Warning Letters identify the agency's concerns about
deviations from U.S. current Good Manufacturing Practice (cGMP)
requirements at Ranbaxy's manufacturing facilities in Dewas and
Paonta Sahib (including the Batamandi unit), in India.  Because of
the extent and nature of the violations, FDA issued an Import
Alert, under which U.S. officials may detain at the U.S. Border,
any active pharmaceutical ingredients (API) (the primary
therapeutic component of a finished drug product) and both sterile
and non-sterile finished drug products manufactured at these
Ranbaxy facilities and offered for import into the United States.

According to the regulatory agency, the problems at the two
Ranbaxy plants relate to deficiencies in the company's drug
manufacturing process.  The FDA noted that these actions are
proactive measures that the agency is taking in order to assure
that all drugs that reach the American public are manufactured
according to cGMP requirements.  While this action does not
involve removing products from the market, FDA said it has no
evidence to date that Ranbaxy has shipped defective products.  FDA
said it will continue to monitor the situation.

The warning, the FDA said, does not impact products from Ranbaxy's
other plants which are not affected by the actions.  FDA has
inspected those facilities and, to date, they have met U.S. CGMP
requirements for drug manufacturing.

Earlier, the FDA informed Ranbaxy that until it resolves the
deficiencies at each of these two facilities and the plants come
into compliance with U.S. cGMP requirements, FDA's drug compliance
office will recommend denial of approval of any New Drug
Applications (NDAs) and Abbreviated New Drug Applications (ANDAs)
that list the Paonta Sahib or Dewas plants respectively as the
manufacturer of APIs or finished drug products

The FDA Import Alert covers more than 30 different generic drug
products (Drug List) produced in multiple dosage forms and dosage
amounts (i.e., 25 mg, 50 mg, and 100 mg) at these two locations.
FDA has evaluated whether these actions would create any potential
drug shortages in the United States, and has determined that other
suppliers can meet market demand, with one exception.  Because
Ranbaxy is the sole supplier to the U.S. of one drug product,
Ganciclovir oral capsules (an antiviral drug), to avoid creating a
shortage of the drug, FDA generally will not detain shipments of
this product, and plans to arrange for additional oversight and
controls until the company resolves these manufacturing issues.

Ranbaxy expressed in a press release its disappointment on the
U.S. FDA's actions, stating that the company has responded to each
concern FDA has raised during the past two years and had thought
that progress was being made.

Ranbaxy, however, said it is pleased that FDA's testing and review
led the agency to conclude that there is no reason to question the
safety or effectiveness of Ranbaxy's drugs.

Reuters reported that Ranbaxy has hired former New York City Mayor
Rudolph Giuliani and his consulting firm Giuliani Partners for
advice and a review of compliance issues related to the FDA's
action.

                    Criminal Probe by U.S. DOJ

According to The Times of India, Ranbaxy is also under a separate
criminal probe by the U.S. Justice Department for allegedly
bringing adulterated and misbranded medications into US.

On July 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Economic Times, reported that the U.S. DOJ sought court
permission to access privilege records of Ranbaxy's internal
audits and operations citing evidence that suggests the drugmaker
used active pharmaceutical ingredients (API) from unapproved
sources, blended unapproved API with approved API, and used less-
than-approved API at its Paonta Sahib (Himachal Pradesh) plant in
its drugs, resulting in the sale of 'subpotent, super potent or
adulterated medicines'in the US market.

Court papers cited by The Economic Times said the DOJ is
investigating Ranbaxy and certain employees concerning violations
of federal laws including the Federal Food, Drug, and Cosmetic Act
through the introduction of adulterated and misbranded products in
the US.

The investigations also involve allegations of conspiracy, false
statements and healthcare frauds, The Economic Times added.

Bloomberg News relates Ranbaxy's sales in the U.S. contributed 24%
to its revenue last year.

                About Ranbaxy Laboratories Limited

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients. It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL’s
segments include Pharmaceuticals and Other businesses.  During
the year ended December 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


VEDANTA RESOURCES: Not To Pursue Proposed Group Restructuring
-------------------------------------------------------------
Vedanta Resources plc said it won't pursue the proposed group
restructuring it announced on Sept. 9, 2008, in view of the recent
changes in global financial markets and investor feedback.

The restructuring plan according to Vedanta was in direct response
to shareholder requests to simplify the current corporate
structure and eliminate conflicts of interest.

As reported in the Troubled Company Reporter-Europe on Sept. 15,
2008, the respective Boards of Directors of Vedanta, Sterlite
Industries (India) Limited, and The Madras Aluminium Company
Limited (MALCO) have unanimously approved the Restructuring
Scheme.

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

Under the Restructuring Scheme, MALCO will issue equity shares to
the shareholders of Sterlite in the ratio of Seven (7) Equity
Shares of Rupees Two each of MALCO for every Four (4) Equity
Shares of Rupees Two each held in Sterlite while Sterlite will
issue One (1) fully paid up equity share of Rupees Two each in
exchange for One (1) Equity Share of US$0.01 each of THL KCM
Limited, a wholly owned subsidiary of Vedanta.  Sterlite will also
issue equity shares to the shareholders of MALCO in the ratio of
One (1) Equity Share of Rupees Two each of Sterlite for every
Fifty One (51) Equity Shares of Rupees Two each held in MALCO.

Grant Thornton India conducted independent valuation for the
transaction while JM Financial Consultants Private Limited
provided a fairness opinion on the share swap ratio.  JPMorgan
Cazenove and Morgan Stanley acted as corporate brokers to
Vedanta.  PricewaterhouseCoopers India acted as tax and regulatory
advisors.

                   About Vedanta Resources plc

Headquartered in London, England, Vedanta Resources plc --
http://www.vedantaresources.com/-- produces aluminium, copper,
zinc, lead, iron ore and commercial energy.  Vedanta has
operations in India, Zambia and Australia.  Vedanta employs 29,000
globally.  On April 23, 2007, Vedanta acquired Finsider
International Company Limited (Finsider), an investment holding
company.  In September 2007, the company, through one of its
subsidiaries, sold all of the interest it held in Twin Star
International.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 16, 2008,
Standard & Poor's Ratings Services revised its outlook on Vedanta
Resources PLC to stable from positive and affirmed its 'BB' long-
term foreign currency corporate credit rating.  At the same time,
the 'BB' rating on Vedanta's senior unsecured debt was also
affirmed.

As reported in the Troubled Company Reporter on Sept. 15, 2008,
Fitch Ratings changed Vedanta Resources PLC's Outlook to Negative
from Stable.  Fitch also affirmed the 'BB+' ratings on Vedenta's
US$1,250 million senior unsecured unsubordinated bonds issued in
two tranches (US$500 million due January 2014 and
US$750 million due July 2018) and US$600 million senior unsecured
bonds due 2010.

As reported in the Troubled Company Reporter on Sept. 12, 2008,
Moody's Investors Service placed the Baa3 corporate family rating
and the Ba1 long-term senior unsecured rating of Vedanta Resources
plc on review for possible downgrade.



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

DELPHI CORP: Access to GM Loans Illusory, Committee Says
--------------------------------------------------------
The Official Committee of Unsecured Creditors in Delphi Corp. and
its debtor-affiliates' cases says General Motors Corp. used its
overwhelming leverage against Delphi to force them to depress the
prices they charged to GM, to such a degree that the Debtors have
been losing billions of dollars per year on their sales to GM in
North America.  The Panel asserts that the Debtors must create and
implement a strategy that leads to viable operations in North
America, and not simply continue running those operations at
significant losses to benefit GM.

The Creditors Committee thus asks the United States Bankruptcy
Court for the Southern District of New York to deny amendment to
Delphi Corp.'s liquidity arrangement with GM.

On April 30, 2008, the Court authorized the Debtors to enter into
an amendment and restatement of their DIP credit agreement, and
authorizing them to receive advances of up to US$650,000,000 from
GM pursuant to the terms of a liquidity support agreement between
Delphi and GM.  The agreement was structured to provide a means by
which GM would advance funds to the Debtors representing the
amounts by which GM had underpaid for parts from the Debtors.  GM
would already have paid those amounts to the Debtors had the
Chapter 11 Plan which was confirmed on Jan. 25, 2008, become
effective.

On Aug. 6, the Debtors asked the Court for the approval of an
amendment to the original Delphi/GM amendment, where GM would
increase the aggregate principal amount available by a maximum of
US$300,000,000.

On Sept. 12, the Debtors presented to the Court the Amended
Global Services Agreement and the Amended Master Restructuring
Agreement, which would increase its support for Delphi to
US$10,600,000,000, and help the auto-supplier exit bankruptcy
protection.

Unlike the Original Delphi/GM Agreement, the amendment providing
for the additional US$300,000,000 loan contains stringent
conditions precedent to the Debtors' ability to receive any of
the additional Tranche B Loans, and it is possible that these
additional loans may never become available to the Debtors,
states Robert J. Rosenberg, Esq., at Latham & Watkins LLP, in New
York.

"So many strings are attached new loans the Debtors would receive
under the amended liquidity arrangement with GM, that it would be
fair to say that the Debtors' access to these funds is illusory.

Mr. Rosenberg notes that in exchange for the illusory loans, the
Debtors would give away control over the chapter 11 plan process
to GM.  In addition, GM, he points out, would not be obligated to
advance any new loans if the Court stops the Debtors from
repatriating funds to support the Debtors' North American
operations that are being run primarily for GM's benefit.

Mr. Rosenberg asserts that the use or disposition of estate
assets should be scrutinized in the present case because GM is an
"insider".  He notes that since its spin-off of Delphi, GM:

  (a) has received information from the Debtors that was not
      available to other creditors, shareholders and the general
      public;

  (b) has had substantial influence over decisions made by the
      Debtors;

  (c) had special access to the Debtors' premises and personnel;
      and

  (d) was either the sole source or one of few sources of
      financial support for the Debtors (particularly recently).

Mr. Rosenberg relates that the availability of the Tranche B
Loans terminates if the Debtors fail to file a chapter 11 plan
and disclosure statement in form and substance reasonably
satisfactory to GM by October 31, 2008.  This condition is more
stringent than the terms of the proposed amended GSA (which sets
forth plan requirements, but does not require the Debtors to file
a plan in form and substance reasonably satisfactory to GM and
also does not set forth a deadline of October 31).

To preserve its ability to monitor the Debtors and take action if
necessary, the Committee has retained the right to object to
future repatriations of funds by the Debtors.  However, if the
Committee prevails in such an objection, GM would be able to stop
making additional Tranche B Loans under the Amended Delphi/GM
Agreement, Mr. Rosenberg notes.  "This is but another example of
GM taking control from the Debtors and the Committee."

Mr. Rosenberg notes the Debtors have agreed to new obligations
that favor of GM:

   -- the Amended Delphi/GM Agreement provides that if the DIP
      Facility is amended, modified or replaced such that the
      interest rate of the highest-priced DIP loan tranche is
      higher than the interest rate applicable to the existing
      Tranche A Loans and the Tranche B Loans, then the interest
      rate on all GM advances (including the existing Tranche A
      Loans) would automatically increase to the rate in effect
      for the highest-priced DIP tranche.

   -- While the interest on the GM advances will be canceled if
      certain events occur, there can be no guarantee that those
      events actually will occur.  Indeed, if the GSA/MRA Motion
      is granted those events, such as confirmation of an
      amended plan, may never occur and Delphi will be obligated
      to repay GM advances in cash, with interest as an
      administrative expense claim.

   -- The Debtors have agreed to pay GM's and its counsel's fees
      and expenses in connection with the preparation and
      delivery of the Amended Delphi/GM Agreement.

             Highland/CR Withdraw Examiner Request,
             Trade Holders Joined Calls for Examiner

The Committee of Delphi Trade Holders joined in the request of CR
Intrinsic Investors, LLC, and Highland Capital Management, L.P.,
for the Court to appoint an examiner.

CR and Highland, which holds notes issued by the Debtors, asked
the Court to order the appointment of an examiner to ensure that
the interests of all creditor bodies are adequately protected and
see to it that the subsidiaries that own the profitable global
operations are not raided to prop up the corporations that own
the "money-losing and cash-guzzling" North American operations.

CR Intrinsic and Highland Capital Management, however, have
agreed to withdraw without prejudice their motion for appointment
of an examiner.  They will continue to prosecute their objections
to the Debtors' motion seeking approval of the GM Arrangement
Amendment.

The Debtors ask the Court to deny CR/Highland's motion to appoint
an examiner, saying that it is not authorized by the Bankruptcy
Code, and alternatively, because it was brought in bad faith and
because the Noteholders have waived their right to seek the
appointment of an examiner based on their prior conduct in these
Chapter 11 cases.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Government Balks at Release Provisions in GM Deal
--------------------------------------------------------------
The United States of America objects to certain of the release
provisions in Delphi Corporation's new agreement with General
Motors Corporation.

The Debtors have presented to the United States Bankruptcy Court
for the Southern District of New York the Amended Global Services
Agreement and the Amended Master Restructuring Agreement, which
would increase its support for Delphi to US$10,600,000,000, and
help the auto-supplier exit bankruptcy protection.

The U.S. Government asserts that the language releasing the non-
debtors from any potential claims by the government should be
stricken, or in the alternative, the language which mirrors the
language added to the Court's confirmation order on Delphi's
Joint Plan of Reorganization on consent of all parties should be
added to the Amended Agreements and any order approving them.

Michael J. Garcia, the United States Attorney for the Southern
District of New York, tells the Court that the Amended Agreements
are objectionable to the extent that they seek to release non-
debtors from liability to the U.S. Government under any statute
for conduct in connection with the Debtors, the Chapter 11 case
or "Any Delphi Plan" -- particularly because new language in the
Amended Agreements can be read to foreclose the possibility of
inserting negotiated language like that put into the original
Confirmation Order into any eventual amended plan of
reorganization or confirmation order.

Mr. Garcia adds, even if the third-party releases were somehow
found to be acceptable with respect to ordinary creditors, they
are most certainly invalid as against the Government, especially
with reference to GM's environmental and tax liabilities.

Federal government agencies the U.S. Environmental Protection
Agency, the Internal Revenue Service, the Customs and Border
Protection, the Department of Health and Human Services, and the
Equal Employment Opportunity Commission have filed proofs of
claim in Delphi's case.  The Department of Labor and the
Securities Exchange Commission have also filed claims.

                         *     *     *

The Debtors have filed the Amended and Restated Global Settlement
Agreement and the Restated Master Restructuring Agreement with
all the pertinent necessary exhibits.  They have obtained the
Court's approval to file the documents under seal.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Wants Appaloosa's Motion to Strike Denied
------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to deny
Appaloosa Management LP's motion to re-argue the Court's Aug. 11
decision to deny dismissal of the US$2,550,000,000 adversary
complaints filed by Delphi Corporation.  Delphi asserts that
Appaloosa has not demonstrated that the Court overlooked any
controlling decisions or factual matters, or presented new
arguments that would have changed the outcome.

The Debtors also oppose Appaloosa's motion to strike certain
allegations written by Delphi in its complaint, saying that those
statements go to the core of their claims against Appaloosa,
which claims the Court has sustained in denying the Motion to
Dismiss.

Edward A. Friedman, Esq., at Friedman Kaplan Seiler & Adelman
LLP, in New York, tells the Court that the Motion to Re-argue
does not come close to satisfying the exacting standards that
govern reconsideration motions, in fact, he says, Appaloosa's
motion to dismiss prefaced its entire legal argument with
reference to the general notice pleading standards, citing Rule
9(b) of the Federal Rules of Civil Procedure only in connection
with Delphi's fraud claim.

Regarding Delphi's opposition to the Motion to Strike,
Mr. Friedman notes that in deciding whether to grant a Civil Rule
12(f) motion to strike, it is settled law that the motion should
be denied, unless it can be shown that no evidence in support of
the allegation would be admissible.

Mr. Friedman asserts that reconsideration is an extraordinary
remedy to be employed sparingly in the interest of finality and
conservation of scarce judicial resources.  The standard for
granting the motion [to re-argue and strike] is strict, and
reconsideration will generally be denied unless Appaloosa can
point to controlling decisions or data that the court overlooked
- matters that might reasonably be expected to alter the
conclusion reached by the Court, Mr. Friedman maintains.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Will Not Pay Plan Investors
----------------------------------------
Delphi Corporation refutes the counterclaims of Appaloosa
Management L.P. and A-D Acquisition Holdings, LLC, and the other
defendants.

The Debtors ask the United States Bankruptcy Court for the
Southern District of New York to dismiss each of the counterclaims
filed by ADAH, UBS Securities LLC, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Goldman Sachs & Co., Pardus DPH Holding
LLC, Harbinger Del-Auto Investment Company. Ltd., and Harbinger
Capital Partners Master Fund I, Ltd.  In addition, the Debtors
ask the Court to award judgment in their favor, including
attorneys' fees, costs and disbursement.

Edward A. Friedman, Esq., at Friedman Kaplan Seiler & Adelman
LLP, in New York, tells that the Plan Investors are not entitled
to any US$82,500,000 alternate transaction fee, nor are they
entitled to reimbursement for expenses incurred in connection
with the transaction.

Mr. Friedman adds that even if Delphi were obligated to reimburse
the Plan Investors for transaction expenses, the amount of the
payments requested by the Plan Investors after April 4, 2008, are
exceeded by the amount the Plan Investors owe to Delphi as a
consequence of their breaches of the December 10,2007 EPCA, and
other fraudulent, wrongful, and inequitable conduct.

Moreover, the counterclaims of ADAH and the other parties are
barred by the doctrine of unclean hands, and the doctrine of the
waiver of estoppel, Mr. Friedman contends.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Gets Permission to Halt Pension Contributions
----------------------------------------------------------
David McLaughlin at Dow Jones Newswires reports that the Hon.
Robert Drain U.S. Bankruptcy Court for the Southern District of
New York granted Delphi Corp. permission on Tuesday to freeze
contributions to pension plans for hourly and salaried workers,
despite an objection by the Committee of Unsecured Creditors.

Dow Jones relates that Delphi will freeze the pension plan for
salaried workers on Sept. 30,2008.  Delphi, says Dow Jones, will
freeze the pension plan for hourly workers as soon as an agreement
can be reached with labor unions.

Delphi said that it will save US$4 million per quarter by freezing
the pension plan for hourly workers and US$26 million per quarter
by freezing the plan for salaried workers, Dow Jones states.
Christopher Scinta at Bloomberg News reports that court documents
indicate that each month the hourly pension plan costs Delphi
about US$1 million.

Delphi will provide workers with replacement plans based on
defined contributions by the company, Dow Jones says.

According to Dow Jones, Robert Rosenberg, an attorney for the
creditors committee, said that the plan for top executives should
be approved as part of Delphi's bankruptcy plan.  "Of all the
times to lock in a new program given what's going on in the auto
industry and the capital markets with no knowledge of what reality
is going to look like tomorrow let alone in a year, the timing is
just not appropriate," Dow Jones quoted Mr. Rosenberg as saying.

"It would be patently unreasonable" to create replacement plans
for everyone except 460 top executives, Bloomberg says, citing
Delphi attorney John Butler Jr.

Delphi will also ask the Court to shift US$3.4 billion in pension
liabilities to General Motors Corp., Dow Jones says.  Bloomberg
relates that the creditors committee is also opposing revised
agreements that increase the financial contributions GM will make
to Delphi as part of its reorganization to US$10.6 billion from
US$6 billion.  Attorneys from Latham & Watkins representing the
creditors said in a court filing that Delphi will "give away
control over the Chapter 11 plan process to GM" in exchange for
financing.

Bloomberg reports that the Court must approve the changes by the
end of September if GM is to take on US$3.4 billion of Delphi's
pension liabilities to block the federal Pension Benefit Guaranty
Corp. from putting a lien on Delphi's foreign assets.

The Court will hold a hearing amending the GM agreements until
Sept. 25, Bloomberg states.

                   About General Motors

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

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

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

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Reviewing Lehman Bankruptcy's Impact on Loan
--------------------------------------------------------
Ford Motor Co. disclosed in a Securities and Exchange Commission
that it is currently assessing the impact, if any, that the
Chapter 11 bankruptcy filing by Lehman Brothers Holdings Inc. will
have on Lehman Commercial Paper Inc. and Lehman Brothers Bank's
commitments to the company.

Lehman CPI is one of the lenders participating in Ford Motor's
US$11.5 billion revolving credit facility that is part of its
secured Credit Agreement dated Dec. 15, 2006.  Lehman CPI's
commitment under the revolving credit facility is US$890 million,
all of which is presently unfunded.

Lehman Brothers Bank, FSB provides US$238 million of the aggregate
US$16.3 billion of contractually committed liquidity facilities
supporting the retail securitization program of Ford Motor Credit
Company LLC, a wholly owned subsidiary.

Lehman Brothers Bank's commitment is guaranteed by Lehman Brothers
Holdings Inc., which is the ultimate parent company of Lehman CPI
and Lehman Brothers Bank.

On Sept. 15, 2008, Lehman filed for protection under Chapter 11 of
the U.S. Bankruptcy Code, but that its subsidiaries, which would
include Lehman CPI and Lehman Brothers Bank, were not included in
the filing.

                     About Ford Motor Co.

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

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

                         *     *     *

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


MITSUBISHI UFJ: S&P Affirms B Bank Fundamental Strength Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term
counterparty credit ratings on Mitsubishi UFJ Financial Group Inc.
(MUFG), Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), Mitsubishi UFJ
Trust and Banking Corp. (MUTB), and Master Trust Bank of Japan
Ltd. on CreditWatch with negative implications.  The ratings on
the companies' relevant senior unsecured debt, subordinated debt,
junior subordinated debt, and preferred debt instruments were also
placed on CreditWatch with negative implications.  At the same
time, S&P affirmed its 'A-1' short-term counterparty ratings on
MUFG's three operating entities.

MUFG announced on Sept. 22, 2008, that MUFG and Morgan Stanley
(MS: A+/Negative/A-1) had entered into a nonbinding letter of
intent, which states that MUFG is to acquire between 10% and 20%
of the total outstanding common stock of MS on a fully diluted
basis.  The acquisition price of the stock is based on book value,
agreed as a result of satisfactory due diligence.  Should the
transaction be completed, MUFG will be the largest MS shareholder.

The strategic alliance with equity participation will negatively
impact MUFG's capitalization.  The equity acquisition amount has
yet to be agreed, but if MUFG acquires a 20% stake in of MS based
on the latter's current market capitalization, it would cost about
JPY900 billion, which would negatively affect MUFG's Adjusted
Total Equity (ATE).  S&P considers ATE a key parameter when
analyzing banks' capitalization.  MS would only be consolidated
into MUFG's financial statements as an equity method affiliate.
An equity investment is usually riskier than other credit
exposures such as loans or bond investments and, given that this
is a strategic investment, MUFG could increase its stake in MS.
The investment amount will be deducted from the numerator of the
regulatory capital ratio and S&P's ATE ratio.  S&P estimates that
MUFG's ATE will decrease by about 10% as a result of the strategic
alliance.  In addition, the alliance creates uncertainties for
MUFG as many investment banks are facing difficulties and the
transaction details are still not fixed.

The long-term counterparty ratings on MUFG and its three operating
entities may be removed from CreditWatch after S&P scrutinizes the
details of the deal, such as the total investment amount,
conditions of equity acquisition, possible burdens that arise from
the deal, and potential incremental risks to MUFG's financial
profile (e.g. capitalization, asset quality, and profitability)
resulting from this transaction.  Positive synergy effects with
MUFG's existing business lines will also be examined.  While the
details of this deal are still under consideration, a possible
downgrade is likely to be limited to one notch in view of MUFG's
sound capitalization.

Ratings Affirmed:

Bank of Tokyo-Mitsubishi UFJ Ltd.
Commercial Paper
  Foreign Currency                      A-1

Bank of Tokyo-Mitsubishi UFJ Ltd.
Mitsubishi UFJ Trust and Banking Corp.
Bank Survivability Assessment
  Local Currency                        A+/--/--

Bank of Tokyo-Mitsubishi UFJ Ltd.
Mitsubishi UFJ Trust and Banking Corp.
Master Trust Bank of Japan Ltd.
Bank Fundamental Strength Rating
  Local Currency                        B

BTMU Capital Corp.
Commercial Paper (1 issue)             A-1

Ratings Affirmed; CreditWatch/Outlook Action:

                                           To            From
                                      ---------------------------
Mitsubishi UFJ Financial Group Inc.
Counterparty Credit Rating           A/Watch Neg/--   A/Stable/--

Bank of Tokyo-Mitsubishi UFJ Ltd.
Mitsubishi UFJ Trust and Banking Corp.
Master Trust Bank of Japan Ltd.
Counterparty Credit Rating           A+/Watch Neg/A-1
A+/Stable/A-1
Certificate Of Deposit               A+/Watch Neg       A+

Mitsubishi UFJ Financial Group Inc.
Senior Unsecured (8 issues)          A/Watch Neg        A

BTMU (Curacao) Holdings N.V.
Subordinated (18 issues)             A/Watch Neg        A

Bank of Tokyo-Mitsubishi UFJ Ltd.
Senior Unsecured (56 issues)         A+/Watch Neg       A+
Subordinated (5 issues)              A/Watch Neg        A

MUFG Capital Finance 1 Ltd.
Preferred Stock (1 issue)            BBB+/Watch Neg     BBB+

MUFG Capital Finance 2 Ltd.
Preferred Stock (1 issue)            BBB+/Watch Neg     BBB+

MUFG Capital Finance 3 Ltd.
Preferred Stock (1 issue)            BBB+/Watch Neg     BBB+

MUFG Capital Finance 4 Ltd.
Preferred Stock (1 issue)            BBB+/Watch Neg     BBB+

MUFG Capital Finance 5 Ltd.
Preferred Stock (1 issue)            BBB+/Watch Neg     BBB+

Tokai Preferred Capital Co. LLC
Preferred Stock (1 issue)            A-/Watch Neg       A-

UFJ Finance Aruba AEC
Senior Unsecured (2 issues)          A/Watch Neg        A


RE-PLUS INC: Files for Bankruptcy With JPY32.6 Billion Debts
------------------------------------------------------------
Property funds manager Re-Plus Inc. has filed for bankruptcy
protection with JPY32.6 billion in debts knocked by tighter credit
and a downturn in the property market, Reuters reports.

According to the report, Re-Plus's filing came a few days after
the company said it was having difficulty operating part of its
business due to tighter bank lending and a drop in new contracts
in its rent-guarantee business.  "Since around February, fund-
raising became increasingly difficult and that put us in a
constant fund-shortage situation," the company said.

Reuter relates Re-Plus' failure came only hours after unlisted
construction consultancy firm Construction Project Consultants
Inc. filed for protection from creditors with JPY6 billion in
liabilities.

Meanwhile, Japan shares fell as a drop in auto shipments dragged
on export growth and Re-plus Inc.'s bankruptcy reignited credit
concerns, Bloomberg News reported on September 25.  Indexes pared
losses after U.S. President George W. Bush urged lawmakers to pass
a bailout package for the financial system, the same report says.

"This is an extremely difficult time for property developers, and
the sense is that we haven't seen the end of the bad news.  If the
bailout doesn't pass, things will turn very grave," Bloomberg News
cited Hideyuki Ookoshi, who helps oversee about US$365 million at
Chiba-Gin Asset Management Co. in Tokyo, as saying.

                          About Re-Plus

Re-plus inc., -- http://www.re-plus.co.jp/ --is a Japan-based
company that operates in two business segments.  The RentGo
segment provides assurance systems for real estate leasing-related
rent arrears, repair services for natural loss, and home contents
insurance services that can offset the risk during housing rental
period, as well as the rent collection services for residential
leasing and management companies.  The Asset Management segment
provides investment services, including the brokerage of real
estate, the planning of investment plans, the provision of
investment-related consultation services, financial arrangement,
such as non-recourse loan, the construction management, as well as
the asset management based on the operation and management of
investment projects, for institutional investors.  Headquartered
in Tokyo, the company has seven consolidated subsidiaries.


URBAN CORP: Shareholders Mulls Lawsuit on Undisclosed Deal
----------------------------------------------------------
Urban Corp shareholders will jointly file a damages suit against
the company's management claiming an undisclosed financing deal
with French bank BNP Paribas SA constituted a legal violation,
Kyodo News reports, citing lawyers involved in the planned
lawsuit.

Thomson Financial relates Tetsuro Arai, one of the lawyers
preparing the suit, told Reuters he and his partners “have already
had nearly 100 inquiries (from Urban shareholders) since last week
asking what they need to do to be involved in the suit.”

Urban, Kyodo News recounts, concluded a deal to issue JPY30
billion in convertible bonds to BNP Paribas but actually raised
only JPY9.2 billion as a result of financing mechanism set in the
agreement.  As Urban did not disclose the financing mechanism,
shareholders and investors assessed the company’s financial
condition on the assumption that it could raise JPY30 billion yen,
the same report notes.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
15, 2008, Urban filed a petition for civil rehabilitation before
the Tokyo District Court, listing total liabilities of JPY255,832
million (as of July 31, 2008).

The company blamed the subprime mortgage crisis which made it
difficult for the company to procure funds through new loans, to
refinance short-term loans and to sell developed properties.
Urban said it sought alliances with other companies, such as
capital tie-ups, but the situation in the real estate investment
market only worsened, causing agreements with candidates for
alliances to falter.

Following Urban's bankruptcy filing, Japan Credit Rating Agency
downgraded the commpany's senior debts, bonds and shelf
registration ratings from #BB+/Negative to D and the CP program
from #J-3/Negative to D.

Meanwhile, Standard & Poor's Ratings Services said in an August
15, 2008 media release that six loans related to failed real
estate company Urban Corp. (not rated) are involved in Japanese
CMBS transactions rated by S&P, based on information provided by
servicers.

Based on information from servicers, S&P said Urban itself is not
directly involved in any of the six loans.  An affiliate of Urban
is the sponsor and asset manager for three of the loans (three
borrowers, two transactions), and also acts as asset
manager for the remaining three loans (two borrowers, two
transactions).  The total outstanding balance of the six loans is
approximately JPY12.43 billion.  The affiliate has not filed for
bankruptcy protection along with the parent.

On Aug. 21, 2008, the TCR-AP reported that S&P updated information
relating to the six Japanese CMBS transaction loans.

Based on updated information from servicers, S&P said an affiliate
of Urban is the sponsor and asset manager for four of the loans
(four borrowers, three transactions), and also acts as asset
manager for the remaining two loans (one borrower, one
transaction).  Based on the updated information from the
servicers, S&P also confirmed that Urban itself is not directly
involved in any of the six loans, and that the number and total
amount of the loans are the same as indicated in the Aug. 15 media
release.

                     About Urban Corporation

Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese
real estate company.  The Real Estate Liquidation segment is
engaged in the purchase, planning, development and operation of
low-yield buildings, decrepit buildings and land for real estate
investment trust and private placement investment fund markets.

The Real Estate Allotment segment is engaged in the planning,
development and sale of condominiums and the construction and
sale of detached houses.  The Asset Management segment is
engaged in the composition of funds, the preparation of schemes,
the document generation for commercial institution, as well as
the operation of fund assets.  The Property Management segment
is engaged in the provision of cleaning and facilities
management services for condominiums.  The Others segment is
involved in the underground development construction business,
commercial facility operation, environment related construction
work, research and restoration, as well as medical operation
related consultant, among others.



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

HYUNDAI MOTOR: Increases i10 Production in India
------------------------------------------------
Hyundai Motor Company added a third shift in a plant in India, to
increase the production of i10 hatchback, aimed to make the
country its global manufacturing hub for small cars, Reuters
reports.

According to the report, the company has sold about 172,000 units
of the i10 since its launch in October 2007, and the output at its
new plant near Chennai would be stepped up to meet local and
overseas demand.

The plant, with a capacity of 300,000 units, started operations in
February and is dedicated largely to the i10, the report relates.
Production of the compact car now stands at 1,300 units a day, a
40% rise after the third shift began, the same report notes.

"The introduction of the new shift will (help) us meet demand and
help us capture a bigger share of the market," Reuters cited
Hyundai Motor India's managing director, H.S. Lheem, as saying.

Hyundai aims to reach a production target of 530,000 units by end-
2008, with exports to around 95 countries, the report adds.

                       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
union demands aggravated by a sweeping criminal investigation
the steep drop of the United States dollar, high oil prices and
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.


HYUNDAI MOTOR: To Build US$600 Million Plant in Sao Paulo, Brazil
-----------------------------------------------------------------
Hyundai Motor Company has chosen Sao Paulo, Brazil, as the site
for its seventh overseas production base, completing the company's
expansion in all of the world's major fast–growing markets and
further diversifying its operations to seek stable growth.

James Choi, President of Hyundai Motor Co.'s International Sales
Division, and Jose Serra, Governor of Sao Paulo State, signed a
Memorandum of Understanding at the Governor's palace in Sao Paulo
City. According to the initial agreement, Hyundai Motor will
invest about US$600 million into the wholly–owned subsidiary in
the first phase, to build a 100,000 units–a–year plant in
Piracicaba City in Sao Paulo State.  The groundbreaking ceremony
for the plant is scheduled to take place as soon as November of
this year.  Piracicaba City is about 157 kilometers North–West of
Sao Paulo City.

Securing sales in emerging markets such as Brazil, as demand in
traditional markets such as the U.S. and Western Europe stabilize,
is key to Hyundai Motor's sustainable growth and success.  The
company's new plant in Central & Latin America's largest market
will also enable it to respond quickly to competition from Toyota
and Honda, which are also seeking to build production facilities
in Brazil.

Hyundai Motor, which began searching for an appropriate site in
Brazil since 2006, had shortlisted three states in Brazil,
including Minas Gerais and Rio de Janeiro.  The selection process
was long and difficult as all three states made extremely
favorable offers.  However, Hyundai Motor finally decided on the
state of Sao Paulo for its outstanding environment for automobile
manufacturing.

"The city of Piracicaba was the best choice for us because of the
city's skilled workforce, good distribution network, convenient
access to a broad supplier base and the incentives offered by the
state government,"Mr. Choi said after the signing ceremony.
"Hyundai Motor will do its best to contribute to the local economy
and community by operating an efficient and successful plant."

In the first phase, Hyundai Motor plans to produce an all–new
flex–fuel car (which can run on both gasoline and ethanol) in the
B–segment, starting from the first half of 2011, to satisfy the
high demand for small cars in Brazil.  Last year, B–segment
vehicle sales took up 65 percent of total sales in the South
American country.  Hyundai Motor's new plant may also directly and
indirectly create about 4,000 new jobs locally.

In the second phase, depending on demand in the region, Hyundai
Motor plans to expand the plant, to increase its line–up and
export to neighboring nations.

Despite the relatively high import tax of 35 percent, Hyundai
Motor has sold 36,006 vehicles in Brazil in the first eight months
of this year, nearly triple the amount sold a year earlier.

                       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
union demands aggravated by a sweeping criminal investigation
the steep drop of the United States dollar, high oil prices and
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.



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

HO HUP: Appoints Faris Najhan Bin Hashim as Executive Director
--------------------------------------------------------------
On September 23, 2008, Faris Najhan Bin Hashim was appointed as
liquidator of Ho Hup Cunstruction Company Bhd.

Mr. Hashim has many years of hand-on experience in corporate
management and project development, privatisation projects, IT,
telecommunication, education, public sector and technology
development sectors.  He served as the Executive Director and
subsequently Managing Director of Mun Loong Berhad between 1995
and 1999.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                         *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected;

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


SUNWAY: Appoints Tai Keat as New Chairman of Audit Committee
------------------------------------------------------------
Sunway Infrastructure Berhad said in its regulatory filing that
Tai Keat Chai, previously member of Sunway's Audit Committee, was
redesignated as the Chairman of the Committee.

Mr. Chai replaced Dato' Seri Syed Zainol Rashid Jamalullail, who
is now a member of the Committee.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.


UBG BERHAD: Gets Statement of Claim from Merrill for MYR14.89MM
---------------------------------------------------------------
In a filing with the Bursa Stock Exchange, UBG Berhad disclosed
that Merrill Lynch (Singapore) Pte Ltd (MLS) served the company
with a Writ of Summons and Statement of Claim for a sum of
MYR14,898,104.84 in respect of the Suit No. 681 of 2008/A in the
High Court of the Republic of Singapore on September 24, 2008.

The Action arises from the same dispute with MLS in which, UBG had
disclosed as a contingent liability in its 4th quarter's interim
report for the financial period ended December 31, 2007, released
through Bursa Securities on February 22, 2008, as well as its
audited financial statements for the financial year ended
December 31, 2007.

The Details of the Statement of Claim includes:

   a) The Writ of Summons and Statement of Claim were filed on
      September 23, 2008;

   b) MLS's claim is for the sum of USD4,392,453.70 or
      alternatively, the sum of MYR14,898,104.84 together with
      interest pursuant to section 12 of the Singapore Civil Law
      Act (Cap.43), costs and any other relief as the Court deems
      fit;

   c) MLS' claim is in relation to fees arising from the alleged
      provision of financial advisory services by MLS to UBG
      pursuant to a financial services agreement dated June 27,
      2006 entered into between UBG and MLS; and

   d) UBG will be defending the Action and it has filed and served
      a Memorandum of Appearance in the action on Sept. 24, 2008.

The directors of UBG are of the view that the Action would not
have a material impact on the financial position or business of
the Group.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

ARGYLE BAY: Wind-Up Petition Hearing Set for October 3
------------------------------------------------------
The High Court at Auckland will convene a hearing on Oct. 3, 2008,
at 10:00 a.m., to consider putting Argyle Bay Limited into
liquidation.

The application was filed on June 9, 2008, by Paragon Forensics
Limited.

The plaintiff's address for service is at:

          Fortune Manning
          gen-i Tower
          Level 12
          66 Wyndham Street (PO Box 4139)
          Auckland.

R. P. Coltman is the plaintiff's solicitor.


AVMT LIMITED: Proofs of Debt Due on October 2
---------------------------------------------
Pursuant to Section 3, 255(2)(a) of the Companies Act 1993, the
shareholders of AVMT Limited fka Avenue Management Limited
resolved that the company be liquidated and that Robert Foster, be
appointed as liquidator.

The liquidator sets Oct. 2 , 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Robert Foster
          BDO Spicers
          Chartered Accountants
          29 Northcroft Street
          Takapuna, Auckland
          Telephone: (09) 486 2125
          Facsimile: (09) 486 4026


CANTERBURY GARAGE: Wind-Up Petition Hearing Set for October 6
-------------------------------------------------------------
The High Court at Christchurch will hold a hearing on Oct. 6,
2008, at 10:00 a.m., to consider putting Canterbury Garage Doors
(2001) Limited into liquidation.

The application was filed on Aug. 11, 2008, by Canterbury Garage
Doors (2001) Limited.

The plaintiff's address for service is at:

          Sharp Tudhope
          35 Grey Street, Tauranga

M. B. Beech is the plaintiff's solicitor.


FILM TRANSPORT: Liquidators Set October 6 as Claims Bar Deadline
----------------------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the High
Court has appointed John Howard Ross Fisk, chartered accountant,
and Craig Alexander Sanson, insolvency practitioner, both of
Wellington, as liquidators of  Film Transport Company Limited.

The liquidators set Oct. 6, 2008, as the last day for creditors to
file their proofs of debt.

Creditors and shareholders may direct their inquiries to:


    Attn: Sandra Pearson
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492


JOSEPH PRODUCTIONS: Liquidators Set October 1 as Claims Bar Date
----------------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Joseph Productions No 17 Limited.

The liquidators set Oct. 1, 2008, as the last day for creditors to
file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Gavin Harold
          Level 8, Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


JOSEPH PRODUCTIONS: Liquidators Set October 1 as Claims Bar Date
----------------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Joseph Productions No 27 Limited.

The liquidators set Oct. 1, 2008, as the last day for creditors to
file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Gavin Harold
          Level 8, Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


KIWI COVING: Proofs of Debt Due on October 1
--------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and Barry Phillip Jordan, chartered
accountant, as liquidators of Kiwi Coving (2005) Limited.

The liquidators set Oct. 1, 2008, as the last day for creditors to
file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Monique Nielsen
          Deloitte, Level 8
          Deloitte House
          8 Nelson Street
          Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


PLUS SMS: Proposed Share Issue to Former CEO May Spark Suit
-----------------------------------------------------------
Plus SMS Holdings Limited appears to be headed into a legal battle
with its outgoing CEO and Chairman, Christopher Tiensch, over the
validity of the proposed issue of share to Mr. Tiensch as part of
his employment contract, Aaron Lim of BusinessDay.co.nz reports.

According to the report, at its adjourned annual general meeting
held yesterday, Sept. 25, 2008, the board of directors said it
would withdraw the resolution relating to the issue of share to
its former chairman and outgoing CEO.

Yesterday's announcement is the latest development in an ongoing
stand-off between shareholders and the company over an issue of
shares to Mr. Tiensch, the report says.

BusinessDay.co.nz relates the company's annual general meeting
initially held on Sept. 4 was adjourned until yesterday, in
respect to the proposed issue of 13,481,838 new ordinary shares to
Mr. Tiensch.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2008, Plus SMS Holdings disclosed that its CEO and
Chairman, Christopher Tiensch, has resigned immediately as
Chairman and Director and has given the company six months notice
of his intention to resign from his roles a Chief Executive
Officer.

                          About Plus SMS

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

                            *     *     *

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


PROFILE DEVELOPMENTS: Proofs of Debt Due on September 30
--------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,
Damien Grant and Steven Khov, insolvency practitioners, were
appointed as liquidators of Profile Developments Limited on
Aug. 28, 2008.

The liquidators set Sept. 30 , 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


PROFIX CONTAINER: Proofs of Debt Due on September 30
----------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Profix Container Services Limited  resolved that
the company be liquidated and that Christopher Robert Ross Horton,
be appointed as liquidator.

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:

          Horton Price Limited
          PO Box 9125
          Newmarket, Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


URBAN MEWS: Liquidators Set October 1 as Claims Filing Deadline
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of  Urban Mews Limited appointed Brian Mayo-Smith,
chartered accountant, and Shaun Neil Adams, insolvency
practitioner, both of BDOSpicers, Auckland, as liquidators on Aug.
14, 2008.

Creditors are required to file their proofs of debt by Oct. 1,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Debra Balzer
          BDO Spicers
          Level 8, Rifleman Tower
          120 Albert Street, Auckland 1010
          Telephone: (09) 379 2950
          Facsimile: (09) 303 2830
          Email: debra.balzer@akl.bdospicers.com


WHISPER COVE: Placed in Receivership
------------------------------------
Whisper Cove, a NZ$250 million development beside a former
Salvation Army camp at Snells Beach has collapsed, Anne Gibson of
The New Zealand Herald reports.

The Herald says Whispher Cove, which was started by Tim Manning,
is in receivership owing NZ$36 million to Westpac and NZ$17
million to other financiers.

According to the report, Grant Graham of KordaMentha says the
company is getting good advice about options available for the
development and a decision is likely in about a month.

Unsecured creditors are owed NZ$2,452,000 but Brendon Gibson,
joint receiver, said it was unlikely they would get a cent, the
report relates.

The report discloses Whisper Cove was to be a 160-residence 16ha
waterfront development but just 36 units were built.  The site has
been abandoned for months after big money problems, leaving a
string of subcontractors, builders and others owed more than NZ$2
million, the report adds.


WHITEHALL JEWELERS: Incentive Plan Hearing Set for Oct. 3
---------------------------------------------------------
Bill Rochelle of Bloomberg News reports that Whitehall Jewelers
Holdings, Inc., and Whitehall Jewelers, Inc., will propose to the
U.S. Bankruptcy Court for the District of Delaware on Oct. 3,
2008, an incentive bonus plan that might pay four top executives
at least US$700,000.

The proposal, according to the report, will give the executives 10
percent of proceeds from the liquidation once receipts exceed the
secured claim and expenses of the Chapter 11 case by US$20
million.

The bonus, according to the report, will increase to 14 percent
when the cash available for creditors tops US$27 million.

The Debtors are selling inventory in going-out-of-business sales,
except for 17 stores it was able to sell to Michael Hill
International Ltd., a specialty-jewelry retailer from New Zealand,
according to the report.

                   About Whitehall Jewelers

Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings
Inc. -- http://www.whitehalljewellers.com/-- owns and operates
375 stores jewelry stores in 39 states.  The company operates
stores in regional and regional shopping malls under the brand
names Whitehall Jewellers, Marks Bros.  Jewellers and Lundstrom
Jewellers.  The Debtors' retail stores operate under the names
Whitehall (271 locations), Lundstrom (24 locations), Friedman's
(56 locations, and Crescent (22 locations).  As of June 23, 2008,
the Debtors have about 2,852 workers.

The company and its affiliates, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261).  Scott Rutsky, Esq., Peter Antoszyk, Esq., Adam T.
Berkowitz, Esq., and Jesse I. Redlener, Esq., at Proskauer Rose
LLP in New York; and Laura Davis Jones, Esq., and James O'Neill,
Esq., at Pachulski, Stang Ziehl & Jones LLP in Wilmington,
Delaware, represent the Debtors in their restructuring efforts.
Epiq Bankruptcy Solutions LLC is their claims, noticing and
balloting agent.  The Official Committee of Unsecured Creditors is
represented by Lawrence L. Ginsburg, Esq., Alan E. Gamza, Esq.,
Christopher J. Caruso, Esq., and Alan Kolod, Esq., at Moses &
Singer LLP in New York; and Charlene D. Davis, Esq., Mary E.
Augustine, Esq., and Justin K. Edelson, Esq., at Bayard P.A. in
Wilmington, Delaware.

When the Debtors filed for protection from their creditors, they
listed total assets of US$207,100,000 and total debts of
US$185,400,000.


* NEW ZEALAND: Decline in Economic Activity Continues
-----------------------------------------------------
Economic activity, as measured by gross domestic product (GDP),
declined 0.2 percent in the June 2008 quarter, Statistics New
Zealand said today.  This follows a decline of 0.3 percent in the
March 2008 quarter.  The last time there were consecutive quarters
of decline in economic activity was the three quarters ending
March 1998.

Service industries decreased 0.4 percent in the latest quarter,
following an increase of 0.5 percent in the March 2008 quarter.
The main drivers of the decline in service activity were real
estate and business services (down 1.6 percent), and retail,
accommodation and restaurants (down 1.9 percent).

In the June 2008 quarter, activity in the goods-producing
industries declined 0.2 percent.  The largest drivers of this
decline were construction (down 3.8 percent), and electricity, gas
and water (down 1.6 percent).  Partly offsetting these decreases
was a 1.4 percent increase in manufacturing activity. The decline
in construction activity was in both residential and non-
residential building. Dry weather contributed to more thermal (and
less hydro) electricity generation, which is more expensive to
produce.

Activity in the primary industries declined 0.6 percent in the
June 2008 quarter, following a decline of 4.6 percent in the March
2008 quarter. Agriculture decreased 0.6 percent, as the drought
continues to impact on both output and costs.

The expenditure measure of GDP, which is released concurrently
with the production measure, was down 0.5 percent in the latest
quarter.

In the June 2008 quarter, exports of goods fell 0.2 percent, while
imports of goods were up 3.3 percent.  The rise in imports this
quarter was mainly due to large capital items, related to the oil
industry, that were imported during the quarter.  These capital
items were also the main reason for the increase in business
investment the June 2008 quarter.

Household consumption expenditure, which measures the spending of
New Zealand households, fell 0.3 percent in the June 2008 quarter,
following a 0.4 percent fall in the previous quarter.  The last
time this component declined for two quarters in a row was in
1992.  In the June 2008 quarter, expenditure on durable goods
(such as motor vehicles) and non-durable goods (such as food and
beverages) were both down.


* NEW ZEALAND: Increases Investment With Australia
--------------------------------------------------
The significance of New Zealand's investment partnership with
Australia has increased in recent years, Statistics New Zealand
said.  Australia is the single most important destination for New
Zealand investment abroad and source of foreign investment into
New Zealand.

The total level of investment in New Zealand at March 31, 2008,
was $275.7 billion, with $87.5 billion (31.7 percent) sourced from
Australia.  The level of New Zealand's investment abroad was
$121.9 billion at March 31, 2008, of which investment in Australia
was $34.1 billion (28.0 percent).  At March 31, 2003, Australia
was the source of 23.1 percent of the level of foreign investment
in New Zealand, and the destination for 22.3 percent of New
Zealand's level of investment abroad.

New Zealand's two other main international investment partners
continued to be the United States of America (USA) and the United
Kingdom (UK).  At March 31, 2008, these two countries combined
were the destination of 29.5 percent of New Zealand's investment
abroad, and the source of 33.3 percent of foreign investment in
New Zealand.  Investment from the USA and the UK is partly the
result of the New Zealand banking sector continuing to use these
countries as funding sources.

Most of New Zealand's international assets and liabilities
continue to be held by the finance and insurance industry,
although the manufacturing industry is also significant.
Together, these industries held 76.6 percent of New Zealand's
assets abroad, and 68.9 percent of New Zealand's international
liabilities.

At March 31, 2008, New Zealand's foreign currency external debt
was $109.9 billion.  Of this debt, 92.2 percent was hedged in some
way.  Hedging manages risk – for example, due to changes in
foreign currency exchange rates, which affect the New Zealand
dollar equivalent value of that debt.

Statistics New Zealand has also released the current account
deficit to GDP ratio for the year ended June 2008.  The year ended
June 2008 current account deficit was 8.4 percent of GDP, and the
revised current account deficit to GDP ratio for the year ended
March 2008 was 8.0 percent.


* NEW ZEALAND: 31% of Private Businesses for Sale, Survey Says
--------------------------------------------------------------
PricewaterhouseCoopers Clever Companies Insight 2008 survey has
revealed that 31 per cent of privately owned businesses are
planning a change in ownership.

The Insight has been released in partnership with Business NZ, and
surveyed almost 800 businesses – the majority privately owned –
across the country.  It focuses on four areas: planning,
exporting, succession and sustainability and climate change.
Clever Companies are identified as the 13 per cent which are most
profitable, and the report highlights the characteristics these
companies possess.

It reveals businesses that plan for the long term are more than
twice as likely to expect improving profits over the coming year.
They are developing proactive strategies to survive tough times
and are assessing their performance against those plans. In
contrast, business owners that don't plan are taking the hit
personally - being twice as likely to reduce their personal
drawings, and three times as likely to move to interest-only
payments on business debt.

PricewaterhouseCoopers Partner Robbie Gimblett says those
companies that don't plan are taking unnecessary risks in today's
economy. "Of those companies that don't have business plans, half
expect their profits to remain the same, which we see is a
problem," he says. "If you're not planning for a changing
environment, and yet expect your profits to be constant, you run
the risk of going backwards - and even losing money in real terms.

"The business planners we surveyed are using clever tactics,
including looking to increase marketing, open new markets, manage
stock better and change their sales-force incentives, to help
ride-out the economic conditions.  Many companies are under
pressure now, so its more important than ever to sometimes pull
yourself out of the day-to-day running out of the business and
look ahead. You would never start building a house without a plan,
so why would you build a business without a plan?"

Business NZ Chief Executive Phil O'Reilly says the results are a
powerful example of the difference planning can make.  "The survey
is insightful because it offers an objective demonstration of an
obvious truth," he says.  "It may seem self-evident, but the
survey proves that businesses that plan are putting themselves at
an advantage. Planning works."

Mr. O'Reilly says the survey also provides information across a
range of areas where Government policy is under development.  "The
Clever Companies Insight offers an objective analysis of how
companies are reacting to today's business environment, and is a
useful tool for the Government in policy areas such as tax,
climate change, Kiwisaver, and also informing the Government's
Skills Strategy," he says.  "It's a good measure of attitudes, and
will shed light on many areas of business practice."

The survey reveals that 31 per cent of privately owned businesses
are planning a change in ownership.  "They are looking at mainly
trade sales and private equity sales," says Mr. Gimblett. "Just
under a third are interested in offering shares to management, or
increasing the amount of shares management currently own.
Interestingly, these results showed a disconnect between company
owners and managers – almost half of the managers surveyed want to
buy shares in the companies they manage. That makes us wonder: are
owners losing out on an opportunity to align managers' interests
with their own?"

Mr. O'Reilly says business owners should be using their business
advisors to help them develop their exit strategies early, before
big decisions need to be made.  "If business owners can't exit,
they are often left with no alternative but to close the business
down, which is a terrible loss to the New Zealand economy and the
communities in which they operate.  Therefore I see this survey as
a call to action.  Business owners need to plan now, and their
business advisors should be focusing on establishing their exit
strategy now – not just before the owner wants to sell."

Mr. Gimblett: "Overall the key thread of our survey findings is
that planning works. Businesses don't plan to fail, but failing to
plan is risky, particularly when the market is uncertain," he
says.  "Now more than ever companies need to be clever to
survive."



===============
P A K I S T A N
===============

* PAKISTAN: Moody's Shifts Outlook on B3 Rating of 4 Banks to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit ratings of four Pakistani banks to
negative from stable.  These banks were affected by Moody's rating
action:

   -- National Bank of Pakistan (B3 Neg/NP/D);
   -- Habib Bank Ltd. (B3 Neg/NP/D-);
   -- United Bank Ltd. (B3 Neg/NP/D-); and
   -- MCB Bank Ltd. (B3 Neg/NP/D).

This rating action follows the recent announcement by Moody's
sovereign risk group that it has changed the outlook on Pakistan's
B3 foreign currency bank deposit ceiling to negative from stable,
following a substantial erosion in the country's external
liquidity position.  All four banks' foreign currency deposit
ratings remain constrained by this country ceiling.

The outlook on the bank financial strength rating (BFSR) of each
of the four Pakistani institutions remains stable despite the
challenges they face in the local operating environment.  However,
Moody's cautions that, in the event of a possible prolonged
economic deterioration combined with heightened political turmoil
that erodes business confidence and performance, the BFSRs could
also potentially be adversely impacted going forward.  In
particular, Moody's will focus on the banks' asset quality trends
as well as on the provisioning costs with regard to their loan and
investment book and how this will impact both their earnings and
solvency positions.

For the time being, however, Moody's continues to regard the rated
Pakistani banks as displaying satisfactory financial fundamentals
and solid franchises.  Although challenging financial market
conditions during the second quarter of 2008 had an impact on the
equity component for most of the country's banks, their
performance remains adequate in terms of both business growth and
profitability.

As all four banks' short-term foreign currency ratings are already
at Not Prime, the outlook on these ratings remains stable.

Headquartered in Karachi, National Bank of Pakistan had total
assets of PKR798.1 billion (US$11.7 billion) at the end of
June 2008.

Headquartered in Karachi, Habib Bank Ltd had total assets of
PKR735.7 billion (US$10.8 billion) at the end of June 2008.

Headquartered in Karachi, United Bank Ltd had total assets of
PKR592.2 billion (US$8.7 billion) at the end of June 2008.

Headquartered in Lahore, MCB Bank Ltd had total assets of PKR453.2
billion (US$6.6 billion) at the end of June 2008.



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

GEOGRACE RESOURCES: Approves Operating Agreement With PGMC
----------------------------------------------------------
During a meeting held on September 23, 2008, the Board of
Directors of Geograce Resources Philippines, Inc. approved the
signing and execution of an Operating Agreement with Platimun
Group Metals Corporation (PGMC), whereby the latter grants the
company the exclusive right to operate and develop approximately
45 hectares of mineral property in Dinapigue, Isabela.  The
Mineral Property covers a total of approximately 2,391 hectares
with a valid and subsisting Mineral Production and Sharing
Agreement denominated as MPSA No. 258-2007-II.  It is currently
operational with infrastructure consisting of a motor pool,
causeway, haul road, assay laboratory, nursery, pier yard,
administration office and airstrip.

Granted an environmental compliance certificate (ECC) early this
year, PGMC is allowed to mine up to two million MT yearly from the
Mineral Property.

The Board of Directors approved the revision of the work program
on the use of proceeds from the 2007 1:3:5 Stock Rights Offering
to allocate Php40 million as reimbursements to PGMC for the
production cost of the ore currently in stockpile from the Mineral
Property.  This amount shall be taken from the budget for
"Acquisition of Mining Tenements".

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company's ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


* PHILIPPINES: Bank Regulators Seek Ways for New Bailout System
---------------------------------------------------------------
Bank regulators are looking at reforming the country's deposit
insurance system to facilitate the orderly exit of troubled banks
and contain the cost of bailing out failed financial institutions,
according to the Philippine Deposit Insurance Corp. (PDIC).

The PDIC said it plans to subscribe to an international framework
that recommends the creation of bridge bank facility, allowing
deposit insurers to veer away from costly traditional ways of
rescuing failed banks.

The global framework "Core Principles for Effective Deposit
Insurance Systems", which outlines 21 effective deposit insurance
practices, was hammered out by the Basel-based International
Association of Deposit Insurers (IADI) in February at a time when
the rippling effect of a US-led credit crisis started to spread in
Asia.

The US financial turmoil was worsened since, culminating in last
week's drama at Wall Street, which saw the collape of US
investment bank Lehman Brothers, where a number of Philippine
banks have some exposure.

PDIC President Jose C. Nograles, who took office in December las
year, said the focus would be on adopting two of the framework's
core principles:  the deposit insurer's immunity from lawsuits and
the establishment of a bridge bank.

The IADI framework is voluntary with authorities given the freedom
to include supplementary measures to fit the principles into their
jurisdictions.

"We will measure ourselves against these core principles of best
global practices," MR. Nograles told BusinessWorld.

The bridge bank concept overhauls the narrow so-called "paybox
system" -- a traditional deposit insurance model where the PDIC
automatically acts as receiver and liquidator of a failed bank.

Under the paybox model, the PDIC closes [sic] the bank, pays out
depositors' claims of up to Php250,000 per depositor from its own
fund, and liquidates the bank's assets.  Proceeds from the sale of
the assets -- a cumbersome process as PDIC would have to comply
with state audit rules -- would be used to repay the deposit
insurer, and the rest of the failed bank's creditors.

A bridge bank authority would allow the government to take over a
failed bank by acquiring its assets and assuming the liabilities
until a final resolution of reached.

This should "help preserve critical banking functions", without
having depositors and creditors worried, according to the IADI
paper.

"If we close a bank on a Friday, [the following] Monday, it's
banking as usual", Mr. Nograles pointed out, adding that valuation
of assets would be be hur under the proposal to reform the bailout
package.

"If its an ongoing concern, the PDIC doesn't have to refund
anything.  It's an orderly liquidation", he said.

The PDIC has tapped the Asian Development Bank (ADB) for technical
assistance on its migration to the bridge bank system.  Such
authority would require an amendment of the deposit insurer's
charter by Congress.

The International Monetary Fund (IMF), which projected bank losses
from the US subprime mess to reach trillion, had each proposed
bridge bank financing as one of the mechanisms in resolving bank
crisis.



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

ADVANCE VIEW: Court to Hear Wind-Up Petition on October 3
---------------------------------------------------------
A petition to have Advance View construction Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
October 3, 2008, at 10:00 a.m.

Ho Lee Construction Pte Ltd filed the petition against the company
on September 10, 2008.


Ho Lee's solicitor is:

         KhattarWong
         80 Raffles Place #25-01
         UOB Plaza 1
         Singapore 048624


AT & J: Creditors' Proofs of Debt Due on October 3
--------------------------------------------------
AT & J Company Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by October 3,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Lim Boon Cheng
         Abuthahir Abdul Gafoor
         c/o ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


PAN PACIFIC: Creditors' Proofs of Debt Due on October 20
--------------------------------------------------------
The creditors of Pan Pacific Private Limited are required to file
their proofs of debt by October 20, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


SNP PANPAC: Requires Creditors to File Claims by October 20
-----------------------------------------------------------
SNP Panpac Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by October 20, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


SNP PROPERTIES: Creditors' Proofs of Debt Due on October 20
-----------------------------------------------------------
The creditors of SNP Properties Pte. Ltd. are required to file
their proofs of debt by October 20, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058



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

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

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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




                         *********

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

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

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


                            *********


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

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

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

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

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





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