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        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

            Thursday, October 9, 2008, Vol. 11, No. 201

                            Headlines

A U S T R A L I A

BANK OF WESTERN: Moody's Reviews Rating With Direction Uncertain
BANKWEST: Sells Business to Commonwealth Bank for AU$2.5 Billion
BANKWEST: Reduces Standard Variable Interest Rates by 0.80% p.a.
BEMAX RESOURCES: Sued for Unmet Contractual Obligations
CENTRO NP: Australian Unit's Debts Cues S&P to Retain Watch Neg.

CRI CHATSWOOD: Goes Into Receivership
ENTERTAINMENT SECURITY: To Declare Dividend on October 28
EMWIL PTY: Final Meeting Slated for October 13
HOLYOAKE HOLDINGS: Members' Final Meeting Set for October 27
LYNARI PTY: To Declare Dividend on October 15

MARINER FINANCIAL: Subsidiary Goes Into Receivership
MARTIN BOROWSKY: Liquidator to Give Wind-Up Report on October 17
MEGA MEATS: Members and Creditors to Meet on October 17
MOBILESELECT PTY: Placed Under Voluntary Liquidation
PALANDRI WINE: Creditors Placed Company in Liquidation

RIPAR AUSTRALASIA: Members and Creditors to Meet on October 16
ROWB PTY: To Declare Dividend on October 16
STATE DEVELOPMENT: To Declare Dividend on October 16


C H I N A

BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility
CHINA MERCHANTS: Completes Acquisition of Wing Lung Bank
CHINA SOUTHERN: Adds Australia-China Daylight Flights
MPF CORP: Cosco Shipyard Sues to Recover Balance Due on MPF-01


H O N G K O N G

ACUHEALTH LIMITED: Creditors' Proofs of Debt Due on November 3
AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
AMERICAN INT'L: S&P Revises CreditWatch to Neg. from Developing
ANDIGILOG INTERNATIONAL: Creditors' Meeting Slated for October 21
ASIAN GAMES: Members' General Meeting Slated for November 14

COMMERZ SECURITIES: Members to Hear Wind-Up Report on November 4
GOLD EAGLE: Members to Hold Meeting on November 7
HAPPY SHEEN: Members' Final Meeting Slated for November 7
HENLEN INTERNATIONAL: Members to Hear Wind-Up Report on November 7
QI CAPITAL: Lam and Toohey Cease to Act as Liquidators

SHIN KONG: Fitch Affirms Individual Ratings at 'D'
TRANSFUL LIMITED: Members' Meeting Set for November 7
UNITED POTTERIES: Members' Final Meeting Slated for November 5


I N D I A

CITIGROUP INC: Sells Indian Back Office to TCS for US$505 Mil.
GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers
TATA MOTORS: Relocates Nano Project to Gujarat


I N D O N E S I A

ANEKA TAMBANG: Seeks US$42.2MM Loan to Buy Stake in Gold Mines
PT PERTAMINA: Unaffected by Economic Conditions in US
* INDONESIA: Trading of Shares in Jakarta Suspended Indefinitely


J A P A N

ASAHI MUTUAL: JCR Affirms BB+/Stable Ratings on Senior Debts
SOFTBANK CORP: Adds 142,800 New Users in September
SOFTBANK CORP: Concludes Credit Line Facility Contract


K O R E A

HYNIX SEMI: Takes Action Against Japan on Countervailing Tariffs
KOREA: Global Liquidity Woes Pressures Banks' Credits, S&P Says


M A L A Y S I A

ASIATRONICS SDN: Placed Under Members' Voluntary Wind-Up
BSA INTERNATIONAL: Registry OKs Deregistration of Hong Kong Unit
BSA: Wind Up of Thai Unit Registered With Registration Office
TL AUTOMATION: Commences Liquidation Proceedings
WELLI MULTI: To Hold Annual & Extraordinary Meeting on October 30


N E W  Z E A L A N D

ALEXIAM DEVELOPMENTS: Proofs of Debt Due on November 12
DOMINION FINANCE: Plans to Appoint Voluntary Administrator
DYNASTY GROUP: Commences Liquidation Proceedings
HELMUT HOLDINGS: Commences Liquidation Proceedings
METRON NZ: Placed Under Liquidation

M.I. PLASTERING: Commences Liquidation Proceedings
MICRO SPECS: Proofs of Debt Due on November 6
PEACE INDUSTRIES: Wind-Up Petition Hearing Set for December 5
SME BUSINESS: Liquidators Set November 6 as Claims Bar Date
WHITTAKER CARRIERS: Proofs of Debt Due on November 11

SAPPHIRE EQUITY: Finnigan and Van Delden Appointed as Liquidators


P H I L I P P I N E S

GEOGRACE HOLDINGS: Posts Php54.12MM Net Loss in Qtr. Ended June 30
PHILIPPINE REALTY: Inks Agreement With BPI for Settlement of Debts
* PHILIPPINES: Electronics Sector Seeks Government Aid


S I N G A P O R E

FUNPOLIS ASIA: Creditors' Proofs of Debt Due on October 17
NYK LOGISTICS: Placed Under Voluntary Liquidation
PLDT: Fitch Affirms LT Foreign Currency ID Rating at 'BB'
RCBC: Fitch Revises Outlook to Stable from Positive; Holds Ratings
SECURITY BANK: Fitch Affirms LT Foreign & Local ID Ratings at 'BB'

UNION BANK: Fitch Holds 'C/D' Individual Rating
XIN XIANG: Court Enters Wind-Up Order
WHY WHY: Court to Hear Wind-Up Petition on October 17


T A I W A N

AU OPTRONICS: Posts NT$34.6BB Consolidated Revenue for Sept. 2008


                         - - - - -


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

BANK OF WESTERN: Moody's Reviews Rating With Direction Uncertain
----------------------------------------------------------------
Moody's Investors Service has placed the ratings of Bank of
Western Australia Limited (BankWest) on review with direction
uncertain: senior debt and deposit ratings of Aa3, short-term
rating of Prime-1 and bank financial strength rating (BFSR) of C.

"The rating action follows an announcement by Commonwealth Bank of
Australia (CBA) that it has commenced exclusive discussions with
HBOS plc for the acquisition of BankWest," says Marina Ip, a
Moody's Assistant Vice President.

"If BankWest were to be acquired by CBA, then there would be
potential for upward rating movement on the Aa3 deposit and debt
ratings of these operations," says Ms. Ip.

"However, the extent of any upward movement would depend both on
the stand-alone financial condition of BankWest, as well as the
level of integration with CBA," adds Ms. Ip.

"Conversely, failure of the acquisition, or an acquisition by
another, lower-rated parent could possibly have a negative impact
on the ratings of BankWest," says Ms. Ip.

The review with direction uncertain of BankWest's BFSR of C,
reflects the fact that it could possibly be upgraded if the new
ownership improved its access to funding or strengthened its
capital base.  In the absence of an acquisition by a higher-rated
counterparty, BankWest's BFSR could face negative pressure as a
result of ongoing disruptions in financial markets.

BankWest's debt and deposit ratings had previously been placed on
review for possible downgrade on September 18, 2008, as a result
of an identical action of its parent HBOS plc.

Bank of Western Australia Limited is headquartered in Perth,
Western Australia.  It reported assets of AU$63.1 billion
(approximately US$60.5billion) at end June 2008.


BANKWEST: Sells Business to Commonwealth Bank for AU$2.5 Billion
----------------------------------------------------------------
HBOS plc, through its wholly owned Australian subsidiary HBOS
Australia, disclosed the sale of BankWest and the St Andrew's
wealth and insurance business to Commonwealth Bank of Australia
for AU$2.5 billion, subject to appropriate regulatory approvals.

In addition to AU$2.1 billion (GBP1.0 billion) of cash
consideration for the sale, HBOS will receive a return of excess
capital in BankWest of approximately AU$360 million, together
comprising AU$2.5 billion of proceeds.

HBOS Australia's corporate business, BOS International (Australia)
Limited, and its asset finance company, Capital Finance Australia
Ltd, will be retained by the Group.  HBOS's Australian Treasury
operation will also remain.  Both BOSI and Capital Finance
continue to make a significant profit contribution to HBOS
Australia's operations.

Selling BankWest and St Andrew's will strengthen HBOS's capital
position and reduce its funding obligations during a period of
unprecedented volatility in global financial markets.

HBOS plc International Chief Executive Colin Matthew said BankWest
and St Andrew's were great franchises which had grown and
prospered under the stewardship of HBOS Australia Chief Executive
David Willis and his leadership team.

"Our decision to sell the business was not taken lightly,
nevertheless, the capital and funding benefits for us are
significant," Mr. Matthew said.

HBOS Australia Chairman Ian Mackenzie said the Board was proud of
what HBOS Australia and its businesses had achieved.

"The Commonwealth Bank is Australia's leading bank and is
reputable and solid, which is important in the current volatile
and unsettled environment," Mr. Mackenzie said.

BankWest has a large deposit book and exposure to the strong
Western Australian economy while St Andrew's requires minimal
funding.

HBOS Australia chief executive David Willis said BankWest had been
regularly recognized for its award winning products and high
customer satisfaction rates.

"Australia has been a success story for HBOS over the last five
years and is testament to the hard work of more than 6,000
colleagues across the country," Mr. Willis said.

"The Group continues to trade profitably, perform strongly and
extend its footprint, particularly on the east coast."

"We expect there will be very little change for customers and they
will be able to continue accessing BankWest and St Andrew's
products and services as usual.

"We will work with Commonwealth Bank to ensure the transition is
as smooth as possible."


                         About BankWest

Bank of Western Australia Ltd -- http://www.bankwest.com.au--
provides offerings including mortgage loans, personal loans,
credit cards, savings, and deposit products.  An HBOS subsidiary,
BankWest has established distribution channels in Adelaide,
Brisbane, Melbourne, and Sydney.  BankWest first opened for
business in 1895 as the Agricultural Bank of Western Australia; it
was acquired by Bank of Scotland (the BOS in HBOS) in 1995 and is
the retail arm of HBOS Australia.  British bank Lloyds TSB
announced plans to buy struggling HBOS in 2008.


BANKWEST: Reduces Standard Variable Interest Rates by 0.80% p.a.
----------------------------------------------------------------
Bank of Western Australia Ltd has lowered its standard variable
rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent
p.a, effective October 17, 2008.

BankWest's popular Rate Tracker home loan will also move 80 basis
points from 8.35 per cent p.a. to 7.55 per cent, effective
October  17, 2008.

The 0.80 per cent p.a. rate reduction equates to an average saving
of AU$171.91 per month on an average size principal and interest
loan of AU$300,000 over a 30 year term.

BankWest Chief Executive Ian Corfield said BankWest was pleased to
be able to pass on the reduction to customers.

BankWest is currently reviewing its fixed rate mortgage products
and deposit products.

                         About BankWest

Bank of Western Australia Ltd -- http://www.bankwest.com.au--
provides offerings including mortgage loans, personal loans,
credit cards, savings, and deposit products.  An HBOS subsidiary,
BankWest has established distribution channels in Adelaide,
Brisbane, Melbourne, and Sydney.  BankWest first opened for
business in 1895 as the Agricultural Bank of Western Australia; it
was acquired by Bank of Scotland (the BOS in HBOS) in 1995 and is
the retail arm of HBOS Australia.  British bank Lloyds TSB
announced plans to buy struggling HBOS in 2008.


BEMAX RESOURCES: Sued for Unmet Contractual Obligations
-------------------------------------------------------
Bemax Resources Limited and its parent The National Titanium
Dixode Company are facing legal action filed by US-based titanium
producer DuPont Co, ABC News reports.

Citing a Dupont spokesman, the report relates Dupont alleges Bemax
is unable to fulfill its contractual obligations.

National Titanium senior vice-president, Dr. Steve Ward, did not
provide any comments on the case.

                     About Bemax Resources

Based in Australia, BeMax Resources Limited --
http://www.bemax.com.au/--engaged in mineral exploration,
development of mineral tenements, mining mineral sands, processing
mineral sands and sale of separated mineral sands products.  The
company has interests in various joint ventures in Australia,
including Cable Sands Joint Venture (engaged in mineral sands
production), BIP Development & Operating Joint Venture (engaged in
mineral sands production and expolration), Murray Basin
Exploration & Opertaing Joint Venture (engaged in exploration) and
Bayfield Joint Venture (inactive).  As of June 25, 2008, Cristal
Australia Pty Ltd had acquired 55.96% interest in BeMax Resources
Limited.

Bemax is a wholly owned subsidiary of The National
Titanium Dioxide Company Limited (Cristal Global), which operates
TiO2 facility in Yanbu, Saudi Arabia.

                          *     *    *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Bemax Resources Ltd. to 'B-'
from 'B+'.  The outlook is negative.  At the same time, S&P
lowered its issue rating on Bemax's US$175 million senior
unsecured notes due 2014 to 'B-' from 'B+'.  The ratings were
removed from CreditWatch with negative implications, where they
were placed on May 28, 2008.

On September 23, 2008, Moody's Investors Service downgraded the
corporate family and senior unsecured ratings of Bemax Resources
Limited (Bemax) from Ba3 to B2.  The rating action concludes a
review of the company's rating commenced in May, following the
announcement of a takeover offer by Cristal Australia Pty Ltd
(Cristal; unrated).  The outlook on the ratings is negative.


CENTRO NP: Australian Unit's Debts Cues S&P to Retain Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+' credit
ratings on Centro NP LLC and Centro NP's senior unsecured debt
remain on CreditWatch with developing implications, where they
were initially placed on Jan. 3, 2008, following recent
announcements on Centro Properties Group's (CNP; not rated) debt
facilities.  U.S. lenders extended the deadline for the
refinancing of CNP's debt facilities to Dec. 15, 2008, in line
with the existing extension granted by the group's Australian
lenders.

"Given the uncertainty facing the group, we believe that the
issuer rating could move either up or down from 'CCC+'," S&P's
credit analyst Craig Parker said.  "A further downgrade would be
precipitated by CNP not being able to seek a further extension of
its debt facilities beyond Dec. 15, 2008.  There is also a
prospect that some lenders within the CNP group may selectively
rollover facilities that have recourse to favorable assets, while
other lenders may seek repayment."

On the other hand, the ratings could be raised if CNP and Centro
NP are able to implement a strategic plan that satisfies the bank
lenders and private-placement noteholders and places the companies
on a more sound financial footing.  The reduction of outstanding
debt levels, including potential portfolio or asset sales, is a
critical factor.  At the same time, the group has to manage the
assets to retain their market value; this will signal to S&P that
CNP's credit quality has improved.

Mr. Parker added: "The cash-flow impact of the increased interest
margins on CNP's debt facilities, which have been in effect since
mid-December 2007, and the reduced likelihood that the business
model will continue in its current form following this
renegotiation process mean that any ratings upgrade may be limited
to the low 'BB' category."


CRI CHATSWOOD: Goes Into Receivership
-------------------------------------
CRI Chatswood Pty Ltd, which is involved in a public-private
partnership with the New South Wales Government for a AU$360
million Chatswood transport interchange project, has gone into
receivership, ABC News reports.

In a company statement, CRI Chatswood said it should be understood
that the current financial situation, which has resulted in
receivers being appointed to the Chatswood Project, is due to the
commercial elements of the project including retail and
residential, and not the public transport aspects, which are not
affected.

According to CRI Chatswood, the present global financial
situation, coupled with certain commercial aspects of the Project,
have contributed to the situation the company faces.  The Public
Infrastructure components have not been a contributing factor, the
company stated.

NSW Transport Minister David Campbell meanwhile said all of the
major works are finished and the collapse will not cause delays or
extra costs for taxpayers, ABC News relates.

The Chatswood Transport Interchange project is a key public
transport comprising new four platform station, bus interchange
and public areas.

The project, the company said, has been completed and handed over
to the NSW Govemment, well ahead of time for the commissioning of
the new Epping - Chatswood rail line.


ENTERTAINMENT SECURITY: To Declare Dividend on October 28
---------------------------------------------------------
Entertainment Security Pty Limited will declare dividend on
October 28, 2008.

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

The company's liquidator is:

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


EMWIL PTY: Final Meeting Slated for October 13
----------------------------------------------
Emwil 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, A. L. Dunner, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

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


HOLYOAKE HOLDINGS: Members' Final Meeting Set for October 27
------------------------------------------------------------
D. R. Vasudevan, Holyoake Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 27,
2008, at 10:30 p.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000


LYNARI PTY: To Declare Dividend on October 15
---------------------------------------------
Lynari Pty Ltd will declare dividend on October 15, 2008.

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

The company's liquidator is:

          Nick Combis
          Vincents Chartered Accountants
          Level 27, 239 George Street
          Brisbane QLD 4000
          Telephone: (07) 3854 4555
          Facsimile: (07) 3236 2452


MARINER FINANCIAL: Subsidiary Goes Into Receivership
----------------------------------------------------
Mariner Financial Limited disclosed that receivers and managers
have been appointed to Mariner Treasury Limited, a wholly owned
subsidiary of the company.

According to Mariner Financial, it would no longer provide support
for Mariner Treasury apart from its obligation to support 6 months
interest payable in respect of approximately AU$10 million in
floating rate notes.  This liability for the balance of the year
to June 30, 2009, is assessed to be AU$665,000.

ABC News reports that Mariner Treasury Limited owed 400 investors
more than AU$22 million.

                      Full Year Results

Mariner Financial disclosed its first half profit of AU$2.2
million (up from AU$2.1 million in Dec half 2006) normalized to
exclude the mark to market effect of the shareholding in Keybridge
Capital Limited.  Including the unrealized mark to market effect
of KBC the net loss after tax is AU$13.9 million.  NTA per share
is 47 cents as at December 31, 2007.

Mariner Financial said it has achieved a normalized net profit
after tax of AU$0.7 million prior to booking AU$71.3 million in
one-off asset write downs and revaluations on a number of its
investments.  After all adjustments, the company reported a net
loss after tax of AU$65.3 million for the financial year.

The reported loss includes these adjustments:

  -- AU$37.2 million, the sale of Keybridge Capital
     Limited (realized)

  -- AU$2.9 million, the sale of Mariner Pipeline Trust
     units (realized)

  -- AU$31.2 million, other assets (unrealized)

Subsequent to year end, these and other asset sales have resulted
in all bank debt with recourse to the company being repaid.

                        Financial Crisis

The company said that the past 12 months have seen a great deal of
unanticipated upheaval in the financial markets:

   * The global credit crisis and equity market volatility.

   * Increasing difficulty in securing credit and debt
     financing of assets.

   * Loss of business confidence.

According to the company, the market deterioration has greatly
impeded its ability to create a satisfactory long term scalable
business operation and that its business model is not sustainable
in the current environment.

The company believes that its current market price does not truly
reflect the underlying net asset value within the business.  This
is currently estimated at 26 cents per share and does not include:

   -- additional value from realisable management rights
      to Mariner Financial’s AU$1.2 billion in assets and
      funds under management;

   -- profit share entitlements from various funds; and

   -- current transactions in progress.

                       Directors Review

The group’s assets significantly exceed its liabilities.  The
company is a going concern and accordingly intends to conduct an
orderly process of asset sales to convert investments to cash.

Mariner’s Directors have reviewed the company’s operations and,
given the continuing volatile market conditions, are proposing to
undertake the following actions:

   -- An orderly program for the disposal of assets including
      the management rights to a number of investment trusts,
      with the view to returning these assets to cash.

      Mariner said it is already in discussion with several
      interested parties in relation to these assets.

   -- Once all sales are completed Mariner will look for
      methods to return value to shareholders.

   -- The disposal of these assets has no bearing on the
      investments of the underlying investment trusts
      managed by Mariner Financial Limited.

   -- Sale of its Beyond International Limited share holding
      (settled September 11, 2008).  The proceeds have been
      used to retire all corporate bank debt.

   -- Immediate implementation of a significant cost cutting
      program including operational and business cost
      reductions across the group.

   -- Completion of existing transactions.

The company has six operating divisions that will be offered for
sale:

   -- Mariner Land Limited Property development group

   -- Mariner Mortgage Management Limited Manager
      of the mortgage trust

   -- Management rights to the listed Mariner American
      Property Trust and all property syndications.

   -- EcoPoint Management Limited, operator of Mariner
      Coastal Investment Trust

   -- Mariner Credit Corporation

   -- Mariner Treasury Limited, owner of German and Japan
      property portfolio.

                   Proposed Recapitalization

Mariner Financial said it has previously disclosed that it was
speaking to investor groups on a proposed recapitalization of the
company.  Discussions relating to recapitalization are continuing
and any agreement relating to the recapitalization will be
announced in due course, the company said.

                      About Mariner Financial

Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors.  During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment.  The company predominantly distributes its investment
products through independent advisory intermediaries.  In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.


MARTIN BOROWSKY: Liquidator to Give Wind-Up Report on October 17
----------------------------------------------------------------
Martin Borowsky Pty Ltd  will hold a final meeting for its members
and creditors on October 17, 2008, at 10:00 a.m.  During the
meeting, the company's liquidator, T. M. Pogroske, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:


          T. M. Pogroske
          Grant Thornton
          Chartered Accountants
          Level 17, 383 Kent Street
          Sydney NSW 2000


MEGA MEATS: Members and Creditors to Meet on October 17
-------------------------------------------------------
MEGA MEATS (QLD) Pty Ltd  will hold a final meeting for its
members and creditors on October 17, 2008, at  10:30 a.m., at the
Conference Room, Worrells, 8th Floor, 102 Adelaide Street in
Brisbane.   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:

          Michael Peldan
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane QLD 4000
          Telephone (07) 3225 4300
          Facsimile (07) 3225 4311
          Website: www.worrells.net.au


MOBILESELECT PTY: Placed Under Voluntary Liquidation
----------------------------------------------------
Mobileselect Pty Ltd.'s members agreed on September 1, 2008, to
voluntarily liquidate the company's business.  Stirling L. Horne
and Petr Vrsecky were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          Draper Dillon
          440 Collins Street
          Melbourne VIC 3000


PALANDRI WINE: Creditors Placed Company in Liquidation
------------------------------------------------------
Creditors for the Palandri Wine Group voted on Tuesday, October 7,
2008, to accept the recommendation from the voluntary
administrators and place all the companies within the Group into
liquidation, according to a Deloitte press release.

In its report to creditors, the administrators recommended they
vote in favor of placing the companies into liquidation, as the
return to creditors was likely to be higher if the Group was wound
up than it would be under a proposed Deed of Company Arrangement.

This recommendation was supported at a Creditors Meeting held
Tuesday, October 7, 2008, in Perth.

Creditors also voted to appoint administrators Neil Cussen,
John Greig and Gary Doran from Deloitte as liquidators for the
Group of Companies.

The administrators will distribute a report to Palandri creditors
advising of the outcomes of the meeting, and as liquidators, will
commence activities to investigate and wind up the Group of
Companies immediately.

In February 27, 2008, Palandri Wine Group appointed Neil Cussen,
John Greig and Gary Doran of Deloitte as voluntary administrators
of all the companies within the Palandri Wine Group.  On the
February 15, 2008, the same voluntary administrators were
appointed to Palandri Finance Pty Ltd.

According to a company statement, companies over which Messrs.
Cussen, Greig and Doran have been appointed are Palandri Ltd,
Palandri Wine Production Limited, Palandri Wines Limited, Margaret
River Wine Investments Limited and Palandri Management Limited.

The company stated that the purpose of the appointment is to
provide a moratorium period to assess the viability of the
business, to evaluate and if possible complete the refinancing
proposals the Palandri directors have been pursuing and in the
alternative explore all the other restructuring options for the
Group.

                    About Palandri Wine

Palandri Wine Group -- http://www.palandri.com.au/Home.aspx-- is
a group of companies that is engaged in the production, marketing
and selling of Western Australian premium wine; the marketing and
sales of agricultural Managed Investment Schemes, and the
provision of finance to members of the Managed Investment Schemes.
The company bases its wine production in the key markets of Great
Britain/Europe, United States of America/Canada and Australia.
The company wine production and marketing segment comprises the
vineyards, winery and branch sales offices in each major State of
Australia.  This segment is responsible for the production,
marketing and sale of bottled wine on behalf of the Margaret River
Wine Business and the Palandri America Wine Business.


RIPAR AUSTRALASIA: Members and Creditors to Meet on October 16
--------------------------------------------------------------
Ripar Australasia Pty Ltd  will hold a final meeting for its
members and creditors on October 16, 2008, at  9:00 a.m., at the
Conference Room, Worrells, 8th Floor, 102 Adelaide Street in
Brisbane.   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:

          Michael Griffin
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane QLD 4000
          Telephone (07) 3225 4300
          Facsimile (07) 3225 4311
          Website: www.worrells.net.au


ROWB PTY: To Declare Dividend on October 16
-------------------------------------------
ROWB Pty Ltd will declare dividend on October 16, 2008.

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

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Suite 3, Level 9
          320 Adelaide Street
          Brisbane QLD 4000
          Telephone: (07) 3221 0055


STATE DEVELOPMENT: To Declare Dividend on October 16
----------------------------------------------------
State Development Corporation No 3 Pty Ltd will declare dividend
on October 16, 2008.

Creditors who were unable to prove their debts on October 1, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Suite 3, Level 9
          320 Adelaide Street
          Brisbane QLD 4000
          Telephone: (07) 3221 0055



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

BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Bally Technologies,
Inc.'s new US$300 million credit facility.  The credit facility
rating is two notches above Bally's 'BB-' Issuer Default Rating
due to Fitch's view of strong over-collateralization of that debt.
The Rating Outlook is Positive.

The four-year credit facility consists of a US$75 million revolver
and a US$225 million term loan, which continue to be secured by
all domestic subsidiaries except the entity that holds Bally's
interest in the Rainbow Casino in Vicksburg, Mississippi.  The
credit facility was initially priced at LIBOR+325 basis points and
was used primarily to refinance its previous term loan that had
US$290 million outstanding as of June 30, 2008.  At closing of the
transaction, Bally maintained US$25 million of undrawn
availability on the new revolver.

Notable financial covenants include:

-- Leverage ratio: 2.5 times (x) through March 31, 2009, which
    drops to 2.25x through March 31, 2010 before hitting the
    floor at 2.0x through June 30, 2010;

-- Fixed charge coverage ratio of 2.0x;
-- Additional indebtedness: Bally is permitted to issue
    US$150 million of senior unsecured debt;

-- Dividends: Bally is permitted to pay up to US$50 million
    annually in dividends if leverage is above 1.0x and up to
    US$70 million if leverage is below 1.0x.



CHINA MERCHANTS: Completes Acquisition of Wing Lung Bank
--------------------------------------------------------
China Merchants Bank has completed the CNY17 billion
(US$2.48 billion) purchase for 53.12% of Hong Kong-based Wing Lung
Bank's  equity, Antara News reports.

On Aug. 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that China Merchants Bank is
confident it will secure regulatory approval for the acquisition
of Hong Kong's Wing Lung Bank.  According to that report, 91% of
China Merchants Bank's shareholders approved the plan to purchase
stakes in Hong Kong-based Wing Lung Bank for more than
CNY17 billion (US$2.5 billion), providing the lender will have
greater access to the Hong Kong market.

According to Antara News, CMB President Ma Weihua said the recent
global financial turmoil had a relatively small impact on the two
banks and would not diminish the strategic importance of CMB's
purchase action.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


CHINA SOUTHERN: Adds Australia-China Daylight Flights
-----------------------------------------------------
China Southern Airlines will introduce new daylight schedules from
Sydney and Melbourne to Guangzhou, China, from October 26,
Etravelblackboard News reports.

Sydney services, the report relates, will depart at 10:50am on
Tuesdays, Wednesdays, Fridays, Saturdays and Sundays from
October 26 until November 30.

According to the report, from Dec. 2, 2008, until Feb. 15, 2009,
the airline will increase to daily services on the Sydney-
Guangzhou route to accommodate peak period demand.  Flights will
return to five per week between February 17 and March 29, 2009,
when daylight saving ends, the report says.

Meanwhile, the report notes, nonstop services from Melbourne to
Guangzhou, will depart at 10:40am on Mondays and Thursdays from
October 27 until March 26 2009.

All flights will be operated with two class Airbus 330-200
aircraft.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


MPF CORP: Cosco Shipyard Sues to Recover Balance Due on MPF-01
--------------------------------------------------------------
China's Cosco Shipyard is pursuing legal action to recover the
balance of the payment due from the work done by it on MPF Corp.
Ltd.'s floating production and drilling unit MPF-01, EnergyCurrent
New Digest's Hwee Hwee Tan reported.

According to the report, Cosco has received 80 percent payment for
completing the contracted work on the hull construction.  The
vessel is now sitting at the shipbuilder's Dalian shipyard in
China, according to a Cosco spokesman.

EnergyCurrent reports that MPF Corp. Ltd. was forced to file for
Chapter 11 under the provisions of the U.S. Bankruptcy Code and
provisional liquidation in Bermuda after exhausting its financial
resources.  The Bermuda-based company has reportedly began a
process of selling or refinaning the MPF-01 project after
experiencing substantial project cost overruns in June 2008.  The
project has been funded by its bondholders since mid-2008.

MPF is now seeking a suitable buyer for the hull and the equipment
purchased for the project.  MPF-01 was previously contracted to
start work on a three- to five-year charter with Petrobras.

Headquartered in Bermuda, MPF Corp. Ltd. -- http://www.mpf-
corp.com/ -- engages in deep water oil and gas exploration.  The
company was established on April 25, 2006.  The company and
debtor-affiliate MPF Holding US LLC filed separate petitions for
Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D. Tex. Case Nos.
08-36086 and 08-36084).  D. Bobbitt Noel, Jr., Esq. at Vinson &
Elkins LLP represents the Debtor as counsel.  When the Debtor
filed for protection from its creditors, it listed assets of
US$100 million to US$500 million, and the same range of debts.



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

ACUHEALTH LIMITED: Creditors' Proofs of Debt Due on November 3
--------------------------------------------------------------
The creditors of Acuhealth 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 22,
2008.

The company's liquidator is:

         Yuen Sik Ming, Patrick
         Greenwich Centre, 6th Floor
         260 King's Road
         North Point
         Hong Kong


AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
-------------------------------------------------------------
Judith Burns at Dow Jones Newswires reports that Maurice
Greenberg, American International Group Inc.'s former chairperson
and chief executive officer, claimed that the US$85 billion
federal loan to the company is a bad deal for workers and
shareholders, who might have been better off had the firm gone
bankrupt.

Liam Pleven at The Wall Street Journal relates that former AIG
executives were invited to testify in a hearing at Capital Hill on
Oct. 7 on how the company's financial problems worsened until the
government had to lend the company some US$85 billion in
September.  Investigations were launched after AIG said in
February that its outside auditors had found a "material weakness"
in its accounting.  Federal prosecutors and the Securities and
Exchange Commission have been investigating whether individuals at
AIG intentionally overstated the value of credit-default-swaps
linked to subprime mortgages, WSJ says, citing sources.  AIG said
it is cooperating in regulatory and governmental reviews on all
matters, WSJ relates.

Dow Jones relates that Mr. Greenberg wasn't present at the
hearing, but he sent prepared remarks on Tuesday to the House
Government Oversight Committee.  Dow Jones quoted the committee's
chairperson Henry Waxman as saying, "Regrettably, Mr. Greenberg
has told the committee that he is too ill to appear here today
[Oct. 7]."

Dow Jones reports that Mr. Greenberg said that under the agreement
on the US$85 billion loan, AIG must pay interest on the entire
amount even if it doesn't borrow the rest of the amount,
encouraging the company to draw down all of the funds even if it
does not need it.  Dow Jones relates that Mr. Greeberg said in his
testimony, "AIG will have no choice but to engage in a fire sale
of profitable assets."

According to Dow Jones, New York Insurance Department
Superintendent Eric Dinallo told the House panel that AIG's
collapse was due to a "liquidity problem."  Dow Jones relates that
AIG's problems started from its financial-products unit, which
sold credit-default swaps, a kind of protection against bond
issuers defaulting, which Mr. Greenberg claimed worked well under
his watch but collapsed after he left the company in March 2005.

Martin Sullivan, Mr. Greenberg's successor who left AIG in June,
blamed the firm's downfall on a "global financial tsunami" that
caused credit markets to freeze and required AIG to take
unexpected write-downs on unrealized losses on credit-default
swaps, Dow Jones says.

Dow Jones relates that Robert Willumstad, who replaced Mr.
Sullivan and led AIG until the US$85 billion loan, said that
accounting rules and credit rating downgrades worsened AIG's
problems.

The Office of Thrift Supervision sent a letter to AIG's
general counsel in March cited concerns about "corporate
oversight" of the company's financial products unit, which
PricewaterhouseCoopers, AIG's auditor, also reported, Dow Jones
says, citing Mr. Waxman.

According to Dow Jones, Mr. Waxman said that AIG had a weeklong
retreat for executives at the St. Regis Resort in Monarch Beach,
California, where rooms can cost more than US$1,000 a night, less
than a week after the federal bailout.  Copies of invoices
distributed by the House committee indicated that AIG paid more
than US$440,000, including almost US$7,000 for golf and US$23,000
in spa charges, Dow Jones says.  AIG spokesperson Joseph Norton
explained that the meeting was a recognition event planned last
year to reward high-performing independent insurance agents who
sell AIG products, a "standard practice" to motivate sales
personnel, Dow Jones relates.

Dow Jones reports that Lynn Turner, the Securitities and Exchange
Commission's former chief accountant, told the House panel that he
doesn't believe AIG was honest with its investors about its
exposure tothe credit-default swaps market.

AIG's CEO Edward Liddy and other current executives in the company
were not on a list of witnesses invited to testify at the hearing,
WSJ states.

               About American International Group

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

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

              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 INT'L: S&P Revises CreditWatch to Neg. from Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
of its ratings on American International Group Inc. (NYSE:AIG; A-
/Watch Neg/A-1) and AIG's guaranteed subsidiaries to negative from
developing.

Standard & Poor's also said that the ratings on most of AIG's
insurance operating subsidiaries remain on CreditWatch with
developing implications.

The 'A-/A-1' counterparty credit rating on AIG relies on the
significant support from the US$85 billion borrowing facility
provided by the Federal Reserve Bank of New York.  The facility
provides liquidity, allowing the company and its subsidiaries to
meet debt and other obligations while it implements its plan to
sell various businesses.  "The US$61 billion draw to date on the
facility is much larger than we had previously anticipated," noted
Standard & Poor's credit analyst Rodney A. Clark.  "This has
caused the scope of the planned business sales to exceed our
expectations."

The ratings on AIG and its guaranteed subsidiaries are on
CreditWatch negative to indicate that there could be downward
pressure because of S&P's view of the risks around the execution
of the plan as well as the heavy debt-service requirements of a
much smaller and less-diversified AIG.  The current disruption in
the credit markets could make it difficult to sell businesses at
attractive valuations.  Over the longer term, S&P expects that the
effects of the disposition--coupled with broader market-support
actions, including the proposed Troubled Asset Relief Program,
changes in mark-to-market accounting rules, and AIG's efforts to
stem residential mortgage-based securities-related losses--will
improve the available funds under the Fed borrowing facility.

The 'A+' financial strength ratings on most of AIG's insurance
operating subsidiaries reflect S&P's view of the strong
competitive positions, earnings, and capital of those companies,
somewhat offset by investment risk in their portfolios.  Those
ratings are on CreditWatch developing to indicate that they could
be raised or lowered, depending on whether or not AIG sells them
and, if it does, who the buyer is.  "We will analyze the capital
structure and business prospects of each potential
subsidiary sale and make rating changes as necessary when those
sales materialize," Mr. Clark added.

"For the subsidiaries that are likely to remain part of AIG, the
ratings will depend on the ongoing ability to attract and retain
profitable business and on the capital structure of AIG once the
corporate restructuring is completed."


ANDIGILOG INTERNATIONAL: Creditors' Meeting Slated for October 21
-----------------------------------------------------------------
The creditors of Andigilog International Limited will hold a
meeting on October 21, 2008, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at the 5th Floor of Ho Lee Commercial
Building, 38-44 D-Aguilar Street, in Central, Hong Kong.


ASIAN GAMES: Members' General Meeting Slated for November 14
------------------------------------------------------------
The members of Asian Games Marketing Limited will meet on Nov. 14,
2008, at 11:00 a.m., at 4 Pettiward Close, in London, United
Kingdom.

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


COMMERZ SECURITIES: Members to Hear Wind-Up Report on November 4
----------------------------------------------------------------
The members of Commerz Securities (Japan) Company Limited will
meet on November 4, 2008, at 2:00 p.m., to hear the liquidators'
report on the company's wind-up proceedings and property disposal.

The meeting will be held at the 13th Floor of Gloucester Tower,
The Landmark, in 15 Queen's Road Central, Hong Kong.


GOLD EAGLE: Members to Hold Meeting on November 7
--------------------------------------------------
The members of Gold Eagle Management Limited will meet on Nov. 7,
2008, at 9:45 a.m., to hear the liquidator's report on the
company's wind-up proceedings and  property disposal.

The meeting will be held at the 76th Floor of Two International
Finance Centre, 8 Finance Street, in Central, Hong Kong.


HAPPY SHEEN: Members' Final Meeting Slated for November 7
---------------------------------------------------------
A final meeting will be held for the members of Happy Sheen
Development Limited on November 7, 2008, at 10:00 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.


HENLEN INTERNATIONAL: Members to Hear Wind-Up Report on November 7
------------------------------------------------------------------
The members of Henlen International Limited will meet on Nov. 7,
2008, at 10:15 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at the 76th Floor of Two International
Finance Centre, 8 Finance Street, in Central, Hong Kong.


QI CAPITAL: Lam and Toohey Cease to Act as Liquidators
------------------------------------------------------
On September 23, 2008, Rainier Hok Chung Lam and John James Toohey
ceased to act as liquidators of QI Capital (HK) Limited.

The company's former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


SHIN KONG: Fitch Affirms Individual Ratings at 'D'
-------------------------------------------------
Fitch Ratings has placed the ratings of Taiwan's Shin Kong
Financial Holding Co. Ltd. and its subsidiaries Shin Kong Life
Insurance Company Ltd., Taiwan Shin Kong Commercial Bank and Shin
Kong Securities on Rating Watch Negative, as:

  -- SKFH: Long-term Issuer Default Rating 'BBB-', Short-term IDR
     'F3', National Long-term 'A(twn)' and National Short-term
     'F1(twn)';

  -- SKL: Insurer Financial Strength rating 'BBB+' and National
     IFS rating 'AA-(twn)';

  -- SKB: Long-term IDR 'BBB-', Short-term IDR 'F3', National
     Long-term 'A(twn)', National Short-term 'F1(twn)' and Support
     '2';

  -- SKSC: Long-term IDR 'BBB-', Short-term IDR 'F3', National
     Long-term 'A(twn)', National Short-term 'F1(twn)' and Support
     '2'.

These ratings have been affirmed:

  -- SKB: Individual at 'D';
  -- SKSC: Individual at 'D'.

The RWN mainly reflects that SKFH's largest subsidiary SKL faces
increased pressure on maintaining adequate capitalization.  SKL's
H108 loss substantially reduced its capital cushion and the agency
views that recent unfavourable capital market movements would
likely impair its capitalization further.  Nonetheless, Fitch
understands there has been positive progress in its parent company
SKFH's fund raising, including TWD8bn common shares and TWD4.7
billion sub-debts, to support SKL's potential capital needs.  The
RWN would be resolved upon completion of the capital raising.

SKL's capitalization weakened despite the TWD10 billion new
capital injected by SKFH in H108.  The TWD12.9 billion loss made
in H108 and the drop in value of available-for-sale assets reduced
its total equity by 18% to TWD49.2 billion at end-H108, although
its risk-based capital ratio remained above the statutory minimum
level of 200%.  Its poor financial results are attributable to the
significant FX loss and impairment charges on its offshore
investments.

In response to the large FX loss and increased uncertainty in the
foreign exchange market, SKL increased direct hedging in Q208.
Nonetheless, the recent sharp correction of Taiwan's stock market
and the fallout of the US subprime crisis may pose further losses
and impair its capitalization.  Potential defaults by large
corporates may lead to losses in SKL's investments of corporate
bonds and related structured credits.

SKFH is committed to maintaining SKL's RBC ratio at above the
minimum requirement of 200%, and issued TWD4.7bn sub debts with a
maturity of seven years in September 2008 and plans to raise
TWD8bn common equity in Q408 to strength SKL's capital position.
Fitch expects this capital raising plan to largely offset the
potential negative impact of recent unfavourable market movements.

Both SKB's and SKSC's financial profiles have been generally
steady since Fitch's last review in May 2008.  SKB's profitability
remained modest with an annualized ROE of 6.5% in H108 and asset
quality and capitalization still adequate; nonetheless, Fitch
notes the US credit turmoil could impact some of SKB's offshore
debt investments.  SKSC reported a small loss in H108 as the weak
performance in proprietary trading offset the improvement in
brokerage revenues.  It maintained good liquidity and capital
positions.

SKFH, founded in 2002, is one of 15 financial holding companies in
Taiwan.  It provides comprehensive financial services to more than
six million customers through an extensive distribution network.
SKFH has built up one of Taiwan's most comprehensive financial
service providers with operations in the insurance, banking,
securities and asset management sectors.  Its largest subsidiary,
SKL, is the third-largest life insurer in Taiwan with a market
share of 11.4% by total premiums in H108.


TRANSFUL LIMITED: Members' Meeting Set for November 7
-----------------------------------------------------
The members of Transful Limited will hold a meeting on November 7,
2008, at 10:45 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.


UNITED POTTERIES: Members' Final Meeting Slated for November 5
--------------------------------------------------------------
The members of United Potteries Limited will meet on November 5,
2008, at 10:30 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Unit 501, 5th Floor of Mirror Tower,
61 Mody Road, Tsimshatsui East, in Kowloon, Hong Kong.



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

CITIGROUP INC: Sells Indian Back Office to TCS for US$505 Mil.
--------------------------------------------------------------
Tata Consultancy Services (TCS) and Citigroup Inc. (Citi) have
reached an agreement for TCS to acquire all of Citi’s interest in
Citigroup Global Services Limited (CGSL), the India-based captive
business processing outsourcing (BPO) arm of Citi for all cash
consideration of approximately US$505 million, subject to closing
adjustments.

In addition to the sale, Citi has signed an agreement for TCS to
provide, through CGSL, process outsourcing services to Citi and
its affiliates in an aggregate amount of US$2.5 billion over a
period of 9.5 years.  The agreement builds upon the existing
relationship between Citi and TCS whereby TCS provides application
development, infrastructure support, help desk and other process
outsourcing services to Citi.

Reuters reports that a Citi spokesman said Wednesday, October 8,
the bank was laying off 500 employees and slashing to 1,000 from
9,500 the outside mortgage brokers it works with.

The acquisition broadens TCS’s portfolio of end-to-end IT and BPO
services in the global Banking and Financial Services (BFS)
sector.  TCS’s enhanced scale and expertise will provide service
improvements to Citi and Citi’s customers.

CGSL is one of the largest providers of business processing
outsourcing services within the Banking and Financial Services
sector, providing end-to-end process management across the BFS
spectrum and a broad array of services to Citi’s consumer,
corporate and global wealth management businesses world wide. CGSL
has more than 12,000 employees located in India and expects to
generate revenues of approximately US$278 million in 2008.

S. Ramadorai, CEO and MD, TCS said: “This is a landmark
acquisition for TCS, helping us not only acquire new capabilities
in the banking domain but also underscoring the importance of our
long-term, sustainable relationships with our large customers,
including Citi.”  He added: “This transaction will complement our
domain expertise and bring new capabilities to TCS that will help
drive growth going forward.”

Don Callahan, Chief Administrative Officer, Citi said: “This is a
great transaction that benefits all parties – Citi, our customers,
our employees and TCS. Our customers require access to
increasingly complex processing solutions and this relationship
will achieve a ‘best in class’ technology model that capitalizes
on both CGSL’s expertise in financial services and TCS’s expertise
in process optimization.  TCS will offer CGSL stronger growth
potential and superior continued services to Citi clients around
the world. This transaction is expected to help reduce operating
expenses related to business processing and will allow us to focus
on our core financial services competencies.”

N. Chandrasekaran, COO and Executive Director, TCS added: “The
acquisition of CGSL has two immediate strategic benefits for TCS.
It gives us the ability to offer a comprehensive end-to-end,
domain-led solution for business operations of large financial
services institutions.  It also positions us well to create
banking processing platforms by integrating our products and
process capabilities.”  He added: “We welcome CGSL professionals
into the TCS family, where they will be able to participate in the
company’s new growth endeavours.”

TCS has provided IT services to Citi since 1992 and is currently
one of the largest IT services partners for Citi, delivering IT
and business processing outsourcing services to Citi across its
operations in North America, Europe, India, Japan, Singapore and
the rest of Asia Pacific.

The parties expect to close the transaction in the fourth quarter
of 2008.  Merrill Lynch acted as advisors to TCS in this
transaction.

                       About Citigroup Inc.

Headquartered on New York City, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/citigroup/-- a global financial
services company, has some 200 million customer accounts and
does business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, securities brokerage,
and wealth management.  The company's major brand names include
Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and
Nikko.

                         *     *     *

The company has reported three consecutive quarters of net
losses beginning the fourth quarter of 2007.  Aggregate net
losses for the last three quarters totaled US$17.4 billion.

For the 2008 second quarter, the company reported a net loss of
US$2.5 billion.  Revenues for the same quarter were
US$18.7 billion, down 29% from the second quarter of 2007.  Total
assets declined in the 2008 second quarter by US$99 billion since
first quarter 2008; approximately two-thirds from legacy assets.
Headcount reduced by approximately 6,000 in the second quarter
and approximately 11,000 in the first half of 2008.


GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers
------------------------------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that on Sept. 30, 2008, it had suspended
purchases of its common stock, par value US$1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.

All purchases of Common Stock under the Plans have been suspended
because the Plans have now issued all of their registered shares
of Common Stock. This suspension is the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  Because of this, GM was not
able to provide advance notice of the suspension of purchases of
Common Stock under the Plans or of the trading blackout.
This trading blackout begins immediately and will end when GM
files with the Securities and Exchange Commission a registration
statement registering additional shares.

GM expects to file a registration statement with the SEC during
the week of Nov. 9, 2008.

Plan participants, other than directors and officers, are not
prevented from selling Common Stock through the Plans, or buying
or selling Common Stock outside the Plans, during the blackout
period.  Based on the provisions of the Plans, these participants
may also at any time exchange shares in the Common Stock Fund for
other investment options or change their contribution election.

The contributions of participants currently directed to the GM
Common Stock Fund, will be invested in the default fund for the
Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
Invested In the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Sept. 30, 2008, GM sent a notice to its directors and executive
officers informing them that a blackout period had commenced.
During the blackout period, GM's directors and executive officers
will be prohibited from directly acquiring, disposing of or
transferring any equity securities of GM acquired by them in
connection with their service or employment with GM in those
capacities.

                    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.

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India.  GM India has 95 sales points and over 110 service centers.

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: Relocates Nano Project to Gujarat
----------------------------------------------
Tata Motors Limited said the mother plant for its Nano car project
will be relocated to Sanand in Gujarat.  The company said it had
received overwhelming support from several states for relocating
the plant.  After examining various sites and carefully evaluating
offers from the respective governments, the company has concluded
that the site at Sanand and the offer from the Gujarat Government
is in the best interest of the project.

The integrated project, comprising the mother plant and the vendor
park, will come up on an area of about 1100 acres.  The plant, to
begin with, will produce 250,000 cars per annum.  The capacity is
expandable up to 500,000 cars per annum.  The project, including
Tata Motors' plant, vendor facilities and service providers, will
together generate over 10,000 direct and indirect jobs.

Speaking at the announcement, Mr. Ratan N. Tata, Chairman of Tata
Sons and Tata Motors, said, "The site in Gujarat, already under
the possession of the state government, will help Tata Motors
establish a new dedicated mother plant with the shortest possible
time lag and least possible incremental project cost.  This is
Tata Motors' maiden venture in Gujarat, and will broad-base the
company's manufacturing footprint.  We are happy to contribute to
Gujarat's strong industrial progress by creating an auto cluster,
which will have a cascading impact on the state's economy."

While awaiting the Sanand plant's completion, Tata Motors will
explore the possibility of manufacturing the Nano at its existing
facilities at Pune and Pantnagar, and launch the car in the last
quarter of this financial year.

                         Exit from Singur

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 8, 2008, after a month-long work suspension, Tata Motors
finally decided to move its Nano car project out of Singur in the
State of West Bengal citing 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 TCR-AP 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, demanded return
of 400 acres of land out of the 997 acres Tata Motors acquired.

                       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.



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

ANEKA TAMBANG: Seeks US$42.2MM Loan to Buy Stake in Gold Mines
--------------------------------------------------------------
Antara News reports that PT Aneka Tambang (Antam) is seeking a
loan worth US$42.22 million (IDR400 billion) to finance the
acquisition of a 10% stake in Martabe gold mines owned by Oxiana
Ltd.

Citing Antam President Alwin Syah Loebis, Antara said the loan
will fund 65 percent of the total cost for the 10 percent stake
acquisition, while the remaining 35 percent will be funded by
Antam from equity.

Antam will buy new gold mines because the company's gold reserves
will be exhausted in the next several years, the report says,
citing Mr. Loebis.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

In December 2006, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
mining company PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


PT PERTAMINA: Unaffected by Economic Conditions in US
-----------------------------------------------------
PT Pertamina said on Monday that its oil and gas projects were not
affected by economic conditions in the United States, Reuters
reports.

According to the report, the company said it buys an average of
US$70 million worth of foreign exchange a day to support its oil
products procurement.

                        About PT Pertamina

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

                          *     *     *

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

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


* INDONESIA: Trading of Shares in Jakarta Suspended Indefinitely
----------------------------------------------------------------
The Financial Times reports that the trading on the Jakarta Stock
Exchange was suspended indefinitely on Wednesday, Oct. 8, after
shares on the bourse tumbled more than 10 percent in 90 minutes
amid a liquidity crisis triggered by defaults on share deals by
leading traders and investors.

Currently, the FT says officials are still trying to assess the
extent of the problems and market will remain closed until
officials completed inquiries.

Citing a senior government official and capital market executives,
the FT says the family of Aburizal Bakrie -- Indonesia's welfare
minister and the country’s richest man according to one recent
survey -- was at the center of the crisis after it did not meet
its market obligations to complete deals.

According to the report, six Bakrie-linked companies were
suspended on Tuesday.  The market was led to believe the Bakries
would meet obligations on Wednesday morning but when this did not
happen panic began, the FT relates.



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

ASAHI MUTUAL: JCR Affirms BB+/Stable Ratings on Senior Debts
------------------------------------------------------------
JCR has affirmed the BB+/Stable ratings on both senior debts and
ability to pay insurance claims of Asahi Mutual Life Insurance
Company.

The policy retention rate, surrender and lapse rate and the
retention rate of sales employees of Asahi Mutual Life have been
improving, because the undertakings the Company has implemented to
date produced results continuously.  Although the profitability of
the Company remains poor relatively with the burden of negative
spread being large, it may record a certain level of earnings by
offsetting drop in mortality insurance with expansion of earnings
from the so-called 3rd sector insurance such as healthcare and
nursing care insurance and shrinkage of negative spread as well.
Since it started reforming the sales employee system in the
current fiscal year, the expenses may increase.

However, if the reforms increase productivity, they will improve
profitability of the company.  Although the retained earnings has
been accumulating steadily, there remains much room for
improvement in both quality and quantity of the capital.  It will
take time for the company to improve the capital adequacy
significantly by means of accumulation of retained earnings.  The
Company has a policy to reduce the equity securities held as
investment assets largely.

                     About Asahi Mutual

Asahi Mutual Life Insurance Company -- http://www.asahi-life.co.jp
-- one of Japan's oldest and largest life insurance firms, Asahi
Mutual Life Insurance sells primarily life and health policies to
individuals and groups.  Its specialized policies include ones
that pay victims of cancer, stroke, and heart attack.  Increased
competition from industry deregulation, the plunging stock market,
and cancellation of policies forced Asahi to cut about a third of
its workforce at one point.  In an effort to increase sales, the
company started selling nonlife insurance products through Tokio
Marine Holdings (formerly Millea Holdings).  A focus on third
sector products, including health insurance, has helped stabilize
the company's outlook.


SOFTBANK CORP: Adds 142,800 New Users in September
--------------------------------------------------
Softbank Corp. added more users than its rivals on a net basis in
September for the 17th straight month, Reuters reports.

The company, the report relates, has attracted subscribers with
low call rates and quirky marketing, forcing other carriers to cut
fees as well, pushing the industry into a fierce price war.

According to the report, Softbank added a net 142,800 users in
September, more than industry leader NTT DoCoMo's 129,700 net new
subscribers, according to data provided by the companies.

Softbank now has about 18% share of Japan's mobile market. DoCoMo
has just below half, while KDDI has around 28%, the report says.

Softbank Corp., is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                           *     *     *

The company continues to carry Moody's "Ba2" Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.


SOFTBANK CORP: Concludes Credit Line Facility Contract
------------------------------------------------------
Softbank Corp. has concluded a credit line facility contract with
37 of the main domestic and international financial institutions
having a total amount of JPY201.0 billion.  This renews and
increases the total amount of the existing (FY2007) credit line
facility from JPY 200.0 billion.

The contact's term is from Sept. 22, 2008, through Sept. 18, 2009.
The purpose of the loan is for working capital.

The arrangers of the contract are Mizuho Corporate Bank, Ltd.
and Citibank Japan Ltd.

The participants are:

-- Mizuho Corporate Bank, Ltd.
-- Sumitomo Mitsui Banking Corporation
-- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
-- Aozora Bank, Ltd.
-- Mitsubishi UFJ Trust and Banking Corporation
-- Chuo Mitsui Trust Holdings, Inc.
-- Mizuho Trust & Banking Co., Ltd.
-- Citibank Japan Ltd.
-- Royal Bank of Scotland Group plc
-- 28 other banks

Softbank Corp., is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                           *     *     *

The company continues to carry Moody's "Ba2" Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.



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

HYNIX SEMI: Takes Action Against Japan on Countervailing Tariffs
----------------------------------------------------------------
Hynix Semiconductor Inc. filed a complaint last month against the
Japanese government over the countervailing tariffs placed on its
products, Oh Young-jin of The Korean Times reports, citing company
spokesman Park Hyun.

The Times relates that Hynix is asking the Japanese government to
reconsider its 9.1% tax slapped on Hynix's products to protect
Japanese manufacturer, Elpida.

According to the Times, Hynix's challenge against Tokyo came
following the United States' decision not to renew punitive
tariffs on its semiconductors.  The U.S. government said October 3
that it will not renew its five-year-old "sunset" tariffs, being
retroactive after August 11, the same report says.  The European
Union dropped tariffs on Hynix in April this year.

Since 2003, the report recounts, the EU, U.S. and Japan have
levied punitive tariffs on Hynix chips, claiming that the bailout
from the government in 2002 was tantamount to a subsidy.

The company's move, the report points out, is on a different track
from the Korean government's effort to press Japan at the World
Trade Organization.

Korea last month asked the Geneva-based World Trade Organization
(WTO) to look into Japan's punitive tariffs on computer memory
chips made by Hynix, saying it would take retaliatory measures if
necessary.

In August, Japan said it would reduce its punitive duties imposed
on Hynix chips to 9.1% from 27.2%, and that the decision will take
effect by 2010.  The announcement came after the WTO ordered the
tariff to be abolished by September 1 this year.

On Sept. 2, 2008, the Troubled Company Reporter-Asia Pacific,
citing  Shanghai Daily, reported that South Korea urged Japan to
scrap punitive tariffs on computer memory chips made by Hynix
Semiconductor Inc, saying it was considering taking retaliatory
measures.

According to the report, Japan said on August 22 that, pending
Cabinet approval, it would reduce the 27.2% tariff it imposed on
Hynix DRAM chips in 2006 to 9.1%, after the World Trade
Organization ordered the duty be recalculated.  Japan's Cabinet
approved the reduction last week.  Hynix said the Japanese
decision called for the lower tariff to remain in place
until the end of 2010.

                     About Hynix Semiconductor

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
August 6, 2008, Moody's Investors Service changed to negative from
stable the outlook for both Hynix Semiconductor Inc's Ba2
corporate family rating and senior unsecured bond rating.


KOREA: Global Liquidity Woes Pressures Banks' Credits, S&P Says
---------------------------------------------------------------
Pressure from the global liquidity squeeze threatens to negatively
affect the credit quality of Korean banks, mainly due to their
ongoing foreign currency funding needs, Standard & Poor's Ratings
Services said.  Korean banks' foreign currency funding had more
than doubled to US$127 billion as of the end of June 2008 since
the end of 2005.

Korean banks are facing increasing difficulty refinancing maturing
borrowings, with the cost of borrowing rising even as maturities
shorten.  The government of Korea (A/Stable/A-1), regarded as
interventionist by S&P, has said repeatedly in recent weeks that
it will inject foreign currency into the Korean banking system, in
part to minimize the negative impact on the export-related small
and midsize enterprise (SME) sector.

The Korean government had foreign currency reserves of US$239.7
billion at the end of September, which S&P considers adequate to
address the foreign-currency denominated funding needs of Korean
banks.  Nevertheless, S&P will be reviewing Korean banks over the
next week -- in discussions with relevant regulatory bodies -- to
determine if and how such support will be provided and whether the
major banks can avoid deterioration in their creditworthiness.

Korean banks' foreign currency funding is limited to about 10% of
their total funding.  Ninety percent of funding is raised
domestically, and these fundraising efforts have faced only
limited pressure so far.  However, if Korean banks' foreign
currency liquidity problems are not addressed in a timely and
efficient manner, partly by the Korean government and policy
agencies, this could lead to deterioration in the Korean banks'
fundamental creditworthiness due to accelerated deterioration in
asset quality in the SME sector.  To finance the necessary amount
of foreign currency, Korean banks may soon need to reduce their
foreign currency-denominated lending to the corporate sector,
which has already been suffering from rising raw material costs,
higher funding costs, and falling global demand.  In addition, the
recent rapid depreciation of the Korean won could put additional
pressure on small and midsize exporters, which have exposed
themselves to foreign exchange risks through increased foreign
currency borrowings or investments in currency-related derivative
products.

Furthermore, the ability of Korean banks to address various
challenges at their current rating levels could weaken over the
next several quarters.  The looming credit cycle poses a threat to
all Korean banks, given their reduced ability over the last few
years to absorb credit costs with earnings.  A higher dependency
on wholesale funding instruments has also negatively affected
Korean banks' fundamental strength in terms of earnings and
funding structures.  Imminent threats include rising credit risks
from the construction industry, especially lending to residential
property development projects, and SOHO companies.  These issues
could materialize faster than expected in a rapidly rising
interest rate environment and the increasingly risk-averse
postures of domestic financial institutions.

The outlook on the sovereign ratings on Korea remains stable at
this time.  However, a substantial deterioration in the banking
system would likely require heavy government intervention.  In
such a case, the government may need to take on significant
additional liabilities on its balance sheet to ensure financial
stability.  Although S&P does not presently see this scenario as
likely, the sovereign credit ratings on Korea would face downward
pressure if this were to occur.



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

ASIATRONICS SDN: Placed Under Members' Voluntary Wind-Up
--------------------------------------------------------
The Board of Directors of Iris Corporation Berhad passed a
resolution for a members' voluntary wind-up of its 80% owned
subsidiary -- Asiatronics Sdn Bhd (ASB).  ASB had suffered losses
from its principal activities and became a dormant company.

Tai Keat Chai was appointed as the liquidator.

The cost of investment by ICB in ASB is MYR400,000.  The
accumulated losses in ASB amounted to MYR500,630.

The principal activity of ASB consists of marketing and
development of airline and airport security systems.


BSA INTERNATIONAL: Registry OKs Deregistration of Hong Kong Unit
----------------------------------------------------------------
BSA International Berhad has received a notification from the
company's agent that the Companies Registry in Hong Kong had on
September 19, 2008, approved the application for deregistration of
CAM International Trading Limited, a wholly owned subsidiary of
BSA in Hong Kong.  CAM International Trading Limited is currently
a dormant company and do not intend to commence business in the
future.

The deregistration application has no material effect on the paid-
up capital, earnings and net tangible assets of BSA and its group
of companies for the financial year ending December 31, 2008.

The deregisration is not subject to the approval of the
shareholders of BSA and will not result in any departure from the
Securities Commission's Guidelines.

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group as the company has announced that it
has defaulted in payments under Practice Note No. 1/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad on
June 2, 2008.  Moreover, it triggered the requirement under
Practice Note No. 17/2005 of the Listing Requirements of Bursa
Malaysia on June 9, 2008, and has until February 8, 2009, to
submit a Regularization Plan to the relevant authorities for
approval.


BSA: Wind Up of Thai Unit Registered With Registration Office
-------------------------------------------------------------
BSA International Berhad disclosed that it has received a
notification from the company's lawyer in Thailand that the
voluntary winding-up of CAM Automotive Co., Ltd., a subsidiary of
BSA in Thailand, has been duly registered with the Partnership and
Company Registration Office Bangkok Metropolis in Thailand on
October 3, 2008.  CAM Automotive Co., Ltd. is currently a dormant
company and do not intend to commence business in the future.

The said voluntary winding-up has no material effect on the paid-
up capital, earnings and net tangible assets of BSA and its group
of companies for the financial year ending December 31, 2008.

The voluntary winding-up is not subject to the approval of the
shareholders of BSA and will not result in any departure from the
Securities Commission's Guidelines.

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

BSA Group as the company has announced that it
has defaulted in payments under Practice Note No. 1/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad on
June 2, 2008.  Moreover, it triggered the requirement under
Practice Note No. 17/2005 of the Listing Requirements of Bursa
Malaysia on June 9, 2008, and has until February 8, 2009, to
submit a Regularization Plan to the relevant authorities for
approval.


TL AUTOMATION: Commences Liquidation Proceedings
------------------------------------------------
The Board of Directors of Iris Corporation Berhad passed a
resolution for a members' voluntary wind-up of its 75% owned
subsidiary -- TL Automation Electronics (M) Sdn Bhd (TLAE).  TLAE
had suffered losses from its principal activities and became a
dormant company.

Tai Keat Chai was appointed as the liquidator.

The cost of investment by ICB in TLAE is RM750,000.  The
accumulated losses in TLAE amounted to MYR1,000,187.

TLAE  is principally engaged in development and manufacture of
computer hardware and software.


WELLI MULTI: To Hold Annual & Extraordinary Meeting on October 30
-----------------------------------------------------------------
Welli Multi Corporation Berhad will hold its 14th Annual and
Extraordinary General meetings on October 30, 2008, commencing at
10:00 a.m., at Lot 2688, MK. 1, Jalan Perusahaan, Kawasan
Perindustrian Prai, 13600 Prai, in Penang, Malaysia.

At the annual general meeting, these matters will be taken up:

   1) receive the Audited Financial Statements for the period
      ended March 31, 2007, and the year ended March 31, 2008,
      together with the Directors' and Auditors' reports thereon;

   2) re-elect these directors who are retiring in accordance with
      the company’s Articles of Association:

   * Dato’ Seri Haji Mohd Shariff bin Haji Omar;
   * Dato Abd Ghani bin Ali Kadir;
   * Chin Kuet Lee;
   * Datuk Chee Hong Leong;
   * Dr Roslan bin A Ghaffar;
   * Soh Yew Aun; and
   * Suresh A/L Dharamdas.

   3) appoint auditors and authorize the Directors to fix their
      remuneration; and

   4) transact any other business appropriate to an Annual General
      Meeting.

As special business, to consider and if thought fit, pass these
resolutions:

   * Authority to allot and issue shares in general pursuant to
     Section 132D of the Companies Act, 1965; and
   * Proposed amendments to the company's Articles of Association

At the extraordinary general meeting, these resolutions will be
discussed:

   * receive the Re-issued Audited Financial Statements for the
     year ended December 31, 2005, together with the directors’
     and auditors’ reports thereon; and

   * consider and, if thought fit, pass the Special Resolution to
     change the company's name from Welli Multi Corporation Berhad
     to Energreen Corporation Berhad.

                      About Welli Multi

Welli Multi Corporation Berhad (WMCB) is an investment holding
company engaged in the provision of management services.  Its
subsidiaries include: Fourseason Foodstuff Industries (M) Sdn.
Bhd., which is engaged in the manufacture and distribution of all
kinds of foodstuff; Fourseason Trading Sdn. Bhd., which is
involved in the trading and distribution of foodstuff and toys;
Welli Edible Oil Sdn. Bhd., which is engaged in the processing of
copra and palm kernel, and trading of palm kernel oil, coconut
oil, palm kernel cake and copra cake; Welli Business Ventures Sdn.
Bhd., which is engaged in the importing, exporting, distribution
and general trading of flexible packaging, plastic sheet products,
plastic lighting diffuser, consumer products and health-related
food, and Welli Bio-Tech Sdn. Bhd., which is dormant.

                          *     *     *

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date, the
      group's and the company's current liabilities exceeded their
      current assets by MYR175,640,659 and MYR8,575,952
      respectively.  The group and the company had a deficit in
      shareholders' equity of MYR99,366,945 and MYR7,673,479,
      respectively.



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

ALEXIAM DEVELOPMENTS: Proofs of Debt Due on November 12
-------------------------------------------------------
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 Developments 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


DOMINION FINANCE: Plans to Appoint Voluntary Administrator
----------------------------------------------------------
Dominion Finance Holdings Limited disclosed in a regulatory filing
that it has determined to appoint voluntary administrator to the
company as soon as possible, subject to completion of statutory
formalities.

The company also said it has cancelled the annual meeting of
shareholders scheduled for next week.

With its subsidiary Dominion Finance Group Limited (DFG) currently
in receivership, and its other principal subsidiary North South
Finance Limited (NSFL) progressing a moratorium proposal, neither
subsidiary is in a position to provide funding to Dominion Finance
Holdings Limited, the company said in a statement.

                       Public Censure

Last week, the NZX Discipline has provided its determination
relating to DFH' failure to provide its annual report to the
market within the timeframe required by the Rules.

One of the penalties imposed under the NZXD determination is a
public censure of DFH.  NZX Discipline also made an order that DFH
pay to NZX, within 20 business days of the date of its
determination, a sum of NZ$65,000 (sixty five thousand dollars) by
way of penalty.

DFH said that due to uncertainty associated with the decision to
pursue moratoriums for its subsidiaries, the directors of DFH, its
professional advisers, and auditors, after consulting the
Companies Office, considered that it was not possible to finalise
financial statements before June 30, 2008.

Although DFH does not agree with the determination, or the
NZ$65,000 penalty payable to NZX,  DFH said its lawyers have
advised the determination is not appealable.

                    About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited has
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
Dominion Finance Group, rather than allow DFG to put its
moratorium proposal to DFG stockholders for approval.

Covenant Trustee Company Limited, the trustee for North South
Finance Limited (NSFL), has not appointed a receiver at this time
and the directors' expectation is that Covenant will not do so.
NSFL has provided Covenant with all terms of the moratorium for
NSFL, and are working constructively with Covenant with a view to
finalising disclosure documents and holding a stockholder meeting
in late September/early October.

The TCR-AP reported on June 25, 2008, that DFH's Board entered
into discussions with bankers, auditors, and Trustee's of DFG and
NSFL respectively, with a view to exploring the prospect of those
two companies entering into a Moratorium with their respective
debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to debentureholders
for a yet to be determined period of time with a view to enabling
those companies the opportunity to restructure in order to
alleviate the liquidity pressures and ensure the maximum
realization of investor's investment in DFG and NSFL.


DYNASTY GROUP: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Dynasty Group Limited into
liquidation.

The application was filed on June 13, 2008, by BDO Spicers.

The plaintiff's address for service is at:

          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland

B. D. Gustafson is the plaintiff's solicitor.


HELMUT HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland convened a hearing on September 26,
2008, to consider an application putting Helmut Holdings Limited
into liquidation.

The application was filed on May 29, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


METRON NZ: Placed Under Liquidation
-----------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Metron New Zealand Limited resolved that the
company be liquidated and appointed Kiran Dutt as liquidator.

The company commenced liquidation proceedings on September 1,
2008.

Creditors and shareholders may direct their inquiries to:

          Kiran Dutt
          PO Box 9687
          Newmarket, Auckland
          Telephone: (09) 630 0918
          Facsimile: (09) 630 3970


M.I. PLASTERING: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting M.I. Plastering Limited into
liquidation.

The application was filed on June 13, 2008, by BDO Spicers.

The plaintiff's address for service is at:

          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland

B. D. Gustafson is the plaintiff's solicitor.


MICRO SPECS: Proofs of Debt Due on November 6
---------------------------------------------
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 Micro Specs Limited.

Creditors are required to file their proofs of debt by November 6,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


PEACE INDUSTRIES: Wind-Up Petition Hearing Set for December 5
-------------------------------------------------------------
The High Court at Auckland scheduled a hearing on December 5,
2008, at 10:00 a.m. to consider an application putting Peace
Industries 2007 Limited into liquidation.

The application was filed on July 16, 2008, by the Commercial
Factors Limited.

The plaintiff's address for service is at:

          Ellis Law
          Level 6
          43 High Street
          Auckland

B. R. Ellis is the plaintiff’s solicitor.


SME BUSINESS: Liquidators Set November 6 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  SME Business Media Limited.

Creditors are required to file their proofs of debt by November 6,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


WHITTAKER CARRIERS: Proofs of Debt Due on November 11
-----------------------------------------------------
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 Whittaker Carriers Limited.

Creditors are required to file their proofs of debt by
November 11, 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


SAPPHIRE EQUITY: Finnigan and Van Delden Appointed as Liquidators
-----------------------------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of Sapphire Equity Holdings Limited trading as
Aveia Gallery & Wine Bar, appointed Peri Micaela Finnigan and
Boris Van Delden, insolvency practitioners of Auckland, as
liquidators  on August 27, 2008.

Creditors who were unable to file their proof of debts on
October 3, 2008, are excluded from the dividend distribution.

Creditors and shareholders may direct their inquiries to:

           Ash Kumar
           Telephone: (09) 306 3338



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

GEOGRACE HOLDINGS: Posts Php54.12MM Net Loss in Qtr. Ended June 30
------------------------------------------------------------------
Geograce Resources Philippines, Inc. incurred Php54.12 million net
loss in the quarter ended June 30, 2008, as compared with
Php98.22 million net loss recorded in the same quarter of 2007.
The decrease of Php44.1 million was due to the reduction in
exploration expenses.

Financial results showed that the company posted Php54.12 million
operating loss, which was attributable to:

   -- professional fees of management and technical consultants,
      legal counsel and transfer agent;
   -- exploration costs;
   -- salaries and salary related expenses of key management
      personnel;
   -- depreciation of property and equipment;
   -- rent and utilities; and
   -- other overhead expenses.

Results for the period ended June 30, 2008 versus June 30, 2007:

Total current assets increased by Php27 million mainly because of
the increase and advances to related parties.  Non-current assets
increased by Php14.1 million due to the additions of
transportation equipment to be used for out-of-town trips to
project sites by management personnel, equipment for site use and
various office equipment.  The decrease in rental deposits and
other is due to the utilization of the advance rental paid in June
of 2007.

Total stockholders' equity stood at Php405 million compared to
Php392 million last year.  Net increase of Php13 million was due
to the collection of the Php71 million subscription receivables,
offset by the additional net loss from operations of
Php58 million.

As the company has gathered sufficient geological and exploration
data on several tenements, it shifted its focus on dealing the
company's assets by entering into joint ventures and joint
exploration agreements with major international mining companies.

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

                          *     *     *

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


PHILIPPINE REALTY: Inks Agreement With BPI for Settlement of Debts
------------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Philippine Realty
& Holdings Corporation disclosed that it has reached an agreement
with Bank of Philippine Islands for the full settlement of the
company's loan obligations amounting to Php168.53 million via
dacion en pago of office condominium units at the PSE Centre and a
property in Lucena City.

The agreement will be submitted to the rehabilitation court for
approval.

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.


* PHILIPPINES: Electronics Sector Seeks Government Aid
------------------------------------------------------
The Philippines' electronics industry is seeking government
support amid a global economic downturn, even as they forecast a
modest recovery next year, Business World reports.

During a forum held in Malacañang, the Semiconductors and
Electronic Industries in the Philippines, Inc. (SEIPI) asked the
government for:

   * extensive industry promotion;
   * curriculum improvements to provide graduates with the skills
     required by the industry;
   * reduced power rates;
   * infrastructure spending to attract more investments; and
   * an environment that is more conducive to business by
     providing better perks, transparent labor policies, and
     economic zone rules.

SEIPI Chairman Arthur J. Young, Jr. was cited by BusinessWorld as
saying that shipments were expected to grow by 5% in 2009, while
SEIPI President Ernesto B. Santiago said that growth would hit 10%
the following year.

"The support [of the government] is really critical to make that
happen," SEIPI Managing Director Dan Lachica, was quoted by the
news agency as saying.

BusinessWorld, citing Mr. Santiago, said that an industry
turnaround was possible on the hope that the US' approval of a
US$700-billion bailout for its financial sector would free up
financing.

"The problem right now is the hold on credit.  According to our
survey, there is a 15% hold on credit for most buyers of our
exports," Mr. Santiago was quoted by the news agency as saying.

Business World relates that in a speech during the SEIPI forum,
President Gloria Macapagal said that the government is undertaking
these measures to support the electronics industry and the
economy:

   * reduced food and transportation costs to avoid a "wage
     spiral";
   * spending on infrastructure projects to pump-prime the
     economy;
* lower costs of power in economic zones; and
* Php3 billion to promote engineering and research activities.

Mr. Lachica, on the other hand, said that while the government has
been promoting the industry, there is a lot more work that can be
done to improve domestic as well as international promotion both
within region as well as the rest of world, the report adds.

The electronics sector accounts for over half of the country’s
exports, the report notes.



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

FUNPOLIS ASIA: Creditors' Proofs of Debt Due on October 17
----------------------------------------------------------
The creditors of Funpolis Asia Pte Ltd are required to file their
proofs of debt by October 17, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


NYK LOGISTICS: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 25, 2008, the members
of  NYK Logistics 2008 Pte. Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


PLDT: Fitch Affirms LT Foreign Currency ID Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed Philippine Long Distance Telephone
Company's (PLDT) Long-term foreign and local currency Issuer
Default Ratings at 'BB+' and 'BBB' respectively, and its National
Long-term rating at 'AAA(phl)'.  The rating Outlook is Stable.
Also, PLDT's global bonds and senior notes have been affirmed at
'BB+'.

PLDT's ratings reflect its position as the Philippines' incumbent
operator, with diversified and integrated operations across fixed-
line services, cellular services, wired and wireless broadband
services, and internet services, as well as a growing presence in
the call-centre and business process outsourcing space.

The group's consolidated profile is heavily influenced by its
cellular segment, which accounted for 61% of revenue and 67% of
EBITDA in H108. Subsidiaries Smart Communications Inc. and
Pilipino Telephone Corporation reported an aggregate 33.2 million
subscribers at end-June 2008, representing a subscriber market
share of 54% and a revenue market share of around 58.5%.

With penetration of Subscriber Identity Modules having reached
about 68% at H108, the cellular market is approaching maturity in
terms of the addressable market, and future growth is expected to
remain modest.  Nonetheless, the market remains intensely
competitive, with third operator Digitel having recently become
more aggressive in terms of network expansion and promotional
activity.

As the incumbent, PLDT also enjoys a leading share of local
exchange subscribers (around 60%) and dominant share (over 70%) of
the nascent broadband market.  Fixed-line is expected to remain an
important contributor to group earnings and cash-flow over the
medium term, with strong demand for enterprise and consumer data
services helping to mitigate mobile and VoIP substitution
pressures on traditional fixed-voice.

PLDT is well-positioned to capitalize on growth opportunities in
consumer broadband and business process outsourcing, which could
help offset slowing growth in its core segments.  So far, the
company has managed to capture the major share of broadband
growth, owing to its ubiquitous network presence.  The focus is
increasingly on wireless broadband rather than DSL, given
comparatively lower rollout costs and ease of deployment.

On the BPO front, near-term prospects for ePLDT appear challenging
in view of weak macro-economic conditions in the United States and
pressure on manpower costs owing to increased competition for BPO
talent; however longer-term prospects appear promising.  The
company remains focused on solidifying its existing BPO verticals,
whilst continuing to evaluate further acquisition opportunities.

PLDT's estimated capex requirements for FY08 are moderate at
PHP28.5bn.  Capital intensity is expected to remain moderate over
the next two to three years as well, with incremental spends
mainly towards wireless broadband and next-generation network
expansion.  The group's highly cash-generative operations and
moderate capital intensity have facilitated increased shareholder
returns in recent years, thus far without impairment to its
financial profile.

In November 2007, PLDT obtained consent from its bondholders to
amend certain applicable limitations on dividends, shareholder
distributions and restricted payments, which has afforded the
company higher capacity for dividend payments and capital
management initiatives.  Subsequently, in January 2008, PLDT's
board approved a share buy-back program for up to 2 million common
shares, and in August 2008 approved a follow-on program for
another 2 million.  By end-September 2008, the group had acquired
1,773,580 million shares for a total cost of PHP 4.5 billion.  The
group remains committed to a dividend policy to pay out 70% of
recurring earnings and continues to follow a "look-back approach",
to distribute additional shareholder returns in the event that
excess cash is not utilized for business acquisitions.

During FY07, the group reduced bank and capital market debt by
around US$184m, leading net adjusted leverage to improve to 0.5x
from 0.9x the previous year.  Total indebtedness rose slightly in
H108, with PLDT's drawdown of a US$100mn five-year term loan and
Smart's drawdown of a US$50mn five-year term loan, both from
Nordeutsche Landesbank.  Nonetheless, net adjusted leverage
remained stable at 0.5x in H108, as the rise in indebtedness was
offset by growth in EBITDAR.

The Stable Outlook reflects the expectation that PLDT will sustain
its leading market positions in the telecoms space, and maintain
its sound financial profile despite increasing shareholder
distributions.  Future rating action would likely result from
various factors, including PLDT's policies regarding shareholder
returns and the extent of debt-funded acquisitions/investments.
In terms of its foreign currency IDR, PLDT remains constrained by
the country ceiling of the Republic of the Philippines, which is
currently 'BB+'.  The National rating of 'AAA(phl)' incorporates
all the above factors and is indicative of PLDT's relative credit
strength among all Philippine companies.


RCBC: Fitch Revises Outlook to Stable from Positive; Holds Ratings
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Philippine-based Rizal
Commercial Banking Corp.'s (RCBC) ratings to Stable from Positive,
and affirmed its ratings, as:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BB-', Individual rating at 'D', Support rating at '3',

  -- US$150m senior notes at 'BB-', PHP4.5bn and PHP7bn
     subordinated notes at 'B+', and US$100m perpetual hybrid
     notes at 'B-'.

  -- The Support Rating Floor has also been affirmed at 'BB-',
     denoting that RCBC's long-term IDR would not be lowered
     beyond this level in the absence of any changes to the
     assumptions underpinning the bank's Support Rating.

While RCBC's performance has improved substantially over the past
two years thereby bridging the gap with its higher rated peers,
the Outlook revision to Stable is premised on the agency's
expectation that sustaining further improvements may be difficult
in the near to medium term, due to the more challenging operating
environment.

Thanks to RCBC's continuous efforts in the resolution of its bad
assets, its gross NPL ratio declined to 6.5% at end-H108 (from
8.3% at end-2006) and foreclosed properties declined as a
proportion of total assets to 3.0% at end-H108 (from 4.5% at end-
2006).  However, Fitch also notes that the less benign credit
conditions may hamper further improvements and possibly result in
some deterioration to its asset quality.  While the bank's NPLs
were well reserved at 135% and foreclosed properties reserved
above the banking system average at 20% at end-H108, RCBC is still
deferring losses of PHP4.8bn on certain bad asset disposals over a
10-year period as allowed by the regulator.

RCBC's equity nearly doubled to PHP22bn at end-H108 since end-2005
as a result of various fund-raising exercises, resulting in the
regulatory Tier 1 and Total capital adequacy ratios of 14% and 21%
at end-H108, which is significantly higher than the regulatory
minimum.  Nevertheless, the agency considers the bank's capital
position to be fairly constrained given the impact of the deferred
losses that are still being amortized, and the possibility of
further loan losses in a difficult operating environment going
forward.

Higher net interest income due to an expanding loan base coupled
with increased fee-income and improved cost efficiency has helped
to cushion RCBC's fall in trading profits, keeping pre-provision
ROA above 2%.  However, profitability may be difficult to sustain
with lower growth opportunities expected amid the slower economic
outlook.  This is already reflected in the bank's net ROA in H108,
which moderated to 1.25% from 1.40% in 2007.

Majority-owned by the Yuchengco Group of Companies (56% stake),
RCBC is a mid-sized universal bank with a network of 310 branches.


SECURITY BANK: Fitch Affirms LT Foreign & Local ID Ratings at 'BB'
------------------------------------------------------------------
Fitch Ratings has affirmed Philippine-based Security Bank
Corporation's Long-term foreign and local currency Issuer Default
Ratings at 'BB', Short-term foreign currency IDR at 'B', National
Long-term rating at 'AA-(phl)' (AA minus(phl)), Individual 'D',
Support '4', Support Rating Floor 'B+' and the subordinated debt
programme rating at 'BB-'.  The Outlook on the ratings remains
Stable.

"SBC's ratings reflect its moderate balance sheet strength and
improved, albeit volatile profitability - reflecting its
relatively high dependence on cyclical trading gains and large
corporate loans, which may be more difficult to sustain in the
less favourable operating environment that is expected to continue
over the next 12 to 18 months," said J. Anandakumar, Associate
Director with Fitch's financial institutions team.

Improved credit demand from the corporate banking segment and
strong trading profits underpinned SBC's strong performance, with
its ROA staying above 2% over 2007 and H108.  However,
profitability is likely to decline in view of the more challenging
economic outlook and rising interest rate environment.  The bank's
gross NPL ratio declined to 4.3% at end-H108 from 8.3% at end-2006
partly as a result of a higher base effect.

However, the bank has an increased number of large borrower
accounts that may weaken asset quality amid the less benign credit
environment.  Fitch also notes that the bulk of corporate loans
are made to relatively creditworthy borrowers, although mostly on
an unsecured basis.  Nevertheless, the bank's high provision
buffer, which covered 181% of NPLs at end-H108, should enable it
to weather a moderate weakening in loan quality.

Meanwhile, foreclosed properties were low at 2.0% of total assets
at 2007, with above-industry provision coverage of 26%.  Despite
this, the bank has high unrealized mark-to-market losses (18% of
equity at end-H108) on its government paper investments; with
rising interest rates, such mark-to-market losses are likely to
remain at elevated levels in the near to medium term.  In light of
the market risk and to some extent, concentration risk, SBC's
total and Tier 1 CARs of 14.5% and 10.7% at end-2007 are viewed to
be moderate.

Established in 1951, SBC is a small universal bank with 119
offices.  It is majority-owned by the Dy family (41.5% stake),
while the Social Security System of the Philippines owns 12.7%.


UNION BANK: Fitch Holds 'C/D' Individual Rating
-----------------------------------------------
Fitch Ratings has affirmed Union Bank of the Philippines'
Individual rating at 'C/D' and Support rating at '4'.  UBP's
ratings reflect its modest balance sheet strength, average
profitability and limited franchise.

With a reduced reliance on trading gains, UBP's profitability has
since halved from 2.64% in 2005 to 1.31% in H108, although
profitability may well be less volatile as the bank focuses on
more sustainable forms of revenue in interest and fee-based
income.  The composition of UBP's balance sheet has changed over
the past three years, beginning with the acquisition of
International Exchange Bank in mid-2006.  UBP's small loan
portfolio has more than quadrupled between 2005 to H108, with
recent growth stemming largely from increased corporate and
commercial lending thanks to generally improved credit demand.

Its gross NPL ratio remained high at 13.0% at end-H108, although
its provision cover of 87% may provide some support if there is a
moderate weakening of asset quality.  However, at 4.7% of total
assets, foreclosed properties have very negligible provisions and
account for a substantial 35% of equity (or 54% of core equity
after deducting goodwill).  As such Fitch views the bank's capital
position to be only modest with total capital adequacy ratio of
13.3% at end-H108. Downward pressure on the ratings may arise
should there be significant weakening in capitalization or in the
event UBP's asset quality deteriorates more significantly than
expected during a more difficult operating environment.  That said
Fitch expects this to be unlikely in the near term.

Established in 1968, UBP is a universal bank with 168 branches in
the Philippines.  Its long-standing major shareholders are the
Aboitiz Equity Ventures, Inc. (36.1%), Social Security System
(23.1%) and the Insular Life Assurance Co. (16.1%).


XIN XIANG: Court Enters Wind-Up Order
-------------------------------------
On September 19, 2008, the High Court of Singapore entered an
order to have Xin Xiang Enterprises Pte Ltd's operations wound up.

Bank of China Limited filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee’s Office
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


WHY WHY: Court to Hear Wind-Up Petition on October 17
-----------------------------------------------------
A petition to have Why Why Enterprise Pte Ltd's operations wound
up will be heard before the High Court of Singapore on October 17,
2008, at 10:00 a.m.

Goh Leng Heng filed the petition against the company on Sept. 23,
2008.

Goh Leng's solicitor is:

          Lim Poh Choo
          M/s Alan Shankar & Lim
          171 Chin Swee Road
          #03-02 San Centre
          Singapore 169877



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

AU OPTRONICS: Posts NT$34.6BB Consolidated Revenue for Sept. 2008
-----------------------------------------------------------------
AU Optronics Corp. disclosed its September 2008 revenue with
preliminary consolidated and unconsolidated basis of
NT$34,563 million and NT$34,537 million respectively.  The
uncertainties of the current macro environment resulted in both
6.8% month-over-month decrease, and 35.7% year-over-year decrease.

Shipments of large-sized panels(a) used in desktop monitor,
notebook PC, LCD TV and other applications for September 2008
totaled 7.0 million units, decreased by 3.3% sequentially.  Small-
and-medium-sized panel shipments reached 22.7 million units, a
9.1% month-over-month increase.

In the third quarter of 2008, AUO's unaudited consolidated and
unconsolidated revenues totaled NT$104,314 million and NT$104,069
million.  It represented 15.5% and 15.0% quarter-over-quarter
decrease, and 24.4% and 24.5% year-over-year decrease.

Large-sized panel shipments for the third quarter of 2008 were
20.7 million, a 5.2% quarter-over-quarter and a 6.9% year-over-
year decrease.  Small- and medium-sized panel shipments for the
third quarter of 2008 totaled 61.1 million units, a significant
45.9% quarter-over-quarter increase and 50.2% year-over-year
increase.

The sales decline in the third quarter was due to the lower-than-
expected shipments and ASP in IT panels, and weak ASP in TV
panels, although TV panel shipments met previous guidance, plus
small- and medium-sized panel shipments posted a remarkable
result.

Large size refers to panels that are 10 inches and above in
diagonal measurement while small and medium size refers to those
below 10 inches

Sales Report:

Net Sales          Consolidated       Unconsolidated
September 2008     NT$34,563 Mil.     NT$34,537 Mil.
August 2008        NT$37,097 Mil.     NT$37,072 Mil. M-o-M Growth
                   (6.8%)             (6.8%)

September 2007     NT$53,729 Mil.     NT$53,672 Mil. Y-o-Y Growth
                   (35.7%)            (35.7%)

Jan to Sep. 2008   NT$364,420 Mil.    NT$362,681 Mil.

Jan to Sep. 2007   NT$324,689 Mil.    NT$324,472 Mil. Y-o-Y Growth
                   12.2%              11.8%

-- All figures are prepared in accordance with generally accepted
   accounting principles in Taiwan.
-- Monthly figures are unaudited, prepared by AU Optronics Corp.
-- Consolidated numbers include:

   * AU Optronics Corp.,
   * AU Optronics (L) Corporation,
   * AU Optronics (Suzhou) Corporation,
   * AU Optronics (Shanghai) Corporation,
   * Tech - Well (Shanghai) Display Co.,
   * AU Optronics (Xiamen) Corp.,
   * Darwin Precisions (L) Corp.,
   * Toppan CFI (Taiwan) Co, Ltd. and
   * AU Optronics (Czech)

                        About AU Optronics

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

                          *     *     *

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


                         *********

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
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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.

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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-
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