TCRAP_Public/080930.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

            Tuesday, September 30, 2008, Vol. 11, No. 194

                            Headlines

A U S T R A L I A

AUSTRALASIAN RELOCATIONS: Members Opt to Liquidate Business
BETA ALISTINE: To Declare Dividend on October 14
CONTAINER HIRE: To Declare Dividend on October 15
D.J. WALKER:  Members Opt to Liquidate Business
DESIGN - TX: To Declare Dividend on October 24

FUTURIS CORP: Appoints Malcolm Jackman as Chief Executive Officer
MEUCCO AUSTRALIA: Members Opt to Liquidate Business
MOBIUS NCM-03: S&P Chips Ratings on Class D and E Notes to B/CC
MOBIUS NCM-04: S&P Junks Ratings on Class D, M and E Notes
NATIONWIDE FINANCE: To Declare Dividend on October 14

PHILLIPS ENGINEERING: To Declare Dividend on October 24
PROJECT REALTY: To Declare Dividend on October 13
RETAIL PRO: John C. Redding Quits as Secretary and General Counsel
SCO GROUP: July 31 Balance Sheet Upside-Down by US$3.2 Million
ST GEORGE: To Declare Dividend on October 16


C H I N A

AGRICULTURAL BANK OF CHINA: Signs CNY500MM Deal With GRG Banking
AMDL INC: Private Placement of Convertible Notes Closes
BANK OF CHINA: Joins Inter-American Dev't Bank's Program
BANK OF COMMUNICATION: Appoints Hu Huaibang as Chairman
CHINA ORIENWISE: Moody's Downgrades Corporate Family Rating to B3


H O N G K O N G

CHARLES SCHWAB: Placed Under Voluntary Liquidation
CONCORD (HONG KONG): Creditors' Proofs of Debt Due on October 27
GERMAN-STEELS: Commences Liquidation Proceedings
KAM HOUSE: Members to Hear Wind-Up Report on October 27
LEHMAN BROS: HK Regulator Launches Probe on Minibond Complaints

MOULIN GLOBAL: Annual Meetings Slated for October 10
PB FINANCE: Members to Receive Wind-Up Report on October 27
SAPPHIRE FORTUNE: Creditors' Proofs of Debt Due on October 10
SHING FU: Requires Creditors to File Claims by October 10
SUN FUNG: Final Meetings Slated for October 27

TREASURE CONTINUATION: Final Meetings Slated for October 30


I N D I A

HEMKUND DUPLEX: CRISIL Junks Rating on Rs. 110 Mil. Facilities
RAM DEV: CRISIL Rates Rs. 360 Million Facilities at 'BB'


I N D O N E S I A

PERTAMINA: Idle Assets to be Managed by PPA
PERTAMINA: ExxonMobil Dispute Could Derail Cepu Block Production
PERUSAHAAN GAS: Mulls Buying 1.5 Mil. Tons of Gas from AU and Iran
PERUSAHAAN GAS: Cannot Meet Additional Gas Demand for 2009
PERUSAHAAN LISTRIK: To Build US$500 Mil. Gas Receiving Terminal

* INDONESIA: To Strengthen Law Enforcement Against Short Selling


J A P A N

LEHMAN BROTHERS: Continues Suspension of Japan Operations
ORSO FUNDING: S&P Puts Class E and F Notes' Ratings on Watch Neg.
SANYO ELECTRIC: Mulls Building US$80 Mil. Solar Factory in Salem


M A L A Y S I A

NIKKO ELECTRONICS: Defaults on MYR851,821 Bankers' Facilities
PECD BERHAD: PJHSB's MYR200 Mil. Facility Declares Default


N E W  Z E A L A N D

AIR NEW ZEALAND: To Double Economy Seats on its Eight Aircrafts
BLUE STAR: Wind-Up Petition Hearing Set for October 31
CHEN YIP: Liquidators Set November 20 as Claims Filing Deadline
CITRUS BAR: Liquidators Set November 20 as Claims Bar Date
DAVRON PRINTERS: Proofs of Debt Due on November 20

DIRECT SYSTEMS: Liquidators Set November 20 as Claims Bar Date
EPIC HOLDINGS: Wind-Up Petition Hearing Set for October 31
GENEVA FINANCE: Denies NZ Shareholders Association Claims
GOODYEAR TIRE: To Tap US$600MM Credit Facility Due to Fund Woes
GOODYEAR: Drawing US$600MM Facility Won't Affect S&P's Ratings

HAMBEG LIMITED: Wind-Up Petition Hearing Set for October 31
JUN YING: Liquidators Set November 20 as Claims Filing Deadline
R & K COMMERCIAL: Proofs of Debt Due on November 20
UNITED RECYCLERS: Wind-Up Petition Hearing Set for October 31
* NEW ZEALAND: More Chinese Distrust NZ Dairy, Survey Says

* NEW ZEALAND: Exports and Imports Still Show Strong Growth


P H I L I P P I N E S

LODESTAR: Inks Agreement With MSC & ACRHI to Acquire ABACOAL
* PHILIPPINES: JCRA Affirms BBB- Rating With Positive Outlook


S I N G A P O R E

COUDREY PTE: Requires Creditors to File Claims by October 25
JOY VICTORY: Creditors' Proofs of Debt Due on October 25
SOUTHERN CROSS: Court to Hear Wind-Up Petition on October 3
VANDA PRESS: Court Enters Wind-Up Order


T A I W A N

AU OPTRONICS: To Set Up NT$200MM Flat-TV Joint Venture With Qisda
BENQ INC: Aims 5% Share in Low-Cost Netbook PC Market in 2 Yrs.


X X X X X X X X

* Asia Stocks Tumble After US$700 Billion Bailout Rejected
* U.S. Federal Reserve Grants Swap Lines to Other Central Banks
* S&P Eyes Significant Impact on Global Synthetic CDOs From WaMu
* BOND PRICING: For the Week September 22 - September 26, 2008


                         - - - - -


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

AUSTRALASIAN RELOCATIONS: Members Opt to Liquidate Business
-----------------------------------------------------------
Australasian Relocations Pty Ltd's members agreed on Aug. 7, 2008,
to voluntarily liquidate the company's business.  C. Wykes was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

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


BETA ALISTINE: To Declare Dividend on October 14
------------------------------------------------
Beta Alistine Pty Limited, which is subject to Deed of Company
Arrangement, will declare dividend for its creditors on Oct.  14,
2008.

Creditors who were unable to file their proofs of debt on Sept.
16, 2008, were excluded in the company's dividend distribution.

The company's deed administrator is:

          Martin J. Green
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


CONTAINER HIRE: To Declare Dividend on October 15
-------------------------------------------------
Container Hire and Storage Pty Ltd traded as Tomago Discount Self
Storage, which is subject to Deed of Company Arrangement, will
declare dividend for its creditors on Oct.  15, 2008.

Creditors who were unable to file their proofs of debt on Sept.
19, 2008, were excluded in the company's dividend distribution.

The company's deed administrator is:

          Gavin Moss
          Macquarie Gordon & Co
          Level 11, 179 Elizabeth Street
          Sydney NSW 2000


D.J. WALKER:  Members Opt to Liquidate Business
-----------------------------------------------
D.J. Walker Investments Pty Limited's members agreed on Aug. 12,
2008, to voluntarily liquidate the company's business.  Anthony M.
Long was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Anthony M. Long
          Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


DESIGN - TX: To Declare Dividend on October 24
----------------------------------------------
Design - TX Pty Ltd will declare dividend for its creditors on
Oct.  24, 2008.

Creditors who were unable to file their proofs of debt on Sept.
19, 2008, were excluded in the company's dividend distribution.

The company's liquidator is:

          M. G. McCann
          Grant Thornton
          Ground Floor
          Grant Thornton House
          102 Adelaide Street
          Brisbane QLD 4000
          Telephone: (07) 3222 0200
          Facsimile: (07) 3222 0446


FUTURIS CORP: Appoints Malcolm Jackman as Chief Executive Officer
-----------------------------------------------------------------
Futuris Corporation Limited has appointed Malcolm Jackman as Chief
Executive Officer and, subject to the completion of formalities,
Managing Director of the Company by the board of directors
effective Sept. 29, 2008.  Malcolm Jackman succeeds Les Wozniczka
who resigned on June 25, 2008, effective upon the appointment of a
successor, and who has completed employment with Futuris.

Malcolm Jackman was previously Chief Executive Officer and
Managing Director of Coates Hire Ltd, an ASX 200 listed company,
from 2003 until its sale in January 2008.  Prior to Coates Malcolm
Jackman was CEO of Manpower Australia/New Zealand from 1996 –
2003.

"Malcolm Jackman brings to Futuris proven and successful
experience as the CEO of a publicly listed company and a strong
track record in leadership, communication with stakeholders and
share-price-accretive growth" said Futuris Chairman Stephen
Gerlach.

"The skills Malcolm Jackman has demonstrated in the execution of
corporate structure rationalisation are particularly pertinent to
the priorities for Futuris identified by the board earlier this
year" said Stephen Gerlach.

"Moreover his experience at both Coates Hire and Manpower has
given Malcolm hands-on understanding of branch-network related
businesses that is highly relevant to our Elders operations."

Malcolm Jackman said he was delighted by the opportunity to join
an organisation with Futuris' assets at an opportune time for the
Australian and New Zealand agriculture sectors.

"Futuris has strong core operations with broad exposure to the
soft commodities sector.  In particular it's exciting to be part
of an organisation with the history, scale and iconic reputation
of Elders at period of such growth and opportunity.

"The sector has outstanding prospects and Futuris has the assets
and presence to play a key role in the development of world class
agribusiness" said Malcolm Jackman.

"The board has identified the strategic priorities for Futuris to
translate this potential into greater value for shareholders.
Execution of this strategy will result in an organisation which
is much more tightly focussed around the Australian rural and
regional sector, more conservatively geared and value adding for
shareholders.  I believe my background and experience are well
suited to the Company's agenda and look forward to working with
directors and the executive management team as we take the
decisions and action to achieve this objective" Malcolm Jackman
said.

Outgoing Chief Executive Officer Les Wozniczka concluded his
appointment on Sept. 26, 2008.

"The Board extends its best wishes to Les Wozniczka for his future
endeavours and its appreciation for his considerable contribution
to the Company over 13 years as an adviser, Chief Operating
Officer and finally CEO since 2003. Les leaves Futuris with a very
good portfolio of agri-businesses on which the Company can base
its future growth," said Mr. Gerlach.

                    About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders, a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


MEUCCO AUSTRALIA: Members Opt to Liquidate Business
---------------------------------------------------
Meucco Australia Import & Export Pty Ltd's members agreed on Aug.
11, 2008, to voluntarily liquidate the company's business.  G. J.
Parker was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          G. J. Parker
          Parker Insolvency
          Level 5, 49 Market Street
          Sydney NSW 2000



MOBIUS NCM-03: S&P Chips Ratings on Class D and E Notes to B/CC
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the ratings on the
Class D and Class E notes issued by Mobius NCM-03 and Class C,
Class D, Class M, and Class E notes issued by Mobius NCM-04.  At
the same, the ratings on Mobius NCM-03 Classes A1, A2, B, C, and
Z; and those on Mobius NCM-04 Classes A1, A2, Z, B, and F were
affirmed.  S&P also placed NCM-04 Classes C, D, and M on
CreditWatch with developing implications, removed NCM-03 Class D,
NCM-03 Class E, and NCM-04 Class E from CreditWatch negative, and
kept NCM-04 Class F on CreditWatch negative.

These rating actions are a result of high levels of disputed
insurance claims for defaulted loans in the underlying Mobius
Trust portfolios, which had performed poorly to-date.  The
disputes have led to more charge-offs to junior notes in these
Trusts, which further eroded credit support available to higher
ranked notes.  The Mortgage Insurance Company Pty Ltd. (TMIC),
which is ultimately 94% owned entity by Allco Finance Group, is
the lenders' mortgage insurance provider to a significant portion
of the mortgage loans in these portfolios.

"We consider that due to the material presence of severely
delinquent loans, constituting 14% and 20% of the NCM-03 and
NCM-04 portfolios respectively, further losses will arise in the
portfolios.  With the claims dispute still at current high levels,
the credit quality of the affected notes has been severely
impacted," said S&P's credit analyst, Vera Chaplin.

However, the formal appointment of Perpetual Nominees Ltd. and
Pepper Australia Pty Ltd. to replace Mobius Financial Services Pty
Ltd. and conduct trust management and portfolio servicing is a
positive development.  "As Perpetual and Pepper consortium had
already stepped in before this arrangement was formalized, the
backlog of loans in severe arrears in the portfolios had cleared
at a faster rate under their management.  While this appointment
will not improve the credit quality of the loan portfolios, there
are certainly improved prospects for containing future losses,"
added Ms. Chaplin.

"We are currently reviewing the rating implication of the
replacement parties' fee structures as well as the potential
resolution of TMIC claims disputes.  The Class C, D, and M NCM-04
notes have been placed on CreditWatch developing as it is unclear
as to the potential direction of the ratings.  The ratings could
benefit from a positive impact if the TMIC claims dispute were
resolved favorably and outweigh any negative yield impact under
the new fee structure," said Ms Chaplin.

S&P has affirmed the ratings on those notes that are ranked above
the affected notes because they have benefited from a build-up in
subordination under the sequential pay structure.  In addition,
the level of credit support available is sufficient to maintain
the current rating on these notes after factoring in the expected
losses for the Trusts.

Ratings lowered; CreditWatch action:

Transaction           Class      Rating to       Rating from
--------------------------------------------------------------
Mobius NCM-03 Trust     D      B                BB/Watch Neg
Mobius NCM-03 Trust     E      CC               B/Watch Neg

Ratings affirmed:

Transaction           Class    Rating
-------------------------------------
Mobius NCM-03 Trust    A1       AAA
Mobius NCM-03 Trust    A2       AAA
Mobius NCM-03 Trust    Z        AAA
Mobius NCM-03 Trust    B        A
Mobius NCM-03 Trust    C        BBB
Mobius NCM-04 Trust    A1       AAA
Mobius NCM-04 Trust    A2       AAA
Mobius NCM-04 Trust    Z        AAA
Mobius NCM-04 Trust    B        AA
Mobius NCM-04 Trust    F        CC/Watch Neg


MOBIUS NCM-04: S&P Junks Ratings on Class D, M and E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered the ratings on the
Class D and Class E notes issued by Mobius NCM-03 and Class C,
Class D, Class M, and Class E notes issued by Mobius NCM-04.  At
the same, the ratings on Mobius NCM-03 Classes A1, A2, B, C, and
Z; and those on Mobius NCM-04 Classes A1, A2, Z, B, and F were
affirmed.  S&P also placed NCM-04 Classes C, D, and M on
CreditWatch with developing implications, removed NCM-03 Class D,
NCM-03 Class E, and NCM-04 Class E from CreditWatch negative, and
kept NCM-04 Class F on CreditWatch negative.

These rating actions are a result of high levels of disputed
insurance claims for defaulted loans in the underlying Mobius
Trust portfolios, which had performed poorly to-date.  The
disputes have led to more charge-offs to junior notes in these
Trusts, which further eroded credit support available to higher
ranked notes.  The Mortgage Insurance Company Pty Ltd. (TMIC),
which is ultimately 94% owned entity by Allco Finance Group, is
the lenders' mortgage insurance provider to a significant portion
of the mortgage loans in these portfolios.

"We consider that due to the material presence of severely
delinquent loans, constituting 14% and 20% of the NCM-03 and
NCM-04 portfolios respectively, further losses will arise in the
portfolios.  With the claims dispute still at current high levels,
the credit quality of the affected notes has been severely
impacted," said S&P's credit analyst, Vera Chaplin.

However, the formal appointment of Perpetual Nominees Ltd. and
Pepper Australia Pty Ltd. to replace Mobius Financial Services Pty
Ltd. and conduct trust management and portfolio servicing is a
positive development.  "As Perpetual and Pepper consortium had
already stepped in before this arrangement was formalized, the
backlog of loans in severe arrears in the portfolios had cleared
at a faster rate under their management.  While this appointment
will not improve the credit quality of the loan portfolios, there
are certainly improved prospects for containing future losses,"
added Ms. Chaplin.

"We are currently reviewing the rating implication of the
replacement parties' fee structures as well as the potential
resolution of TMIC claims disputes.  The Class C, D, and M NCM-04
notes have been placed on CreditWatch developing as it is unclear
as to the potential direction of the ratings.  The ratings could
benefit from a positive impact if the TMIC claims dispute were
resolved favorably and outweigh any negative yield impact under
the new fee structure," said Ms Chaplin.

S&P has affirmed the ratings on those notes that are ranked above
the affected notes because they have benefited from a build-up in
subordination under the sequential pay structure.  In addition,
the level of credit support available is sufficient to maintain
the current rating on these notes after factoring in the expected
losses for the Trusts.

Ratings lowered; CreditWatch action:

Transaction           Class      Rating to       Rating from
--------------------------------------------------------------
Mobius NCM-04 Trust     C      BBB+/Watch Dev   A
Mobius NCM-04 Trust     D      CCC+/Watch Dev   BB
Mobius NCM-04 Trust     M      CCC+/Watch Dev   BB
Mobius NCM-04 Trust     E      CCC-             CCC /Watch Neg

Ratings affirmed:

Transaction           Class    Rating
-------------------------------------
Mobius NCM-03 Trust    A1       AAA
Mobius NCM-03 Trust    A2       AAA
Mobius NCM-03 Trust    Z        AAA
Mobius NCM-03 Trust    B        A
Mobius NCM-03 Trust    C        BBB
Mobius NCM-04 Trust    A1       AAA
Mobius NCM-04 Trust    A2       AAA
Mobius NCM-04 Trust    Z        AAA
Mobius NCM-04 Trust    B        AA
Mobius NCM-04 Trust    F        CC/Watch Neg


NATIONWIDE FINANCE: To Declare Dividend on October 14
-----------------------------------------------------
Nationwide Finance Network Pty Limited will declare dividend for
its creditors on Oct.  14, 2008.

Creditors who were unable to file their proofs of debt on
Sept.  9, 2008, were excluded in the company's dividend
distribution.

The company's liquidator is:

          Geoffrey Reidy
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000


PHILLIPS ENGINEERING: To Declare Dividend on October 24
-------------------------------------------------------
Phillips Engineering & Construction Pty Limited, which is subject
to Deed of Company Arrangement, will declare dividend for its
creditors on Oct.  24, 2008.

Creditors who were unable to file their proofs of debt on
Sept. 16, 2008, were excluded in the company's dividend
distribution.

The company's deed administrator is:

          Martin J. Green
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


PROJECT REALTY: To Declare Dividend on October 13
-------------------------------------------------
Project Realty Group (QLD) Pty Ltd will declare dividend for its
creditors on Oct.  13, 2008.

Creditors who were unable to file their proofs of debt on
Sept. 18, 2008, were excluded in the company's dividend
distribution.

The company's liquidator is:

          David Stimpson
          SV House
          138 Mary Street
          Brisbane QLD 4000


RETAIL PRO: John C. Redding Quits as Secretary and General Counsel
------------------------------------------------------------------
Retail Pro, Inc. disclosed in a Securities and Exchange Commission
filing that effective Sept. 12, 2008, John C. Redding resigned as
the company's Secretary and General Counsel.

Headquartered in La Jolla, California, Retail Pro, Inc. (OTC:
IPIN.PK) -- http://www.retailpro.com/--provides Point of Sale,
Store Operations, Merchandising, Planning, Business Intelligence,
and Payment Processing software applications for the specialty
retail industry.

Retail Pro(R) is delivered through a world-wide network of channel
partners.  The company maintains offices in the United States,
United Kingdom, Australia, Mexico, Italy, Poland and China.

                      Going Concern Doubt

Goldman & Parks LLP, in Encino, California, expressed substantial
doubt about Island Pacific Inc. nka. Retail Pro Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended March 31,
2007, and 2006.  The auditing firm reported that the company has
suffered recurring losses from operations and has an accumulated
deficit of US$81,979,000 as of March 31, 2007.


SCO GROUP: July 31 Balance Sheet Upside-Down by US$3.2 Million
--------------------------------------------------------------
The SCO Group Inc.'s balance sheet at July 31, 2008, showed total
assets of US$9,522,000 and total liabilities of US$12,740,000,
resulting in a shareholders' deficit of US$3,218,000.

The company reported that net loss for three months ended July 31,
2008, was US$4,071,000 compared to net loss of US$2,511,000 for
the same period in the previous year.

Net loss for nine month ended July 31, 2008, was US$5,493,000
compared to net loss of US$4,839,000 for the same period in the
previous year.

                 Liquidity and Capital Resources

The company's cash and cash equivalents balance decreased from
US$5,554,000 as of Oct. 31, 2007, to US$2,117,000 as of July 31,
2008.

As of July 31, 2008, the company also had US$2,680,000 of
restricted cash, of which US$1,639,000 is set aside to cover
expert and other costs related to the SCO Litigation and
US$1,041,000 payable to Novell for royalties earned by Novell post
bankruptcy petition.

The company intend to use the cash as of July 31, 2008 to run
its UNIX business and pursue the SCO Litigation, and believe that
it has sufficient liquidity resources to fund its operations
through at least April 30, 2009.  However, as a result of both
the Court's Aug. 10, 2007, order and its entry into Chapter 11,
among other matters, there is substantial doubt about its ability
to continue as a going concern.

The company is operating pursuant to Chapter 11 of the Bankruptcy
Code and continuation of its business as a going concern is
contingent upon, among other things, its ability to (i) construct
and obtain confirmation of a plan of reorganization under the
Bankruptcy Code; (ii) reduce payroll and benefits costs and
liabilities under the bankruptcy process; (iii) achieve
profitability; (iv) achieve sufficient cash flows from operating
activities; and (v) obtain financing sources to meet its future
obligations. These matters well as the aforementioned ruling in
favor of Novell create substantial doubt about its ability to
continue as a going concern.

The company's net cash used in operating activities during the
nine months ended July 31, 2008, was US$3,602,000 and was
attributable to a net loss of US$7,623,000, and a net decrease in
operating assets and liabilities of US$107,000, partially offset
by increase in liabilities subject to compromise of US$3,343,000
for Novell under the court order as full discussed in Recent
Developments and by non-cash items of US$785,000.

The company's net cash used in operating activities during the
nine months ended July 31, 2007, was US$690,000 and was
attributable to a net loss of US$4,565,000, partially offset by
a net increase in operating assets and liabilities of US$2,309,000
and non-cash items of US$1,566,000.

The company's investing activities have consisted of equipment
purchases and the purchase and sale of available-for-sale
marketable securities.  During the nine months ended July 31,
2008, cash provided by investing activities was US$104,000, which
was from distributions from our 30% ownership in a Chinese
company of US$114,000, partially offset by the purchases of
equipment of US$10,000.

During the nine months ended July 31, 2007, cash provided by
investing activities was US$2,168,000, which was a result of
proceeds from the sale of available-for-sale marketable
securities of US$2,249,000, offset by purchases of equipment of
US$81,000.

The company's financing activities provided US$22,000 of cash
during the nine months ended July 31, 2008, which were generated
from proceeds received from the sale of common stock through its
employee stock purchase plan.

The company's financing activities provided US$493,000 of cash
during the nine months ended July 31, 2007.  The sources of cash
were from the exercise of options to acquire common stock of
US$57,000 and proceeds of US$436,000 received from the sale of
common stock through its employee stock purchase plan.

The company's net accounts receivable balance decreased from
US$3,365,000 as of Oct. 31, 2007, to US$2,592,000 as of July 31,
2008, as a result of lower sales generated during the three months
ended July 31, 2008, as compared to the three months ended
Oct. 31, 2007.  The majority of its accounts receivable are
current and its allowance for doubtful accounts was US$124,000 as
of July 31, 2008, which represented approximately 5% of its gross
accounts receivable balance.  The company's write-offs of
uncollectible accounts during the three and nine months ended
July 31, 2008, and 2007 were not significant.

The company continues to pay for expert, consulting and other
expenses relating to the SCO Litigation.  These expenses have been
material in the past and even though we expect these expenses to
be lower for the year ending Oct. 31, 2008, as compared to the
year ended Oct. 31, 2007, the company expects to continue to be
material to its financial statements.

In addition, the company may pay one or more contingency fees
upon certain amounts the company or its stockholders may receive
as a result of a settlement, judgment, or a sale of the company.

As of July 31, 2008, the company did not have any long-term debt
obligations, purchase obligations or material capital lease
obligations.

The company stated that the restructuring imposed by the
Bankruptcy Court may also adversely affect its ability to raise
debt or equity capital.  Its delisting from NASDAQ will also
impair its ability to raise capital.

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq:SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors in
their restructuring efforts.  James O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' Delaware and conflicts counsels.  Epiq Bankruptcy
Solutions LLC, acts as the Debtors' claims and noticing agent.
The United States Trustee failed to form an Official Committee of
Unsecured Creditors in these cases due to insufficient response
from creditors.  The Debtors' schedules showed total assets of
US$9,549,519 and total liabilities of US$3,018,489.


ST GEORGE: To Declare Dividend on October 16
--------------------------------------------
St George Welding Pty Ltd will declare dividend for its creditors
on Oct.  16, 2008.

Creditors who were unable to file their proofs of debt on
Sept. 16, 2008, were excluded in the company's dividend
distribution.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland
          Chartered Accountants
          PO Box 573
          Wollongong NSW 2500



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

AGRICULTURAL BANK OF CHINA: Signs CNY500MM Deal With GRG Banking
----------------------------------------------------------------
GRGBanking Co. Ltd. won the bid of Agricultural Bank of China in
September, and will sign a contract with the bank this year.

The deal covers GRGBanking's cash dispensers and cash recyclers.
It is estimated that the total amount of contract signed will be
CNY400 million to CNY500 million (pretax).

The contract is of great significance to GRG, because it will take
up 43.78% to 54.73% of the company's operating revenue in 2008.

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.

The bank, the report relates, reported its NPLs at CNY817.97
billion (US$116.9 billion) as of the end of 2007.

The Bank carries an 'E' Individual rating from Fitch Ratings.


AMDL INC: Private Placement of Convertible Notes Closes
-------------------------------------------------------
AMDL, Inc., a pharmaceutical company with major operations in
China and the U.S., said it closed a US$2,510,000 private
placement offering of 10% convertible notes on Sept. 15, 2008.
The placement agents for the offering were Jesup & Lamont
Securities Corporation and Dawson James Securities, Inc.

Gary Dreher, president and CEO of AMDL, Inc., said, "This
financing strengthens our cash position and allows us to
accelerate key business initiatives. We appreciate the financial
support from our investors and their vote of confidence in AMDL's
China and US-led operations."

AMDL sold US$2,510,000 of 10% convertible notes at par value. The
notes mature at the earlier of 12 months from the completion of a
registered follow-on public offering or 24 months after issuance.
The notes will be repaid either at maturity in cash equal to 150%
of the principal amount of the notes plus an amount equivalent to
10% per annum interest, or upon forced mandatory conversion into
shares of the Company's common stock in the event of a public
offering of at least US$25 million in gross proceeds to AMDL. At
any time after February 15, 2009, the holders of the notes have
the right to convert the entire principal and interest due thereon
into common stock of the Company.

The conversion price will be at a discount of fifty percent (50%)
to the: (i) price of the Company's common stock on the closing of
the public offering; or (ii) common stock on February 15, 2009;
provided, however, in no event shall the conversion price be less
than US$1.20 per share. In the event of a voluntary conversion,
the shares issued will not be registered. The shares issuable on
conversion carry "piggy-back" registration rights should the
Company file a registration statement subsequent to conversion.

In the event of a forced conversion into common shares in the
public offering, note holders will be subject to a lock-up on any
remaining shares not sold in the offering for 90 days after the
public offering. Upon any conversion of the notes into common
stock of the Company, the Company shall also issue warrants to
purchase common stock to the converting investors in the amount
equal to 50% of the number of shares of common stock into which
their notes were converted. Warrants shall have a term of five
years from the date of issuance and shall be exercisable at a
price equal to 120% of the closing price of the Company's common
stock on the date of conversion; provided however, in no event
shall the exercise price of the warrants be less than 120% of the
five day volume average weighted price (VWAP) of the Company's
common stock the on closing date of the debt offering.

The placement agents received cash commissions of US$251,000,
representing 10% of the principal amount of the notes purchased,
US$62,750 in non-accountable expenses and due diligence fees
(2-1/2% of the principal amount of the notes purchased), and five
year warrants to purchase a maximum of 209,167 shares of the
Company's common stock (which number will be adjusted and reduced
when the initial conversion price of the notes is determined)
exercisable at US$2.69 per share, representing a price equal to
115% of the five day VWAP of the common stock of the Company up to
the closing.

AMDL structured the debt financing so the conversion price will be
determined at or about the same time as an anticipated 1st quarter
2009 "at market" public offering. Prior to this event, the Company
expects to meet certain milestones that it believes will
positively impact the conversion price. Specifically, AMDL intends
to a secure new comprehensive credit facility in China. The credit
facility is anticipated to include collateralized mortgage
financing, construction financing, as well as lines of credit for
accounts payable and research and development. AMDL intends to use
proceeds from these financings for, among other things, the
release of new pharmaceutical products in the China market; to
advance business development efforts for the recently FDA-approved
DR-70(R) ELISA cancer monitoring test; accelerate the product
development pipeline for leading products that include Goodnak(R),
the MyHPV Chip Test Kit(R), and Domperidone; and to fund AMDL's
other general working capital needs in China and the US. No
assurances can be given that these milestones can be achieved or
what the timing thereof will be.

                        About AMDL Inc.

Based in Tustin, California, AMDL, Inc., (AMEX: ADL) --
http://www.amdl.com/-- with operations in Shenzhen, Jiangxi, and
Jilin, China, is a vertically integrated specialty pharmaceutical
company.  In combination with its subsidiary Jade Pharmaceutical
Inc., AMDL engages in the research, development, manufacture, and
marketing of diagnostic products.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2008,
KMJ Corbin & Company LLP expressed substantial doubt about AMDL
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's
significant operating losses and negative cash flows from
operations through Dec. 31, 2007, and accumulated deficit at
Dec. 31, 2007.

The company incurred net losses off US$429,567 and US$2,264,305
during the three months ended June 30, 2008 and 2007,
respectively, and had an accumulated deficit of US$38,788,660 at
June 30, 2008.  In addition, the company used cash in operations
of US$1,348,241 and US$2,876,356 during the six months ended June
30, 2008 and 2007, respectively.

At June 30, 2008, the company's consolidated balance sheet showed
US$33,531,920 in total assets, US$5,901,153 in total liabilities,
and US$27,630,767 in total stockholders' equity.


BANK OF CHINA: Joins Inter-American Dev't Bank's Program
--------------------------------------------------------
Bank of China has joined Inter-American Development Bank's IDB
Trade Finance Facilitation Program, which will help Chinese
enterprises to solve their financing and guarantee problems when
they explore Latin American and Caribbean markets, Asia Pulse
reports.

The report relates that by participating in the TFFP, Bank of
China can further expand the range of its trade finance activities
to Latin America and Caribbean region, and provide financing and
guarantee services for its export enterprise clients.

According to the report, a bank official said the participation of
Bank of China in the program can foster increasing business
opportunities between China and Latin American and Caribbean
countries, especially for the Chinese enterprises to develop
export trade and engineering projects in Brazil, Ecuador,
Nicaragua, Peru, Colombia, Costa Rica and other countries.

                       About Bank of China

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

                          *     *     *

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


BANK OF COMMUNICATION: Appoints Hu Huaibang as Chairman
-------------------------------------------------------
Bank of Communications Co. Limited has appointed former financial
regulator Hu Huaibang as chairman, confirming market speculation
that he was set to replace veteran Jiang Chaoliang, Alison Leung
of Reuters reports.

According to the report,  Mr. Huaibang, a former senior official
with the China Banking Regulatory Commission, was also chairman of
the supervisory board of the China Investment Corporation, the
China's sovereign wealth fund.

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.


CHINA ORIENWISE: Moody's Downgrades Corporate Family Rating to B3
-----------------------------------------------------------------
Moody's Investors Service has downgraded China Orienwise Ltd's
corporate family and senior unsecured debt ratings to B3 from Ba3.
The ratings remain on review for possible further downgrade.

These ratings were originally put on review for possible downgrade
on September 9, 2008 in response to the announcement that the
Board of Directors of Credit Orienwise Group Ltd (COGL) -- the
parent of China Orienwise -- had launched an investigation into
alleged fraud at COGL and its subsidiaries, including China
Orienwise.  COGL had also obtained an ex parte mareva injunction
against Mr. Zhang Kaiyong, the founder, Chairman and CEO of China
Orienwise.

"The downgrade reflects Moody's increased concern over the
company's ability to meet one of its covenants by the end of
September, namely, to file its June 30, 2008 financial statements
with the trustee of its bond and the bondholders," says Sally Yim,
Moody's lead analyst for the company.

"As Moody's expects that it will take a long time to resolve the
investigation, it is unlikely that China Orienwise would be able
to fulfil this obligation by this deadline," says Ms. Yim.

"Moody's is also very concerned over the state of China
Orienwise's internal controls and corporate governance practices,
particularly the lack of disclosure and transparency surrounding
the investigation," says Ms. Yim, adding, "Since the announcement,
little information has been made available to Moody's and the
public about the nature and progress of the investigation."

Further, Moody's believes that the investigation of alleged fraud
has severely damaged China Orienwise's reputation and credibility,
both of which are very important to its credit guarantee business.
Accordingly, there have already been some disruptions to the
company's operations.

As indicated, Moody's will keep the ratings on review for possible
downgrade.  Although China Orienwise has a 30-day grace period to
file its financial statements, Moody's remains cautious about its
ability to do so within this time frame.  In addition, the lack of
a contingent liquidity plan is another concern.

Moody's review will continue to focus on the developments and
potential outcome of the investigation on the company's management
team, business franchise, financial position and liquidity
profile.

Moody's last rating action with respect to China Orienwise
occurred on September 9, 2008, when it placed its Ba3 corporate
family and senior unsecured bond rating on review for possible
downgrade.

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



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

CHARLES SCHWAB: Placed Under Voluntary Liquidation
--------------------------------------------------
on September 16, 2008, the sole shareholder of Charles Schwab Hong
Kong Nominees Limited passed a resolution to voluntarily wind up
the company's operations.

Creditors are required to file their proofs of debt by October 27,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CONCORD (HONG KONG): Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Concord (Hong Kong) Limited are required to file
their proofs of debt by October 27, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Shum Lap Chi
         Ka Wah Bank Centre
         Unit 1201, 12th Floor
         232 Des Voeux Road Central
         Hong Kong


GERMAN-STEELS: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on September 19, 2008,
the members of German-Steels Company Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by Nov. 18,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Leung Shiu Tong
          Jonsim Place, 16th Floor
          228 Queen's Road East
          Wanchai, Hong Kong


KAM HOUSE: Members to Hear Wind-Up Report on October 27
-------------------------------------------------------
The members of Kam House Limited will meet on October 27, 2008, at
10:30 a.m., to hear the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Lui Wan Ho
          To Chi Man
          Olympia Plaza, Room 1701
          255 King's Road
          North Point, Hong Kong


LEHMAN BROS: HK Regulator Launches Probe on Minibond Complaints
---------------------------------------------------------------
The Securities and Futures Commission (SFC), Hong Kong's security
market watchdog, will investigate whether Lehman Brothers-related
retail structured notes have been misrepresented to local
investors in the selling process, various reports say.

On September 23, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that more than a hundred Hong Kong
investors, mostly elderly retirees, had called on the government
for actions after losing money on structured products linked to
failed U.S. investment bank Lehman Brothers Holdings Inc.  That
report said the protesters, who purchased so-called "minibond"
products or notes secured by swap obligations guaranteed by
Lehman, accused the government and local banks for lack of
information and elaboration of the risks involved.

"Having conducted several meetings with Minibond investors in the
last few days to hear their grievances, we have decided to conduct
formal investigation into allegations of mis-selling by certain
licensed intermediaries," Xinhua News cited SFC CEO Martin
Wheatley as saying.

According to The Standard, the regulator will look into the
conduct of the three SFC-licensed distributors of Lehman Brothers-
related retail structured notes.  It will examine whether any
facts, matters or circumstances have been withheld by the minibond
issuers and their advisers at the time the offer prospectuses and
marketing materials for each series of minibonds were submitted
for vetting, the same report says.

However, Xinhua News points out, the regulator said it will not
probe into the conduct of the 21 banks involved in selling Lehman
Brothers-related retail structured products, which comes under the
supervision of the Hong Kong Monetary Authority.  But the
regulator pledges to continue to assist and work closely with the
HKMA, it said.

Meanwhile, Lawmaker Albert Ho told Agence France-Presse that
investors who had bought HK$12.7 billion (US$1.63 billion) of the
products had threatened to sue up to 21 institutions who had sold
them.  Many of the bond holders were retired and had put all their
savings into the investment because they trusted their banks, he
said.

Xinhua News says distributor statistics cited by the SFC showed
that Lehman Brothers-related retail structured notes sold in Hong
Kong totaled HK$15.64 billion (US$2.01 billion), most of which
were distributed in 2006 and 2007.

Associated Press relates Lehman Brothers' Hong Kong investors held
their second protest in a week on Sunday.  Holding signs that said
"Return my blood money” and "Crafty salesmanship, sugarcoated
poison,” about 400 people marched through Hong Kong's Central
financial district to nearby government headquarters.

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

                      About Lehman Brothers

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


MOULIN GLOBAL: Annual Meetings Slated for October 10
----------------------------------------------------
The creditors and contributories of Moulin Global Eyecare Services
Limited will hold their annual meetings on October 10, 2008, at
12:00 p.m., at the office of Ferrier Hodgson Limited, 14th Floor
of The Hong Kong Club Building, 3A Chater Road, in Central,
Hong Kong.

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


PB FINANCE: Members to Receive Wind-Up Report on October 27
-----------------------------------------------------------
The members of PB Finance Limited will meet on October 27, 2008,
at 10:00 a.m., to hear the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Lui Wan Ho
          To Chi Man
          Olympia Plaza, Room 1701
          255 King's Road
          North Point, Hong Kong


SAPPHIRE FORTUNE: Creditors' Proofs of Debt Due on October 10
-------------------------------------------------------------
Sapphire Fortune Investment 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 will also hold a meeting for its members and creditors
on October 31, 2008, at 3:00 p.m. and 3:15 p.m., respectively, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Pang Yuen Fat
          Universal Trade Centre
          Room 3005, 30th Floor
          3 Arbuthnot Road
          Central, Hong Kong


SHING FU: Requires Creditors to File Claims by October 10
---------------------------------------------------------
Shing Fu International 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 will also hold a meeting for its members and creditors
on October 31, 2008, at 2:30 p.m. and 2:45 p.m., respectively, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Pang Yuen Fat
          Universal Trade Centre
          Room 3005, 30th Floor
          3 Arbuthnot Road
          Central, Hong Kong


SUN FUNG: Final Meetings Slated for October 27
----------------------------------------------
The members and creditors of Sun Fung Plastic Factory Limited will
hold their final meetings on October 27, 2008, at 3:30 p.m. and
4:30 p.m., respectively, at Harbour Chiu Chow Restaurant, 2nd
Floor of Allied Kajima Building, 138 Gloucester Road, in Wanchai,
Hong Kong.

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


TREASURE CONTINUATION: Final Meetings Slated for October 30
-----------------------------------------------------------
The members and creditors of Treasure Continuation Company Limited
will meet on October 30, 2008, at 3:00 p.m. and 3:30 p.m.,
respectively at the 13th Floor of Wing On Centre, in 111 Connaught
Road Central, Hong Kong.

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



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

HEMKUND DUPLEX: CRISIL Junks Rating on Rs. 110 Mil. Facilities
--------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Hemkund Duplex and Boards Private Ltd (HDBPL).

   Rs.70.0 Million Cash Credit  C (Assigned)
   Rs.40.0 Million Term Loan*  C (Assigned)
   Rs.1.0 Million Bank Guarantee  P4(Assigned)

*Includes Proposed Limits of Rs. 1.3 million

The ratings reflect HDBPL's weak liquidity position because of its
raw material inventory storage requirements; this is reflected in
the company's frequent overdrawals on its bank limits.  The
ratings also reflect the company's weak debt protection measures
and strained financial flexibility, and the small scale of its
operations.  These weaknesses are partly offset by HDBPL's healthy
growth prospects in the packaging materials and duplex boards
industry and improving operating efficiencies.

                           About HDBPL

HDBPL was incorporated in 2002 for acquiring the assets of
Mansarover Paper and Industries Limited (MPIL), a manufacturer of
coated duplex boards that began incurring losses in 1997 and
turned sick thereafter.  HDBPL is entirely owned by the Chadha
group.  Its plant at Moradabad has a capacity to produce 5 million
tonnes (MT) per day of duplex boards.

HDBPL reported a profit after tax (PAT) of Rs.1.3 million on net
sales of Rs.177 million in 2007-08 (refers to financial year,
April 1 to March 31), as against a loss of Rs.5.2 million on net
sales of Rs.121 million in the previous year.


RAM DEV: CRISIL Rates Rs. 360 Million Facilities at 'BB'
--------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of Ram Dev Rice Private Ltd (RDRPL).

   Rs.340.0 Million Cash Credit*   BB/Stable (Assigned)
   Rs. 23.7 Million Term Loan      BB/Stable (Assigned)
   Rs.120.0 Million Export
      Packing Credit               P4(Assigned)

*Includes Proposed Limits of Rs. 160.0 million

The rating reflects RDRPL's weak financial risk profile because of
highly working capital-intensive nature of rice industry, small
scale of operations, and exposure to risks relating to raw
material prices and changes in government policy.  These rating
weaknesses are, however, partly offset by the healthy growth
prospects of the rice industry.

                        Outlook: Stable

CRISIL expects RDRPL's financial risk profile to remain weak over
the medium term on account of highly working capital intensive
operations.  The outlook may be revised to 'Positive' if RDRPL's
capital structure improves considerably from current levels.
Conversely, the outlook may be revised to 'Negative 'if the
capital structure deteriorates any further.

                          About RDRPL

Set up in 1999 by Mr. Naresh Singla and Mr. Suresh Singla, RDRPL
is engaged in milling, processing and selling of basmati rice in
India and abroad.  Exports accounted around 60 per cent of the
company's revenues in 2007-08 (refers to financial year, April 1
to March 31).  RDRPL is also engaged in trading activity: it
procures unsorted rice from other small mills, and sorts it at its
plant before exporting it.  Its plant, at Daha, Karnal District,
Haryana, has milling and sorting capacities of 12 tons per hour
(tph) and 18 tph, respectively.  To meet excess orders, the
company also engages other plants in the region on job work basis.
RDRPL proposes to commission one more plant with 6 tph each, of
milling and sorting capacity. RDRPL reported a profit after tax
(PAT) of Rs.22 million on net sales of Rs.829 million in 2007-08,
as against a PAT of Rs.12 million on net sales of Rs.602 million
for the previous year.



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

PERTAMINA: Idle Assets to be Managed by PPA
-------------------------------------------
State-owned asset management company PT Perusahaan Pengelola Aset
(PPA) has been told to handle the management of idle assets of
state-owned oil and gas company PT Pertamina, Antara News reports.

State Minister for State Enterprises Sofyan Djalil was cited by
Antara as saying that under PT PPA, monitoring of the assets would
be easier.  Under PT PPA, the non core assets of Pertamina would
show their performances through their financial reports,
Mr. Sofyan added.

According to the report, PT PPA will handle the management of idle
assets such as Hotel Patra Jasa, Pondok Cabe airport of Pelita Air
Service, an airline owned by Pertamina, and hospitals.

                       About PT Pertamina

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

                          *     *     *

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

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


PERTAMINA: ExxonMobil Dispute Could Derail Cepu Block Production
----------------------------------------------------------------
Full-scale production at Indonesia's Cepu block could be delayed
by a year if Jakarta and ExxonMobil fail to resolve differences
over storage facilities, Reuters reports citing an official of the
oil major.

According to Reuters, the giant oil block, jointly developed by
ExxonMobil and state-owned oil company PT Pertamina (Persero),
is scheduled to launch this December with volumes of 10,000-20,000
barrels per day (bpd), which will be refined domestically.
However, the report says, full-scale production of around 165,000
bpd may be delayed from the scheduled date of 2011, pending
resolution of the dispute.

The report relates BPMIGAS deputy chairman Abdul Muin said
Indonesian oil watchdog BPMIGAS has already approved an offshore
floating storage and offloading unit as part of Cepu's oil
production facilities, but parliament members say the facilities
are expensive and are pushing for an onshore terminal.

                       About PT Pertamina

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

                          *     *     *

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

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


PERUSAHAAN GAS: Mulls Buying 1.5 Mil. Tons of Gas from AU and Iran
------------------------------------------------------------------
PT Perusahaan Gas Negara (PGN) is hoping to buy 1.5 million tons
of gas from Australia and Iran for its planned Liquefied Natural
Gas (LNG) receiving terminal in Cilegon, Banten, The Jakarta Post
reports.

The terminal project -- which will be funded by a consortium led
by PGN, with participation from state oil and gas firm PT
Pertamina and state power firm PT PLN -- will provide gas to the
domestic market, particularly for the power and industrial sectors
in Java, the report says.

According to the Post, PGN is seeking loans worth US$560 million
to finance the construction of the LNG plant.  The project would
require a total investment of US$800 million, 70 percent of which
would be secured in loans, with the remaining 30 percent in
internal cash.  Talks with a number of foreign banks regarding the
loans are still ongoing.  The project is expected to be completed
within the next few months.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.

The TCR-AP also noted on June 28, 2006, that Fitch Ratings Agency
placed PT Perusahaan Gas Negara Tbk's Long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  Fitch also placed PGN
Euro Finance 2003 Limited's IDR1.12-trillion notes due 2014 and
IDR1.35-trillion notes due 2013 guaranteed by PGN and its
subsidiaries at 'BB-'.


PERUSAHAAN GAS: Cannot Meet Additional Gas Demand for 2009
----------------------------------------------------------
PT Perusahaan Gas Negara (PGN) President Hendi P Santoso said the
company could not meet additional demand for an estimated 200
million British thermal units of gas per day (BBtud) from new
Indonesian industries in 2009, Antara News reports.

According to the report, Mr. Hendi stated PGN would not serve new
customers but it would maintain supplies to its old customers
noting that domestic gas requirement has increased rapidly
especially in the past six months as more industries changed their
fuel from diesel oil to cheaper fuel including gas.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.
At the same time, Standard & Poor's raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.

The TCR-AP also noted on June 28, 2006, that Fitch Ratings Agency
placed PT Perusahaan Gas Negara Tbk's Long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  Fitch also placed PGN
Euro Finance 2003 Limited's IDR1.12-trillion notes due 2014 and
IDR1.35-trillion notes due 2013 guaranteed by PGN and its
subsidiaries at 'BB-'.


PERUSAHAAN LISTRIK: To Build US$500 Mil. Gas Receiving Terminal
---------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) will form a consortium with PT
Pertamina and PT Perusahaan Gas Negara (PGN) to finance and build
a gas-receiving terminal worth US$500 million, in a bid to secure
gas fuel for PLN's power plants, Jakarta Post reports.

The report, citing PLN president director Fahmi Mochtar, says that
the three companies are still in discussions as to the amount each
company will contribute for the project.

According to the Post, the terminal will be built in a 170-hectare
plot in Bojonegara, Banten Province owned by PLN.

Pres. Mochtar was cited by the Post as saying that building the
terminal will begin in 2009 and operations is expected to commence
in 2013.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


* INDONESIA: To Strengthen Law Enforcement Against Short Selling
----------------------------------------------------------------
Jakarta Post reports that Indonesia's securities watchdog, the
Capital Market Supervisory Agency (Bapepam-LK), has formed a
special team to spot the occurrence of illegal speculative
practices in short selling, popularly known as shorting.

The report, citing Bapepam chairman Fuad Rahmani, said the agency
had already formed a team to monitor practices in the stock
market, and would provide a report next month.

"There is already a regulation on the banning on short selling.
We are just going to strengthen supervision and law enforcement,"
Mr. Fuad said.

According to the report, Bapepam issued in May, a regulation
banning short selling and margin trading in the light of the
volatility in the stock market, which saw the Jakarta Composite
Index (JCI) drop 16.64 percent during the first quarter of the
year.

"If there are such practices, they are illegal.  Investors who
want to sell their shares should possess the securities or
guarantees, not borrow them from others," The Post quoted
President Director of the Indonesia Stock Exchange (IDX) Erry
Firmansyah as saying.



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

LEHMAN BROTHERS: Continues Suspension of Japan Operations
---------------------------------------------------------
Lehman Brothers Japan Inc. will continue to suspend operations
even after a business suspension order issued by the Financial
Services Agency was lifted on September 27, Kyodo News reports.

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that Lehman Brothers Japan was ordered to
halt operations, except for carrying out existing contracts or
returning assets to customers, from Sept. 15 to Sept. 26.

According to that report, Lehman Brothers Holdings Inc.'s main
units in Japan, Lehman Brothers Japan Inc. and Lehman Brothers
Holdings Japan Inc., filed for bankruptcy, following its parent
firm's bankruptcy filing in the U.S.  The units filed for
bankruptcy in Tokyo District Court with about  JPY4 trillion
(US$38 billion) in combined liabilities.

That report added that the regulator had earlier told the Japanese
unit to retain assets equivalent to its liabilities in Japan,
excluding those liabilities owed to parties overseas.

Meanwhile, the Finance Ministry said it had delisted Lehman
Brothers Japan as a special market participant—a primary dealer in
the government bond market due to its failure to pay for
securities it had successfully bid for, the report adds.

                      About Lehman Brothers

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


ORSO FUNDING: S&P Puts Class E and F Notes' Ratings on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on Orso
Funding CMBS 5 Trust's class E and F trust certificates, issued in
August 2006, on CreditWatch with negative implications.  At the
same time, s&P affirmed its ratings on the class A to D and X
trust certificates.

The CreditWatch placements of the class E and F trust certificates
reflect growing uncertainty over repayment of the two underlying
loans by the final maturity date and over the likely collection
amount from the sale of collateral properties backing those loans.
Recent deterioration in Japan's real estate market conditions have
undermined the credit quality of the trust certificates in this
transaction, especially the lower classes.

At this point, s&P has affirmed the ratings on the class A to D
and X trust certificates, taking into consideration the estimated
collection amount from the sale of collateral properties as well
as the credit support provided by the senior/subordinated
structure of the certificates.

s&P intends to review the ratings on the class E and F trust
certificates after considering various factors, including progress
in loan repayments, and after taking a closer look at estimates of
the collection amount from the sale of underlying collateral
properties.

This is a commercial mortgage-backed securities (CMBS) transaction
with trust certificates backed by an initial number of seven
nonrecourse loans, which are ultimately secured by 43 real estate
properties.  This transaction was arranged by Bear Stearns (Japan)
Ltd. Tokyo Branch.  Premier Asset Management Co. acts as the
servicer for this transaction.

Ratings on CreditWatch negative:

Orso Funding CMBS 5 Trust

  -- JPY33.25 billion commercial real estate-backed trust
     certificates due February 2013

Class        To        From   Current Balance   Initial Amount
---------------------------------------------------------------
   E     BB/Watch Neg    BB    JPY3,108,703,000  JPY3.7 billion
   F     BB-/Watch Neg   BB-   JPY210,044,000    JPY0.25 billion

Ratings affirmed:

  Class   Rating   Current Balance     Initial Issue Amount
  ---------------------------------------------------------
    A      AAA     JPY14,871,363,000    JPY17.7 billion
    B      AA      JPY3,276,741,000     JPY3.9 billion
    C      A       JPY3,192,722,000     JPY3.8 billion
    D      BBB     JPY3,276,741,000     JPY3.9 billion
    X      AAA     JPY27,936,314,000    JPY33,250,000,000*

*Notional principal

The issue date was Aug. 21, 2006.


SANYO ELECTRIC: Mulls Building US$80 Mil. Solar Factory in Salem
----------------------------------------------------------------
Sanyo Electric Co. Limited plans to build an US$80 million solar
factory in Salem that will employ at least 200 people, Richard
Read of Oregon Business News reports.

City spokesman Mike Gotterba, the report relates, said the Salem
City Council unanimously approved a lease agreement for 20 acres
of land in a planned renewable-energy park.

According to the report, Mr. Gotterba said the factory will begin
producing silicon wafers for solar cells late next year.  Sanyo
Solar of Oregon also has first rights on 15 additional acres in
the planned 80-acre park, he added.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

The company continues to carry Standard & Poor's Ratings' 'BB'
long-term corporate credit rating.  The company also carries
Fitch Ratings' BB+ LT Issuer Credit and Unsecured Debt ratings.



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

NIKKO ELECTRONICS: Defaults on MYR851,821 Bankers' Facilities
-------------------------------------------------------------
Nikko Electronics Berhad defaulted on MYR851,821.96 bankers'
acceptance facilities, which was due on September 26, 2008,
granted by Maybank Islamic Berhad.

Nikko was unable to repay the liability to the bank due to the
difficult cash flow position as a result of the contraction in
the remote control toys industry.  The company had been
loss making and its ventures to manufacture new products had also
failed to make a profitable contribution to the company.

To address the default, the company will review various debt
restructuring options to address its financial condition.  The
company had also ceased its manufacturing operations with
immediate effect on June 30, 2008, to prevent incurring further
losses.

                          About Nikko

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


PECD BERHAD: PJHSB's MYR200 Mil. Facility Declares Default
----------------------------------------------------------
In accordance with Practice Note 1/2001, PECD Berhad disclosed
that AmTrustee Sdn Bhd, acted on behalf of the note-holders for
PECD Jaya Holdings Sdn Bhd (PJHSB)'s MYR200 million Murabahah
Underwritten Notes Facility, on September 23, 2008, declared an
event of default in respect of the MUNIF/MMTN Facility.

PJHSB, which is a 70% owned subsidiary of PECD, currently has an
outstanding balance due under the Facility totaling to
MYR196,977,982.68 comprising of MYR187,627,113.55 principal,
MYR2,898,282.10 secondary MMTN and MYR6,452,587.03 compensation.

The features of the MYR170.0 million Murabahah Underwritten Notes
(MUNIF) and MYR30.0 million Murabahah Medium Term Notes (MMTN)
are:

   a) The profit margin for both MUNIF and MMTN shall be
      determined at the time of issue.  The profit rate for the
      MUNIF issued ranges from 5.5% to 6.1% per annum while the
      profit for MMTN is at 6.6% per annum fixed for 3.5 years;

   b) The profit payment for MUNIF is based on one, two, three,
      six months or any other tenor not exceeding twelve months
      during the tenor of the MUNIF, at the option of PJHSB,
      provided that the MUNIF issued mature prior to the expiry of
      the MUNIF/MMTNs Programme;

   c) The profit for MMTN shall be payable on a semi-annual basis;
      and

   d) The MUNIF/MMTNs programme shall have a tenor not exceeding
      five years from the date of first issue in January 2005.

The MUNIF/MMTNs scheduled to be reduced to MYR100m in the year
three and a half and fully repaid in year five after the
Anniversary Date of the first issue in January 2005.

   Reason for default

The default is due to PJHSB's inability to service its debts as a
result of no payment and delay in resolution of outstanding claim
for its project -- the construction of government quarters at
Precint 11, Putrajaya.  The project was terminated by the
employer, Putrajaya Holdings Sdn Bhd (PjHSB) on November 6, 2006.

   Measures Taken to Address Default

PJHSB, subsequent to termination has initiated legal action
against PjHSB at the High Court for a claim amount of
approximately MYR345 million.  The matter is now fixed for mention
on October 15, 2008, to enable parties to file written submission.
Notwithstanding that, PJHSB and PjHSB is currently in the process
of negotiation for amicable settlement.

This event of default declared against PJHSB's MUNIF/MMTN Facility
would have no material implication on the financial and legal
standing of PECD Berhad.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.



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

AIR NEW ZEALAND: To Double Economy Seats on its Eight Aircrafts
---------------------------------------------------------------
Air New Zealand Ltd said that it will double the number of
available Pacific Premium Economy seats on its fleet of eight 777-
200ER aircraft in line with unprecedented demand.

Expected to be reconfigured by June 2009, the company said, each
aircraft will have an additional 18 Pacific Premium Economy seats
added taking the total available to 36.

It is the third Premium Economy capacity increase in two years,
with Air New Zealand twice increasing the number of seats
available on its Boeing 747-400 aircraft, now up to 39 Pacific
Premium Economy seats.

"In this challenging economic environment it has been reassuring
to see in the past year 50% more Kiwis and inbound travellers
paying to travel premium economy," says Air New Zealand Group
General Manager International Airline Ed Sims.

"Clearly customers value the premium economy experience and
recognise the superior leg room, personal space and our business
class style service and are happy to pay more for that travelling
experience over economy."

Pacific Premium Economy seating is situated in its own dedicated
cabin on the 777 and, when the additional seats are installed,
will feature 41 inch seat pitch, nine inches of seat recline and
business class style food and beverage service and amenities.

"Pacific Premium Economy is a particularly popular class of travel
on our Auckland - London services and with our decision to operate
the 777 on the Auckland-Los Angeles-London route from later this
month we need to boost capacity on this aircraft to meet demand,"
says Mr. Sims.

The new 777-200ER seating configuration will be; Business Premier
26, Pacific Premium Economy 36 and Pacific Economy 242 (currently
269).

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Standard & Poor's Ratings Services removed its
unsolicited 'BB/Stable' credit rating and outlook on Air New
Zealand Ltd.

According to S&P, the airline's strategic and commercial
response to the very high fuel prices is an important credit
consideration in the current volatile environment.  Without the
full interaction of the company in the rating process, S&P said
it feels it is no longer able to provide a credit opinion.

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


BLUE STAR: Wind-Up Petition Hearing Set for October 31
------------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 31, 2008,
at 10:45 a.m., to consider putting Blue Star Travel Limited into
liquidation.

The application was filed on July 28, 2008, by NZ Castle Resorts
& Hotels Limited.

The plaintiff's address for service is at:

          Cook Morris Quinn
          Level 1, General Building
          29 Shortland Street
          Auckland 1010
          Facsimile: (09) 377 8380

D. C. S. Morris is the plaintiff's solicitor.


CHEN YIP: Liquidators Set November 20 as Claims Filing Deadline
---------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Chen Yip Management Limited.

The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


CITRUS BAR: Liquidators Set November 20 as Claims Bar Date
----------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Citrus Bar Limited.

The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


DAVRON PRINTERS: Proofs of Debt Due on November 20
--------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Davron Printers (2006) Limited.

The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


DIRECT SYSTEMS: Liquidators Set November 20 as Claims Bar Date
--------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Direct Systems International
Limited.

The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


EPIC HOLDINGS: Wind-Up Petition Hearing Set for October 31
----------------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 31, 2008,
at 10:45 a.m., to consider putting Epic Holdings Limited into
liquidation.

The application was filed on July 28, 2008, by ANZ National Bank
Limited.

The plaintiff's address for service is at:

          Minter Ellison Rudd Watts
          Level 17
          125 The Terrace
          PO Box 2793
          Wellington

S. C. D. A. Gollin is the plaintiff's solicitor.


GENEVA FINANCE: Denies NZ Shareholders Association Claims
---------------------------------------------------------
Geneva Finance Limited said that the letter sent by the New
Zealand Shareholders Association (NZSA)to Geneva shareholders has
caused some confusion and dismay with many shareholders.

In response to the allegations, Geneva said the letter makes a
number of inferences that the incumbent directors have somehow
engineered a situation that is to the shareholders' disadvantage
and that those directors are not concerned to repay investors or
act in the best interests of the company.

Geneva said its directors considered the inferences made in the
letter to be scurrilous and note they are not supported by any
substantive information.

Geneva also said that the letter does not set out the credentials
of the proposed directors explaining what skills they have that
will enable them to better serve the company.

Finally, Geneva managing director David O'Connell said "you as
shareholders have every right to be satisfied that the directors
of the company are acting in the best interests of the company at
all times."

Geneva will be announcing the date and location of the AGM which
will be held prior to the end of October 2008.

Two directors are required to retire by rotation and the two new
directors recently appointed to the board are required to retire
and put themselves forward for re-election.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 29, 2008, the New Zealand Shareholders Association sent a
letter to all shareholders of Geneva Finance Limited, proposing
the removal of Brian Walsh, Peter Francis and David O'Connell as
existing directors of the company and the appointment of Tony
Boswell, June McCabe and Bruce Sheppard as new directors.

In the letter, New Zealand Shareholders Association Chairman
Bruce Sheppard said that the association is concerned that the
board of Geneva is unchanged from the private company board that
led the company into the position it now finds itself in.  That
board, Mr. Sheppard said, has a number of interconnections which
in effect mean the board is in the association's view under the
control of the original owners who are now by far the minority
owners.

Further, Mr. Sheppard said they believe that Geneva is continuing
to operate its lending business and is making fresh advances, and
as a result is maintaining an overhead structure that has the
effect of reducing the cash available to repay debenture holder
quickly.

                      About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on Nov. 5, 2007.  The outlook on the rating
is negative.


GOODYEAR TIRE: To Tap US$600MM Credit Facility Due to Fund Woes
---------------------------------------------------------------
The Goodyear Tire & Rubber Co. will draw US$600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access US$360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

The Reserve Primary Fund, a money market fund, has delayed the
payment of requested redemptions pursuant to a U.S. Securities and
Exchange Commission Order allowing an orderly disposition of its
securities.

David Horn at The North Carolina News Network relates that a run
on redemptions had led to the Reserve Primary Fund losing more
than 60% of its assets, as the fund lost value because some of its
investments were in Lehman Brothers' debt.

Goodyear's other U.S. cash investments remain fully accessible by
the company.

Goodyear also said that the expiration of the 30-day period to
appeal the U.S. District Court's Order approving the settlement
agreement that established the Voluntary Employees' Beneficiary
Association trust, which will provide healthcare benefits to the
company's current and future United Steelworkers retirees.  No
appeals were filed.  Goodyear now can remove liabilities for USW
union retiree healthcare benefits from its balance sheet.  As of
year-end 2007, these liabilities were approximately US$1.2
billion.
As previously announced, the company fully funded the US$1 billion
VEBA following the court's Aug. 22 settlement approval.  At the
end of the second quarter, Goodyear reported a global cash balance
of approximately US$2.1 billion prior to funding the VEBA.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt
rating to 'B+' from 'B-/RR6'.


GOODYEAR: Drawing US$600MM Facility Won't Affect S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on The
Goodyear Tire & Rubber Co. (BB-/Positive/--) are not immediately
affected by the company's announcement that it will draw down
US$600 million of its U.S. revolving credit facility because
Goodyear's access to US$360 million of cash invested with The
Reserve Primary Fund has been delayed temporarily.  Once the
drawdown has been completed, S&P believes the company's cash
position and available credit facilities will be sufficient to
support near-term cash needs.

In light of the anxious state of the capital markets, S&P believes
the company's action reflects prudent steps to minimize the
effects of any unexpected credit disruptions.  Although recent
events have diminished Goodyear's liquidity, S&P expects the
impact to be temporary and therefore will not significantly affect
the company's financial risk profile.  Nevertheless, S&P remains
concerned that weak credit markets, if sustained, could complicate
Goodyear's funding of its business plan.


HAMBEG LIMITED: Wind-Up Petition Hearing Set for October 31
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 31, 2008,
at 10:45 a.m., to consider putting Hambeg Limited into
liquidation.

The application was filed on July 17, 2008, by Waipureku Holdings
Limited (trading as Discount Carpet Outlet Hawkes Bay).

The plaintiff's address for service is at:

          Carlile Dowling
          Raffles Street
          Napier 4142
          Telephone: (06) 835 7394
          Facsimile: (06) 835 1338

Carol Denise Hall is the plaintiff's solicitor.


JUN YING: Liquidators Set November 20 as Claims Filing Deadline
---------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of Jun Ying Limited.


The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


R & K COMMERCIAL: Proofs of Debt Due on November 20
---------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant, both
of Auckland, as liquidators of R & K Commercial Limited.

The liquidators set Nov. 20, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


UNITED RECYCLERS: Wind-Up Petition Hearing Set for October 31
-------------------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 31, 2008,
at 10:45 a.m., to consider putting United Recyclers NZ Limited
into liquidation.

The application was filed on July 18, 2008, by Quantum Holdings NZ
Limited.

The plaintiff's address for service is at:

          Debt Recovery Group NZ Limited
          2/166 Henderson Valley Road
          Henderson

Malcolm Whitlock is the plaintiff's solicitor.


* NEW ZEALAND: More Chinese Distrust NZ Dairy, Survey Says
----------------------------------------------------------
As the Chinese milk contamination scandal continues to grow,
Sinogie Consulting, a research and consulting company with offices
in Hong Kong and Shanghai, has conducted a survey to establish how
the scares are likely to affect its clients, many of whom are
involved in the FMCG sector in China.

Sinogie said it has commissioned locally-licensed market
researchers to interview the primary food buyers for households in
Beijing, Shanghai and Guangzhou, to examine how their buying
habits had changed in the light of the recent food scares.  Parts
of the survey addressed the infant formula market specifically,
while other parts looked at the effect that the scandal has had on
the wider dairy industry, and on the food market in general.  Half
of its respondents currently buy infant formula, and answered
questions on this.   All of its respondents answered questions on
other types of food.

The results show that faith in Chinese infant formula has been
badly undermined by the scandal.  The reputation of the Chinese
dairy industry has a whole has been damaged almost as badly as
that of the infant formula sector.  Even foreign brands of infant
formula arouse some suspicion, but they do attract more trust than
domestic brands.

Given the opportunity, many of its respondents said that they
would be happy to pay a premium for foreign-branded food.  Despite
the involvement of Fonterra in the scandal, Chinese consumers
still see New Zealand as one of the most trustworthy sources of
food.

While most consumers expect more food scandals to arise in future,
there is a surprising level of faith that the government will be
able to deal with the issue of food contamination: the proportion
of people who expect that the government will be able to solve the
current problems is almost the same as it was after the last round
of contamination scandals in August 2007.

                       Survey Highlights

Highlights of the survey include the following:

Section 1: buyers of infant formula

All respondents to this section of the survey had children in
their households who drink infant formula.  Respondents were
responsible for buying formula and other food for the household.

Infant formula buyers are very concerned about the contamination
scandal.

The infant formula scandal has dominated the news in China over
the past two weeks, and has left consumers extremely worried.


   - 86.3% of respondents who buy baby formula said that
     they were worried by the scandal.


Buyers are concerned about the risk of contamination in all
formula, not just the brands hit by the scandal.

Unsurprisingly, the vast majority of respondents were worried
about the quality of products made by companies which have been
named in the scandal.  However, the concern is not limited to
these brands: almost as many people are worried about all Chinese
brands of infant formula, and – perhaps because of Fonterra's
involvement in the original Sanlu scandal – a significant majority
are concerned about both Chinese and foreign brands of formula.

   - 86.7% of respondents said that they were worried about
     the brands of formula which have been named in the news
     as being contaminated.

   - 83.6% of respondents said that they were worried that
     all Chinese brands of formula could be contaminated.

   - 79.8% of respondents said that they were worried that
     all brands of formula – Chinese or foreign – could be
     contaminated.

The scandals have caused buyers of infant formula to change their
buying habits.  Foreign brands are likely to benefit from this.

People who buy infant formula are changing the brands that they
buy, but not in the volumes that one might expect.  Around 40% of
respondents said that they had stopped buying Chinese brands of
baby formula, but almost 65% of them said that they would go back
to Chinese brands in future.

Similarly, of the 75% of respondents who said that that they have
changed the formula brands that they buy, only 40% said that the
change would be permanent.

However, 75% of respondents said that they would now consider
buying foreign brands of formula, and 93% of those people said
that they would be willing to pay a premium.  Even though there is
some concern over the potential for contamination in foreign
formula, it seems that consumers do have more faith in  foreign
brands than in Chinese brands.

Section 2: dairy and other food

Respondents to this section include the buyers of formula who
responded to Section 1 of the survey, as well as the primary food
buyers for other households who do not buy infant formula.

The infant formula scandal has hit trust in the whole Chinese
dairy industry, and across the food sector

Sinogie said that just before its survey began, the scandal
started to spread from infant formula to the rest of the dairy
industry.  This is reflected in the results of the survey: levels
of trust in Chinese dairy brands have plummeted, while trust in
the whole of the food industry has suffered.

   - 81.1% of respondents said that they now trust
     Chinese-branded dairy products less than they did
     before the scandal.

   - 63.9% of respondents said that they now trust
     Chinese-branded food products less than they did before
     the scandal.

People are so wary of dairy products that they have reduced their
purchases.  But foreign companies are benefiting.

Trust in dairy products has fallen to such an extent that many of
our respondents said that they had cut back on dairy purchases in
general, and have cut back even further on Chinese-branded dairy
purchases.

   - 77.2% of respondents said that they had cut back on
     the total amount of dairy produce that they purchase
     since the scandal broke.

   - 67.9% of respondents said that a smaller proportion of
     the dairy produce that they were buying was Chinese
     branded.

Foreign companies do stand to benefit from the concerns.  56.2% of
respondents said that they had increased the amount of foreign-
branded dairy produce that they buy since the scandal broke.

Damage to the rest of the Chinese food industry is less severe,
but foreign brands can still benefit

While consumers are clearly very worried about the possibility of
contamination in the dairy sector, they are less concerned about
the packaged food industry as a whole.  Only 51% of respondents
said that they trusted Chinese non-dairy packaged less now than
before the scandal broke, and 63.9% trusted all Chinese food
brands less than before.

However, 67% of respondents said that the scandal had made them
more likely to consider buying foreign brands of all types of
food.

People are willing to pay a premium for foreign brands.

Of respondents who said that they were willing to consider
shifting to foreign brands for formula, dairy or other food, a
huge majority said that they would be willing to pay more for
foreign-branded products.

   - 93.1% said that they would pay more for foreign-branded
     infant formula; on average, they were willing to pay a
     premium of 44.53%.

   - 97.8% said that they would pay more for foreign-branded
     dairy products; on average, they were willing to pay a
     premium of 47.82%.

   - 96.9% said that they would pay more for foreign-branded
     packaged food; on average, they were willing to pay a
     premium of 43.84%.

New Zealand's reputation has suffered a bit, but less than we
expected, Sinogie said.

Food from New Zealand has always enjoyed a very strong reputation
in China: it is seen as pure, safe, and trustworthy.  Although
Fonterra was a 43% investor in Sanlu, this reputation does not
appear to have suffered as much as we expected so far.  Only 51.2%
of respondents said that they now trust New Zealand dairy produce
less than they did before the scandal.

Foreign brands are seen as far more trustworthy than Chinese
brands.

Sinogie said they asked their respondents to rank food from
selected markets in terms of trustworthiness.  Scores were given
from 1 to 10, with 10 the most trustworthy.  Perhaps surprisingly,
the European Union came out on top, closely followed by New
Zealand.  Australia lags behind the US and Canada, and China came
a resounding last.  Rankings are below.

   1)    European Union                 7.19

   2)    New Zealand                    7.02

   3)    USA                            6.94

   4)    Canada                         6.88

   5)    Australia                      6.85

   6)    Japan                          5.99

   7)    China                          5.17


* NEW ZEALAND: Exports and Imports Still Show Strong Growth
-----------------------------------------------------------
The value of merchandise exports rose 34.1 percent from August
2007 to August 2008, to reach NZ$3.6 billion, Statistics New
Zealand said.  Imports were up 19.6 percent to NZ$4.3 billion over
the same period.

While the exports trend continued to grow in recent months, it has
eased compared with the period of strong growth in the second half
of 2007. The imports trend has increased strongly since the middle
of 2007, coinciding with a significant rise in fuel prices up
until mid July 2008.

Milk powder, butter and cheese (up $210 million) led the exports
increase in August 2008 compared with August 2007, with whole milk
powder a significant contributor. Crude oil exports followed
closely with an increase of $190 million compared with August 2007
(the first full month of production from the Tui oilfield).  Crude
oil prices have increased significantly since August 2007. Meat
and edible offal exports were up NZ$121 million in August 2008
with frozen beef and lamb cuts the main contributors to this rise.

Petroleum and products (up NZ$329 million) led the imports
increase in August 2008 compared with August 2007 and crude oil
was the main contributor. The next largest increase came from
aircraft and parts (up NZ$169 million) – two large aircraft were
imported during August 2008.

In August 2008 the monthly trade balance was a deficit of NZ$750
million.  This deficit is the smallest since 2004 and equates to
21.0 percent of exports.  The annual trade balance for the year
ended August 2008 was a deficit of NZ$4.3 billion (10.3 percent of
exports).  As a percentage of exports, this is the smallest
annualised trade deficit since August 2003.



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

LODESTAR: Inks Agreement With MSC & ACRHI to Acquire ABACOAL
------------------------------------------------------------
During a special meeting held on September 24, 2008, the Board of
Directors of Lodestar Investment Holdings Corporation authorized
the company to enter into a Heads of Agreement with Music
Semiconductors Corporation (MSC) and Abacus Consolidated Resources
Holdings, Inc. (ACRHI) for the joint acquisition by the company
and MSC of all issued and outstanding shares of stock of Abacus
Coal Exploration Development Corporation (ABACOAL), a subsidiary
of ACRHI.

The company and MSC have likewise entered into an agreement for
joint investment, whereby the investment parameters for such
investment into ABACOAL are set forth.  Under the same agreement,
MSC will own 55% of the issued and outstanding capital stock of
ABACOAL, while the company will own 45% of ABACOAL.

                         About Lodestar

Lodestar Investment Holdings Corporation (LIHC) was originally
incorporated on January 3, 1974 as a mining and natural
resources exploration company under the name Lodestar Mining
Corporation. The company was engaged in the development of
several gold and chromite mining claims in Masbate, Cebu, Negros
Occidental and Palawan. In October 1991, due to unsuccessful
ventures in the development of mining claims, the company ceased
its exploratory mining operations. In August 2000, its Board and
stockholders approved the change in the company's corporate name
to its present one and primary purpose from a mining company to
an investment holding company. The Securities and Exchange
Commission approved the changes on October 3, 2003.

As an investment holding company, LIHC is evaluating various
business opportunities that are viable, growing, and profitable
business ventures. It is focused on investing on sectors that
currently promise the best growth potentials.

                         *     *     *

Based on Lodestar's financial statements for the
years ended December 31, 2007, Punongbayan & Araullo, the
company's independent auditor, has cast significant doubt on the
company's ability to continue as going concern, as the company
incurred a net loss of PHP1,930,980, PHP634,677 and PHP2,543,344
for the years ended December 31, 2007, 2006, and 2005,
respectively, and a capital defeciency of PHP529,833 and
PHP598,853 as of December 31, 2007 and 2006, respectively.
Moreover, the company is dormant and does not engage on
commercial operations.


* PHILIPPINES: JCRA Affirms BBB- Rating With Positive Outlook
-------------------------------------------------------------
The Japan Credit Rating Agency (JCRA) has affirmed Philippine's
BBB- credit ratings and maintained its "positive" outlook, saying
that the the country is able to sustain stable economic growth,
despite the ongoing market turmoil and generally bleak outlook on
the global economy, Philippine Star reports.

According to the report, JCRA said earlier that it would start
considering upgrading the country's credit rating when it could
reaffirm that its macroeconomic performance would continue.

JCRA warned, however, that it is necessary for the Arroyo
administration to strengthen its tax collection capability while
ensuring that economic performance would lead to an expansion of
tax revenues, Philippine Star notes.

The report adds that JCRA expects the economy to sustain its
growth as inflationary pressures are expected to ease as oil
prices also eased and because remittances from overseas Filipinos
would keep people spending.

The rating agency also stated that the US turmoil would have an
impact on the market but remarked that the stability of the
Philippine financial system has improved significantly anyway,
Philippine Star says.

JCRA also expressed satisfaction over the improvements in the
government's fiscal position, especially if this would mean an
increase in public spending on critical infrastructure, the report
adds.



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

COUDREY PTE: Requires Creditors to File Claims by October 25
------------------------------------------------------------
The creditors of Coudrey Pte Ltd are required to file their proofs
of debt by October 25, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


JOY VICTORY: Creditors' Proofs of Debt Due on October 25
--------------------------------------------------------
Joy Victory Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by October 25, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


SOUTHERN CROSS: Court to Hear Wind-Up Petition on October 3
-----------------------------------------------------------
A petition to have Southern Cross Marine Supplies (Singapore) Pte
Ltd's operations wound up will be heard before the High Court of
Singapore on October 3, 2008, at 10:00 a.m.

Marinehub Pte Ltd filed the petition against the company on
September 9, 2008.

Marinehub's solicitors are:

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


VANDA PRESS: Court Enters Wind-Up Order
---------------------------------------
On September 19, 2008, the High Court of Singapore entered an
order to have Vanda Press Pte Ltd's operations wound up.

Stamford Press Pte Ltd filed the petition against the company.

The Petitioner's solicitor is:

          The Official Receiver of
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118



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

AU OPTRONICS: To Set Up NT$200MM Flat-TV Joint Venture With Qisda
-----------------------------------------------------------------
AU Optronics Corp. and Qisda Corp would set up a NT$200 million
(US$6.25 million) joint venture to make flat-screen televisions,
Reuters reports.

The report relates that AU Optronics would own a 60% stake in the
joint venture, while Qisda Corp would own the remaining 40%.

"This is a cooperation in the group and, in response to requests
from customers, it will help boost our competitiveness from a
supply chain point of view," Reuters cites a Qisda spokeswoman as
saying.  "As to time to market, we can also respond quickly," she
said.

According to the report, the new venture was set to be established
by the end of the year.  No shipment forecasts were given.

AU Optronics and Qisda Corp. are under the BenQ group and K.Y. Lee
is the chairman of both companies.

                       About AU Optronics

AU Optronics Corp. is the world's 3rd largest manufacturer of
large-sized thin film transistor liquid crystal display panels,
with approximately 19%* of global market share in Q1/2008 and
revenues of NT$480.2 billion (US$14.81billion)in 2007.  TFT-LCD
technology is currently the most widely used flat panel display
technology.  Targeted for 40"+ sized LCD TV panels, AUO's new
generation (7.5-generation) fabrication facility production
started mass production in the fourth quarter of 2006.  The
Company currently operates one 7.5-generation, two 6th-
generation, four 5th-generation, one 4th-generation, and four
3.5-generation TFT-LCD fabs, in addition to eight module
assembly facilities and the AUO Technology Center specializes in
new technology platform and new product development.  AUO is one
of few top-tier TFT-LCD manufacturers capable of offering a wide
range of small- to large- sized (1.5"-65") TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.


BENQ INC: Aims 5% Share in Low-Cost Netbook PC Market in 2 Yrs.
---------------------------------------------------------------
BenQ Corp. Inc. aims to grab a 5% share of the low-cost notebook
PC market within 2 years, by producing Joybook Lite" netbooks,
carrying its brand, Reuters reports.

Company President Conway Lee, the report relates, did not give
sales and shipment forecasts of its Joybook Lite PC.

According to the report, BenQ, which lost about US$1.2 billion
after it failed to turn around the mobile phone unit of Germany's
Siemens, was spun off from its manufacturing unit after the
business declared insolvency in Europe last year.

The firm has continued to run its contract manufacturing business
under the Qisda name, and has been producing products such as
projectors, LCD monitors and TVs under the separated BenQ company,
the report says.

                     About BenQ Corporation

Headquartered in Taiwan, Republic of China, BenQ Corp. Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

BenQ Corp. Inc. continues to carry Taiwan Ratings Corp.'s long-
term twBB+ and short-term twB corporate credit ratings.  The
outlook on the long-term rating is negative.

The company also carries Taiwan Ratings' twBB+ issue rating on
its existing NT$7.05 billion unsecured corporate bonds due 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.



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

* Asia Stocks Tumble After US$700 Billion Bailout Rejected
----------------------------------------------------------
Asian stocks dropped after the rejection of a US$700 billion plan
to rescue the financial system by U.S. lawmakers exacerbated
concern more banks will fail, Kyung Bok Cho of Bloomberg News
reports.

The report says the U.S. House of Representatives yesterday,
September 29, voted down the financial-rescue proposal that
President George W. Bush said is needed to prevent United States's
econmy from slipping into a recession.  The defeat of the
legislation set off a scramble among the plan's backers for
additional support before another vote, which likely won't come
until later in the week, the report relates.

According to Bloomberg News, Australia & New Zealand Banking Group
Ltd. and Woori Finance Holdings Co. slumped more than 7% after
Wachovia Corp. was sold to Citigroup Inc. as its shares collapsed
under the weight of overdue mortgages, while BHP Billiton Ltd. and
SK Energy Co. declined after oil fell the most in almost seven
years on speculation the global economy will slide into recession.

"Volatility in the market has been notched up to a new high,"  the
news agency cited Prasad Patkar, who helps manage US$1.8 billion
at Platypus Asset Management in Sydney, as saying.  "This package
is critical and it seems to be getting bogged down for political
reasons. Credit markets are dysfunctional at the moment and if
they aren't normalized quickly we have a serious problem," he
said.

According to the report, the MSCI Asia Pacific Index retreated
0.8% to 110.42 as of 9:06 a.m. in Tokyo, while Japan's Nikkei 225
Stock Average lost 3% to 11,395.88, and Benchmark indexes in
Australia and South Korea declined more than 3%.

The regional gauge, the report says, has fallen 30% this year as
credit turmoil has caused the world's financial institutions to
report more than US$590 billion in losses and writedowns.

Moreover, the Standard & Poor's 500 Index tumbled 8.8% yesterday,
while the MSCI World Index of 23 developed markets slid 6.9%, the
biggest loss in 21 years.  S&P 500 futures lost 0.1% in after-
hours trading.


* U.S. Federal Reserve Grants Swap Lines to Other Central Banks
---------------------------------------------------------------
The U.S. Federal Reserve, the Reserve Bank of Australia, the
Danmarks Nationalbank, the Norges Bank, and the Sveriges Riksbank
disclosed on Sept. 24, 2008, the establishment of temporary
reciprocal currency arrangements (swap lines) to address elevated
pressures in U.S. dollar short-term funding markets.  These
facilities, like those already in place with other central banks,
are designed to improve liquidity conditions in global financial
markets.  Central banks continue to work together during this
period of market stress and are prepared to take further steps as
the need arises.

                      Federal Reserve Actions

The Federal Open Market Committee has authorized the establishment
of new swap facilities with the Reserve Bank of Australia, the
Sveriges Riksbank, the Danmarks Nationalbank, and the Norges Bank.
These new facilities will support the provision of U.S. dollar
liquidity in amounts of up to US$10 billion each by the Reserve
Bank of Australia and the Sveriges Riksbank and in amounts of up
to US$5 billion each by the Danmarks Nationalbank and the Norges
Bank.

In sum, these new facilities represent a US$30 billion addition to
the US$247 billion previously authorized temporary reciprocal
currency arrangements with other central banks:  European Central
Bank (US$110 billion), Bank of Japan (US$60 billion), Bank of
England (US$40 billion), Swiss National Bank (US$27 billion), and
Bank of Canada (US$10 billion).

These reciprocal currency arrangements have been authorized
through Jan. 30, 2009.

Information on related actions being taken by other central banks
is available at:

Reserve Bank of Australia Leaving the Board --
http://www.rba.gov.au/MediaReleases/2008/mr_08_15.html

Danmarks Nationalbank (National Bank of Denmark) --
http://www.nationalbanken.dk/C1256BE9004F4A13/side/920440223D349B6
8C12574CE001C7236/$file/29E.pdf

Norges Bank (Bank of Norway) -- http://www.norges-
bank.no/templates/article____72182.aspx

Sveriges Riksbank (Bank of Sweden) --
http://www.riksbank.com/templates/Page.aspx?id=29041


* S&P Eyes Significant Impact on Global Synthetic CDOs From WaMu
----------------------------------------------------------------
Standard & Poor's Ratings Services stated that 2,159 tranche
ratings from 1,526 global synthetic collateralized debt obligation
(CDO) transactions have exposure to Washington Mutual Inc. (WaMu),
which S&P downgraded to 'D' ("Washington Mutual Inc. Ratings
Revised To 'D' After Receivership And Sale To JPMorgan Chase").

The impact of the WaMu downgrade to 'D' will be reflected in our
upcoming Global SROC Report and associated rating actions.  S&P
expects the impact will be significant, particularly among
transactions that reference WaMu and other obligors that have also
experienced recent negative rating actions and/or credit events,
such as Lehman Bros. and AIG.

Synthetic CDO exposure to Washington Mutual Inc.

U.S.          No. Of deals       514
U.S.          No. Of tranches    803
Europe        No. Of deals       752
Europe        No. Of tranches    1,047
Asia Pacific  No. Of deals       138
Asia Pacific  No. Of tranches    154
Japan         No. Of deals       122
Japan         No. Of tranches    155


* BOND PRICING: For the Week September 22 - September 26, 2008
--------------------------------------------------------------


   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.66
A&R Whitcoulls Group           9.500%  12/15/10     NZD    12.00
Allco Hit Ltd                  9.000%  08/17/09     AUD     9.95
Antares Energy                10.000%  10/31/13     AUD     0.76
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    43.15
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    49.95
Becton Property Group          9.500%  06/30/10     AUD     0.48
Bounty Industries Limited     10.000%  06/30/10     AUD     0.07
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.75
Carpal Aluminum               10.000%  03/29/12     AUD    42.00
China Century                 12.000%  09/30/10     AUD     0.90
Cit Group Au Limited           6.000%  03/03/11     NZD    69.60
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.10
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.90
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.50
GE Cap Australia               6.000%  03/15/09     AUD    67.93
GPT Management                 6.500%  08/22/13     AUD    70.22
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.18
Infrastructure & Utilities     8.500%  09/15/13     NZD    09.90
Jpm Au Enf Nom 1               3.500%  06/30/10     AUD     3.50
Lane Cove Tunnel               6.800%  12/09/15     AUD    60.62
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.57
Macquarie Bank                 6.500%  05/31/17     AUD    61.14
Marac Finance                 10.500%  07/15/13     NZD     1.00
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Minerals Corp                 10.500%  09/30/08     AUD     0.80
Publ & Broad Fin               6.280%  05/06/11     AUD     9.46
Record Funds Management       11.000%  09/01/10     AUD    10.01
Salomon SB Aust                4.250%  02/01/09     AUD     9.24
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
South Canterbury              10.430%  12/15/12     NZD     0.99
St. Laurence Prop              9.250%  07/15/01     NZD    63.51
Sun Resources NL              12.000%  06/30/11     AUD     0.50
TrustPower Ltd                 8.300%  12/15/08     NZD     8.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80

   CHINA
   -----

China Govt Bond                4.860%  08/10/14    CNY      0.00

   HONG KONG
   ---------

Respacrcs Funding              8.000%  12/29/49    USD     59.00

   INDIA
   -----

Astrazeneca Phar               8.000%  01/11/09    INR     24.11
Hindustan Cons                10.000%  10/25/09    INR     46.68
ICICI Bank                     7.250%  08/29/49    USD     71.68
India Gov't                    6.010%  03/25/28    INR     73.83
India Gov't                    6.130%  06/04/28    INR     74.82
Subex Azure                    2.000%  03/09/12    USD     72.81

   JAPAN
   -----

ES-Con Japan Limited           3.260%  05/10/10     JPY    50.01
Joint Corp                     2.430%  07/27/10     JPY    52.41
Resona Bank                    5.850%  09/29/49     USD    72.69
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    68.07
Sumitomo Mitsui                4.375%  07/29/49     EUR    69.86

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    44.40
Korea Dev. Bank                7.350%  10/27/21     KRW    44.50
Korea Dev. Bank                7.400%  11/02/21     KRW    44.45
Korea Dev. Bank                7.450%  10/31/21     KRW    44.47
Korea Dev. Bank                8.450%  12/15/26     KRW    70.63
Hynix Semi Inc.                7.875%  06/27/17     USD    70.55
Hynix Semi Inc.                7.875%  06/27/17     USD    58.50
Woori Bank                     6.208%  05/02/37     USD    74.72

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.90
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.58
Eastern & Orient               8.000%  07/25/11     MYR     0.95
EG Industries                  5.000%  06/16/10     MYR     0.20
Greatpac Holdings              2.000%  12/11/08     MYR     0.15
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.32
Insas Berhad                   8.000%  04/19/09     MYR     0.33
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.95
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.20
Mithril Bhd                    3.000%  04/05/12     MYR     0.54
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.30
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.13
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.45
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.60
Syabas                         3.000%  05/18/18     MYR    71.97
Syabas                         3.000%  05/17/19     MYR    69.14
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.80
Tradewinds Corp.               2.000%  02/08/12     MYR     0.59
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
Wah Seong Corp.                3.000%  05/21/12     MYR     2.21
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.52
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.27

   SINGAPORE
   ---------

Capitaland Ltd.                2.950%  06/20/22     SGD    62.08
Olam International Limited     1.000%  07/03/13     SGD    63.48


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     68.86
Sri Lanka Govt                7.500%  11/01/13     LKR     68.12
Sri Lanka Govt                6.850%  04/15/12     LKR     71.83
Sri Lanka Govt                6.850%  10/15/12     LKR     69.50
Sri Lanka Govt                7.000%  10/15/11     LKR     74.84
Sri Lanka Govt                7.000%  10/01/23     LKR     50.78
Sri Lanka Govt                8.500%  07/15/13     LKR     72.11
Sri Lanka Govt                7.500%  08/15/18     LKR     57.87
Sri Lanka Govt                8.500%  02/01/18     LKR     63.20
Sri Lanka Govt                8.500%  07/15/18     LKR     62.68



                         *********

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.





                 *** End of Transmission ***