TCRAP_Public/081008.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 8, 2008, Vol. 11, No. 200

                            Headlines

A U S T R A L I A

ACN 094 690 909: Members and Creditors to Meet on October 15
ACE PROPS: Liquidator to Give Wind-Up Report on October 17
AMC CONSTRUCTION: Goes Into Administration
AYERST & MUXLOW: To Declare Dividen on October 14
BETCORP LIMITED: Chapter 15 Petition Summary

CENTRO PROPERTIES: Head of Strategy Implementation Resigns
CURLVALE PTY: Liquidator to Present Wind-Up Report on October 13
ERG LIMITED: June 30 Balance Sheet Upside-Down by AU$11.71 Million
FORTESCUE METALS: Funding for Second Expansion Uncertain
FOSWYN PTY: Members' Final Meeting Set for October 15

HEDZ UP: Liquidator to Present Wind-Up Report on October 13
KWIKRAY PTY: To Declare Dividen on October 14
M S M HOLDINGS: Joint Meeting Slated for October 17
NATIONAL MANAGEMENT: Members and Creditors to Meet on October 17
REBELSLOOP PTY: Members and Creditors to Meet on October 16

TRANSURBAN GROUP: Posts AU$140.45 Mil. Loss for Year Ended June 30
WESTERN AREAS: Posts AU$54.91 Million Net Loss in June 2008
* AUSTRALIA: Consumer Sentiment Fell by 11% in Oct., Survey Says
* AUSTRALIA: REITs' Rating Stable in Past 6 Months, S&P Reports


C H I N A

PING AN: Sees CNY15.7 Billion Loss in 3Q on Fortis Collapse
ZTE CORP: Plans US$875 Million Research and Production Base


H O N G K O N G

3D-GOLD JEWELLERY: Alleged Fraud Prompts S&P to Retain Watch Neg.
AMERICAN INTERNATIONAL: Sale Can Help Repay Loan, Says UBS Analyst
AMERICAN INTERNATIONAL: Discloses 8.4% Equity Stake in eTelecare
AMERICAN INTERNATIONAL: Robert Sandler Retires from Firm
AMERICAN INTERNATIONAL: Has 33.2% Stake in Transatlantic Holdings

AMERICAN INTERNATIONAL: Moody's Cuts Unsecured Debt Rating to 'A3'
ASIA SECURITY: Members' General Meeting Slated for November 4
ASSET FAIR: Placed Under Voluntary Liquidation
BASE 3i: Members' Final Meeting Slated for November 7
BC WINTAX: Commences Liquidation Proceedings

BILLFUL LIMITED: Members' Final Meeting Set for November 7
C G COMPANY: Members and Creditors to Meet on November 13
DIOMED HODLINGS: Pays in Full Debt to Hercules Technology
LEHMAN BROTHERS: HK Gov't Urges Banks to Buy Back Securities
RELUX INVESTMENT: Members to Receive Wind-Up Report on Nov. 5

ROLFORD DEVELOPMENT: Members to Hear Wind-Up Report on November 7
RYOSHIN INTERNATIONAL: Creditors' Proofs of Debt Due on November 3
SOUTH HARBOUR: Placed Under Voluntary Liquidation
SRE GROUP: Moody's Lowers Bond Rating to B2; Outlook Negative


I N D I A

GENERAL MOTORS: Unable to Meet Demand, Factory to Run Overtime
GENERAL MOTORS: Amended GSA and MRA Take Effect
GENERAL MOTORS: Exchanges 16MM Shares for Series D Debentures
TATA MOTORS: To Relocate Nano Project from Singur
* CRISIL: Indian Equity Market Lost Rs.2.3 Tril. in September


I N D O N E S I A

INDOSAT TBK: Moody's Confirms Ratings; Outlook Stable
* INDONESIA: To Revise Industrial Growth Target in 2009
* INDONESIA: U.S. Financial Crises to Affect Economic Growth


J A P A N

FORD MOTOR: Conditions Satisfied for UAW Settlement Deal
GATEWAY: Files for Bankruptcy with JPY1.29 Billion Debt
MITSUBISHI MOTORS: Shares Hit 4-Year Low as Yen Gains
PACIFIC HOLDINGS: JCR Lowers Rating to B-/Negative
* JAPAN: Morgan Stanley Cuts Growth Forecast Amid Credit Shortage

* JAPAN: Moody's Reports on Consumer Loan Specialists
* JAPAN: S&P Says Rating Downgrades Exceed Upgrades in 3Q 2008
* JAPAN: S&P Puts BB-Rated Synthetic CDOs on Negative Watch


N E W  Z E A L A N D

3 and 5: Parsons and Kenealy Appointed as Liquidators
AIR NEW ZEALAND: To Suspend Hamilton-Australia Services
ALEXIAM PROJECT: Liquidators Set November 12 as Claims Bar Date
CENTRAL OTAGO: Fixes November 8 as Last Day to File Claims
DEVILISH ENTERTAINMENT: Proofs of Debt on November 8

EDEN SCHOOL: Liquidators Set November 8 as Claims Filing Deadline
FLETCHER BUILDING: To Acquire 100% Shares in Fielders Australia
HAN NEW: High Court Appoints Liquidators
INTERCRYLL DESIGN: Commences Liquidation Proceedings
MONTECRISTO CONSTRUCTION: Commences Liquidation Proceedings

SUBWAY NORTHLANDS: Commences Liquidation Proceedings
TWINS LIMITED: Parsons and Kenealy Appointed as Liquidators
WESTAFF INC: Has New Forbearance Deal with Wells Fargo, et al.
WESTAFF INC: Selling Aussie and New Zealand Units to Humanis Blue
WESTAFF INC: Names Sean Wong as Vice President Controller

* NEW ZEALAND: Consumers Price Index Review Completed


P A K I S T A N

* PAKISTAN: S&P Junks Sovereign Credit Ratings on Debt Concerns


P H I L I P P I N E S

AMERICAN INTERNATIONAL: To Sell Philamlife to Pay Off Debts


S I N G A P O R E

MOBILE COMMUNICATIONS: S&P Slices Corporate Credit Rating to B


T A I W A N

TAISHIN: Moody's Places Ratings on Review for Possible Downgrade


T H A I L A N D

G STEEL: Japan's Mitsui & Co Plans to Acquire Company Stake


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ACN 094 690 909: Members and Creditors to Meet on October 15
------------------------------------------------------------
A.C.N. 094 690 909 Pty Ltd formerly trading as Advantage Plastics
Pty Ltd will hold a final meeting for its members and creditors on
October 15, 2008, at 11:00 a.m.  During the meeting, the company's
liquidator, M. C. Donnelly, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          M. C. Donnelly
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001


ACE PROPS: Liquidator to Give Wind-Up Report on October 17
----------------------------------------------------------
Ace Props & Events Pty Ltd will hold a final meeting for its
members and creditors on October 17, 2008, at 11:00 a.m.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


AMC CONSTRUCTION: Goes Into Administration
------------------------------------------
AMC Construction, which was building the C1 tower in Gloucester
Street, has gone into administration, the Press reports.  The
company has appointed Christchurch accountant Andrew Oorschoot as
administrator.

According to the Press, the procedure gives the company five weeks
to allow Mr. Oorschoot to assess its financial position and
suggest options, which include putting the company into
liquidation.

The company, the report says, is believed to owe about
NZ$10 million.

Meanwhile, the report adds, an application to liquidate AMC,
lodged by R.A. Shearing Contractors was adjourned to Nov. 17,
2008, when it was called in the High Court in Christchurch on
Monday, Oct. 6, 2008.


AYERST & MUXLOW: To Declare Dividen on October 14
-------------------------------------------------
Ayerst & Muxlow Pty Limited  will declare dividend on October 14,
2008.

Creditors who were unable to prove their debts on September 30,
2008,  are excluded from the dividend distribution.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


BETCORP LIMITED: Chapter 15 Petition Summary
--------------------------------------------
Chapter 15 Petitioner: Simon John Cathro

Chapter 15 Debtor: Betcorp Limited
                  aka Consolidated Gaming Corporation Limited
                  Level 16, 525 Collins Street
                  Melbourne, Victoria 3000
                  Austrailia

Bankruptcy Case No.: 08-21594

Type of Business: The Debtor offers online betting game products.
                 See: http://www.betcorp.com.au/

Chapter 15 Petition Date: October 2, 2008

Court: District of Nevada (Las Vegas)

Judge: Bruce A. Markell

Debtor's Counsel: J. Colby Williams, Esq.
                 tiffany@campbellandwilliams.com
                 Wade W. Rabenhorst, Esq.
                 wwr@campbellandwilliams.com
                 Campbell & Williams
                 700 S. Seventh St.
                 Las Vegas, NV 89101
                 Tel: (702) 382-5222

Estimated Assets: US$1,000,000 to US$10,000,000

Estimated Debts: Less than US$50,000


CENTRO PROPERTIES: Head of Strategy Implementation Resigns
----------------------------------------------------------
Ross Johnston, Centro Properties Group's Head of Strategy
Implementation has resigned effective by October 31, 2008.

The company said Mr. Ross has undertaken several initiatives
including institutional strengthening, cost optimization and a
detailed review of Centro's policies and procedures.  These
initiatives will continue under the direction of senior Centro
staff.

                   About Centro Properties

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

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

                          *     *     *

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


CURLVALE PTY: Liquidator to Present Wind-Up Report on October 13
----------------------------------------------------------------
Curlvale Pty Ltd  will hold a final meeting for its members and
creditors on October 13, 2008, at 11:00 a.m.  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:

          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street, Richmond


ERG LIMITED: June 30 Balance Sheet Upside-Down by AU$11.71 Million
------------------------------------------------------------------
ERG Limited'consolidated balance sheet at June 30, 2008, showed
AU$188.88 million in total assets and AU$200.59 million in total
liabilities, resulting in an AU$11.71 million total stockholders'
deficit.

At June 30, 2008, ERG's consolidated balance sheet showed strained
liquidity with AU$188.88 million in total current assets available
to pay AU$200.59 in total current liabilities.

The company reported a net loss of AU$103.33 million on revenues
of AU$4.17 million for the year ended June 30, 2008, as compared
with a net loss of AU$14.88 million on revenues of AU$18.34
million in the prior year.

                         Going Concern

On 29 August 2008, the company entered into a binding memorandum
of understanding with Vix Technology Pty Ltd detailing the
restructure of the current ERG Group's businesses, including:

   a) the sale of its ongoing operating businesses into
      a joint venture with the Ingot Entities for
      AU$115.4 million; and

   b) disposal of its 33.33% shareholding in Onelink Holdings
      Pty Ltd and AFC Equipment Co Pty Ltd.


In addition as part of the proposed restructure, the Group will
enter into a funding agreement with Vix Technology Pty Ltd to fund
the costs associated with the litigation in relation to the Sydney
Integrated Ticketing System Project.

Under the funding agreement liability for repayment of any
borrowings will be limited to the value of any security given in
relation to the loan including the proceeds of any damages claim
awarded to the Group in the litigation and unless both parties
agree that the litigation be continued, Vix Technology Pty Ltd may
at its discretion by not less than 14 days written notice to the
ERG Ltd terminate its obligation to provide any further funding
under this agreement.

The company's directors believes that once finalized the sale
proceeds from the restructure, in conjunction with the funding
agreement, will be sufficient to enable the settlement of the
Group’s liabilities.

ERG Ltd proposes to seek relevant ERG shareholder approval of the
restructure transaction at a general meeting to be held in
November 2008.

Pending the GM, the Group has negotiated the extension of
repayment dates for loans totalling approximately AU$17.6 million
that were due for repayment on or about March 31, 2008, and loans
totalling approximately AU$38.5 million due for repayment on
September 30, 2008, until the date of the GM.

The Group has a substantial working capital investment in its
major contracts which are progressively being converted into cash
as project milestones are achieved and expects that approximately
AU$35.0 million milestone receipts will be received in the period
from balance date to the date of GM.  Combined with receipts from
other operations the Directors believe these receipts will allow
the Group to meet debts and commitments as they fall due.

As a result of the above the Directors are of the opinion that it
is appropriate for the financial report to be prepared on a going
concern basis.

In the event that the restructure transaction is not approved by
ERG shareholders there is significant uncertainty as to whether
the Group and the company will be able to continue as going
concerns and therefore whether they would be able to realize their
assets and extinguish their liabilities in the normal course of
business and at amounts stated in the financial statements.

                       About ERG Limited

Headquartered in Balcatta, Australia, ERG Limited --
http://www.erggroup.com/-- markets, installs, services and
operates automated fare collection equipment and systems, and
smart card systems and services.  The company has operations in
the United States and Italy.

                           *     *     *

The company incurred net losses of AU$14.88 million,
AU$74.77 million, and AU$7.36 million for the years ended
June 30, 2007, 2006 and 2005.


FORTESCUE METALS: Funding for Second Expansion Uncertain
--------------------------------------------------------
Funding for Fortescue Metals Group Ltd' AU$7 billion
(US$5.5 billion) second stage expansion is "uncertain" because of
turmoil in debt and equity markets, Jesse Riseborough of Bloomberg
News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2008, Fortescue Metals Group plans to increase
production to 80 million tonnes per annum in 2009.

"Funding for expansion to 80mtpa will be sourced from the
company's strong internal cash flows generated from our consistent
production, which is ramping up every day," Fortescue Metals Group
Chief Executive Officer Andrew Forrest said.

The company said that next year's increase to 80mtpa is the first
major step in its plans to expand production to 160mtpa from its
Cloudbreak and Christmas Creek operations.

Matt Chambers of the Australian Business News relates that the
step spurred market speculation that the company, which started
producing iron ore in May, was delaying its ambitious plans to
ramp up to 120 million tonnes a year in 2011 from its Pilbara
mines.

According to the Australian, Mr. Rowley confirmed the interim step
was driven by frozen credit markets.

The TCR-AP reported on Oct. 3, 2008, citing Bloomberg News, that
Fortescue Metals had its price target cut by 48% at JPMorgan Chase
& Co. on concern it may have difficulty funding a mine expansion.

According to that report, JPMorgan analysts led by David George
said the share price target was cut to AU$5.41 from AU$10.31.  The
analysts said funding to increase company's production capacity to
its goal of 160 million metric tons of iron ore is "very
uncertain."

"We have abandoned the 160 million ton project as the basis for
setting our price target and reverted to the new base case
assumption of 80 million tons, which can clearly be funded,
whereas the funding for the former is very uncertain," JPMorgan
said.

                    About Fortescue Metals

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

                        *     *     *

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


FOSWYN PTY: Members' Final Meeting Set for October 15
-----------------------------------------------------
S. L. Horne, Foswyn Pty Ltd's appointed estate liquidator, will
meet with the company's members on October 15, 2008, at 10:00 a.m.
to provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          S. L. Horne
          Draper Dillon
          440 Collins Street
          Melbourne VIC 3000


HEDZ UP: Liquidator to Present Wind-Up Report on October 13
-----------------------------------------------------------
Hedz Up Hair Salon Mt Gravatt Pty Ltd  will hold a final meeting
for its members and creditors on October 13, 2008, at 10:00 a.m.
During the meeting, the company's liquidator, Matthew L. Joiner,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Matthew L. Joiner
          PKF Chartered Accountants & Business
          Level 6, 10 Eagle Street
          Brisbane QLD 4000


KWIKRAY PTY: To Declare Dividen on October 14
---------------------------------------------
Kwikray Pty Limited fka Blacktown Camera House will declare
dividend on October 14, 2008.

Creditors who were unable to prove their debts on September 30,
2008,  are excluded from the dividend distribution.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


M S M HOLDINGS: Joint Meeting Slated for October 17
---------------------------------------------------
M S M Holdings Pty Ltd will hold a final meeting for its members
and creditors on October 17, 2008, at 10:45 a.m.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


NATIONAL MANAGEMENT: Members and Creditors to Meet on October 17
----------------------------------------------------------------
National Management Facilities Pty Ltd will hold a final meeting
for its members and creditors on October 17, 2008, at 10:30 a.m.
During the meeting, the company's liquidator, Ozem Kassem, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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


REBELSLOOP PTY: Members and Creditors to Meet on October 16
-----------------------------------------------------------
Rebelsloop Pty Ltd  will hold a final meeting for its members and
creditors on October 16, 2008, at 10:30 a.m., at the Conference
Room, Worrells, Level 5 15 Queen Street, in Melbourne.  During the
meeting, the attendees will be ask:

     -- To receive the final receipts and payments from
        the liquidator;

     -- to receive formal notice of the end of the
        administration; and

     -- to discuss any other business that may be considered.

The liquidator can be reached at:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Telephone: (03) 9613 5512
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au


TRANSURBAN GROUP: Posts AU$140.45 Mil. Loss for Year Ended June 30
------------------------------------------------------------------
Transurban Group reported a net loss of AU$140.45 million on
revenue of AU$1.02 billion for the year ended June 30, 2008,
compared with a net loss of AU$152.20 million on revenue of
AU$789.06 million in the prior year.

The company's consolidated balance sheet at June 30, 2008, showed
AU$10.59 billion in total assets, AU$6.52 billion in total
liabilities and AU$4.07 billion in total stockholders' equity.

At June 30, 2008, Transurban's consolidated balance sheet also
showed strained liquidity with AU$553.38 million in total current
assets available to pay AU$1.35 billion in total current
liabilities.

                    About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

                        *     *     *

Transurban incurred net losses of AU$90.44 million,
AU$60.90 million, and AU$152.18 million for the years ended
June 30, 2005 through 2007.


WESTERN AREAS: Posts AU$54.91 Million Net Loss in June 2008
-----------------------------------------------------------
Western Areas NL reported a net loss of AU$54.91 million on sales
of AU$60.74 million for the year ended June 30, 2008, compared
with a net loss of AU$12.11 million on sales of AU$17.53 million
in the prior year.

The company's consolidated balance sheet at June 30, 2008, showed
AU$415.23 million in total assets, AU$289.43 million in total
liabilities and AU$125.80 million in total stockholders' equity.

An increased gross profit of AU$18.6 million for the full year
resulted from higher nickel sales of high grade T1 ore combined
with the first full year of T zero production.

Other Income has increased AU$10.8 million for the year due to
interest received on a higher average cash balance.  Finance costs
have increased AU$24.4 million as a result of interest payments on
a higher average balance of corporate debt.

Employee benefit expenses have increased from the same period in
the prior year due to an increase in staff at Western Areas to
support the company’s growing operations.  Share based payments
have increased AU$2.9 million as a result of the issue of options
during the year in August 07, January 08 and May 08.

The company said it has settled all outstanding hedge contracts
during the financial year.  This resulted in a derivative loss for
the year of AU$34.2 million.  The company is now unhedged and
participates fully in the spot market.

Under A-IFRS, the group identified that it would be required to
mark to market its convertible bond, as the conditions of the bond
contained a cash settlement option.  This had the potential to
introduce volatility into the company’s financial results and as
such the conditions were amended on June 27, 2008, to remove the
cash settlement option.  This triggered the requirement under the
accounting standards to revalue the bond on a marked to market
basis as at the amendment date.  The value of this non cash
accounting adjustment resulted in an expense to the income
statement of AU$22.9 million.

The net loss position of AU$54.91 million for the year includes
some large one off expenses that have resulted in strengthening
the company’s position going forward.  These include hedging
losses of AU$34.2 million that resulted from the retirement and
settlement of hedge contracts as well as the non cash AU$22.9
million A-IFRS revaluation of the convertible bond and the
impairment write off of AU$6.0m.  This was partially offset by the
AU$18.6 million gross profit from the Flying Fox mining
operations.

                    About Western Areas NL

Perth, Australia-based Western Areas NL (ASX:WSA) --
http://www.westernareas.com.au/-- is an international mid-tier
nickel sulphide producer.  The company's core asset is the 100%-
owned Forrestania Nickel Project, located 400 kilometers east of
Perth, Western Australia.  The company has offices in Australia
and Canada.

                     *     *     *

The company incurred net losses of AU$12.11 million,
AU$4.84 million, and AU$3.19 million for the years ended
June 30, 2007, 2006, and 2005.


* AUSTRALIA: Consumer Sentiment Fell by 11% in Oct., Survey Says
----------------------------------------------------------------
The Westpac–Melbourne Institute Index of Consumer Sentiment fell
by 11% in October from 92.2 in September to 82 in October,
according to the Westpac – Melbourne Institute Survey of Consumer
Sentiment.

Westpac’s Chief Economist, Bill Evans, commented, "The survey was
conducted prior to yesterday's announcement by the Reserve Bank
that the overnight cash rate is to be cut by an extraordinary 100
bp's.  The survey results are therefore relevant for assessing the
confidence of consumers prior to this stunning good news.  As
indicated by the double digit fall in the Index a strong positive
message was required from the Reserve Bank.

"Since the stock market crash in 1987 we have only had nine months
when the Index has fallen by more than 11%.  They were usually
associated with interest rate or petrol price increases.  On two
occasions – the 1987 stock market crash (down by 15.7% in November
1987) and the bursting of the dot com bubble (down by 13.2% in
March 2001) – major global events drove the large falls.  We can
now safely put the recent turbulence in financial markets in a
similar category for its impact on the confidence of Australian
households.  The Index is now only 3.8% above the 16 year lows it
reached in July when it was being assaulted by rising interest
rates and petrol prices.

"News on the sharemarket and the Australian dollar would have
concerned consumers. Both markets were volatile.  It was probably
the volatility that consumers found most disturbing although both
the currency and the sharemarket were down around 4% (since
the survey in September).

"All components of the Index were down.  The outlook for family
finances was down by 5.8% while family finances compared to a year
ago fell by 1.1%.  The outlook for economic conditions over the
next twelve months fell by 20.2% and the five year outlook was
down by 9.1%.

"Of most significance and concern was the question of whether it
is a good or bad time to buy a major household item.  That
component fell by an alarming 19.7%. Statistical research by the
Melbourne Institute shows this component has a decent relationship
with consumer spending.  Today's reading is the lowest level we
have seen since the Survey began in 1975 and around 22.3% below
its average level during the last recession.  That is sending a
chilling message to retailers as we approach the Christmas season.

"In a special question we asked respondents which of the following
factors most constrained their spending; 32% said petrol prices;
20% nominated interest rates; 12% indicated concerns about job
uncertainty and 36% were non committal.  The rate cut from the
Reserve Bank will certainly help but the plunge in the Australian
dollar has limited Australian consumers' benefits from falling oil
prices.  Over the month, petrol prices were near steady despite a
12% fall in oil prices (in USD's).  We should also be concerned
that such a high proportion of respondents rate job security as
the major constraint to spending.  Leading indicators of jobs
growth are pointing to a significant slowdown in jobs growth and
even the Reserve Bank is forecasting a jobs slowdown that would
see the unemployment rate increase by around 1%.  That would
equate with the style of unemployment increases we saw in the last
two slowdowns.  Unfortunately the state of the global economy and
financial markets is pointing at a more severe outcome.
Yesterday's action from the Reserve Bank was timely.

"The Reserve Bank Board next meets on November 4.  The Governor
indicated in yesterday's statement that monetary conditions were
still in the contractionary range.  The variable mortgage rate is
only back to its level at the beginning of this year.  We expect
that unless there is an unexpectedly swift improvement in credit
conditions the Bank will aim to move financial conditions back to
neutral within the next 3 to 6 months.  That is likely to
require a further 100 bp of cuts over that period. Another cut of
50 bp's in November seems the most likely next move at this
stage." Mr. Evans said.


* AUSTRALIA: REITs' Rating Stable in Past 6 Months, S&P Reports
---------------------------------------------------------------
Australia's rated real estate investment trusts (AREITs) have
largely maintained stable credit quality in the past six months,
according to a report published by Standard & Poor's Ratings
Services titled "Industry Report Card:  Global Financial Woes
Fray Credit Quality, But Australia's Rated REITs Are Holding Firm,
For Now".

"Despite an uncertain macroeconomic landscape, a scarcity of debt
funding, and rising capitalization rates, the majority of S&P's
rated AREITs have maintained fairly stable ratings and outlooks
so far in 2008," S&P's credit analyst Craig Parker said.  "Indeed,
eight of our 10 rated AREITs have a stable outlook, and
most remain clustered around the 'A-' investment-grade rating
level."

S&P maintain a generally stable, albeit cautious, perspective on
rated AREITs due to the following factors:

  -- Commercial real estate fundamentals continue to exhibit
     moderate rental growth, low vacancies, and limited new
     supply;

  -- AREITs have adequate liquidity to cope with forthcoming debt
     maturities; and

  -- A sizeable source of the sector's stabilized rental income
     comes from domestic sources.

The report also discusses potential risks facing the sector,
including a deceleration in development activity, the deleveraging
task for issuers with high debt levels, and the
restricted access to capital markets.



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

PING AN: Sees CNY15.7 Billion Loss in 3Q on Fortis Collapse
-----------------------------------------------------------
Ping An Insurance (Group) Co of China Ltd. expects to post a
CNY15.7 billion (US$2.29 billion) loss in the third quarter on its
investment in Fortis NV, in effect wiping out the company's
profits for the first nine months and halting its overseas
expansion plans, The Financial Times reports.

As reported by the Troubled Company Reporter-Europe, citing the
The Wall Street Journal, major European bank Fortis NV was bailed
out by a trio of governments after its shares slumped Thursday,
September 25, followed by another 20% decline the next day, amid
concerns about the company's solvency.  Particularly, investors
are concerned the firm would struggle to raise the EUR8.3 billion
(US$12.1 billion) it's seeking to bolster reserves, the TCR-EUR
report said.

Bloomberg News reported on October 6 that Ping An's shares fell
the most in a week in Hong Kong trading after saying it will take
a charge on losses from its investment in Fortis.  The stock,
Bloomberg News said, dropped 8% to close at HK$46, taking the
decline this year to 45%.

"The company will post a loss for the first three quarters as the
charge erases its profit in the first half.  Any third-quarter
profit won't be able to offset that loss even if the stock market
rebounds," Bloomberg News cited Peng Yulong, a Shanghai-based
analyst at Guotai Junan Securities Co., as saying.

According to Bloomberg News, Ping An's first-half profit fell 2.1%
to CNY9.49 billion after investment income plunged 64% as the
nation's stocks dropped.  Ping An has invested CNY23.87 billion in
Fortis shares since November last year.

Ping An spokesman Sheng Ruishen, the Daily notes, said it plans to
make provisions for impairment in its investment in Fortis but
will still maintain sufficient capital adequacy and a solid
financial position, with payment capability of more than 300%.
"The accounting treatment will impact on this year's profit only,
and it is predicted to recover to normal profit levels next year,"
Sheng said.

Meanwhile, the Times notes that Ping An plans to inject CNY20
billion in fresh capital into its life insurance subsidiary to
ensure it meets solvency and capital adequacy requirements.
However, net asset value per share and cash flow position would
not be affected after making the impairment provisions and it
expected earnings to return to normal next year, the same report
relates.

Moreover, the Daily adds, Ping An will also terminate its plans to
purchase Fortis' asset management company's 50% share.   "The
halting of further investment in Fortis largely eases investors'
worries, given the increased turbulence in the global financial
market," the Daily cited Wang Xiaogang, a senior analyst with
Shanghai-based Orient Securities, as saying.

                     About Ping An Insurance

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
Company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The Company conducts its insurance business through
Ping An Life, Ping An Annuity and Ping An Health. The property and
casualty insurance business of the Company is conducted through
Ping An Property & Casualty and Ping An Hong Kong.  The Company
provides asset management services to the customers through Ping
An Trust.  In addition, Ping An Trust also provides infrastructure
investment and property investment services to other subsidiaries.
The Company conducts securities business through Ping An
Securities, and provide securities services to customers through
the PA18 Internet financial portal. During the year ended
December 31, 2006, the Company completed the acquisition of
Shenzhen Commercial Bank.


ZTE CORP: Plans US$875 Million Research and Production Base
-----------------------------------------------------------
ZTE Corp plans to invest about CNY6 billion (US$875 million) to
build a new research and production base in the central Chinese
city of Xi'an, Andrew Torchia of Reuters reports.

According to the report, the company said the project would take
about eight years to complete.

The official Shanghai Securities News said the facility would
focus on developing and producing next-generation mobile
communications devices and software, the report says.

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

3D-GOLD JEWELLERY: Alleged Fraud Prompts S&P to Retain Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' long-term
foreign-currency corporate credit rating on 3D-Gold Jewellery
Holdings Ltd. and the 'BB' issue rating on 3D-Gold's US$170
million senior unsecured notes remain on CreditWatch with negative
implications, following an unconfirmed report in The Standard, a
Hong Kong business publication, on Oct. 6, 2008, that an alleged
HK$200 million fraud by a senior executive of 3D-Gold is under
police investigation.  3D-Gold has yet to make any public
announcement regarding the situation.

The ratings were placed on CreditWatch with negative implications
on Oct. 2, 2008, because of a possible breach by 3D-Gold of its
loan covenants under certain bank loan facilities.  Based on
3D-Gold's published fiscal 2008 annual report, 3D-Gold should have
had HK$636.5 million in cash and cash equivalents, and
approximately HK$700 million worth of gold display items on March
31, 2008.  The CreditWatch placement should be resolved within the
next three months.

If the alleged fraud is proven, 3D-Gold's liquidity position
could, in S&P's opinion, be significantly lower than presented in
its annual report.  3D-Gold may, in S&P's, find that it does not
have adequate working capital to sustain its operations at their
current scale after repaying its bank loan facilities.  Also if
the alleged fraud is proven, in S&P's view, 3D-Gold could find it
difficult to secure support from its bankers to amend any breached
bank loan covenants, and it is likely to see the availability of
its bank loan facilities drastically reduced.  It is S&P's view
that if 3D-Gold fails to repay its bank loans or if the banks
declare a technical default on it, a cross-default provision in
3D-Gold's senior unsecured notes could be triggered, which S&P
believes would put the company under extreme liquidity pressure.

If the allegations are demonstrated, S&P is likely to downgrade
the rating by more than three notches due to likely reputational
damage to 3D-Gold and its business operations, and the likelihood
of consequences on 3D-Gold's current liquidity situation.  S&P
expects to have further discussions with 3D-Gold's management and
to evaluate the overall impact of the alleged fraud on 3D-Gold's
business and financial profiles; also the likelihood of 3D-Gold
recovering from such alleged fraud.

If no fraud or irregularity is shown, S&P will nevertheless take
the follow-up actions described in its media release of Oct. 2,
2008, in respect of 3D-Gold's breach of its bank loan covenants.
S&P could still lower the rating by more than one notch if
3D-Gold's liquidity, operations, or expansion plans are materially
affected by the final agreement between 3D-Gold and its bankers.
The severity of a downgrade would depend on the level of stress
placed on 3D-Gold's liquidity and operations.


AMERICAN INTERNATIONAL: Sale Can Help Repay Loan, Says UBS Analyst
------------------------------------------------------------------
The sale of American International Group assets could help repay
the US$85 billion loan the company secured from the government,
Liam Pleven at The Wall Street Journal reports, citing UBS analyst
Andrew Kligerman.

AIG's CEO Edward Liddy laid out a plan to sell the company's
assets, including all of its domestic life-insurance operations
and a part of its foreign life business, to pay off the loan, WSJ
relates.  As reported in the Troubled Company Reporter on Oct. 6,
2008, AIG will refocus the company on its core property and
casualty insurance businesses, generate sufficient liquidity to
repay the outstanding balance of its loan and address its capital
structure.  AIG had drawn US$61 billion on the Federal Reserve
Bank of New York credit facility as of Sept. 30, 2008.

WSJ relates that so much of AIG is being put on sale that the
company should be able to raise substantial sums.  The report
states that Mr. Kligerman said, "By my calculations, there's more
than enough to cover the loan," even given the upheaval in the
markets and there is still a pool of buyers "with reasonably high
demand."

According to WSJ, Mr. Kligerman said that AIG's domestic life-
insurance operations alone could fetch US$24 billion.  WSJ states
that Mr. Liddy will sell American Life Insurance Co., which is in
Japan, Europe, and the Middle East, among other places, and other
units that sell life insurance in Japan and Taiwan.  The report
says that the foreign life-insurance operations could be
particularly attractive to buyers.

Citing Mr. Liddy, WSJ relates that AIG prefers to sell off units
to companies with strong brand names, ratings, and balance sheets
"because they can be done with speed and you attract larger
buyers."  Manulife Financial Corp., Prudential Financial Inc., and
MetLife Inc., might pursue AIG's offerings, which could earn AIG
tens of billions of dollars, WSJ states.

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.

              US$85,000,000,000 Federal Reserve Loan

The Federal Reserve Bank of New York 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 Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date.

AIG, in a regulatory filing with the Securities and Exchange
Commission, said it will pay a commitment fee on undrawn amounts
at the rate of 8.5% per annum.  Interest and the commitment fees
are generally payable through an increase in the outstanding
balance under the Credit Facility.  Borrowings under the Credit
Facility are conditioned on the NY Fed being reasonably satisfied
with, among other things, AIG's corporate governance.

AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.

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 INTERNATIONAL: Discloses 8.4% Equity Stake in eTelecare
----------------------------------------------------------------
American International Group, Inc., Philippine American Life and
General Insurance Company, AIG Life Holdings (International) LLC,
American International Reinsurance Company, Ltd., American
International Assurance Company (Bermuda) Limited, AIG Global
Investment Corp. (Asia) Ltd., AIG Asian Opportunity Fund LP and
AIG Asian Opportunity G.P., L.L.C. disclosed in a Securities and
Exchange Commission filing that they may be deemed to beneficially
own 2,457,832 shares of eTelecare Global Solutions, Inc.'s common
stock, representing 8.4% of the shares issued and outstanding.

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 INTERNATIONAL: Robert Sandler Retires from Firm
--------------------------------------------------------
American International Group, Inc. disclosed in a Securities and
Exchange Commission filing that named executive officer Robert M.
Sandler has retired from AIG following a change in his position.
Mr. Sandler, 66, had been employed by AIG for over 39 years.

On Sept. 22, 2008, AIG's retention program became effective.  The
program applies to approximately 130 executives and consists of
cash awards payable 60 percent in December 2008 and 40 percent in
December 2009.

In connection with Mr. Sandler's retirement, AIG entered into an
agreement and release 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 two 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 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 INTERNATIONAL: Has 33.2% Stake in Transatlantic Holdings
-----------------------------------------------------------------
American International Group, Inc., AIG Property Casualty Group,
INC., and American Home Assurance Company disclosed in a
Securities and Exchange Commission filing that they may be deemed
to beneficially own 22,018,973 shares of Transatlantic Holdings,
Inc.'s common stock, representing 33.2% of the shares issued and
outstanding.

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 INTERNATIONAL: Moody's Cuts Unsecured Debt Rating to 'A3'
------------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured debt
rating of American International Group, Inc. to A3 from A2.  This
rating action reflects Moody's view that if AIG successfully
completes the divestiture and restructuring plan, its business
diversification will be significantly reduced.  AIG's long-term
ratings and its Prime-1 short-term rating remain on review for
possible downgrade, reflecting the substantial execution risk in
the restructuring plan, particularly given the current turbulent
credit market.

In the past year, AIG has reported substantial losses and write-
downs associated with mortgage-backed securities, largely through
its credit default swap and securities lending portfolios.
Significant cash collateral calls and maturities related to these
activities in recent weeks have caused the company to borrow
heavily under the US$85 billion revolving credit facility recently
provided by the Federal Reserve Bank of New York.  Total
borrowings under the two-year secured facility amounted to
US$61 billion as of September 30, 2008, and more borrowings are
expected in the months ahead.

Moody's believes that the asset sales plan, if successful, will
enable the company to repay borrowings under the Fed facility and
emerge as a more focused, albeit less diversified, insurance firm.
The continuing review for possible downgrade incorporates the risk
that the situation may deteriorate, either because of shortfalls
in executing the restructuring plan or because of declines in the
business or financial profiles of the operations to be retained.
Moody's believes that the risk of such deterioration is materially
mitigated by the involvement of the Fed and the enhanced market
liquidity that will likely result from the US Government's pending
US$700 billion financial rescue plan.

Following the restructuring, AIG's core businesses are expected to
include the US-based Commercial Insurance Group, Foreign General
Insurance and a majority stake in American International
Assurance.  The parent company's A3 senior debt rating is now
three notches below the Aa3 insurance financial strength ratings
of the CIG companies, the largest core operating unit.  A three-
notch differential is common among US insurance groups, but this
represents an expansion of the notching for AIG, based on Moody's
view that AIG will be materially less diversified following the
restructuring.  AIG's Prime-1 short-term rating reflects the
significant protection to short-term creditors afforded by the Fed
credit facility in the near term.

Moody's also announced rating actions on several AIG subsidiaries
whose ratings depend on explicit or implicit parental support.
Ratings on most AIG units remain on review for possible downgrade.
Moody's expects to revisit the stand-alone ratings, and perhaps
the public ratings, for the major life insurance operations over
the next few weeks.  Certain operating units have been placed on
review with direction uncertain, signaling potential sales to
buyers whose credit profiles could be stronger, weaker or similar
to that of AIG.

The success of the restructuring plan, in Moody's view, hinges
largely on AIG's ability to contain and reduce risk in its
mortgage exposed investment and derivative portfolios.  A majority
of the borrowings under the Fed credit facility have been used to
address liquidity and capital needs stemming from these exposures.
Moody's noted that further deterioration in market values within
these portfolios could further strain the company's resources
through such mechanisms as increased collateral calls or
reductions/terminations of funding arrangements.  Such strains
could weaken the company's credit profile, which may lead to
additional rating downgrades.

In such an event, contingent additional capital and liquidity
needs could be triggered.  The rating agency expects that AIG --
with the support and interest of the Fed -- will pursue various
means to limit the risks associated with market value volatility
in its investment and derivative portfolios.

AIG's core insurance operations are fundamentally solid, said
Moody's.  CIG is the largest US commercial insurer, with a sound
capital base, well diversified product offerings and expertise in
writing large and complex risks.  Foreign General is the top
provider of accident & health insurance globally, operating in
some 80 countries and adapting to local laws and customs as
needed.  The AIA companies make up one of the largest and most
diversified life insurance groups spanning Asia and Australia.

The insurance and other operations identified for sale include
market leaders in many business lines and geographic areas.  Major
units expected to be sold include Domestic Life Insurance and
Retirement Services, one of the largest and most diversified life
insurance groups in the US; American Life Insurance Company, one
of the largest international life insurers, with operations in
more than 50 countries; International Lease Finance Corporation, a
global leader in leasing and remarketing advanced technology
commercial aircraft; and a minority stake in AIA.  AIG's sales
plans encompass well over a dozen substantial businesses.

Moody's noted that all of AIG's operations are subject to
significant reputational risk in connection with the recent
liquidity strains that gave rise to the Fed credit facility.
Challenges facing AIG managers include retaining clients,
distributors and employees; demonstrating that the operating
companies have ample resources to meet their obligations;
generating new business; and facilitating divestitures.  It will
take time to determine the extent to which recent events may have
weakened the companies' standing in their respective markets.

Moody's continuing review of the ratings on AIG and its
subsidiaries will focus on (i) the firm's evolving liquidity
profile, including the level of borrowing under the Fed credit
facility; (ii) steps taken to contain and reduce risk in the
investment and derivative portfolios, including any associated
losses or costs as well as any potential benefit from the US
Government's pending US$700 billion financial rescue plan; (iii)
the timing and amounts of cash proceeds generated from asset
sales; (iv) the performance of major operating units, whether they
are core operations or targeted for sale; and (v) the resulting
financial flexibility profile (e.g., financial leverage and fixed
charge coverage) of AIG following the asset sales.

For those operations being sold, Moody's will consider their
intrinsic financial strength as well as the rating profiles of
potential acquirers.

The last rating action on AIG took place on September 18, 2008,
when Moody's reiterated the existing ratings and the review for
possible downgrade, following the activation of the Fed credit
facility.

Moody's has downgraded these ratings and kept them on review for
possible further downgrade:

* American International Group, Inc. -- long-term issuer rating
   to A3 from A2, senior unsecured debt to A3 from A2,
   subordinated debt to Baa1 from A3;

* AGFC Capital Trust I -- backed preferred stock to Baa3 from
   Baa2;

* AIG General Insurance (Taiwan) Co., Ltd. -- insurance
   financial strength to A3 from A1;

* AIG Life Holdings (US), Inc. -- backed senior unsecured debt
   to A3 from A2;

* AIG Retirement Services, Inc. -- backed senior unsecured debt
   to A3 from A2, backed preferred stock to Baa2 from Baa1;

* American General Capital II -- backed trust preferred stock to
   Baa1 from A3;

* American General Finance Corporation -- long-term issuer
   rating to Baa1 from A3, senior unsecured debt to Baa1 from A3;

* American General Institutional Capital A & B -- backed trust
   preferred stock to Baa1 from A3;

* Capital Markets subsidiaries -- AIG Financial Products Corp.,
   AIG Matched Funding Corp., AIG-FP Capital Funding Corp., AIG-
   FP Matched Funding Corp., AIG-FP Matched Funding (Ireland)
   P.L.C., Banque AIG -- backed senior unsecured debt to A3 from
   A2;

* Mortgage Guaranty subsidiaries (second-lien and student loans)
   -- United Guaranty Commercial Insurance Company of North
   Carolina, United Guaranty Residential Insurance Company of
   North Carolina -- backed insurance financial strength to Baa1
   from A3.

Moody's has placed this rating on review for possible downgrade:

* American General Finance, Inc. -- short-term debt at Prime-2.

These ratings remain on review for possible downgrade:

* American International Group, Inc. -- short-term issuer rating
   at Prime-1;

* AIG Edison Life Insurance Company -- insurance financial
   strength at Aa3;

* AIG Financial Products Corp. -- backed short-term debt at
   Prime-1;

* AIG Funding, Inc. -- backed short-term debt at Prime-1;
* AIG Liquidity Corp. -- backed short-term debt at Prime-1;
* AIG Matched Funding Corp. -- backed short-term debt at
   Prime-1;

* AIG SunAmerica funding agreement-backed note programs -- AIG
   SunAmerica Global Financing Trusts, ASIF I & II, ASIF III
   (Jersey) Limited, ASIF Global Financing Trusts -- senior
   secured debt at Aa3;

* AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance
   Company, First SunAmerica Life Insurance Company, SunAmerica
   Life Insurance Company -- insurance financial strength at Aa3;
   short-term insurance financial strength at Prime-1;

* AIG UK Limited -- insurance financial strength at A1;

* American International Assurance Company (Bermuda) Limited --
   insurance financial strength at Aa3;

* American Life Insurance Company -- insurance financial
   strength at Aa3;

* Commercial Insurance Group subsidiaries -- AIG Casualty
   Company; AIU Insurance Company; American Home Assurance
   Company; American International Specialty Lines Insurance
   Company; Commerce and Industry Insurance Company; National
   Union Fire Insurance Company of Pittsburgh, Pennsylvania; New
   Hampshire Insurance Company; The Insurance Company of the
   State of Pennsylvania -- insurance financial strength at Aa3;

* Domestic Life Insurance & Retirement Services subsidiaries --
   AIG Annuity Insurance Company, AIG Life Insurance Company,
   American General Life and Accident Insurance Company, American
   General Life Insurance Company, American International Life
   Assurance Company of New York, The United States Life
   Insurance Company in the City of New York, The Variable
   Annuity Life Insurance Company -- insurance financial strength
   at Aa3;

* Mortgage Guaranty subsidiaries (first-lien loans) -- United
   Guaranty Mortgage Indemnity Company, United Guaranty
   Residential Insurance Company -- backed insurance financial
   strength at Aa3.

Moody's has downgraded the ratings and placed them on review with
direction uncertain:

* ILFC E-Capital Trusts I & II -- backed preferred stock to Baa3
   from Baa2;

* International Lease Finance Corporation -- senior unsecured
   debt to Baa1 from A3, preferred stock to Baa3 from Baa2,
   senior unsecured debt shelf to (P)Baa1 from (P)A3.

Moody's has placed these ratings on review with direction
uncertain:

* International Lease Finance Corporation -- short-term debt at
   Prime-2;

* Transatlantic Holdings, Inc. -- senior unsecured debt at A3,
   senior unsecured debt shelf at (P)A3, subordinated debt shelf
   at (P)Baa1;

* Transatlantic Reinsurance Company -- insurance financial
   strength at Aa3.

Moody's maintains a negative outlook on these ratings:

* American General Finance Corporation -- short-term debt at
   Prime 2;

* CommoLoco, Inc. -- backed short-term debt at Prime-2.

These ratings have been (downgraded and) withdrawn for business
reasons:

* AIG Capital Corporation -- long-term issuer rating to Baa2
   from Baa1; short-term issuer rating at Prime 2.

AIG, based in New York City, is a leading 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.  AIG reported
total revenues of US$19.9 billion and a net loss of US$5.4 billion
for the second quarter of 2008.  Shareholders' equity was
US$78.1 billion as of June 30, 2008.


ASIA SECURITY: Members' General Meeting Slated for November 4
-------------------------------------------------------------
The members of Asia Security Reinsurance Agency Limited will hold
their meeting on November 4, 2008, at 11:00 a.m., at the 20th
Floor of Prince's Building, in Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASSET FAIR: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Asset Fair Limited resolved to voluntarily wind up
the company's operations.

Creditors are required to file their proofs of debt by October 24,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Chan Yiu Ho
          Wah Ying Cheong Central Building
          Room 802, 8th Floor
          160 Queen's Road Central
          Hong Kong


BASE 3i: Members' Final Meeting Slated for November 7
-----------------------------------------------------
The members of Base 3i Limited will hold their final meeting on
November 7, 2008, at 11:15 a.m., at the 76th Floor of Two
International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

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


BC WINTAX: Commences Liquidation Proceedings
--------------------------------------------
BC Wintax Holdings Limited commenced liquidation proceedings on
September 23, 2008.

The company's liquidators are:

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


BILLFUL LIMITED: Members' Final Meeting Set for November 7
----------------------------------------------------------
The members of Billful Limited will meet on November 7, 2008, at
9:30 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Lee King Yue
         Two International Finance Centre, 76th Floor
         8 Finance Street
         Central, Hong Kong


C G COMPANY: Members and Creditors to Meet on November 13
---------------------------------------------------------
The members and creditors of C G Company Limited will meet on
November 13, 2008, at 10:00 a.m. and 10:30 a.m., respectively at
the 24th Floor of Prosperous Commercial Building, 54-58 Jardine's
Bazaar, in Causeway Bay, Hong Kong.

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


DIOMED HODLINGS: Pays in Full Debt to Hercules Technology
---------------------------------------------------------
Diomed Holdings Inc. has settled in full its loan with Hercules
Technology Growth Capital, Inc., with the payment at the end of
September of US$1.1 million in accrued interest and loan fees, in
addition to the full repayment of US$6.0 million of principal
which was made in April 2008, Hercules Technology said in a press
release Wednesday.

"We are pleased that we were able to get full repayment of the
loan principal plus accrued interest and fees," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules.

According to the press release, Diomed Holdings received
US$7.0 million as a result of the settlement agreement with
AngioDynamics Inc. which resolved the patent infringement lawsuit
between the companies originally filed in January 2004.  Of the
US$7.0 million settlement proceeds, US$6.0 million was used to
repay the outstanding loan principal balance to Hercules.

As reported in the Troubled Company Reporter on Sept. 25, 2008,
Bill Rochelle of Bloomberg News reported that the United States
Bankruptcy Court for the District of Massachusetts will convene a
hearing on Nov. 4, 2008, to consider confirmation of the
liquidating Chapter 11 plan of Diomed Holdings, Inc., and its
debtor-affiliate Diomed, Inc.

Diomed agreed to sell its U.S. operations to AngioDynamics in
April.  AngioDynamics closed the sale of Diomed Holdings Inc.'s
U.S. businesses on June 17.

                     About Diomed Holdings

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

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

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


LEHMAN BROTHERS: HK Gov't Urges Banks to Buy Back Securities
------------------------------------------------------------
Hong Kong's government is urging distributing banks to buy back a
reported US$2 billion in securities linked to failed Lehman
Brothers Holdings Inc., a way to let investors recoup some losses,
Alison Leung of Reuters reports.

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

Under the scheme, the report says, banks would buy back the mini-
bonds at a value to be decided on.

"This represents the best way forward, avoid a 'long and tedious'
liquidation process, and will enable the investors to get some of
their money back quickly," Reuters cited Financial Secretary John
Tsangas saying.

According to Reuters, the bond's trustee HSBC, agreed to disclose
to distributors details of the value of the underlying collateral
on the securities.

Mr. Tsang, the report points out, said it was unlikely that
investors would get back all their money.  A total of 16 banks and
three brokerages distributed the products in Hong Kong, the report
adds.

                      About Lehman Brothers

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

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

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

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

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

                International Operations Collapse

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

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

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


RELUX INVESTMENT: Members to Receive Wind-Up Report on Nov. 5
-------------------------------------------------------------
The members of Relux Investment Limited will meet on November 5,
2008, at 10:00 a.m., at Room 1606 of Nan Fung Centre, 264-298
Castle Peak Road, in Tsuen Wan, New Territories.

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


ROLFORD DEVELOPMENT: Members to Hear Wind-Up Report on November 7
-----------------------------------------------------------------
The members of Rolford Development Limited will meet on Nov. 7,
2008, at 12:15 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Lee King Yue
         Two International Finance Centre, 76th Floor
         8 Finance Street
         Central, Hong Kong


RYOSHIN INTERNATIONAL: Creditors' Proofs of Debt Due on November 3
------------------------------------------------------------------
The creditors of Ryoshin International (Hong Kong) Limited are
required to file their proofs of debt by November 3, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 25,
2008.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


SOUTH HARBOUR: Placed Under Voluntary Liquidation
-------------------------------------------------
South Harbour Holdings Limited commenced liquidation proceedings
on September 22, 2008.

Creditors are required to file their proofs of debt by November 5,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Francis Young
          Tung Wai Commercial Building, 20th Floor
          109-111 Gloucester Road, Wanchai
          Hong Kong


SRE GROUP: Moody's Lowers Bond Rating to B2; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
rating of SRE Group Limited (SRE) to B2 from B1.  At the same
time, Moody's has confirmed SRE's B1 corporate family rating.  The
outlook for both ratings is negative.  This concludes the rating
review for possible downgrade initiated on Aug 4, 2008.

"The downgrade in the bond rating reflects increased legal
subordination and structural subordination risks, as Moody's
expects the company will draw on more onshore borrowings at the
PRC subsidiary and project level to fund its developments,
including the new Haikou project, in the near-to-medium term,"
says Kaven Tsang, a Moody's AVP/Analyst.

"As a result, the subsidiary and secured debt to total assets
ratio would remain at around 20% over this time frame," comments
Mr. Tsang, adding  "The likelihood that this ratio will fall is
low as weak international capital markets have meant the company
mainly relies on onshore borrowings to fund operations."

"Meanwhile, the B1 corporate family rating is confirmed,
reflecting SRE's established franchise in Shanghai, strong local
knowledge and adequate balance sheet liquidity with around HK$1.8
billion cash on hand as of June 2008," says Mr. Tsang.  "At the
same time, these qualities are tempered by its relatively small
operating scale and high concentration of cash flow generation
from a few major projects in Shanghai and Shenyang."

"The negative outlook reflects SRE's weaker-than expected year-to-
date cash sales and the increased execution risk associated with
the Haikou development.  Additional borrowings to fund this new
project would weaken its cash flow coverage metrics," says
Mr. Tsang.  "Such a situation may pressure its B1 rating profile."

The rating could undergo a downgrade if: SRE 1) underperforms in
property pre-sales and sales, thereby materially undermining
operating cash flow generation and balance sheet liquidity; and
2) engages in aggressive land acquisitions and/or debt-funded
investments/acquisitions.  A signal for a possible downgrade would
be if SRE's adjusted debt/capitalization rose above 55%, or EBITDA
interest coverage dropped below 2x.

The ratings are unlikely to be upgraded, given the negative
outlook.  However, the outlook could revert to stable if SRE
demonstrates a sustained ability in 1) achieving its business
plan, such that EBITDA interest coverage trends towards 2.5-3x,
and adjusted debt/capitalization stays around 50%, and 2)
maintaining its adequate balance sheet liquidity and continuous
access to bank funding.

SRE Group Limited was established in 1993 and listed on the Hong
Kong Stock Exchange in 1999.  The company focuses on mid-to-high-
end residential development in Shanghai and Shenyang.  It has
attributable land banks of 1 million sqm in Shanghai, 1.63 million
sqm in Shenyang and 727,200 sqm in Haikou.



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

GENERAL MOTORS: Unable to Meet Demand, Factory to Run Overtime
--------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that General Motors
Corp. said that it will keep its sole U.S. compact-car factory
running on overtime for the remainder of this year.

According to Dow Jones, GM is still unable to meet demand for
fuel-efficient small cars.  It is running short on Chevrolet
Cobalt cars despite adding a third shift at its Lordstown, Ohio,
assembly plant, the report says.

Dow Jones relates that GM's global sales analyst Mike DiGiovanni
said in a conference call on Wednesday, "The increased
availability [of Cobalt] is still kind of out in front of us.
We're in good shape and we think we'll have adequate availability
to sell into that segment, which is a pretty good segment right
now."  GM won't build new car assembly plants or covert truck
factories, and will manage the rising demand by adding shift as
existing locations, Dow Jones reports.

                   About General Motors

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

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

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


GENERAL MOTORS: Amended GSA and MRA Take Effect
-----------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that an Amended Global Services Agreement and
the Master Restructuring Agreement between the company and Delphi
Corporation, as approved by the U.S. Bankruptcy Court for the
Southern District of New York on Sept. 26, 2008, became effective
on Sept. 29, 2008.

A full-text copy of the Amended GSA and MRA is available for free
at http://ResearchArchives.com/t/s?3330

                      About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue 146; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                   About General Motors

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

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

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


GENERAL MOTORS: Exchanges 16MM Shares for Series D Debentures
-------------------------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that it has issued an aggregate of 16,000,000
shares of its common stock, par value US$1-2/3 per share in
exchange
for US$176,417,800 principal amount of its 1.50% Series D
Convertible Senior Debentures due 2009, beneficially owned by a
qualified institutional holder of the Debentures.

The Agreement provided that the amount of Common Stock GM
exchanged for the Debentures was based on the daily volume
weighted average price of the Common Stock on the New York Stock
Exchange during a three-day pricing period.

GM did not receive any cash proceeds as a result of the exchange
of its Common Stock for the Debentures, which Debentures have been
retired and cancelled. GM entered into the Agreement to reduce its
debt and interest costs, increase its equity and, thereby, improve
its liquidity.

                    About General Motors

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

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

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


TATA MOTORS: To Relocate Nano Project from Singur
-------------------------------------------------
After a month-long work suspension, Tata Motors Limited finally
decided to move its Nano car project out of Singur in the State of
West Bengal.  The move was driven by heightened level of agitation
and hostility by opposition party, Trinamool Congress, led by Ms.
Mamata Banerjee.

The automaker said the threats, intimidation and instances of
assault and general obstruction resulted in a concern for the
physical security of their staff, contractors and vendors.

Tata Motors said it has displayed immense patience and had
sincerely hoped that the situation would improve, however, the
unfortunate conditions prompted the company to take the hard
decision of moving the project out of the State.

Tata Motors thanked the State Government's efforts to facilitate
and support the Nano project.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
22, 2008, plan to introduce the world's smallest car this month
was derailed after Tata Motors suspended operations at Singur in
response to violent protests conducted by Trinamool Congress at
the site.  The party, who is representing farmers affected by the
Nano project, is demanding return of 400 acres of land out of the
997 acres Tata Motors acquired.

A PTI report posted on The Economic Times said a team of Tata
Motors' executives inspected Monday a 1,200 acre land at War
angal, about 45 kms from Hyderabad.  Medak district Collector
Peeyush Kumar, who took around the Tata Motors team, told PTI over
phone from Medak that 650 acres could be made available to the
company immediately and the rest shortly.  He said the government
would start work on reclaiming the land from illegal occupants.
Tata Motors did not comment on the location but told the officials
that they would get back to them after the Tata management
deliberated upon various options, the PTI report said.

Business Standard meanwhile reports that Tata Motors will start
moving its engineers out of Kolkata in around a week's time.
According to the report, the company had started test runs for
engines at its Pune facility in September and another team was
working at the Pantnagar plant in Uttarakhand on the outer shell
of the car.  These combined efforts were expected to make up for
the workdays lost in Singur, the report says.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


* CRISIL: Indian Equity Market Lost Rs.2.3 Tril. in September
-------------------------------------------------------------
The Indian equity market continued to slide in September 2008 with
the S&P CNX NIFTY, registering its second sharpest fall since
January 2008, declining around 10 per cent, according to CRISIL
Research.  It is estimated that Rs 2.3 trillion of shareholders'
wealth eroded in the background of the situation in the US
financial markets.

On the contrary, CRISIL Research says the fall in the US markets
was lower with the S&P 500 and Dow Jones both declining by around
9 per cent and 6 per cent respectively, while emerging markets
lost around 18 per cent during the month.
Pessimism in the financial markets following the filing for
bankruptcy by Lehman Brothers, Merrill Lynch's sell-off, the bail
out of AIG and perceived uncertainty around the US bail-out
package added to investor fears.  Investor sentiment was also
affected on news of the possibility of Fortis filing for
bankruptcy, indicating problems in the European financial markets
as well.

Commenting specifically on the Indian equity markets, Mr. Chetan
Majithia, Head-Equities, CRISIL Research elaborated, "The BSE
Realty Index and the BSE Metal Index were the most severely
affected during the month dropping by 32 per cent and 25 per cent
respectively.  Concerns over slowing demand in the real estate
market due to a liquidity crunch and increased cost of funding
weighed in on investor sentiment in the realty sector.
Expectations of lower demand for commodities given the weaker
global economic growth affected metal sector stocks.”

The FMCG and Oil and Gas sector indices, however, outperformed the
overall market, declining 1.6 per cent and 7.6 per cent,
respectively.

Moreover, although inflation numbers were in line with CRISIL
estimates, the reported 7.1 per cent growth in Index of Industrial
Production (IIP) for July 2008 bettered expectations.  However,
this failed to provide any positive trigger for the market.  For
the first two weeks of September 2008, the headline inflation
appeared to have stabilized at around 12.10 per cent as against
12.49 per cent in
August 2008.  While a 15 per cent decline in average crude oil
prices during month provided some reprieve, the impact was
partially negated by the 7 per cent decline in the value of the
rupee against the dollar.  Going forward, rising crude oil and
food prices are expected to keep an upward pressure on inflation.

Further, global liquidity pressures affected FII investments in
the country, adding to the weakness of Indian markets - during the
month, net sales by FIIs were to the tune of Rs 82 billion.

Mr. Majithia added, "Going forward, we expect the market to remain
range-bound. Though developments in the US will be closely
monitored, the focus would shift to domestic cues with the second
quarter results most likely to dictate the course of the market in
the coming month."

                      About CRISIL Limited

CRISIL is India's leading Ratings, Research, Risk and Policy
Advisory Company.

                      About CRISIL Research

CRISIL Research is India's largest independent, integrated
research house. We leverage our unique, integrated research
platform and capabilities spanning the entire economy-industry
company spectrum to deliver superior perspectives and insights to
over 600 domestic and global clients, through a range of
subscription products and customised solutions.



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

INDOSAT TBK: Moody's Confirms Ratings; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has confirmed the Ba1 local currency
corporate family rating of PT Indosat Tbk, and the Ba2 foreign
currency senior unsecured bond rating of Indosat Finance Company
B.V. and Indosat International Finance Company B.V.  The outlook
on all ratings is stable.

This concludes the rating review initiated on June 10, 2008, when
Singapore Technologies Telemedia (STT), a wholly-owned unit of
Singapore government's investment firm, Temasek Holdings, sold its
40.8% interest in Indosat to Qatar Telecom (Qtel unrated) for
US$1.8 billion.

"The rating confirmation reflects Moody's assessment of Qtel's
ability and willingness to support Indosat in a distress
situation, as well as the expectation that the change in
shareholding structure will not have a material impact on
Indosat's existing business strategies and financial policies,"
says Ivan Palacios, a Moody's AVP/Analyst and lead analyst for
Indosat.

QTel enjoys a relatively strong stand-alone operating and
financial profile, while it also benefits from the strong support
from the Qatar government (rated Aa2), which owns a 55% stake in
the company.

Because Indosat is 40.8% owned by Qtel and is also the latter's
largest non-domestic business, (representing 64% of Qtel's
subscribers and around one third of revenues and EBITDA on a YTD
June 2008 pro forma basis), Indosat is deemed to be a key
strategic investment for Qtel.  Furthermore, the existence of a
cross default clause also suggests that Qtel's willingness to
support Indosat would be very high; Indosat's rating of Ba1
therefore continues to benefit from a one-notch uplift.

Moody's also notes that the change in shareholding structure is
not expected to have significant impact on Indosat's existing
financial policies, such as Total Debt/Equity below 1.5x and a
dividend policy of around 40%-50% of net income, which remain
consistent with its standalone Ba2 rating.

Indosat's liquidity profile remains adequate following the
completion of the tender offer for the US$ bonds, triggered by the
change of control.  Indosat's expected operating cash flow
generation, its cash position of around US$1 billion as of
June 30, 2008, and the availability under the recently signed
US$450 million facility, leaves the company well positioned to
cover expected outlays within the next 12 months, including
US$205 million tendered bonds and US$1.4 billion capex plan for
2008.

Upward pressure for the local currency corporate family rating
will primarily be driven by consistent improvement in Indosat's
underlying credit strength.  Specific ratios that Moody's would
consider include: (FFO + interest expense) / interest expense
remaining above 5.0x; Debt/EBITDA remaining below 2.0x; and
positive free cash flow on a consistent basis.  An upgrade of the
foreign country ceiling will trigger the upgrade of the company's
Ba2 senior unsecured bond rating.

Downward pressure on the rating could result from a deterioration
in Indosat's standalone credit assessment, such that (FFO +
interest expense)/ interest expense drops below 3.5x and
Debt/EBITDA increases above 3.0x on a sustained basis.

In the event that Qtel were to implement more aggressive financial
policies at Indosat, such as an increased appetite for leverage or
a more aggressive dividend policy, this could have negative rating
implications.  In addition, a material reduction in QTel's
shareholding, or indications that Indosat is no longer a core
asset for the group, may have negative consequences for the rating
since it may affect the rating uplift currently enjoyed by the
company.

Indosat is a fully-integrated telecommunications network and
services provider in Indonesia.  The company is the second largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.


* INDONESIA: To Revise Industrial Growth Target in 2009
-------------------------------------------------------
Citing Indonesian Industry Minister Fahmi Idris, Antara News
reports that the Indonesian government will revise its industrial
growth target in 2009, which has been set at 5% due to the
financial crisis in the U.S.

"The country's industrial growth will certainly be affected by the
U.S. crisis although it will not be very serious," Mr. Idris was
quoted by Antara as saying.

According to Mr. Idris, the financial crisis in the US has caused
tight bank liquidity and in turn a slump in investment credit
distribution, the report says.

Antara also noted Mr. Idris as saying that the current situation
in the US will certainly affect demand for industrial products
from Indonesia such as textiles and textile products and footwear
products.


* INDONESIA: U.S. Financial Crises to Affect Economic Growth
------------------------------------------------------------
State Minister for National Development Planning / Chairman of
National Development Planning Board (Bappenas) predicted that the
U.S. financial crisis would affect economic growth in Asia,
including Indonesia, Antara News reports.

"It will weaken economic growth, particularly in Asia.  We have to
keep an eye on it because we will be forced to re-direct our
exports to new destinations, possibly to the Middle East,"
Mr. Paskah was quoted by Antara as saying.

The minister was quoted by Antara as saying that restoring the
public confidence towards the U.S. economic condition,
particularly its financial sector, would relatively need time.

According to the report, it is expected that Indonesia's exports
to the United States would drop in line with the financial crisis.
However, Mr. Paskah said that the 2008 state budget would not be
affected significantly because domestic demand at home was still
relatively high.



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

FORD MOTOR: Conditions Satisfied for UAW Settlement Deal
--------------------------------------------------------
Ford Motor Co. disclosed in a Securities and Exchange Commission
filing that it is updating certain of the guidance provided in its
Quarterly Report on Form 10-Q for the period ended June 30, 2008.

Due to deteriorating economic conditions and other factors, the
company expects that results for its Volvo segment will be worse,
instead of improved, in the second half of 2008 compared with the
first half of this year.

Ford, the UAW, and class representatives of former UAW-represented
Ford employees filed a Settlement Agreement with a federal
district court in April 2008 relating to retiree health care
coverage.

The Settlement Agreement provides that a new retiree health care
plan, to be funded by a new Voluntary Employee Beneficiary
Association trust, would become permanently responsible for
providing retiree health care benefits to covered UAW employees
and eligible spouses and dependents on the later of December 31,
2009 or final court approval of the Settlement Agreement and
Ford's completion of discussions with the Securities and Exchange
Commission regarding satisfactory accounting treatment.

Ford would fund the New VEBA through a number of sources,
including funds that currently existed in voluntary employee
beneficiary association trusts, Ford-issued convertible and term
notes, and cash on hand.

The parties to the Settlement Agreement acknowledged that Ford's
obligations to pay into the New VEBA are fixed and capped as
provided in the Settlement Agreement and that Ford is not
responsible for, and does not provide a guarantee of:

(1) the payment for future benefits to plan participants;

(2) the asset returns of the funds in the New VEBA; or

(3) the sufficiency of assets in the New VEBA to fully pay the
     obligations of the New VEBA or the New Plan.

Effectiveness of the Settlement Agreement was conditioned upon
each of these:

(1) issuance of a class certification order by the United
     States District Court for the Eastern District of Michigan
     that defined the class in the same manner as Class is
     defined in the Settlement Agreement;

(2) Court approval of the Settlement Agreement in a form
     acceptable to Ford, the UAW and the Class; and

(3) successful completion of discussions between Ford and the
     SEC regarding satisfactory accounting treatment.

As of Sept. 30, 2008, each of the conditions has been satisfied,
and the period for appeal of Court approval has expired with no
appeal having been filed.

The company will re-measure its UAW hourly retiree health care
obligations, and expect to record a significant curtailment gain
in the third quarter of 2008.

                    About Ford Motor Co.

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

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

                         *     *     *

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


GATEWAY: Files for Bankruptcy with JPY1.29 Billion Debt
-------------------------------------------------------
Gateway21 Co. filed for bankruptcy with the Tokyo District Court
on September 30, 2008, after incurring about JPY1.29 billion in
debts, The Yomiuri Shimbun News reports.

The company, the report relates, suspended its business September
26.

According to Kyodo News, investors were angry and accused the
company of fraud after President Tomomasa Fukui apologized and
said Gateway cannot pay its investors due to lack of resources.

Kyodo News relates, citing Gateway21's lawyer, about JPY950
million in tuition and boarding fees paid by some 1,300 people who
were planning to go overseas is unlikely to be recovered, even
after bankruptcy procedures.  In addition, about 1,000 clients now
abroad might have to interrupt their studies because Gateway21 has
stopped paying its overseas business partners, the same report
says.

Kyodo News says the company held two meetings for its investors
due to unsuccessful results in the first one.  In the the first
meeting, hundreds of people were left standing outside the
building due to lack of available seats.   Although the company
mailed a notice of the meeting to 2,000 clients, it only prepared
seats for 250 people, the same report recounts.

A company lawyer said Gateway21 will hold another meeting next
year once the bankruptcy becomes official and asked the clients to
attend that meeting, Kyodo News notes.

The Shimbun, citing a credit research company, says Gatewway 21
recorded sales of JPY2.6 billion in the business year ending June
2006, but its sales have been sluggish since last year.

                        About Gateway 21

Gateway21, based in Shinjuku Ward, Tokyo, is one of the leading
companies in the study-abroad field.   Gateway21 was established
in 1997.  It has offices in Ginza, Tokyo, and other major cities,
including Fukuoka, Nagoya, Osaka and Sapporo.  The company grew by
acting as a middleman between customers and universities and
language schools in Australia and North America.  It has brokered
study contracts for 7,000 to 8,000 customers with foreign
universities and language schools annually in recent years.


MITSUBISHI MOTORS: Shares Hit 4-Year Low as Yen Gains
-----------------------------------------------------
Mitsubishi Motors Corp. fell the most in four years on concern the
yen's three-year high against the euro may erode earnings, Makiko
Kitamura of Bloomberg News reported yesterday, October 7.

Mitsubishi Motors, the report relates, plunged as much as 14%, to
JPY126 and traded at JPY132 as of 10:25 a.m. on the Tokyo Stock
Exchange yesterday.

According to the report, Mitsubishi exports about three-quarters
of Japanese production and gets more than half of its operating
profit from Europe.  A stronger yen against the euro reduces the
value of profit repatriated from overseas, the same report notes.

"Today's decline is all about currency.  Carmakers "are likely
revising their profit forecasts," Bloomberg News cited Shigeru
Matsumura, a market analyst at SMBC Friend Securities Co. in
Tokyo, as saying.

The same report relates that the yen traded at 137.12 per euro as
of 10:14 a.m. in Tokyo from 137.50 on October 6, when it touched
135.05, the strongest since September 2005.  The yen rose against
the euro on speculation the deepening credit crisis worldwide will
encourage investors to sell higher-yielding assets and pay back
low-cost loans in Japan, the report adds.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, JCR affirmed the BB/Stable, J-3 and BB- ratings
on senior debts, CP program and Euro Medium Term Note Programme of
the issuer, respectively.

On May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes


PACIFIC HOLDINGS: JCR Lowers Rating to B-/Negative
--------------------------------------------------
Japan Credit Rating Agency downgraded Pacific Holdings Inc.'s
ratings on senior debts, shelf registration, bonds and CP program
of the issuer to #B-/Negative, preliminary #CCC/Negative,
#CCC/Negative and NJ from #BBB/Negative, preliminary
#BBB/Negative, #BBB/Negative and #J-2/Negative, respectively.

JCR said it continues placing them under Credit Monitor with
"Negative" direction.

Shelf Registration:
Maximum: JPYY30 billion
Valid: two years effective from March 26, 2007

Issues   Amount    Issue Date  Due Date  Coupon    Rating
bonds# 3 JPYY10BB  3/15/07     3/15/12   2.94%     #CCC/Negative
bonds# 4 JPYY7BB   2/27/08     2/26/10   3.43%     #CCC/Negative
CP: NJ

Pacific Holdings disclosed the status of the talks on capital
participation by Daiwa Securities Group.  Daiwa Securities also
released the same report at the same time.  The operating
performance of the Company has been poor because it has been
facing difficulty in fund creation and sell-offs of the
properties.  The financial burdens associated with fall in price
of real estate and investment securities have also increased.  JCR
has been watching the negotiations, considering that the capital
participation is extremely important for the Company to continue
its business and get a clue to recovery under these conditions.

According to the releases, the two corporations will continue
talks.  However, the prerequisites for the final agreement
presented by Daiwa Securities Group are considered difficult to be
fulfilled for a short period of time.  JCR came to a conclusion
that the prospect for the future negotiations is not rosy.  JCR
has been factoring in the smooth continuation of the talks with
Daiwa Securities Group in the rating for the Company.  With the
talk conditions having changed drastically, JCR downgraded the
ratings on the Company and will continue placing them under Credit
Monitor with Negative direction.

JCR will also follow the Company's fundraising centering on the
property sale and transactions with the financial institutions in
addition to the confirmation of the progress of the talks with
Daiwa Securities Group.  Most of the Company's bank borrowings are
secured.  Therefore, JCR reflects the subordinated feature of the
unsecured corporate bonds in the ratings on them.  The
subordinated feature is also reflected in the preliminary rating
on the shelf registration, assuming the normal unsecured corporate
bonds.

                    About Pacific Holdings

Pacific Holdings, Inc., -- http://www.ph-i.co.jp/ -- formerly
Pacific Management Corporation, is a Japan-based holding company
mainly engaged in in the real estate investment fund business.
The Company has three business segments.  The Real Estate
Investment Fund segment is involved in the fund investment
business, as well as the fund business, including the arrangement
and the management of real estate investment fund.  The Real
Estate Consulting Service segment is engaged in the due diligence
business, including research and advice services for investors,
real estate collateral assessment service for lenders, as well as
salable assets assessment and exit strategy proposal services for
corporations.  This segment is also engaged in the assessment
business for real estate fund and properties.  The Real Estate
Investment segment is engaged in the selection of real estate
properties, and the provision of information on investment grade
ratings, among others.


* JAPAN: Morgan Stanley Cuts Growth Forecast Amid Credit Shortage
-----------------------------------------------------------------
Morgan Stanley cut its growth forecast for Japan, saying the
economy will contract this fiscal year as companies cut investment
amid a global shortage of credit, Jason Clenfield of Bloomberg
News reports.

According to the report, Morgan Stanley said Japan's economy will
contract 0.3% in the year to March 31, 2009, down from the 0.4%
growth it predicted in September.  Japan's economy will shrink
0.4% in fiscal 2009, down from a previous forecast of 0.6% growth,
the report says.

"With overseas economies facing liquidity issues, we anticipate a
wave of freezes or reductions in capital spending plans, which is
likely to affect domestic consumption.  Now we look for five
consecutive quarters of zero or negative growth," Bloomberg News
cited Takehiro Sato, chief Japan economist at Morgan Stanley, as
saying.


* JAPAN: Moody's Reports on Consumer Loan Specialists
-----------------------------------------------------
Moody's Investors Service has published a special comment on
monitoring issues for the Japanese consumer loan specialists,
given the challenging operating environment due to regulatory
changes.

The report -- "Moody's Risk-Scenario Monitoring on Japanese
Consumer Loan Specialists and Going Forward" -- describes our
monitoring of the sufficiency of consumer loans specialists' risk
tolerance and operating stability under the risk scenario detailed
in our Special Comment in May 2007.  It also describes the
evolution of these issues over the last year.

"In the past year, actual annual losses have been within the
annualized three-year 'risk chunk.'  Although claims for overpaid
interest have been high since the latter half of 2007, they have
yet to result in material losses," comments Naoki Morimura,
Moody's analyst and the author of the report.

"Given that the claims are the result of borrowers' behavior, we
are fully aware of the importance of constant monitoring.
However, as we have learned from the Credia case, actual claims
have accounted for a very tiny share of the potential total.  This
underpins our view that most borrowers may be reluctant to file
for debt relief, despite active and nationwide campaigning by
legal advocates on the issue."

The report further discusses the importance of stabilizing credit
costs (broadly defined to include overpaid interest claims losses)
and refining borrower-screening policies to accurately capture
their risk/return profiles for the stabilization of top-line as
well as bottom-line revenues -- which Moody's cautiously monitors.

"Since Credia's bankruptcy in September 2007 was due to funding
difficulties, the rated firms, especially those without strategic
capital or operating alliances with the megabanks, have attracted
market attention.  In our view, the most important element to
building stable relationships with fund providers will be the
firms' actual moves toward operating stability," writes
Mr. Morimura.

"Moody's has seen no material instability in their liquidity or
funding so far, thanks partly to a surplus of cash resulting from
tightened lending.  Moreover, there are quite distinct differences
between Credia and the large consumer loan specialists, from the
standpoint of franchise, asset quality, capital relative to the
realistic impact of overpaid interest claims, and absolute cash
generating capacity relative to overall overpaid interest
payments."


* JAPAN: S&P Says Rating Downgrades Exceed Upgrades in 3Q 2008
--------------------------------------------------------------
Downgrades in the Japanese corporate, government, and financial
sectors outnumbered upgrades in the third quarter of 2008, with
six downgrades versus three upgrades between July 1, 2008, and
Sept. 30, 2008, according to a Japanese-language report published
by Standard & Poor's Ratings Services.

Upgrades had exceeded downgrades until the second quarter of 2008
(April 1, 2008, to June 30, 2008), but this trend ended in the
third quarter.  The number of outlook revisions also reflected
the downward shift in credit profiles.  S&P revised downward the
outlooks on 17 ratings, and revised upward the outlook on only
one rating.  Outlooks indicate the potential direction of ratings
over six months to two years.  Although the majority of outlooks
remained stable, the number of positive outlooks as a proportion
of total outlooks decreased to 9% as of Sept. 30, 2008, from 14%
as of June 30, 2008, while the proportion of negative outlooks
remained at 9%.  S&P believes that the downgrade trend in the
Japanese corporate, government, and financial sectors is likely
to continue, given increasing uncertainty over the domestic and
global economy.

In the corporate sector, S&P revised its ratings on two companies.
The rating on Fujitsu Ltd. (A-/Stable/--) was raised
by one notch, reflecting the company's improved revenue and
business base.  The rating on Pioneer Corp. (BB+/Stable/--) was
lowered by one notch based on its poor business performance. The
number of outlook revisions was one upward and four downward.
Downward revisions of the outlooks on four companies were all
changes to negative from stable, reflecting market deterioration
and the sluggish business performance of each company.  NEC Corp.
(BBB/Positive/A-2) was the sole upward outlook revision,
reflecting progress in business restructuring.  Although most
outlooks were stable as of Sept. 30, 2008, negative outlooks
outweighed positive outlooks 13 to eight (holding companies and
their operating subsidiaries are counted as one company, as are
holding companies and affiliated companies in the same group).

In the financial sector, S&P revised its ratings on seven
companies, upgrading two and downgrading five.  Downgraded
companies were all Japan-based locally incorporated companies or
Japanese branches of foreign companies that were downgraded in
accordance with rating actions on the parent companies.  Seven
Bank Ltd. (AA-/Negative/A-1+) was upgraded on the bank's increased
strategic importance to the group as a core subsidiary.
Ashikaga Bank Ltd. (BBB-/Stable/--) was upgraded on the bank's
improved financial position, which was achieved while the
institution was under government control.  Downward outlook
revisions numbered 13 compared with no upward revisions.  The
outlooks on the ratings on Shinkin Central Bank (A+/Stable/A-1+)
and Fukoku Mutual Life Insurance Co. (A-/Stable/--) were revised
to stable from positive, reflecting the increased risk volume of
their securities portfolio relative to their capital.  The
outlook on the rating on Norinchukin Bank (A+/Negative/A-1) was
revised to negative from stable for the same reason.  The outlooks
on the ratings on 10 regional banks were revised to stable from
positive due to the weakening economy.  The majority
of the outlooks on the ratings on financial institutions were
stable as of Sept. 30, 2008, and the number of positive and
negative outlooks was almost even, at seven positives to eight
negatives.

In the sovereign-related sector, no ratings or outlooks were
revised in the third quarter of 2008.


* JAPAN: S&P Puts BB-Rated Synthetic CDOs on Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on 23
tranches relating to Japanese synthetic CDO transactions on
CreditWatch with negative implications.

The tranches that have been placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during September's month-end run.
Each SROC level is listed below.

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

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, will be taken
to committee in the middle of this month for further rating
actions.

Ratings placed on CreditWatch Negative:

Corsair (Jersey) No. 2 Ltd.

  -- Floating rate credit-linked notes series 63

To               From   Issue Amount    SROC (%)
BBB-/Watch Neg   BBB-   JPY3.1 billion  98.2692

  -- Fixed rate credit-linked notes series 64

To              From   Issue Amount    SROC (%)
BBB/Watch Neg   BBB    US$50 million   99.4148

  -- Floating rate secured portfolio credit-linked notes series
     86

To             From   Issue Amount    SROC (%)
BB/Watch Neg   BB     US$10 million   99.8585

Momentum CDO (Europe) Ltd.

  -- Prelude III floating rate notes series 2005-4

To             From   Issue Amount    SROC (%)
A-/Watch Neg   A-     JPY3 billion    99.5992


  -- Floating-rate credit-linked notes series 2006-20

To             From   Issue Amount    SROC (%)
BB/Watch Neg   BB     JPY1 billion    99.4819

SONATA 4

  -- Floating rate notes series 2006-21

To             From   Issue Amount    SROC (%)
BB/Watch Neg   BB     US$20 million   99.5582



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

3 and 5: Parsons and Kenealy Appointed as Liquidators
------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of 3 and 5 Wallboards Limited on August 29,
2008.

The liquidators can be reached at:

     D. C. Parsons
     Indepth Forensic Limited
     PO Box 278
     Hamilton, New Zealand
     Telephone: (07) 957 8674
     Website: www.indepth.co.nz


AIR NEW ZEALAND: To Suspend Hamilton-Australia Services
-------------------------------------------------------
Air New Zealand said it will suspend services between Hamilton and
Sydney and the Gold Coast during the traditionally lower demand
period from March 29 to October 24, 2009.

Air New Zealand General Manager Tasman Pacific Airline Glen Sowry
said the move is a result of weak demand and an oversupply of
trans-Tasman capacity from Auckland.

"This decision is part of Air New Zealand's ongoing review of its
network to ensure we operate a sustainable business through the
current global economic downturn which is seeing airlines suffer,
and in many cases fail, the world over," said Mr. Sowry.

"We certainly regret having to suspend the three times per week
service to Sydney and twice a week service to the Gold Coast.
However, with poor load factors, equally poor yield and high fuel
costs, we cannot afford to fly routes that lose money in the
current economic environment.

"Quite simply, Waikato residents are not travelling like they used
to, or are choosing to travel through Auckland Airport. The
Hamilton - Sydney route for example has operated less than half
full over the past six months.  That's the equivalent of operating
more than 60 empty A320 flights on the Sydney route alone.

"Efforts to stimulate demand with significantly lower average
fares compared to the rest of the Tasman network have not had the
required affect.

"In addition, the glut in trans-Tasman capacity from Auckland is
cannibalising the Hamilton services as many of those travelling to
Australia from the Waikato appear to be flying from Auckland."

Mr. Sowry said Hamilton will still have an Australian connection,
with retention of the twice weekly flights to and from Brisbane.

"While this will provide access to Brisbane and the Gold and
Sunshine Coasts, it is important to note that unless the services
are economically viable they will also come under review in the
future.  I urge Waikato residents to make the most of these direct
services to help ensure their long term future."

Mr. Sowry said trans-Tasman services to and from Hamilton between
now and March next year remain unchanged.

Additional aircraft capacity resulting from the suspensions will
be used on other trans-Tasman services to enable the reduction in
use of wide-body aircraft on those routes as demand softens
overall.

                      About Air New Zealand

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

                          *     *     *

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

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

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


ALEXIAM PROJECT: Liquidators Set November 12 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 Alexiam Project & Property Limited.

Creditors are required to file their proofs of debt by November
12, 2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


CENTRAL OTAGO: Fixes November 8 as Last Day to File Claims
----------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, the
shareholders of Central Otago Joinery & Design Services Ltd
appointed Malcolm Hollis, chartered accountant, and Rhys James
Cain, insolvency practitioner, both of Christchurch, as
liquidators on August 8, 2008.

The liquidators set November 8, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Lisa Shatford
          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


DEVILISH ENTERTAINMENT: Proofs of Debt on November 8
----------------------------------------------------
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 Devilish Entertainment Limited.

Creditors are required to file their proofs of debt by November 8,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


EDEN SCHOOL: Liquidators Set November 8 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 Eden School Limited.

Creditors are required to file their proofs of debt by November 8,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


FLETCHER BUILDING: To Acquire 100% Shares in Fielders Australia
---------------------------------------------------------------
Fletcher Building Limited disclosed that it has entered into a
conditional agreement to acquire all of the shares in Fielders
Australia Pty Limited.  Fielders is owned jointly by Hills
Industries Limited (60%) and FSR Investments Pty Ltd (40%).

The company said the agreement is conditional upon, among other
things, due diligence, ACCC and FIRB approval, and the approval of
Fletcher Building’s board of directors.

Mr. Jonathan Ling, Chief Executive Officer of Fletcher Building
Limited, stated that "Fielders is a well run business that has a
solid reputation for performance with its customers.  It would
complement our existing business units in Australia and New
Zealand.”

Based in Adelaide, Fielders provides roll formed steel building
components to the Australian commercial, industrial and
residential construction industries.  The business has annual
sales of approximately AU$275 million and employs 890 people
across Australia.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, on September 30, 2008,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           7.550%          03/15/11           NZ$8.90
           7.800%          03/15/09           NZ$9.50


HAN NEW: High Court Appoints Liquidators
----------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Han New Education Limited.

Creditors who were unable to file their proofs of debt on October
3, 2008, were excluded in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Miranda Law
          Deloitte
          Level 8, Deloitte House
          8 Nelson Street
          Auckland 1010


INTERCRYLL DESIGN: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Auckland held a hearing on September 24, 2008,
to consider an application putting Intercryll Design & Fabrication
Limited into liquidation.

The application was filed on September 24, 2008, by York Precision
Plastics NZ Limited.

The plaintiff's address for service is at:

          Debtforce Limited
          Unit 1
          25 Norman Spencer Drive
          Manukau City 2104
          Facsimile: (09) 250 1262

Alistaire Hall is the plaintiff's solicitor.


MONTECRISTO CONSTRUCTION: Commences Liquidation Proceedings
-----------------------------------------------------------
The High Court at Christchurch held a hearing on October 6, 2008,
to consider an application putting Montecristo Construction
Company Limited into liquidation.

The application was filed on August 20, 2008, by Clyne & Bennie
(1988) Limited.

The plaintiff's address for service is at:

          Saunders & Co
          227 Cambridge Terrace (PO Box 18)
          Christchurch
          Telephone: (03) 379 7690
          Facsimile: (03) 379 3669

A. N. Riches is the plaintiff's solicitor.


SUBWAY NORTHLANDS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Christchurch held a hearing on October 6, 2008,
to consider an application putting Subway Northlands Mall Limited
into liquidation.

The application was filed on October 6, 2008, by Kiwi Property
Holdings Limited.

The plaintiff's address for service is at:

          Simpson Grierson
          Level 24, HSBC Tower
          195 Lambton Quay
          Wellington

J. Shackleton is the plaintiff's solicitor.


TWINS LIMITED: Parsons and Kenealy Appointed as Liquidators
-----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
liquidators of Twins Limited on August 29, 2008.

The liquidators can be reached at:

     D. C. Parsons
     Indepth Forensic Limited
     PO Box 278
     Hamilton, New Zealand
     Telephone: (07) 957 8674
     Website: www.indepth.co.nz


WESTAFF INC: Has New Forbearance Deal with Wells Fargo, et al.
--------------------------------------------------------------
Westaff Inc. reached a new forbearance agreement with U.S. Bank
National Association and Wells Fargo Bank, National Association.
Westaff CEO and chairman Michael T. Willis further outlined
operational steps designed to set the stage for renewed growth.
Westaff entered into a Second Amended and Restated Forbearance
Agreement with U.S. Bank National Association and Wells Fargo
Bank, National Association effective Sept. 30, 2008.

Under the terms of this Forbearance Agreement, the banks have
agreed to forebear from exercising any remedies that they may have
against the company through Nov. 21, 2008, as a result of certain
events of default under its credit facility which occurred on
April 19, 2008.

"The Banks willingness to grant an additional period of
forbearance is very favorable for the company and we are
committed to working diligently and cooperatively with our
banking partners to agree upon a longer-term resolution," Westaff
CEO and Chairman Michael T. Willis, commented.  "Westaff is
continuing to focus on growing our U.S. operations and achieving
additional milestones toward improving our business."

Mr. Willis underlined that the Forbearance Agreement has a
positive effect in that it allows the Company to focus on
ongoing operations. Willis added that at present, the credit
facility's sole purpose is to provide collateral for Westaff's
workers' compensation insurance program.  "Westaff has sufficient
working capital to fund our operations and strategic growth
objectives. Our business remains sound, and we are continuing to
accomplish our financial, sales and customer service objectives,"
said Willis.  "The recent sale of our Australia and New Zealand
subsidiaries, whereby the company expects to receive net cash
proceeds of approximately US$7.5 million following payment of
taxes, transaction expenses and repaying subsidiary indebtedness,
underscores this fact. The recently reported US$3.0 million loan
from Westaff's largest stockholder, DelStaff, LLC, also
demonstrates the positive support that we have from our largest
investor."
                      About Westaff Inc.

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

                         *     *     *

The company has incurred operating losses and negative operating
cash flow since the second quarter of fiscal 2007, offset by
slight operating income in the fourth quarter of fiscal 2007.  The
company says it it expects to incur additional losses in the
future, particularly because of current soft economic conditions.

In addition, the company is currently in default under the primary
credit facility that it uses to finance its operations.   If the
company is unable to obtain a waiver or continued forbearance from
the U.S. Bank National Association on acceptable terms, the
company may be unable to access the funds necessary for its
liquidity requirements or may be unable to obtain letters of
credit under the facility needed for the company to obtain
workers' compensation insurance.  In that case, its business and
operating results would be adversely affected.


WESTAFF INC: Selling Aussie and New Zealand Units to Humanis Blue
-----------------------------------------------------------------
Westaff, Inc., disclosed in a Securities and Exchange Commission
filing that it has entered into a definitive agreement to sell its
Australia and New Zealand subsidiaries to Humanis Blue Pty Ltd.,
an Australian company and subsidiary of Humanis Group Limited, in
a transaction valued at approximately US$15 million, consisting of
a combination of cash and debt.  Humanis is a Melbourne,
Australia-based company involved in the accumulation of
recruitment providers in select verticals and Westaff's Australia
and New Zealand businesses are its first acquisition.

Upon completion of the transaction, the divestiture would mark
Westaff's exit from non-core international operations, and
represent the culmination of several strategic steps that Westaff
has taken with the objective of improving its business and its
operations.

"This is an extremely positive step, and one that would position
Westaff to sharpen its focus on the strength of its United States
operations," commented Westaff CEO and Chairman Michael T. Willis.
"In addition, we expect that this sale would provide us with the
opportunity to re-invest in our core business and pursue our
growth objectives."

Upon completion of the sale, Westaff intends to focus on
establishing and executing a new strategy to leverage its core
competencies, experience, and market understanding.  Westaff
expects to announce these new strategic goals and related
operational milestones in the near future upon completion of the
sale.

Under the terms of the agreement, Humanis will purchase Westaff's
Australia and New Zealand subsidiaries for approximately US$13.3
million in cash at closing and US$2.5 million in the form of a
deferred payment promissory note due one year after closing.
Westaff expects to receive net cash proceeds of approximately
US$7.5 million following payment of taxes, banking and legal fees
and the repayment of certain outstanding debts.  The transaction
is subject to customary closing conditions and is expected to
close on Nov. 3, 2008.  Approval by Westaff's shareholders is not
a condition to the closing of the sale.

                     About Westaff Inc.

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

                        *     *     *

The company has incurred operating losses and negative operating
cash flow since the second quarter of fiscal 2007, offset by
slight operating income in the fourth quarter of fiscal 2007.  The
company says it it expects to incur additional losses in the
future, particularly because of current soft economic conditions.

In addition, the company is currently in default under the primary
credit facility that it uses to finance its operations.   If the
company is unable to obtain a waiver or continued forbearance from
the U.S. Bank National Association on acceptable terms, the
company may be unable to access the funds necessary for its
liquidity requirements or may be unable to obtain letters of
credit under the facility needed for the company to obtain
workers' compensation insurance.  In that case, its business and
operating results would be adversely affected.


WESTAFF INC: Names Sean Wong as Vice President Controller
---------------------------------------------------------
Westaff, Inc. disclosed in a Securities and Exchange Commission
filing it has appointed Sean Wong as Vice President, Controller.
Mr. Wong assumes this role immediately and is responsible for
financial and accounting functions of the company, including
internal and SEC financial reporting, as well as ensuring
compliance with company financial and accounting policies and
procedures, and creating and maintaining effective internal
controls in a public environment.

Mr. Wong Sean, a CPA, has over 19 years of experience in the
accounting arena and over a decade of experience as a Controller.
He most recently served the Controller for Tiburon, Inc. where he
served for more than three years prior to joining Westaff. He
holds a BA in Business Economics from the University of
California, Santa Barbara.

"I am extremely excited to be able to join the Westaff team," Mr.
Wong commented.  "There have been an impressive number of very
strong new hires and I feel privileged to be among them. I have
very high expectations for Westaff and for the role I will play
there."

"Sean is an established and proven accounting professional and
will certainly fit in with the strong management team that has
been assembled here in recent months," noted Westaff CFO Christa
Leonard.  "I am confident that Sean's experience coupled with his
reputation and his can-do attitude will make him an integral part
of our Accounting team."

                      About Westaff Inc.

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

                        *     *     *

The company has incurred operating losses and negative operating
cash flow since the second quarter of fiscal 2007, offset by
slight operating income in the fourth quarter of fiscal 2007.  The
company says it it expects to incur additional losses in the
future, particularly because of current soft economic conditions.

In addition, the company is currently in default under the primary
credit facility that it uses to finance its operations.   If the
company is unable to obtain a waiver or continued forbearance from
the U.S. Bank National Association on acceptable terms, the
company may be unable to access the funds necessary for its
liquidity requirements or may be unable to obtain letters of
credit under the facility needed for the company to obtain
workers' compensation insurance.  In that case, its business and
operating results would be adversely affected.


* NEW ZEALAND: Consumers Price Index Review Completed
-----------------------------------------------------
A review of the goods and services in the Consumers Price Index
(CPI) basket has been completed, Statistics New Zealand said.  The
review, which updates the relative importance of the goods and
services basket, will culminate in the publication of the
reweighted CPI for the September 2008 quarter on October 21, 2008.

Periodic reviews of the CPI are undertaken to ensure that it
remains relevant and up-to-date. The previous review was
implemented in 2006.

The basket of representative goods and services has been
reselected to ensure that it continues to reflect household
spending patterns.  Goods added to the basket as part of the
review include heat pumps and cut flowers.  High-tech products
that have been added include in-car satellite navigation units,
free-to-air digital television receivers, and digital music
downloads. Services added to the new basket include lawn mowing,
house cleaning and auction services, with the latter reflecting
the growing popularity of online trading.  Goods removed from the
basket include solid fuel burners, cathode ray tube television
sets, video cassette tapes, photographic film and writing paper.

The main source of information used for the review was a survey of
2,600 households, which ran from July 2006 to June 2007.  The
survey collected detailed information on spending habits.  Based
on the household survey and other information, Statistics New
Zealand estimates that of every NZ$100 spent by households on
goods and services covered by the CPI, NZ$22.75 is spent on
housing and household utilities, compared with NZ$20.02 in 2006.
This reflects increased spending on renting and on purchasing new
housing, and higher electricity prices.

Food accounts for NZ$17.83 of every NZ$100 spent, compared with
NZ$17.38 in 2006.  The increase reflects an increase of 11.3
percent in food prices over the past two years.

Other groups have shown declines in relative importance, including
transport (down from NZ$17.24 to NZ$16.18 of every NZ$100 spent),
with lower spending on cars contributing to the fall.  However,
the relative importance of petrol has increased to NZ$5.47 of
every NZ$100 spent.



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

* PAKISTAN: S&P Junks Sovereign Credit Ratings on Debt Concerns
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
foreign currency sovereign credit rating on the Islamic Republic
of Pakistan to 'CCC+' from 'B' and its long-term local currency
rating to 'B-' from 'BB-'.  At the same time, S&P lowered its
short-term rating on the sovereign to 'C' from 'B'.  The outlook
on the long-term rating is negative.

The rating on Pakistan's senior unsecured local currency debt has
also been lowered to 'B-' from 'BB-', while the foreign currency
debt rating has been lowered to 'CCC+' from 'B'.

The downgrade comes in the wake of continued steep erosion of
Pakistan's external liquidity position, the extent and pace of
which casts rising doubts about the sovereign's ability to meet
approximately US$3 billion of external debt servicing commitments
in the coming year.

"Pakistan's balance of payments is under significant and rising
pressure, whereby existing structural trade imbalances are
magnified by exogenous price shocks," said S&P's credit analyst
Agost Benard.  "At the same time, capital inflows, which had in
the past covered much of the current account gap, are increasingly
deterred by the prolonged political uncertainty and adverse
security climate."

Net foreign reserves of the central bank have fallen 67% to just
US$4.7 billion since October 2007, as the country recorded an
overall balance of payments deficit of US$5.7 billion for fiscal
year 2008 ended June.  For the first two months of fiscal 2009,
the overall balance of payment deficit expanded more than sixfold
year on year to nearly US$2.5 billion, with the current account
shortfall reaching 1.6% of GDP against a full-year target of
6%.

S&P believes that stabilizing Pakistan's external position, and
thus avoiding near-term debt service stresses, will require
substantial and timely multilateral and bilateral assistance,
concurrent with fiscal and monetary policy measures aimed at
paring aggregate demand to cut import growth.

The negative outlook reflects S&P's expectation that multilateral
and bilateral aid, including deferred oil payment schemes, may
not be timely enough, or sufficient in magnitude to stem the loss
of external liquidity.  It also incorporates the view that the
necessary policy measures, some of which are likely to be
prerequisites for multilateral assistance, will face obstacles and
delays in implementation, given the fractious and unstable
domestic political scene, and rising social tension.

The rating on Pakistan could be lowered further if the foreign
exchange reserve cushion continues to shrink and meaningful
economic stabilization measures remain wanting.  Conversely, the
rating could stabilize and eventually be raised if external
assistance and domestic policy programs successfully stabilize
Pakistan's balance of payments position and foreign reserves.



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

AMERICAN INTERNATIONAL: To Sell Philamlife to Pay Off Debts
-----------------------------------------------------------
American International Group Inc. (AIG) will sell its Philippine
unit, Philippine American Life and General Insurance Co., or
Philamlife to help pay off the US$85 billion debt to the U.S.
Government, The Wall Street Street Journal reports.

Citing Philamlife President and Chief Executive Officer Jose L.
Cuisia, Jr., Business World relates that there were around 10
buyers, which declined to divulge their identities.  Mr. Cuisia
said that some will be immediately crossed out as not all will
meet AIG's criteria, the report added.

AIG set three criteria for potential bidders.  "One, it has to be
a strong reputable brand name.  Two, it has to be an institution
that's strong financially.  And three, it has to have a strategic
fit as far as in providing policyholders and stakeholders the
growth potential," Michel Khalaf, Philamlife deputy president and
COO, was quoted by the BusinessWorld during a briefing.

According to BusinessWorld, Mr. Cuisia clarified that the change
of ownership will not in any way diminish policy owners' benefits
and security.  Philamlife will also not be sold at a discount,
despite its mother unit being in dire need of cash, Mr. Cuisia
added.

The terms of the sale, including the pricing, would be determined
by AIG's investment advisers Blackstone and J.P. Morgan, the news
agency notes.

The company would seek to retain all its employees, but Mr. Cuisia
admitted that some might be let go if a buyout led to a
duplication of jobs, Manila Standard reports.

Philamlife, the country's largest insurer, has consolidated assets
of Php170 billion and a net worth of Php49.5 billion.  AIG,
through its Delaware-based financial service arm American Life
Insurance Co. (ALICO), has a 99.98% stake in Philamlife, Business
World notes.

                            About AIG

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.



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

MOBILE COMMUNICATIONS: S&P Slices Corporate Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate rating on Pakistan Mobile Communications Ltd. (Mobilink)
to 'B' from 'B+'.  The outlook on the rating remains
negative.  At the same time, S&P lowered its issue rating on
Mobilink's senior unsecured notes to 'B' from 'B+'.  The rating
actions follow S&P's decision to lower the long-term and short-
term sovereign credit ratings on Pakistan (foreign currency
CCC+/Negative/C; local currency B-/Negative/C) along with
affirmation of the negative outlook.

"The downgrade reflects Mobilink's increased exposure to funding
risks and a potential overall economic slowdown as a result of
the current sovereign action," S&P's credit analyst Yasmin
Wirjawan said.  "In addition, we remain concerned over
uncertainties in the operating environment in Pakistan in the
near-to-medium term.  The rating on Mobilink also reflects the
expected decline in cash-flow-protection measures as a result of
largely debt-financed high capital expenditure, increased
competition, and high distributions in the form of management fees
to its shareholder, Orascom Telecom Holdings S.A.E.
(B+/Stable/--).  These risks are partly offset by strategic
benefits from its parent, the company's leading market position,
and its first-mover advantage."

In the near-to-medium term, S&P expects the ratings on Mobilink
to be driven by the country's risk environment and the company's
ability to maintain adequate internal cash generation and
liquidity.  Mobilink's near-term liquidity comprises a cash
balance of Pakistan rupee (PKR) 8 billion (US$118 million),
undrawn committed credit facilities of US$190 million, and support
from Orascom Telecom (via cross-default provisions in
Orascom Telecom's financing documents). This should be adequate
to cover Mobilink's near-term liquidity requirements of debt due
in one year equivalent to about US$161 million as at June 30,
2008, and capital expenditure.  Nevertheless, Mobilink will need
to arrange for additional funding to finance its medium-term
capital-expenditure plans.

The negative outlook on Mobilink reflects the risk factors on
Pakistan and the business environment, which are also mirrored in
S&P's sovereign and transfer and convertibility assessment
ratings. In addition, Mobilink may face increased exposure to
funding risks and a potential economic slowdown that may affect
the company's credit profile.  The ratings on Mobilink may be
lowered if there were any downward movement of the sovereign
ratings, implying an increase in the country risk-related factors
and more difficult operating conditions, limitations on the
company being able to remit funds for debt repayment, or any
indication of reduction in support from its parent Orascom
Telecom.



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

TAISHIN: Moody's Places Ratings on Review for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed all ratings of Taishin
Financial Holding Company (TFHC) and its fully owned subsidiary
bank, Taishin International Bank (TIB), on review for possible
downgrade.  At the same time, Moody's Taiwan Corporation has
placed all national scale ratings (NSR) of TIB and TFHC on review
for possible downgrade.

"Today's rating action reflects Taishin group's relatively weaker
capital position as compared to its similarly-rated peers and the
future uncertainties in its capital raisings.  Sufficiency of
capital position is considered of utmost importance when dealing
with the lingering concern of global economic downturn as well as
the prevailing market volatilities, domestically and globally"
says Cherry Huang, a Moody's VP/Senior Analyst.

The review will focus on the TFHC's successful execution of its
planned capital raising.  In the meantime, it warrants close
monitoring, should less favorable economic outlook, locally and
globally, further pressure the group's financial metrics, on top
of the group's NTD1.8bn Lehman exposures.  Moody's currently
assigns D+ BFSR and Baa1 to TIB, and Baa3 to TFHC.

Taishin group originally scheduled a capital raising plan in mid-
2008.  However, the plan was delayed as a result of significant
plunge in Taiwan equity market, partially driven by the global
market volatilities.  The recent financial market turmoil,
domestically and globally, if continuing, may make the group's
capital plan more challenging than ever with respect to timing and
magnitude.

While the group has endeavored to rebuild its capitals in the
aftermath of significant card losses in 2006, earnings generation
or internal capital formation has been prolonged based on its more
conservative underwriting standard on the back of challenging
operating environment.

In addition, sustainability of TIB's wealth management franchise
has faced challenges as investors suffered losses from NTD10bn
Lehman-linked investment products which were distributed through
TIB's branch network.  Wealth management business has been a
significant contributor to TIB's fee income for the past one-two
years.

As of 1H2008, TIB's adjusted loan to deposit ratio, including
credit card revolving balance, factoring and post office deposits,
is slightly over 80% with a rather high proportion or near 10% of
its deposits from Taiwan Post.  Market fund ratio is around -7%,
indicating little to no reliance on confidence-sensitive wholesale
funding.  The recent confidence crisis on its franchise may exert
some pressure on its liquidity position.

TFHC is a bank-dominated financial group and it controls six
operating subsidiaries: TIB, Taishin Securities Company, Taishin
Bills Finance, Taishin Asset Management Ltd, Taishin Marketing
Consulting Company Ltd, and Taishin Venture Capital Company Ltd.

In June, Moody's changed to stable from positive the outlook for
the Baa3 issuer rating of TFHC and the Baa1 deposit rating of TIB.
This change of outlook mainly reflects ongoing uncertainty --
evident for the last 2.5 years -- over whether TIB will finally
merge with Chang Hwa Commercial Bank (CHCB).

Moody's National Scale Ratings are not globally comparable.
Moody's also emphasizes that its National Scale Ratings are not
opinions on absolute default risk.  In this respect, they are
different from Moody's global scale ratings which have been
assigned to Taiwanese or other national institutions and that do
not carry the ".tw" suffix.  Only Moody's global scale ratings are
comparable with Moody's global ratings assigned elsewhere in the
world, and they also address absolute default risk.

Both Taishin Financial Holding Company and Taishin International
Bank are headquartered in Taipei, Taiwan.  On a consolidated
basis, the holding company reported assets of NTD2.3 trillion
(USD71.8 billion) and the bank NTD929 billion (US$29 billion) at
end-1H2008.


Taishin Financial Holding Company:

   * All ratings are placed on review for possible downgrade;
   * Long-term Issuer Rating – Baa3;
   * Long-Term Taiwan National Scale Deposit Ratings-- A2.tw; and
   * Local Currency Subordinated Debt Taiwan National Scale
     Rating--Baa1.tw

Taishin International Bank:

   * All ratings are placed on review for possible downgrade;
   * Long-term Local/Foreign Currency Bank Deposits – Baa1;
   * Long-term Foreign Currency Issuer Rating – Baa1;
   * Short-term Local/Foreign Currency Bank Deposits – Prime-2;
   * Bank Financial Strength Rating – D+; and
   * Long-Term/Short-Term Taiwan National Scale Deposit Ratings--
     Aa3.tw/TW-1



===============
T H A I L A N D
===============

G STEEL: Japan's Mitsui & Co Plans to Acquire Company Stake
-----------------------------------------------------------
Thai steel firm G Steel PCL said Japanese trading house Mitsui &
Co. plans to acquire a stake in the company, Ploy Chitsomboon of
Reuters reports.

A G Steel executive, the report relates, said that details of the
share sale, including the price and what percentage Mitsui would
own, were expected after the approval of the boards of both firms.

According to the report, Mitsui would benefit from using the Thai
partner as a production base for the region while G Steel could
secure overseas expansion opportunities.

Meanwhile, the report says rumors has it that G Steel was in talks
to sell a stake to ArcelorMittal group, however, G Steel denied
those reports.

                      About G Steel Public

Headquartered in Bangkok, G Steel Public Company Limited is
Thailand's second largest hot rolled coil (HRC) steel
manufacturer and distributor.  It was founded in 1995.  It
recovered from a corporate rehabilitation program in September
2003 with its restructured debt subsequently pre-paid and an IPO
completed in January 2006.

                          *     *     *

As reported by the Troubled Company Reporter - Asia pacific on
June 23, 2008, Moody's Investors Service confirmed G Steel's B3
corporate family and bond ratings.  At the same time, Moody's
changed the ratings outlook to negative from stable.



===============
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. 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.





                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***