TCRAP_Public/081001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, October 1, 2008, Vol. 11, No. 195

                            Headlines

A U S T R A L I A

ABC LEARNING: Founder and CEO Eddy Grove Departs
ABC LEARNING: To Acquire 123 Careers for AU$70 Million
ASIAUS INTERNATIONAL: Supreme Court Enters Wind-Up Order
BLU-DECO PTY: To Declare Dividend on October 17
CBDQ MANAGEMENT: Members and Creditors to Meet on October 9

CPR CORPORATE: Members and Creditors to Meet on October 9
EVENMELT PTY: To Declare Dividend on October 14
GOLFER PTY: To Declare Dividend on October 20
IDARUS PTY: To Declare Dividend on October 17
HEDLEY LEISURE: Reports Net Loss Following Property Devaluations

ITW P&F: To Declare Dividend on October 15
N EYE: Liquidator to Give Wind-Up Report on October 7
PERRIN CONSTRUCTIONS: Members and Creditors to Meet on October 6
RAPTIS GROUP: Unit Sells Ferny Dev't Site for AU$30 Mil.
TESON TRIMS: To Wind Down Business Early This Month


C H I N A

CHINA DIGITAL: Posts US$177,984 Loss for Six Months Ended June 30
CHINA DIGITAL: Unit Inks US$2.15MM Loan Deal with Chinese Bank
CHINA EASTERN: To Increase Flights in India
CHINA EASTERN: Ties Up with Korean Air for Temporary Flights
CHINA MINSHENG: Selects Surecomp's Trade Finance Solution

CHINA SOUTHERN: Zhao Liu An Retires as Executive Director
XERIUM TECHNOLOGIES: Makes Changes to Asian Division


H O N G K O N G

AMERICAN INT'L: Implements Retention Program for Executives
AMERICAN INT'L: Selling US$16BB in Real Estate to Repay U.S. Loan
AMERICAN INT'L: Secures Reinsurance From Berkshire for Unit
AMERICAN INT'L: Gov't to Get 80% Stake Without Shareholder OK
AMERICAN INT'L: Shareholders Sell 40MM Shares, To Buy Firm

CHENG'S BROTHERS: Members to Meet on November 15
CHINESE EDUCATORS: Placed Under Voluntary Liquidation
GEIS CARGO INDOCHINA: Members and Creditors to Meet on October 29
GEIS CARGO JM: Members and Creditors to Meet on October 29
GROGRAM LIMITED: Marcus Steps Down as Liquidator

HANG FUNG: S&P's Ratings Unaffected By Chairman/Founder's Death
KADEFU DEVELOPMENT: Creditors' Proofs of Debt Due on October 10
MBF PROPERTIES: Marcus Steps Down as Liquidator
MOULIN (H.K.): Annual Meetings Set for October 10
THE CHINA HISTORY: Placed Under Voluntary Liquidation

TOTAL PERSON: Members' to Receive Wind-Up Report on October 31


I N D I A

ICICI BANK: Says Rumors on its Financial Position "Baseless"
VIJAYESWARI TEXTILES: CRISIL Revises Rating Outlook to "Negative"


J A P A N

DAIWA SECURITIES: Seeks More Investors for Pacific Holdings
DAIWA SECURITIES: To Tinker With Asian Retail Operations
ISHIKAWAJIMA-HARIMA: Fitch Affirms 'BB" ID and Debt Ratings
ORSO FUNDING: Fitch Holds 'BB' Ratings on Two Classes of Trusts


K O R E A

HYUNDAI: To Roll Out New Vehicle Aiming for Bigger European Market


M A L A Y S I A

EKRAN BERHAD: Has Until Nov. 30 to Settle Debt to Danaharta
HO HUP: To Hold 34th Annual Meeting on October 23
KIMBLE CORPORATION: Total Default Totals MYR150.5MM as of Sept. 29
NIKKO: Defaults on MYR1 Mil. Revolving Credit Facilities
SELOGA HOLDINGS: Arbitration Proceedings Against Unit Dismissed


N E W  Z E A L A N D

ALEXIAM DEVELOPMENTS: Wind-Up Petition Hearing Set for October 31
DEW DROP: Wind-Up Petition Hearing Set for October 17
DIRTY SOAP: Liquidators Set October 21 as Claims Bar Date
FIVE STAR: Receivers File NZ$36.5 Mil. Case Against Directors
GLOBAL COMPUTERS: Wind-Up Petition Hearing Set for October 24

NORTH CITY: Liquidators Set October 31 as Claims Filing Deadline
PACIFIC SURGIMED: Liquidators Set October 25 as Claims Bar Date
RUAPEHU GROUP: Proofs of Debt Due on October 28
STAND AND DELIVER: Proofs of Debt Due on October 31
STICKY SIGN: Liquidators Set November 22 as Claims Bar Date

STONEWORKS 2002: Proofs of Debt Due on October 21
* NEW ZEALAND: Housing Consents Continue to Fall


P H I L I P P I N E S

QUEDAN RURAL: May Close Down, Gov't. to Bail Out Creditors


S I N G A P O R E

LEAR CORP: S&P Lifts US$1 Bil. Facility Issue Level Rating to 'BB'
TOTAL ACCESS: Fitch Lifts Foreign Currency IDR to BBB- from BB+


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ABC LEARNING: Founder and CEO Eddy Grove Departs
------------------------------------------------
A.B.C. Learning Centres Limited said that Eddy Groves and
Dr. Le Neve Groves will be immediately leaving all Board and
Management positions with the company.

Rowan Webb has been appointed interim Chief Executive Officer with
effect from Oct. 1, 2008.  Mr. Webb is the former Managing
Director of Colorado Group, the Brisbane based retailer and was a
member of Colorado's management team for over 11 years.

A.B.C. Learning said a search for a permanent CEO will commence
immediately.

Peter Trimble, the newly appointed Chief Financial Officer, will
assume his responsibilities once the 2008 financial accounts are
finalised.  Matthew Horton, General Counsel and Company Secretary
will join the Board on an interim basis.

Commenting on the announcement, ABC Chairman David Ryan said:
"I would like to sincerely thank Eddy and Le Neve for their
contributions to the business over 20 years."

"We are fortunate to have someone of Mr. Webb's calibre joining
ABC at this time.  The Board and senior management will work
closely with Rowan to ensure an orderly transition."

"Rowan has the right management and operational expertise to drive
improvements in the performance of our core Australia and New
Zealand business and will be supported by Peter Trimble, our
incoming CFO," Mr. Ryan said.

ABC Learning shares have plunged 90 percent this year as slumping
earnings raised concerns about the company's ability to repay debt
built up under Mr. Groves' tenure, when he used takeovers to
triple the number of centers managed to 2,300 globally, Robert
Fenner of Bloomberg News reports.

                      Full Year Results

Recently, A.B.C. Learning said it anticipates that the 2008 full
year financial results will now be released during October 2008.
The company said that upon receipt of the final report from its
auditors, and the release of the 2008 results, it expect to resume
normal trading on the ASX.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2008, ABC requested on Aug. 21, 2008, a trading halt of
its securities from the Australian Stock Exchange to finalize and
provide further guidance relating to its full year results and
prior period adjustments arising out of a re-assessment of
accounting treatments.

The TCR-AP reported on Aug. 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

                      About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.

The TCR-AP reported on April 23, 2008, that  A.B.C. Learning
signed a definitive agreement with Morgan Stanley Private Equity
for the sale of a 60% interest in its US business, Learning Care
Group Inc., in a transaction that values 100% of the US business
at US$700 million.

The transaction will reduce ABC's net debt by AU$485 million,
with an additional US$30 million payable shortly after June 30,
2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity's
interest three years after closing.

On Sept. 3, 2008, the TCR-AP reported that ABC Learning Centres
completed the sale of Busy Bees Childcare Vouchers Limited, its UK
voucher business, for GBP90 million to Computershare Limited,

Proceeds from the transaction will be used to reduce debt under
the company's syndicated bank facility agreement.


ABC LEARNING: To Acquire 123 Careers for AU$70 Million
------------------------------------------------------
A.B.C. Learning Centres Limited said it has entered into an
agreement to purchase the 123 Careers childcare recruitment
business in Australia and New Zealand for AU$70 million from
existing cash with a proposed settlement date of October 10, 2008.

The company said AU$40 million has been paid by way of deposit
with a further AU$25 million being paid on completion.  The
remaining AU$5 million will be paid by five monthly payments of
AU$1 million each.

123 Careers is the key supplier of recruitment services to ABC for
permanent and relief staff in Australia and New Zealand with
revenue in excess of AU$90 million in 2008FY.  ABC said it does
not regard this as a related party transaction.

The acquisition will allow ABC to significantly reduce the annual
costs of sourcing relief, agency and permanent staff and to gain
access to a significant pool of potential employees
and streamlined recruitment systems.  It will also enable ABC to
place a greater focus on recruiting permanent staff over agency
staff to further improve the quality of early childhood
education and care delivered by ABC learning centres.

ABC said it had previously sold the exclusive right to supply
recruitment services for ABC childcare centres to 123 Careers for
a 10 year period.  The decision to purchase 123 Careers is
consistent with the Board and management strategy of simplifying
the business structure and controlling key operational functions
that had been previously outsourced.

                      About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.

The TCR-AP reported on April 23, 2008, that  A.B.C. Learning
signed a definitive agreement with Morgan Stanley Private Equity
for the sale of a 60% interest in its US business, Learning Care
Group Inc., in a transaction that values 100% of the US business
at US$700 million.

The transaction will reduce ABC's net debt by AU$485 million,
with an additional US$30 million payable shortly after June 30,
2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity's
interest three years after closing.

On Sept. 3, 2008, the TCR-AP reported that ABC Learning Centres
completed the sale of Busy Bees Childcare Vouchers Limited, its UK
voucher business, for GBP90 million to Computershare Limited,

Proceeds from the transaction will be used to reduce debt under
the company's syndicated bank facility agreement.


ASIAUS INTERNATIONAL: Supreme Court Enters Wind-Up Order
--------------------------------------------------------
On July 16, 2008, the Supreme Court of New South Wales entered an
order to have Asiaus International Limited's operations wound up.
Frank Lo Pilato was appointed as liquidator.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Chartered Accountants
          Level 1, 103-105 Northbourne Avenue
          Canberra ACT 2601
          Telephone: (02) 6247 5988
          Facsimile: (02) 6262 8633


BLU-DECO PTY: To Declare Dividend on October 17
-----------------------------------------------
Blu-deco Pty Ltd fka Blu-deco Restaurant will declare dividend for
its creditors on Oct.  17, 2008.

Creditors who were unable to file their proofs of debt on Sept.
10, 2008, were excluded in the company's dividend distribution.

The company's liquidator is:

          Matthew Joiner
          PKF
          Level 6, AMP Place
          10 Eagle Street
          Brisbane QLD 4000
          Telephone (07) 3226 3577


CBDQ MANAGEMENT: Members and Creditors to Meet on October 9
-----------------------------------------------------------
CBDQ Management Pty Limited will hold a meeting for its members
and creditors at 10:15 a.m. on
Oct. 9, 2008.  During the meeting, the company's liquidator, Blair
Pleash, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Blair Pleash
          Hall Chadwick
         Chartered Accountants
         Level 29, 31 Market Street
         Sydney


CPR CORPORATE: Members and Creditors to Meet on October 9
---------------------------------------------------------
CPR CORPORATE & PERSONAL RECOVERY Pty Limited will hold a meeting
for its members and creditors at 10:00 a.m. on Oct. 9, 2008.
During the meeting, the company's liquidator, Blair Pleash, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

         Blair Pleash
         Hall Chadwick
         Chartered Accountants
         Level 29, 31 Market Street
         Sydney


EVENMELT PTY: To Declare Dividend on October 14
-----------------------------------------------
Evenmelt Pty Ltd 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


GOLFER PTY: To Declare Dividend on October 20
---------------------------------------------
Evenmelt Pty Ltd will declare dividend for its creditors on
Oct.  20, 2008.

Creditors who were unable to file their proofs of debt on Sept.
10, 2008, were excluded in the company's dividend distribution.

The company's deed administrators are:

          Glenn Michael Shannon
          Paul Desmond Sweeney
          SV Partners
          SV House, 138 Mary Street
          Brisbane QLD 4000


IDARUS PTY: To Declare Dividend on October 17
---------------------------------------------
Idarus Pty Ltd fka Northaul will declare dividend for its
creditors on Oct.  17, 2008.

Creditors who were unable to file their proofs of debt on Sept.
10, 2008, were excluded in the company's dividend distribution.

The company's liquidator is:

          Gerald Collins
          PKF
          Level 6, AMP Place
          10 Eagle Street
          Brisbane QLD 4000
          Telephone (07) 3226 3577


HEDLEY LEISURE: Reports Net Loss Following Property Devaluations
----------------------------------------------------------------
Hedley Leisure & Gaming Property Fund said it has now received
final independent valuations for a representative selection of its
property portfolio for inclusion in the final accounts for the
year ended June 30, 2008.  The independent valuations are dated
mid August and late September 2008 respectively and reflect
current market conditions.

The results of these valuations indicate that a further reduction
in value of the pub assets of AU$16 million is required, bringing
the total write down in pub asset valuations to AU$80 million.
These write downs reflect the reduction in values derived by the
independent valuations and directors' valuation of all other pub
assets being applied to the whole property portfolio, and
represents an overall 7.6% reduction in the carrying value of the
HLG pub assets from the previous accounts of HLG as at Dec. 31,
2007.

The further write down will increase the after tax loss reported
in the Appendix 4E statement by the amount of the write down,
which will increase the result from a loss (after tax) of AU$75
million to a loss (after tax) of AU$91 million in the audited
annual accounts.

As a result, the carrying value of the property portfolio will be
AU$1,065 million as at June 30, 2008.  The market value of Hedley
Leisure's holding in ALE at June 30, 2008 was AU$10 million,
bringing its total investment portfolio value to AU$1,075 million.
HLG's net indebtedness to its Senior Banking Syndicate (SBS) is
AU$689 million, and to its Junior Banking Syndicate (JBS) is AU$60
million.

The effect of this revision in carrying value is a Loan to Value
Ratio (LVR) for the SBS of 64.09% and for the JBS of 69.67% (on
the same basis as set out on page 6 of the Appendix 4E).

An LVR of greater than 70% for the SBS or 75% for the JBS
constitutes an event of default.  Should LVRs exceed 65% for the
SBS, then HLG would require the consent of the banking syndicate
for further drawdowns.  However, Hedley Leisure said it is seeking
to reduce LVR and it is currently unlikely that it would be
seeking to draw additional levels of debt.

Hedley Leisure said that inn line with the company's previously
stated aims of actively reducing debt levels and LVR, Hedley
Leisure is continuing to review strategic options to achieve these
aims.  As such, steps have been taken to divest certain assets,
four of which have settled post the June 30, 2008, balance date.

Hedley Leisure reported a net loss of AU$90.765 million on total
revenue of AU$77.293 million for the year ended June 30, 2008.

                       About Hedley Leisure

Based in Queensland, Australia, Hedley Leisure & Gaming Property
Fund (ASX:HLG) -- http://www.hlg.com.au--  is a property fund
which invests in the Australian Pub freehold market.  HLG owns 52
Pub, 15 bottle shop, and ancillary retail freeholds, and a 21.3%
stake in ALE Property Group, which owns 99 Pub freeholds.  HLG has
contracts to acquire a further 34 Pub freeholds.  HLG receives
approximately 82% of its income from Coles Group Limited and
National Leisure and Gaming Limited.  HLG consists of Hedley
Leisure & Gaming Property Trust (the Trust) and Hedley Leisure &
Gaming Property Partners Limited (the Company).  HLG Management
Pty Ltd is the manager of the Company.  Hedley Leisure & Gaming
Property Services Pty Ltd is a wholly owned subsidiary of the
Company, holds the assets of the Trust.


ITW P&F: To Declare Dividend on October 15
------------------------------------------
ITW P&F Holdings Pty Ltd will declare dividend on Oct. 15, 2008.

Creditors who were unable to prove their debts on Sept. 23, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Leanne Chesser
          KordaMentha
          Level 24, 333 Collins Street
          Melbourne VIC 3000


N EYE: Liquidator to Give Wind-Up Report on October 7
-----------------------------------------------------
N EYE Security Pty Ltd will hold a meeting for its members and
creditors at 10:00 a.m. on
Oct. 7, 2008.  During the meeting, the company's liquidator, Brent
Kijurina, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Brent Kijurina
          Hall Chadwick
          Chartered Accountants
          Level 29, 31 Market Street
          Sydney


PERRIN CONSTRUCTIONS: Members and Creditors to Meet on October 6
----------------------------------------------------------------
Perrin Constructions Pty Ltd will hold a meeting for its members
and creditors at 10:00 a.m. on Oct. 6, 2008.  During the meeting,
the company's liquidator, A. L. Dunner, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          A. L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street
          Richmond


RAPTIS GROUP: Unit Sells Ferny Dev't Site for AU$30 Mil.
--------------------------------------------------------
Cira International Pty Ltd, a subsidiary of Raptis Group Limited,
has entered into a conditional contract with Pandamus Beach
Investments Pty Limited to sell its Ferny Avenue development site
at Surfers Paradise for AU$30 million.

Cira International said the proceeds of the sale will be used to
retire debts.

The development site which is located at Ferny Street in Surfers
Paradise, immediately to the north of the Gold Coast International
Hotel, is jointly owned by CP1 Limited and Cira International.

Pandanus Beach Investments is undertaking due diligence on the
site.  When this is completed, settlement of the transaction is
expected to occur in late November.

Separately, Cira International said it has successfully settled
the sale of Gold Coast International Hotel.  The hotel has been
acquired by Amalagamated Holdings Limited for AU$56.5 million.

As reported in the Trouble Company Reported-Asia Pacific on
Sept. 12, 2008, The Australian said Raptis Group arm Limdaning was
placed in receivership after it failed to pay subcontractors.
According to that report, Raptis lender Capital Finance Australia
had appointed KordaMentha as receiver to Limdaning, which was
developing the third tower of the group's AU$700 million
Southport Central development on the Gold Coast.

The Australian recounted that this is the second time the Raptis
Group - which is headed by Jim Raptis - suffered severe financial
difficulties, with the group placed in administration in 1993.

According to The Australian, the company had delivered a AU$13.9
million net loss for the full year after accounting for AU$20.5
million of write-downs on the value of property assets in the
period.  At June 30, Raptis had total assets of AU$912 million and
total liabilities of AU$903 million.

On Sept. 10, 2008, Raptis requested a trading halt on its
securities saying its directors are considering funding
alternatives and seeking advice before taking appropriate action.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


TESON TRIMS: To Wind Down Business Early This Month
---------------------------------------------------
Teson Trims is closing its doors after administrators failed to
find a buyer for the company, ABC New reports.

The report says the company will wind down operations in early
October.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 9, 2008, citing ABC News, Teson Trims has gone into
voluntary administration.  Administrator Matthew Byrnes then said
Teson Trims will continue to operate in the short term while
“exploring possibilities for a sale."

Teson Trims is the latest car manufacturing business to struggle
from difficulties in the car industry, according to ABC News.

Based in Victoria, Australia, Teson Trims manufactures auto
components including door inserts, kick panels and spare wheel
covers.  The company employs 130 workers in Euroa and Mitcham.



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C H I N A
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CHINA DIGITAL: Posts US$177,984 Loss for Six Months Ended June 30
-----------------------------------------------------------------
China Digital Communication Group and Subsidiaries Inc. disclosed
in a  filing with the U.S. Securities and Exchange Commission that
it posted US$177,984 in net losses on US$1,663,923 in net revenues
for the first half ended June 30, 2008, compared with US$2,228,922
in net losses on US$2,007,811 in net revenues for the same period
ended June 30, 2007.

The decrease in net loss was primarily due to expenses in the six
months ended June 30, 2007, related to losses from discontinued
operations of 1,368,769 and the decrease in the company's net loss
from operations.

China Digital posted US$586 in net losses on US$1,173,557 in net
revenues for three months ended June 30, 2008, compared with
US$1,000,701 in net losses on US$368,823 in net revenues for three
months ended June 30, 2007.

The increase in sales was due to a general increase in business
from our customer base.

As of June 30, 2008, China Digital's unaudited balance sheet
showed US$6,762,363 in total assets, US$791,984 in total
liabilities, and US$5,970,378 in shareholders' equity.

A full-text copy of the company's finaicial report is available
for free at http://researcharchives.com/t/s?32dc

                     About China Digital

China Digital Communication Group and Subsidiaries Inc., (OTC:
CHID) -- www.chinadigitalgroup.com/ -- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The company is headquartered in Shenzhen,
Guangdong, Republic of China.

In an April 2008 filing with the U.S. Securities and Exchange
Commission, Kabani & Company, Inc., raised substantial doubt about
the ability of China Digital Communication Group and Subsidiaries
Inc., to continue as a going concern after it audited the
company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's accumulated deficit of
US$12,078,964 at Dec. 31, 2007, which included net losses for the
years ended Dec. 31, 2007 and 2006.


CHINA DIGITAL: Unit Inks US$2.15MM Loan Deal with Chinese Bank
--------------------------------------------------------------
China Digital Communication Group disclosed in a Securities and
Exchange Commission filing that its wholly owned subsidiary,
Shenzhen E'Jenie Science and Technology Development Ltd., entered
into a loan agreement with China Construction Bank, Shenzhen
Branch for a working capital loan.

The transaction was closed on Sept. 16, 2008.  The Loan has a one-
year term in the principal amount of RMB15 million (US$2.15
million) at an interest rate of 8.59%, which is a 15% premium over
the current 7.47% interest rate, from Aug. 25, 2008 to Aug. 24,
2009.

The loan proceeds will be used solely for liquidity capital
purpose, and is secured by Shenzhen Hua Yin Guaranty and
Investment LLC.  The company paid a US$110,000 guarantee fee to
Hua Yin, who will be liable for any unpaid portion of the Loan if
the company defaults on the payments.

The Loan is subject to certain conditions:

  -- Shenzhen E'Jenie will settle all previous balance with the
     Lender;

  -- all properties of Shenzhen E'Jenie will not be transferred
     during the term;

  -- the settlement amount in China Construction Bank will not
     be lower than 50%.

A copy of the Loan Agreement is available free of charge at:

              http://researcharchives.com/t/s?32d9

                     About China Digital

China Digital Communication Group and Subsidiaries Inc., (OTC:
CHID) -- www.chinadigitalgroup.com/ -- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The company is headquartered in Shenzhen,
Guangdong, Republic of China.

In an April 2008 filing with the U.S. Securities and Exchange
Commission, Kabani & Company, Inc., raised substantial doubt about
the ability of China Digital Communication Group and Subsidiaries
Inc., to continue as a going concern after it audited the
company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's accumulated deficit of
US$12,078,964 at Dec. 31, 2007, which included net losses for the
years ended Dec. 31, 2007 and 2006.


CHINA EASTERN: To Increase Flights in India
-------------------------------------------
China Eastern Airlines Corporation Limited plans to increase its
operations in India by adding one more flight to its Delhi-
Shanghai-Beijing route, which currently has four flights a week,
Thaindian News reports.

The company, the report relates, will fly daily from three flights
a week on Kolkata-Kunming route by the end of next month.

According to the report, the company said it is still waiting for
a clearance from the the Indian government, but they are confident
to get it.

Edward Zhu Xuemin, airline's representative in India, said it will
promote Kunming, a famous tourist destination, the report adds.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centers
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA EASTERN: Ties Up with Korean Air for Temporary Flights
------------------------------------------------------------
China Eastern Airlines Corporation Limited will team up with
Korean Air to launch a temporary passenger charter flight between
Huangshan and Inchon from October 1 through to November 30 this
year, China Knowledge News reports, citing then Huangshan
municipal government.

In recent years, Huangshan city, the report relates, has attached
great importance to the infrastructure construction of the
Huangshan Mountain Scenic Spot as well as the rural tourism
locations with local culture.

Last year, both Korean Air and China Eastern Airlines launched
flights from Huangshan to Seoul, capital city of South Korea, the
report recounts.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centers
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA MINSHENG: Selects Surecomp's Trade Finance Solution
---------------------------------------------------------
China Minsheng Banking Corporation selected Surecomp's straight-
through processing trade finance solution to automate its trade
service operations, Datamonitor News reports.

Lin ZhiHong, general managerof trade finance department at China
Minsheng Banking Corporation (CMBC), the report relates, said:
"CMBC selected Surecomp as its trade finance solution technology
partner because Surecomp was able to demonstrate conclusively the
benefits that their automated solution will bring to CMBC's daily
trade finance operations.  We know that with Surecomp we are
licensing a field-proven system."

Meanwhile, the report notes, Joel Koschitzky, chairman and CEO of
Surecomp, said: "We are excited to partner with CMBC to provide
best-in-class trade finance solutions and to become a major
contributor to the bank's continued development in the growing
Chinese economy.  Our partnership with CMBC and the continued
expansion of activities in the Chinese market further reinforces
Surecomp's position a global leader in the development of trade
finance solutions."

                     About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s mainly provides
commercial banking services that include absorbing public
deposits, providing short term, medium term, and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


CHINA SOUTHERN: Zhao Liu An Retires as Executive Director
---------------------------------------------------------
Zhao Liu An informed China Minsheng Banking Corporation Limited
of his resignation as an executive Director due to retirement.
Pursuant to the articles of association of the company, his
resignation took effect on Sept. 19, 2008.

Mr. Zhao confirmed that he has no disagreement in all aspects with
the Company and there is no matter relating to his resignation
that should be brought to the attention of the holders of
securities of the company.

Meanwhile, according to the recommendation of China Southern Air
Holding Company (the controlling shareholder of the company), it
is proposed to nominate Liu Bao Heng as an executive Director
of the Fifth Session of the Board and submit such proposal to the
forthcoming general meeting of the Company for approval in
accordance with the articles of association of the company and the
applicable listing rules.

All the 11 Directors who were convened to take part in have
attended the session.  The above resolution has been reviewed and
approved by the Directors in a way and procedure in compliance
with the provisions of the company Law and the articles of
association of the company.

Mr.  Heng, aged 58, a candidate proposed to be an executive
Director.  Mr. Liu graduated from The Central Institute of Finance
and Banking majoring in Accounting and is an auditor.

Mr. Liu joined the workforce in 1968. Between 1988 and 1993, he
held the post of section officer, deputy director and director of
the No. 3 Division of Department of Public Finance Audit of
National Audit Office of the People's Republic of China (CNAO).

From 1993 to 1995, he was the assistant and deputy commissioner to
CNAO's Xian Resident Office.  He became the deputy chief of the
Department of Public Finance Audit in November 1995 and
subsequently the department chief in November 1999.

In December 2001, he became the director of the General Office of
CNAO. He has been a member of the Party Committee and the chief
accountant of China Southern Air Holding Company since February
2006.

If Mr. Liu is appointed as a Director, he will enter into a
service contract with the company.

                      About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


XERIUM TECHNOLOGIES: Makes Changes to Asian Division
----------------------------------------------------
Thomas Carroll Johnson, president of Xerium Technologies, Inc.'s
Asian Division, filed a Form 3 with the Securities and Exchange
Commission on Sept. 12, 2008, disclosing that "no securities are
beneficially owned."

In a Sept. 4 press release, Xerium Technologies disclosed changes
to Xerium's Asian Division management structure "aimed at
accelerating customer engagement and revenue growth, capitalizing
on the significant capital investment the company has made in Asia
with its new Vietnamese forming fabric plant, and acquisition of
two roll cover businesses in December 2007."

Mr. Johnson's appointment as president for Xerium Asia was
effective Sept. 4.

Commenting on the appointment, Stephen Light, President, Chief
Executive Officer and Chairman, said, "Tom brings proven executive
leadership experience in developing and nurturing Asian business
to business relationships and revenue growth to his new
assignment, as well as a solid background in operational
management developed in businesses serving both OEM and
consumables markets worldwide.  The customer base he served
included major manufacturers in China and Japan in the aerospace,
electronics, and commercial manufacturing markets.  Tom also led
successful alliance projects between his former employer, Flow
International Corporation, and Chinese manufacturing companies
leading to the development of jointly marketed products worldwide.

"Prior to joining Xerium in April 2008, Tom was Executive Vice
President-Asia at Flow International, Senior Vice President-
Operations at Flow International, and a Plant Manager for Paccar,
the world's largest class 8 over the road truck tractor
manufacturer where he was responsible for the Greenfield
construction and start up of a major truck plant."

Direct reports to Mr. Johnson include:

  -- Bill Roth, responsible for Asia Clothing Sales,

  -- William Leishman, recently appointed and responsible for
     China Roll sales,

  -- Geoff Charnley, responsible for all Asian Operations,

  -- Graeme Noble, responsible for the Vietnam facility
     construction project, and

  -- Chang Liu, Asia's financial controller.

Cheryl Diuguid, formerly Division President-Asia, has left the
company to pursue other interests.

                   About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and supplies
two types of consumable products used in the production of paper:
clothing and roll covers.  With 35 manufacturing facilities in 15
countries around the world, Xerium has approximately 3,700
employees.

                        *     *     *

As disclosed in the Troubled Company Reporter on June 9, 2008,
Moody's Investors Service revised Xerium Technologies, Inc.'s
outlook to positive from negative, upgraded its speculative grade
liquidity rating to SGL-3 from SGL-4, and upgraded its probability
of default rating to Caa1 from Caa2.

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services affirmed its ratings on Xerium
Technologies Inc., including the 'CCC+' corporate credit rating,
and removed them from CreditWatch, where they were originally
placed with negative implications on March 19, 2008.  At the same
time, S&P assigned a positive outlook.



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

AMERICAN INT'L: Implements Retention Program for Executives
-----------------------------------------------------------
American International Group, Inc.'s retention program became
effective on Sept. 22, 2008.  The program applies to about 130
executives and consists of cash awards payable 60% in
December 2008 and 40% in December 2009.

Executive officer Jay Wintrob is receiving an award of
US$3,000,000.

On Sept. 25, 2008, executive officer Robert M. Sandler retired
from AIG following a change in his position.  Mr. Sandler had been
employed by AIG for over 39 years.  In connection with his
retirement, AIG entered into an agreement and release with Mr.
Sandler that implements the retirement benefits of AIG's long-term
compensation plans and provides the separation pay and other
benefits to which AIG executives are entitled under AIG's
Executive Severance Plan for terminations without cause.  These
benefits include a payment of a total of US$2,514,168 in
separation pay, payable over 2 years.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility of up to US$85 billion.  AIG's
borrowings under the revolving credit facility will bear interest,
for each day, at a rate per annum equal to three-month Libor plus
8.50%.  The revolving credit facility will have a 24-month term
and will be secured by a pledge of assets of AIG and various
subsidiaries.  The revolving credit facility will contain
affirmative and negative covenants, including a covenant to pay
down the facility with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INT'L: Selling US$16BB in Real Estate to Repay U.S. Loan
---------------------------------------------------------------
American International Group Inc. might seek buyers for some of
its US$16 billion in global real estate holdings to repay a U.S.
government loan, Bloomberg News' Brian Louis reports.

The nation's largest insurer agreed last week to an US$85 billion
federal loan to prevent the company's collapse.

"Many of AIG's properties could be trophy properties that don't
come up for sale very often," said Ray Torto, Boston-based global
chief economist for CB Richard Ellis Group Inc., the world's
largest commercial real estate broker.  That could spur interest
from multiple bidders, he said.

AIG's plans comes amid a weak real estate climate and the
reluctance of banks to unload their excess cash.

"AIG has plenty of high quality businesses potentially for sale,"
analysts led by Thomas Gallagher said.  The insurer's overseas
life insurance and U.S. retirement services units are the most
"coveted" businesses, he said.  AIG's foreign life insurance
division could sell for more than US$60 billion before taxes and
its U.S. life and retirement companies may fetch US$25.2 billion.
The company's aircraft leasing unit could sell for US$3.4 billion
before taxes, he said.

American International Group said on Friday that it will not seek
shareholder approval for a plan to issue convertible preferred
shares that will give the U.S. government 79.9 percent stake in
the insurer, Reuters reported Friday.

According to Reuters, AIG said its board's audit committee had
decided that delaying the deal to seek shareholder approval "would
seriously jeopardize the financial viability of AIG."

               About American International Group

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG. The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INT'L: Secures Reinsurance From Berkshire for Unit
-----------------------------------------------------------
American International Group Inc. said on Friday that it has
struck a deal to buy reinsurance for its real estate insurance
business, Lexington Insurance Co., from National Indemnity Co., a
unit of Warren Buffett's Berkshire Hathaway Inc., according to a
report by Liam Pleven at The Wall Street Journal.

According to WSJ, AIG said that the deal means that Berkshire
Hathaway will help cover losses on certain Lexington Insurance
policies, largely involving real estate.  Lavonne Kuykendall at
Dow Jones Newswires relates that under the deal, National
Indemnity will provide a contingent property reinsurance cover for
Lexington Insurance's real estate portfolio, along with policies
having limits of US$250 million or more, policies with home and
foreign exposure, and the property sections of most of its
homeowners insurance business.

WSJ states that an AIG spokesperson said that some of the policies
are "sensitive" to the insurer's ratings from Standard & Poor's,
which downgraded AIG's ratings earlier this month.  According to
Dow Jones, the deal could reassure big real estate customers whose
lenders often require that insurance carry a top credit rating,
like Berkshire.

AIG did not say how much it will pay Berkshire for the coverage
and how extensive the coverage is, Dow Jones reports.

Mr. Buffett has said that he is interested in some AIG assets, WSJ
states, citing an expert.  WSJ relates that the expert said that
Berkshire already has extensive insurance holdings and could learn
more about Lexington Insurance as a result of the deal.  "When you
underwrite reinsurance, you do the same work as if you are buying
the company," WSJ quoted Rancho Santa Fe reinsurance consultant
Andrew Barile as saying.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of
US$4.63 billion for the second quarter of 2007.  The continuation
of the weak U.S. housing market and disruption in the credit
markets, as well as global equity market volatility, had a
substantial adverse effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


AMERICAN INT'L: Gov't to Get 80% Stake Without Shareholder OK
-------------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that the American
International Group Inc. said on Friday it will give the
government control of 80% of the company without seeking
shareholder approval.

The board's audit committee determined that the "delay" in getting
the shareholder approval "would seriously jeopardize the financial
viability" of the company, WSJ says, citing AIG.

WSJ relates that the New York Stock Exchange approved AIG's
decision to grant the government a stake in the firm without
getting shareholder approval.  The report states that the
company's decision deprives shareholders seeking alternatives of
potential leverage.  According to the report, some shareholders
have been trying to find a way to repay the US$85 billion loan
before the government took the stake.  AIG had borrowed US$44.57
billion from the Federal Reserve as of Wednesday, the report says,
citing the central bank.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion.  AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


AMERICAN INT'L: Shareholders Sell 40MM Shares, To Buy Firm
----------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that American
International Group Inc.'s former CEO, Maurice R. Greenberg, and a
group of affiliated shareholders said that they sold off 40
million shares on Thrusday, shrinking their stake to 9.99%, just
below the 10% key regulatory threshold.

According to WSJ, moving under the 10% level gives Mr. Greenberg
more room to maneuver as a potential buyer.  Shareholders below
that level could explore the possibility of purchasing the company
with outside investors with less risk of triggering the
requirement, WSJ states.

Under New York law, shareholders who control more than 10% of an
insurer's shares must apply to the New York State Insurance
Department before making moves seen as exercising control over the
company.

Mr. Greenberg and other shareholders have said that they may try
to buy AIG units or take control of the company, WSJ reports.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG. The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of
US$4.63 billion for the second quarter of 2007.  The continuation
of the weak U.S. housing market and disruption in the credit
markets, as well as global equity market volatility, had a
substantial adverse effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


CHENG'S BROTHERS: Members to Meet on November 15
------------------------------------------------
The members of Cheng's Brothers Engineering Co. Limited will meet
on November 15, 2008, at 9:00 a.m. for the purpose of examining
the liquidators' accounts.

The company's liquidator is:

          Cheng Kwan Yam
          Flat 12A, 6 Shun Yung Street
          Kowloon


CHINESE EDUCATORS: Placed Under Voluntary Liquidation
-----------------------------------------------------
The members of Chinese Educators' Association Limited met on
September 18, 2008, and resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Yang Shu Tung
          Prosper Commercial Building
          Room 504, 5th Floor
          9 Yin Chong Street
          Mongkok, Kowloon
          Hong Kong


GEIS CARGO INDOCHINA: Members and Creditors to Meet on October 29
-----------------------------------------------------------------
The members and creditors of Geis Cargo Indochina Limited will
meet on October 29, 2008, at 10:00 a.m. and 10:30 a.m.
respectively, at the 35th Floor of One Pacific Place, in 88
Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GEIS CARGO JM: Members and Creditors to Meet on October 29
----------------------------------------------------------
The members and creditors of Geis Cargo JM Hong Kong Limited will
meet on October 29, 2008, at 11:00 a.m. and 11:30 a.m.
respectively, at the 35th Floor of One Pacific Place, in 88
Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GROGRAM LIMITED: Marcus Steps Down as Liquidator
------------------------------------------------
On September 16, 2008, Ha Man Kit Marcus stepped down as
liquidator of Grogram Limited.

The company's former Liquidator can be reached at:

          Ha Man Kit Marcus
          99 Hennessy Road
          Rooms 2302, 23rd Floor
          Wan Chai, Hong Kong


HANG FUNG: S&P's Ratings Unaffected By Chairman/Founder's Death
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Hang Fung Gold Technology Ltd. (BB/Stable/--) are not
affected at this time by the sudden passing away of the founder
and chairman, Dr. Lam Sai Wing.  Although Dr. Lam was a key
decision maker at Hang Fung Gold, S&P doesn't expect his loss to
have a material effect on the company's strategy and business
plan.


KADEFU DEVELOPMENT: Creditors' Proofs of Debt Due on October 10
---------------------------------------------------------------
Kadefu Development 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 3:30 p.m. and 3:45 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


MBF PROPERTIES: Marcus Steps Down as Liquidator
-----------------------------------------------
On September 16, 2008, Ha Man Kit Marcus stepped down as
liquidator of MBF Properties Holdings (HK) Limited.

The company's former Liquidator can be reached at:

          Ha Man Kit Marcus
          99 Hennessy Road
          Rooms 2302, 23rd Floor
          Wan Chai, Hong Kong


MOULIN (H.K.): Annual Meetings Set for October 10
-------------------------------------------------
The creditors and contributories of Moulin (H.K.) Logistics
Company Limited will hold their annual meetings on October 10,
2008, at 11:00 a.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.


THE CHINA HISTORY: Placed Under Voluntary Liquidation
-----------------------------------------------------
The members of The China History Compilation & Research
Association Limited met on September 18, 2008, and resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Yang Shu Tung
          Prosper Commercial Building
          Room 504, 5th Floor
          9 Yin Chong Street
          Mongkok, Kowloon
          Hong Kong


TOTAL PERSON: Members' to Receive Wind-Up Report on October 31
--------------------------------------------------------------
The members of Total Person International Limited will meet on
October 31, 2008, at 3:00 p.m., at Suite 2408, 24th Floor of
Tower 2, Lippo Centre, in 89 Queensway, Hong Kong.

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



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

ICICI BANK: Says Rumors on its Financial Position "Baseless"
------------------------------------------------------------
The Economic Times reported yesterday that shares of ICICI Bank
Limited fell to a two-year low on September 29, as the lack of
clarity over the bank's losses on its overseas investments —
mainly in debt paper issued by global financial giants — triggered
another bout of selling.  Bloomberg News said the bank's shares
dropped 11 percent to 500.45 rupees as of 3 p.m. local time
Monday.

According to The Economic Times, analysts and brokers said the
stock is being pounded for being on the portfolio of most foreign
investors, who have stepped up selling in Indian equities in
recent weeks.  Foreign ownership in ICICI Bank is close to 70%
hence market perceptions of the bank's riskier asset portfolio has
resulted in several investors shifting to India's largest bank,
SBI, in recent months, the news agency cited analysts as saying.

The Times of India relates that security guards at a number of
ICICI ATMs reported an increase in the number of customers
arriving to withdraw cash through Monday night and Tuesday morning
while the Times of India's offices received several calls from
readers asking if ICICI was indeed in trouble, and if they should
withdraw their money.

ICICI Bank Chief K V Kamath dismissed the rumors as "baseless and
malicious"
blaming market manipulators of hammering the bank's stock by 14%
on Monday, The Times of India says.

In a press statement, ICICI Bank said it is aware that rumors are
being repeatedly circulated in certain centers regarding the
financial strength of the Bank.  The Bank stated that the rumors
are baseless and malicious.

Noting that the rumors could create concern among the Bank's
customers, the Bank reiterated that:

   -- ICICI Bank has a very strong capital position, having
      proactively raised Rs. 20,000 crore (about US$ 5 billion)
      in June 2007, almost doubling its capital base.  It has
      a networth of over Rs. 47,000 crore (i.e. over
      US$10 billion) and a capital adequacy ratio of 13.4%
      at June 30, 2008, as against the regulatory requirement
      of 9.0%.  This is among the highest levels of capital
      adequacy in large Indian banks.  This reflects the
      healthy capital position and comfortable level of
      leverage.  Its banking and non-banking subsidiaries
      are also well-capitalised.

   -- ICICI Bank has consolidated total assets of over
      Rs. 484,000 crore (over US$105 billion), which is
      diversified across a wide range of asset classes in
      India and overseas.

   -- ICICI Bank is profitable.  It made a profit after
      tax of Rs. 4,158 crore (over US$900 million) in FY2008
      and Rs. 728 crore (over US$155 million) in the first
      quarter of this year.  This was due to the strong core
      performance, which more than offset the impact of
      adverse debt and equity market conditions in India and
      globally since the second half of FY2008.

   -- ICICI Bank's wholly owned subsidiary, ICICI Bank UK PLC
      has, as part of its normal treasury operations, a
      diversified investment portfolio.  ICICI Bank UK PLC
      has zero exposure to US sub-prime credit, and zero
      non-performing loans.  About 98% of its non-India
      investment book of US$3.5 billion is rated investment
      grade and above, with about 89% rated A- and above.  In
      addition, ICICI Bank UK PLC holds cash equivalent
      instruments (inter-bank placements and certificates of
      deposit) of USD1.1 billion.  As on the last balance
      sheet date of June 30, 2008, ICICI Bank UK PLC had a
      capital adequacy ratio of 17.4%.

   -- The absorption of the impact of current market conditions
      on investment portfolio valuation will not pose any
      challenge to ICICI Bank's capital position.

The Reserve Bank of India clarified in a separate statement that
the ICICI Bank
including its subsidiary banks have sufficient liquidity to meet
the requirements of its depositors.

The Reserve Bank said it is monitoring the developments and has
arranged to provide adequate cash to ICICI Bank to meet the
demands of its customers.

                     About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

ICICI Bank Limited continues to carry a "C" Bank Fundamental
Strength Rating
placed by Standard & Poor's on July 10, 2005.  The bank's Proposed
Hybrid Tier I notes (US$5 billion MTN program) and Proposed Lower
Tier II sub notes (US$5 billion MTN program) also carry a "BB" and
"BB+" rating respectively.


VIJAYESWARI TEXTILES: CRISIL Revises Rating Outlook to "Negative"
-----------------------------------------------------------------
CRISIL has revised its rating on Vijayeswari Textiles Ltd's
(Vijayeswari Textiles') term loan facility to 'BB/Negative' from
'BBB-/Stable', and on the company's short-term facilities to 'P4'
from 'P3'.

   * Rs.1734.10 Million    BB/Negative (Downgraded
     Long Term Loan        from BBB-/Stable)

   * Rs.120 Million
     Letter of Credit     P4 (Downgraded from P3)

   * Rs.802.50 Million
     Packing Credit &
     Bills Discounting
     facility              P4 (Downgraded from P3)

The downgrade is on account of the adverse impact on Vijayeswari
Textiles' financial risk profile of the more-than-expected delay
in implementation of its Rs.2.6 billion capital expenditure
(capex) programme.  The capex involves increasing spinning,
weaving and processing capacities, and adding windmills with an
aggregate power generation capacity of around 5 megawatts (MW).
The expanded capacities, which were scheduled for commissioning in
December 2008, are now expected to be commissioned by June 2009.
The delay will result in lower-than-expected turnover and cash
accruals for Vijayeswari Textiles for 2008-09 (refers to financial
year, April 1 to March 31), while interest repayment on loans
contracted for the projects have already commenced.

In addition, Vijayeswari Textiles' cash flows for 2008-09 have
been subdued on account of the slowdown in the US economy; US
exports constituted around 69 per cent of the company's total
revenues in 2007-08.  The company has faced delays in receipt of
regular orders from its major customer, Macys (rated 'BBB-
/Stable/A-3' by Standard & Poor's).  Reduction in cash accruals
will result in increased reliance on debt. Vijayeswari Textiles'
working capital limit utilisation is high at more than 80 per cent
in 2007-08 and 2008-09.  CRISIL expects the company's gearing to
remain at more than 1.8 times, and the ratio of net cash accruals
to total debt (NCATD) at less than 8 per cent over the next couple
of years.

The rating remains underpinned by Vijayeswari Textiles'
longstanding relationships with key customers, and above-average
operating margins.

Outlook: Negative

CRISIL expects a tightening in Vijayeswari Textiles' liquidity
with the repayment of term loans associated with the capacity
expansion programme scheduled to begin from 2009.  The rating may
be downgraded in the event of further time or cost overruns on the
programme, or inability to reschedule principal repayment on
borrowings associated with the programme.  Early completion of the
programme, higher-than-expected cash flows and margins, and
favourable rupee and cotton price movements are among factors that
can drive a revision in outlook to 'Stable'.

                    About Vijayeswari Textiles

Incorporated in 1953, the Coimbatore-based Vijayeswari Textiles
manufactures and exports high-end made-ups and cotton yarns.  For
2007-08, the company reported a consolidated net profit of
Rs.88.51 million on sales of Rs.1.44 billion, as against a net
profit of Rs.147.41 million and sales of Rs.1.41 billion in the
previous year.  For the three months ended June 30, 2008,
Vijayeswari reported a net profit of Rs.1.1 million on sales of
Rs.0.31 billion, as against net profit and sales of Rs.44.33
million and Rs.0.35 billion, respectively, for the corresponding
quarter in the previous year.



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

DAIWA SECURITIES: Seeks More Investors for Pacific Holdings
-----------------------------------------------------------
Daiwa Securities Group Inc. is seeking additional investors to
join in a plan to acquire a stake in Pacific Holdings Co. to
reduce risk, citing "global financial turmoil," Mari Murayama of
Bloomberg News reports.

Daiwa Chief Executive Officer Shigeharu Suzuki told Reuters in
August the brokerage wanted to expand its real estate business to
stabilise its revenue sources.  The company was considering buying
a more than 50% stake in Pacific Holdings.

According to Bloomberg News, citing a statement from the Tokyo
Stock Exchange, Daiwa Securities changed terms to allow for the
participation of other financial institutions or investors.

Recently, Reuters reports that Daiwa Securities said it had miss
the deadline to complete its deal with Pacific Holdings on
September 30, due to the global market turmoil.

In a company press release, Daiwa Securities said it will have
further discussions with Pacific Holdings regarding capital
injection with the premise that the investment risk for the
company will be lowered, including but not limited to, improvement
in market environment, proactive support from financial
institutions, and co-investment from other investors.  The company
also agreed with Pacific Holdings to amend the basic agreement
reached on July 11, 2008 to allow Pacific Holdings to discuss
about capital alliance with other investors.

Daiwa Securities said it is currently is not considering to make
Pacific Holdings a consolidated subsidiary, although the
possibility has been reported in some news report.

Meanwhile, according to Reuters, Pacific Holdings said it expects
a bigger annual loss, which prompted Nikko Citigroup to cut the
company's stock rating to "neutral" from "buy" and slash its
target price to JPY16,650 from JPY61,000.  Pacific Holdings now
expects a net loss of JPY25 billion (US$240.2 million) in the year
ending in November against an earlier forecast of a net loss of
JPY4.6 billion, the report says.

Moreover, Japanese credit rating agency Rating & Investment
Information (R&I) slashed its rating on Pacific Holdings by three
notches to BB-minus, below investment grade, adding the company
was under watch for a possible further downgrade, the report adds.

                     About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

                          *     *     *

As of June 13, 2008, the company still holds Nice Ratings' “BB-”
Subordinated Unsecured Debt Rating.


DAIWA SECURITIES: To Tinker With Asian Retail Operations
--------------------------------------------------------
Daiwa Securities Group Inc. plans to reconstruct its Singapore-
based retail operations for wealthy customers in Asia by combining
them with wholesale services, Jiji Press reports.

The report relates that Daiwa Wealth Asset Management Singapore
Pte., will be integrated with a local unit of Daiwa Securities
SMBC Co.

According to the report, Daiwa Securities Group has found it
difficult to increase profit by retail services alone, as wealthy
customers want investment banking services as well.  By combining
retail and wholesale operations, Daiwa Securities Group hopes to
provide a broader range of services in an integrated manner, Jiji
Press relates.

Meanwhile, the report says, Daiwa Securities Group also plans to
boost operating revenue in the Asian region, including China and
India, to some JPY100 billion in fiscal 2012, intending to
maintain its standing in the Asian market by improving operational
efficiency.

                    About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

                          *     *     *

As of June 13, 2008, the company still holds Nice Ratings' “BB-”
Subordinated Unsecured Debt Rating.


ISHIKAWAJIMA-HARIMA: Fitch Affirms 'BB" ID and Debt Ratings
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Ishikawajima-Harima Heavy
Industries Co. Ltd.'s Long-term foreign and local currency Issuer
Default Ratings to Negative from Stable, while affirming its Long-
term IDRs and senior unsecured debt ratings at 'BB'.

"The Negative Outlook takes into account Fitch's concerns over
IHI's cost control issues for its overseas plant projects, the
mismanagement of which brought large losses to the company in the
past, and ongoing corporate governance issues in relation to its
past accounting treatment," said Tatsuya Mizuno, Director with the
agency's Corporates team.  "Potential rating implications will
depend on how IHI's renovated internal control systems work to
restore its operations, and the company's ability to turn around
its loss-making businesses and reduce its currently high
leverage."

The Securities and Exchange Surveillance Commission in Japan
revealed that IHI had violated the law by booking insufficient
losses as a result of underestimating outlays for its overseas
construction project in the fiscal year ended March 2007.  As
such, SESC recommended the Financial Services Agency in Japan to
impose a JPY1.59 billion fine on IHI for its erroneous financial
statements, which in turn led to the Tokyo Stock Exchange to place
IHI's stock under "Securities on Alert".  If TSE judged that the
company has failed to improve its internal control systems, TSE
may de-list IHI's stock.

Fitch notes that IHI aims to increase its current profit in FYE10
to JPY60.0bn from JPY15.9 billion in FYE06.  However, in view of
the company's operating losses for the two consecutive fiscal
periods thereafter (JPY5.6bn operating loss in FYE07 and JPY16.8bn
operating loss in FYE08), the agency expects IHI to have
difficulties in achieving the earnings target due to adverse
factors including rising material costs (especially steel), the
yen's appreciation and the weakening global economy, in addition
to IHI's own problems.

The rating agency views that it needs a few more years for IHI to
restore its operations, especially in its overseas plant business,
and to achieve sound financial flexibility.  Negative rating
triggers could result from IHI's failure to improve its internal
control systems, resulting in a delistment from the TSE, and/or an
inability to restore its profitability in overseas plant projects,
and continuous weak operating performance from substantially large
negative free cash flows.

Nevertheless, in the shipbuilding business, the company has
received numerous orders for large-scale container ships and bulk
carrier ships, although excess production capacity is expected in
and after 2010 in the global market.  Fitch notes that IHI is
considering integrating its shipbuilding business with that of JFE
Holdings, Inc. ('BBB+'/Stable/'F2').

The company is also a leading player in the global auto
turbocharger market, for which large demand growth can be expected
with implementation of stricter environmental regulations
globally, and the leading manufacturer of jet engines in Japan,
providing aero-engines and engine overhaul services and a major
contractor with Ministry of Defence.

IHI's previous dockyard near the central Tokyo area has been re-
developed into a large complex, which has been generating large
cash flows with the hike of land prices, thus compensating losses
in IHI's other operations.  IHI received JPY90.2bn proceeds from
sale of property, plant and equipment in FYE08, which made it
possible for the company to reduce its debts by JPY33.3bn to
JPY367.9bn at FYE08.  Reflecting its weak operating performance,
however, the company shows a weak financial flexibility, as shown
in its adjusted net debt/EBITDAR of 10.0x and adjusted net debt
equity of 1.4x in FYE08.

IHI is the third largest company of the three comprehensive heavy
machinery manufacturers in Japan.  During FYE08, IHI recorded
sales of JPY1,350.6bn, operating loss of JPY16.8bn and net income
of JPY25.2bn.


ORSO FUNDING: Fitch Holds 'BB' Ratings on Two Classes of Trusts
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Orso Funding CMBS 2005-1
Trust's trust beneficiary interests due January 2012, and assigned
Outlooks as:

  -- JPY4.85bn*, Class A TBIs affirmed at 'AAA'; Outlook Stable;
  -- JPY1.16bn*, Class B TBIs affirmed at 'AA'; Outlook Stable;
  -- JPY1.06bn*, Class C TBIs affirmed at 'A'; Outlook Stable;
  -- JPY0.95bn*, Class D TBIs affirmed at 'BBB'; Outlook Stable;
  -- JPY1.01bn*, Class E TBIs affirmed at 'BBB-'; Outlook Stable;
  -- JPY0.15bn*, Class F TBIs affirmed at 'BB'; Outlook Stable;
  -- JPY0.20bn*, Class G TBIs affirmed at 'BB'; Outlook Stable;
  -- Dividends-only, Class X TBIs affirmed at 'AAA'; Outlook
     Stable.

  * as of 26 September 2008

The rating affirmations and outlooks follow the analysis of the
performance of the underlying loans and remaining specified bond.
Although the collateral properties are performing well, the
structure of this transaction is such that TBIs redeem on a pro
rata basis, resulting in the above affirmations.

Fitch assigned ratings to the Orso Funding CMBS 2005-1 Trust
transaction in March 2005.  The transaction was initially a
securitisation of seven loans or specified bonds backed by 16
commercial properties.  To date, one loan and three specified
bonds have been repaid and therefore, the transaction is currently
secured by two loans and one specified bonds backed by seven
properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.



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

HYUNDAI: To Roll Out New Vehicle Aiming for Bigger European Market
------------------------------------------------------------------
Hyundai Motor Company and its affiliate Kia Motors Corp. will
introduce new models this week at the Paris Motor Show in hopes of
capturing a bigger slice of the European market, Yonhap News
reports.

Hyundai, the report relates, will debut its i20 small car as it
aim to increase sales amid rising oil prices and economic
uncertainties related to the U.S. subprime mortgage crisis.

According to the report, Hyundai will also introduce a third-
generation fuel-cell version of the i20, a hybrid version of the
Santa Fe sport-utility vehicle, the Genesis luxury sedan and the
i10 mini car.

Hyundai sold about 320,000 vehicles in Europe last year, the
report says.

                      About Hyundai Motor

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

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

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

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

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

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

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

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



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

EKRAN BERHAD: Has Until Nov. 30 to Settle Debt to Danaharta
-----------------------------------------------------------
Pursuant to the Amended Practice Note No. 17/2005, Ekran Berhad
disclosed that the Bursa Malaysia Securities Berhad decided to
allow the company's appeal to extend until November 30, 2008, for
the completion of the settlement of the debt of MYR50 million
owing to Danaharta Urus Sdn Bhd (Danaharta) by Tan Sri Dato'
Paduka (Dr) Ting Pek Khiing (Tan Sri Ting).  This is subject to a
written confirmation by Ekran for the clearance of five post-dated
cheques submitted by Tan Sri Ting to Danaharta, within three
market days from the respective dates of the said cheques.

In the event that any one of the cheques fails to clear or there
is no confirmation as to the clearance of any of the cheques: a) a
suspension shall be imposed on the trading of the listed
securities of the company upon the expiry of five market days from
the date the company is notified by Bursa Securities or other date
specified by Bursa Securities; and b) the waiver granted by Bursa
Securities from submitting a regularization plan that falls within
Section 32 of the Securities Commission Act, 1993 is revoked.
Thus, Ekran has three months from the date of the imposition of
suspension on the trading of its securities to make the submission
of its regularization plan to the Securities Commission and such
other relevant authorities for approval, failing which de-listing
procedures shall commenced against Ekran.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                          *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


HO HUP: To Hold 34th Annual Meeting on October 23
-------------------------------------------------
Ho Hup Construction Company Berhad will hold its 34th annual
general meeting on October 23, 2008, at 11:00 a.m., at The Royale
Bintang Hotel Kuala Lumpur, 17-21, in Jalan Bukit Bintang, 55100
Kuala Lumpur.

At the meeting, the members will be asked to:

   * receive the Audited Financial Statements for the year ended
     December 31, 2007, and the Reports of the Directors and
     Auditors;

   * re-elect these Directors who will retire under the provision
     of Article 90 of the Company's Articles of Association:

   -- Lai Moo Chan Resolution; and
   -- YBhg. Dato' LowTuck Choy

   * re-elect these Directors who will retire under the provision
     of Article 96 of the Company's Articles of Association:

   -- Encik Mustapha bin Mohamed;
   -- Encik Zainal Abidin bin Mohd. Yusof;
   -- Lee Chong Hoe;
   -- YBhg. Datuk Lye Ek Seang;
   -- YBhg. Tan Sri Datuk Seri Panglima Abdul Kadir bin Haji;
   -- Sheikh Fadzir; and
   -- Encik Faris Najhan bin Hashim.

   * approve the payment of Directors' Fees amounting to
     MYR174,000 for the year ended December 31, 2007; and

   * re-appoint Messrs. Ernst & Young as Auditors of the company
     and to authorize the Directors to fix their remuneration.

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

                         *     *     *

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

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

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

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


KIMBLE CORPORATION: Total Default Totals MYR150.5MM as of Sept. 29
------------------------------------------------------------------
Pursuant to the Practice Note No. 1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Kimble
Corporation Berhad disclosed that together with its
subsidiaries, its total default reached MYR 150,503,874 as of
September 29, 2008, in respect of various banking facilities from
a number of financial institutions, which includes:

                                       Total Amount (Principal +
   Banking Facilities          Type              Interest) MYR
   ------------------          ----              -------------
   * OCBC Bank (Malaysia) Bhd Overdraft and Trade    51,110,970
   * Hong Leong Bank Berhad   Overdraft and Trade    41,826,318
   * RHB Islamic Bank Bhd     Revolving and Trade    33,326,265
   * Export-Import Bank
      Malaysia Bhd            Trade                  10,443,030
   * Malayan Banking Berhad   Term Loan               6,475,688
   * Ambank (M) Bhd           Trade                   3,005,051
   * RHB Bank Bhd             Hire Purchase           4,227,914
   * Public Bank Bhd.         Hire Purchase              88,637
                                                     ----------
                                             Total: 150,503,874

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

                         *     *     *

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

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

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

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


NIKKO: Defaults on MYR1 Mil. Revolving Credit Facilities
--------------------------------------------------------
In accordance with PN 1/2001, the provisional liquidator disclosed
that in addition to the defaults in payment said earlier, Nikko
Electronics Bhd. also defaulted on revolving credit facilities for
amount of MYR1,000,000 due on September 29, 2008, granted by
Malayan Banking 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.


SELOGA HOLDINGS: Arbitration Proceedings Against Unit Dismissed
---------------------------------------------------------------
The Chartered Arbitrator dismissed Twin Guard Holdings Sdn. Bhd.'s
claim in relation to the arbitration proceeding initiated by Twin
Guard against Seloga Jaya Sdn. Bhd. (SJSB), a wholly-owned
subsidiary of Seloga Holdings Berhad.  The Arbitrator also
directed Twin Guard to pay SJSB's expenses incurred in the
proceedings and the cost of the Award.

The arbitration was due to the alleged wrongful termination of a
Sub-Contract entered into between SJSB and Twin Guard for the
appointment of Twin Guard as a subcontractor to the project known
as "Proposed 2nd Phase (Stage 1) Physical Development Multimedia
University, Cyberjaya" whereby Twin Guard claimed for:

   a) the sum of MYR5,356,614.94 or other sums as assessed by the
      Arbitration Tribunal for breach of contract on the part of
      SJSB and interest thereon from November 24, 2004, until full
      payment;

   b) payment of MYR922,565.06 due under interim certificate No. 8
      dated September 21, 2004, and interest thereon at the rate
      of 8% per annum from November 20, 2004, until full payment;

   c) payment of MYR550,473.56 due under interim certificate No. 9
      dated October 22, 2004, and interest thereon at the rate of
      8% per annum from December 21, 2004, until full payment;

   d) payment of RM3,154,415.15 being the value of works due and
      owing by SJSB for the month of October 2004 up until the
      date of termination on November 23, 2004;

   e) costs of the arbitration being costs of the award and
      references; and

   f)  other relief which the Arbitrator shall deem fit.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.



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

ALEXIAM DEVELOPMENTS: 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 Alexiam Developments Limited
into liquidation.

The application was filed on June 11, 2008, by EZI Gas Limited.

The plaintiff's address for service is at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. Bates is the plaintiff's solicitor.


DEW DROP: Wind-Up Petition Hearing Set for October 17
-----------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 17, 2008,
at 10:45 a.m., to consider putting Dew Drop Properties  Limited
into liquidation.

The application was filed on June 18, 2008, by Francis Gp
Architects Limited.

The plaintiff's address for service is at:

          Michael Thornton
          Level 1, 75 Queen Street
          Auckland

Michael Thornton is the plaintiff's solicitor.


DIRTY SOAP: Liquidators Set October 21 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  Dirty Soap Limited.

The liquidators set Oct. 21, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: James Peterson
          PricewaterhouseCoopers,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


FIVE STAR: Receivers File NZ$36.5 Mil. Case Against Directors
-------------------------------------------------------------
Rob Stock of the Sunday Star Times reports that the receivers of
Five Star Consumer Finance Limited have filed a NZ$36.5 million
lawsuit against its former directors.

The defendant directors, the report relates, are Nicholas George
Kirk of Milford; Marcus Arthur MacDonald of Greenhithe; Anthony
Walpole Bowden of Greenhithe; and de facto director Neill Allan
Williams of East Tamaki.

According to the Star Times, the receivers' suit for damages
focuses on several key loans, including:

   -- A loan to LLWC Ltd: A series of transactions allegedly
      turned a NZ$19 million Consumer Finance loan to related
      company Five Star Rentals into cash of $13m and a further
      unsecured loan of AU$6.7 million to a firm called LLWC,
      which had on-lent the money to another related company,
      Five Star Finance, a company owned by Mr. Kirk.

      The terms of the LLWC loan meant Consumer Finance had no
      realistic prospect of recovering the money.

   -- Sale of the shares of FSCF Pty: Consumer Finance owned
      an Australian lending business called Five Star Consumer
      Finance Pty.  It was sold for NZ$500,000 in December 2005
      to Five Star Finance, which then on-sold it six months
      later for NZ$7.4 million to Antares Finance Holdings,
      which was set up and controlled by the directors of
      Consumer Finance.

   -- Redeemable preference share loans: Antares bought not
      just FSCF Pty. It also bought all the shares in
      Consumer Finance for NZ$21.9 million. Consumer Finance
      loaned NZ$14.2 million to six investors to buy redeemable
      preference shares in Antares issued to fund the deal.
      The loan terms meant those six investors would not have
      to pay back more than their shares were worth.

      Antares is being liquidated and the shares are worthless,
      so the NZ$14.2 million loan cannot be recovered.

   -- Inter-company loans: Consumer Finance loaned money to
      Five Star Finance and Antares, which now owe NZ$3.6
      million each.

      There is no realistic prospect of either loan being
      repaid, the receiver says.

   -- Wainuiomata loan: Losses were also incurred on a NZ$2.5
      million, interest-free loan made by Consumer Finance to
      fund the sale of a shopping mall by companies owned by
      Messrs. Kirk and MacDonald.

The Star Times notes that complex related party transactions
appear to have drained value from the company's balance sheet, and
receivers Richard Agnew and Anthony Boswell of
PricewaterhouseCoopers claim that in granting certain loans, the
directors failed to uphold their duties under the Companies Act.

Messrs. Kirk, Bowden, MacDonald and Williams are all facing
criminal charges in the Auckland District Court relating to the
issuing of debentures by a company called Five Star Debenture
Nominee, which is now in liquidation, the reports says.

If convicted the directors could face fines of up to NZ$300,000
the report adds.

                    About Five Star Consumer

Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd., owned
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after  consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


GLOBAL COMPUTERS: Wind-Up Petition Hearing Set for October 24
-------------------------------------------------------------
The High Court at Auckland will hold a hearing on Oct. 24, 2008,
at 10:00 a.m., to consider putting Global Computers Limited into
liquidation.

The application was filed on June 24, 2008, by John Andrew
Reginald Cox.

The plaintiff's address for service is at:

          Blomkamp Cox
          12 Auburn Street
          PO Box 331600
          Takapuna, North Shore City 0622

John Andrew Reginald Cox is the plaintiff's solicitor.


NORTH CITY: Liquidators Set October 31 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 North City Joinery Limited.

The liquidators set Oct. 31, 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,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


PACIFIC SURGIMED: Liquidators Set October 25 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  Pacific Surgimed International NZ
Limited.

The liquidators set Oct. 25, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Janet Sprosen
          PricewaterhouseCoopers,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


RUAPEHU GROUP: Proofs of Debt Due on October 28
-----------------------------------------------
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 Ruapehu Group Limited.

The liquidators set Oct. 28, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Adrienne Stone
          PricewaterhouseCoopers,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


STAND AND DELIVER: Proofs of Debt Due on October 31
---------------------------------------------------
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  Stand and Deliver Contracting
Limited.

The liquidators set Oct. 31, 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,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


STICKY SIGN: Liquidators Set November 22 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 The Sticky Sign Company Limited.

The liquidators set Nov. 22, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Adrienne Stone
          PricewaterhouseCoopers,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


STONEWORKS 2002: Proofs of Debt Due on October 21
-------------------------------------------------
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 Stoneworks 2002 Limited.

The liquidators set Oct. 21, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: James Peterson
          PricewaterhouseCoopers,
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


* NEW ZEALAND: Housing Consents Continue to Fall
------------------------------------------------
Building consent statistics for August 2008 show the trend for the
number of new housing units has been falling since mid-2007,
Statistics New Zealand said.  This trend has fallen 42 percent
since then.

The trend for the total value of residential building consents has
also continued to decline since mid-2007, and has fallen 33
percent since then.

There were 1,328 new housing units authorised in August 2008.
This is the lowest monthly total since December 2000.

Residential building consents issued in August 2008 were valued at
NZ$457 million, down NZ$308 million from August 2007.  Non-
residential building consents were valued at NZ$362 million, down
NZ$36 million from August 2007.

For the year ended August 2008, the value of consents issued for
residential buildings fell 13 percent, while the value for non-
residential buildings rose 6.0 percent, compared with the year
ended August 2007.

Building consent statistics for six recent months have been
revised to include late data.



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

QUEDAN RURAL: May Close Down, Gov't. to Bail Out Creditors
----------------------------------------------------------
Quedan Rural Credit and Guarantee Corp. (Quedancor), which is
saddled by high-risk loans and alleged mismanagement, is facing
the possibility of being deactivated but the national government
will address the bailout for its creditors, the Philippine Star
reports.

"What we have in mind right now is to phase out or deactivate
Quedancor.  In the process, there are some obligations to
creditors that we need to address.  It is a bailout in the sense
that we will address the obligations to the creditors," Finance
Secretary Margarito Teves was cited by the Philippine Star as
saying.

Philippine Star relates that the government plans to bail out
Quedancor using Php475 million of taxpayers' money before phasing
out the agency.

Finance Undersecretary Jeremias Paul Jr. was cited by the news
agency as saying that the Php475 million, which will be in the
form of equity infusion, will help Quedancor pay its past due
obligations to various creditor banks.  He said the government has
yet to finalize the phase-out plan of the agency.

Business World, citing Mr. Teves, says Quedancor owes Php11.4
billion to various banks, including Php5 billion from the former
Equitable PCI Bank and Landbank through a syndicated loan, and
Php1.5 billion in multi-series bonds.

Quedancor officials and employees meanwhile opposed the proposed
deactivation, stating that there should be a substitute agency, in
case the decision is pushed through, Philippine Star relates.

"Most of us, after serving the government for more than two
decades, are faced with the eventuality of unemployment should our
beloved corporation collapse," the 1,200-strong Quedancor
Employees Association Inc. said in a letter to Pres. Arroyo
obtained by the Philippine Star.

Quedancor, which is mandated to accelerate the flow of credit
resources to the countryside, has incurred a consecutive net loss
of Php286 million in 2007 and Php23 million in 2006.



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

LEAR CORP: S&P Lifts US$1 Bil. Facility Issue Level Rating to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services has raised its issue-level
rating on Lear Corp.'s US$1 billion senior secured term loan
facility (US$988 million outstanding) to 'BB' from 'BB-' and
revised the recovery rating to '1' from '2'.  The recovery rating
indicates the expectation of very high recovery in the event of a
payment default.  The action follows the company's reduction of
its US$1.7 billion senior secured revolving credit facility to
US$1.3 billion until March 2010 and then US$822 million thereafter
until the final maturity of January 2012.  S&P does not rate the
senior secured revolving credit facility.

In addition, S&P lowered its issue-level ratings on Lear's senior
unsecured notes to 'B' from 'B+' and revised the recovery rating
to '5' from '4', indicating the expectation of modest recovery in
the event of a payment default.

Ratings List

Lear Corp.
Corporate credit rating                   B+/Stable/--

Ratings Raised
                                           To         From
                                           --         ----

US$1 bil. sr. secured term loan             BB         BB-
   Recovery rating                         1          2

Ratings Lowered

Sr. unsecured notes                       B          B+
   Recovery rating                         5          4


TOTAL ACCESS: Fitch Lifts Foreign Currency IDR to BBB- from BB+
---------------------------------------------------------------
Fitch Ratings has upgraded Total Access Communication Public
Company Limited's Long-term foreign currency Issuer Default Rating
to 'BBB-' from 'BB+', its National Long-term rating to 'A+(tha)'
from 'A(tha)' and its senior unsecured debenture rating to
'A+(tha)' from 'A(tha)'.  At the same time, the agency has
affirmed DTAC's National Short-term rating at 'F1(tha)'.  The
rating Outlook on the company is Stable.

The rating upgrades reflect DTAC's further strengthened financial
profile and, according to Fitch's parent-subsidiary methodology,
the moderate support linkage to its parent, Telenor of Norway
(rated 'BBB+'/Stable).  DTAC's EBITDAR grew 17.6% yoy to
THB11.6 billion in H108, boosted by strong subscriber additions
(1.7 mn) and the reduction in regulatory related costs from the
implementation of its interconnection framework.  DTAC's EBITDAR
margins also improved to 33.6% in H108 from 30.5% in H107, while
adjusted net debt to EBITDAR sharply improved to 1.1x at end-H108
from 1.7x at end-2007 and 2.4x at end-2006.

DTAC is Telenor's largest acquisition in Asia with a current
economic interest of 65.5% representing Telenor's third-largest
EBITDA contribution (9.3%) outside Norway in 2007.  Telenor also
has a high level of board and management control of DTAC with both
the chief executive officer and chief financial officer seconded
from Telenor.  Telenor's support is generally determined on a case
by case basis and there is technically no legal recourse to
Telenor.  However Fitch's parent-subsidiary methodology also takes
into consideration strategic and operational ties, and the agency
views that a moderate level of rating support linkage between
Telenor and DTAC does exist, and accordingly the revised ratings
on DTAC now factor in a full one-notch uplift.

DTAC's ratings also reflect its strong brand name and market
position as Thailand's second-largest cellular operator.  The
company improved its nationwide network coverage and defended its
market share despite higher tariff competition over the past three
years.  Meanwhile, the implementation of the IC framework by the
Thailand's National Telecommunication Commission since late 2006
has also helped improve the company's competitive advantage given
the reduction in regulatory related costs.

Nonetheless, the ratings are constrained by DTAC's planned high
level of capital expenditure to increase its network coverage in
provincial areas given ongoing strong demand growth, as well as
its planned technology upgrade to 3G platforms which could weaken
the company's financial leverage over the next two to three years.
The company intends to roll-out 3G technology based on its
existing 850MHz frequency band starting in 2008.  In addition,
providing it obtains a license, DTAC plans to launch a 2.1GHz
based 3G platform in 2009, and hence Fitch's ratings take into
consideration the likely license fee payment of US$100m and
network investment costs during 2009-2010.  Other principal
concerns include ongoing price competition in the cellular market
and regulatory uncertainty.

The Stable Outlook reflects the agency's expectation that DTAC
should continue to generate solid earnings, as well as maintain
its market share and financial leverage consistent with the
current credit metrics, despite its large network investments
plans for the next 2-3 years.  Positive rating triggers include an
improvement in EBITDAR margins and a reduction in net debt and
financial leverage on a sustained basis.  Conversely, negative
rating triggers include an unfavourable change in the regulatory
structure, a weaker linkage between the company and its parent,
and higher than expected investment spending resulting in a
significant deterioration in financial leverage on sustained
basis.



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

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

                   Featured Conference

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

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

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

                     *      *      *

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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