TCRAP_Public/081016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, October 16, 2008, Vol. 11, No. 206

                            Headlines

A U S T R A L I A

ACROSS THE: Placed Under Voluntary Liquidation
ALLCO HIT: Talks on Sale of NZ Subsidiary May be Reopened
AVANTI DAIRY: To Declare Dividend on October 23
CD WALSH: To Declare Dividend on October 30
CENTRAL TYRE: To Declare Dividend on October 21

CLEANINGSEARCH.COM: Members and Creditors to Meet on October 27
DEPEGA PTY: Appointed Woodgate as Liquidator
GORMAN PLANT: To Declare Dividend on October 30
MACRE PTY: Appointed P. Ngan as Liquidator
MERCATOR GOLD: Australian Unit Goes Into Administration

MUSICA E: To Declare Dividend on October 28
PIONEER SMASH: Members' Final Meeting Set for October 20
TJ BYRNE: To Declare Dividend on October 30
* AUSTRALIA: Govt.'s Stimulus Plan Aimed at Boosting Spending
* AUSTRALIA: Guarantees Won't Impact Moody's Sovereign Ratings


C H I N A

ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch
BANK OF CHINA: Unit Selects Open Solutions' Item Processing
CHINA SOUTHERN: September 2008 Passengers Down 1.14 Percent
TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
ZTE CORP: Zhongxingxin Telecom Increases Stake in Company


H O N G K O N G

AGFAPHOTO HONG KONG: Members to Hold General Meeting on October 17
ANDERSON & LEMBKE: Final General Meeting Slated for November 10
CHINTUNG FUTURES: Contributories and Creditors to Meet on Oct. 22
COLOUR CITY: Members to Receive Wind-Up Report on October 30
CROWNTECH ENGINEERING: Members and Creditors to Meet on Nov. 12

FOK & CHAN: Members' Final Meeting Set for November 10
HELLER EHRMAN: Dissolution Plan Shows Firm Can Avoid Bankruptcy
MATFORD LIMITED: Members' Final Meeting Set for November 10
NEXMED INC: Has Until April 7 to Comply with Bid Price Rules
SHING SIU: Appoints Au Chun Fai Jeffrey as Liquidator

SPRINGPOINT ASIA: Final General Meeting Slated for November 10
UNITED BISCUITS: Final General Meeting Slated for November 13


I N D I A

FORD MOTOR: Names Timothy Tucker as Vice-President of Sales
GENERAL MOTORS: S&P Holds 'B-' Credit Rating Under Neg. Watch
GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited
JET AIRWAYS: Cutting Cabin Crew by 44%
JET AIRWAYS: Forms Alliance With Kingfisher Airlines

NDTV: Second Quarter Net Loss Increases to Rs.130.40 Million
TATA MOTORS: U.K. Unit Invests in Electric Vehicles


I N D O N E S I A

PT BERLIAN: Fitch Affirms 'B+' Foreign & Local Currency IDRs
* INDONESIA: Manufacturing Sector Slows Down


J A P A N

ATARI INC: Infogrames Entertainment Completes Acquisition
JAPAN AIRLINES: To Scrap 5% Agent Commissions on Int'l Tickets
NOMURA HOLDINGS: Completes Employee Takeover of Lehman Asia
TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.


K O R E A

AXESSTEL INC: Richard N. Frank Discloses 6.95% Equity Stake
DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates


M A L A Y S I A

IDAMAN UNGGUL: ICULS-B to Mature on November 14
PILECON: Obtains Court's Order to Implement Scheme of  Arrangement
PUTERA CAPITAL: Appoints Shakir Jamil bin Fisal as Director
TECHVENTURE BERHAD: Bourse to Suspend Trading of Shares on Oct. 22
TRIPLC: To Re-submit Proposal After SC Rejects Revised Scheme

WWE HOLDINGS: Served w/ Notice by Ibsul Holdings to Pay MYR21.3MM
WWE HOLDINGS: Inks Heads of Agreement With PJSB and FVSB


N E W  Z E A L A N D

2'S COMPANY: Proofs of Debt Due on October 24
CARTER HOLT: Mulls Closing Two Sawmills, 300 Jobs at Risk
GENEVA FINANCE: Asset Quality Review Subject to Audit Confirmation
GREAT SOUTH: Commences Liquidation Proceedings
MONEY MART: Goes Into Receivership

ONE MAINTENANCE: Commences Liquidation Proceedings
PARK N WASH: Proofs of Debt Due on October 31
PAULS FLOORINGS: Commences Liquidation Proceedings
RAY HOMES: Commences Liquidation Proceedings
ROGAN MCINDOE: Proofs of Debt Due on October 31

STRATEGIC FINANCE: Talks on Sale of Parent Co May be Reopened
SUNRISE CONSTRUCTION: Proofs of Debt Due on October 22
WAIPA WATER: Wind-Up Petition Hearing Set for October 20


P H I L I P P I N E S

OCEANAGOLD (PHILIPPINES): May Secure US$185 Mil. Financing in Jan.
* PHILIPPINES: Stock Market Among Asia's Least Affected by Crisis
* PHILIPPINES: Posts US$11 Bil. OF Remittances in 1st 8 Months


S I N G A P O R E

ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due on October 24
LIMITED BRANDS: Moody's Reviewing (P)Ba1 Sr. Sub. Shelf Rating
MAXEARN INTERNATIONAL: Court Enters Wind-Up Order
PACIFIC SOURCE: Court Enters Wind-Up Order


                         - - - - -

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

ACROSS THE: Placed Under Voluntary Liquidation
----------------------------------------------
Across the Market Meats Pty Limited's members agreed on August 20,
2008, to voluntarily liquidate the company's business.
Christopher Chamberlain was appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          Christopher Chamberlain
          Suite 103, 1st Floor
          Wollundry Chambers
          Johnston Street
          Wagga Wagga NSW 2650


ALLCO HIT: Talks on Sale of NZ Subsidiary May be Reopened
---------------------------------------------------------
The sale of Strategic Finance Limited's parent, Strategic
Investment Group Limited, by Allco HIT is up in the air, the
National Business Review reports.

In a regulatory filing with the Australian Stock Exchange (ASX),
Allco HIT said that the sale of Strategic Investment Group Limited
is subject to a number of conditions precedent required to be
satisfied or waived by October 31, 2008, including a proposed
capital restructure of Strategic Finance.  The company said that
completion of the conditions precedent is unlikely to be achieved
by that date and as a result the parties to the Sale & Purchase
Agreement are intending to reopen discussions regarding the
progress of the transaction.

Allco HIT also requested a trading halt effective immediately
until tomorrow, October 17, pending results of the discussions.

According to the National Business Review, BOS International is
the structured lending division of HBOS Australia, which is part
of Halifax Bank of Scotland (HBOS).

HBOS, the Business Review relates, is one of the banks being
bailed out by the British government.  HBOS is being taken over by
Lloyds TSB in a move which has outraged the Scottish
establishment.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2008, Strategic Finance said that a Sale and Purchase
Agreement has been signed on August 29, 2008, by a purchasing
consortium comprising the former owners and senior management of
Strategic Finance and Uberior Ventures (Asia) Pty Limited an
investment vehicle of BOS International (Australia) Limited and
Allco HIT (AHL)and its relevant subsidiaries, Strategic Investment
Group Limited and Strategic Finance Limited.

                    Key Transaction Terms

   - Clarence Investments Limited has agreed terms and
     conditions with Allco HIT Limited to purchase
     100% of the shares in Strategic Investment Group Limited
     which is the parent company of Strategic Finance Limited.

   - Clarence Investments will be owned by the previous
     owners and existing senior management of Strategic
     Finance (80.01%) and Uberior Ventures Asia Pty Limited,
     an investment vehicle of BOS International (Australia)
     Limited which is a member of the HBOS Group, one of the
     world's largest financial services organization
     providing services to more than 23 million customers.
     Uberior will have the option to increase its
     shareholding to 49.99% to reflect its financial
     contribution to Clarence Investments.

   - Under the agreement:

   1. Clarence Investments will pay AHL purchase price of
      NZ$25 million in cash plus transfer 8.0 million shares
      in AHL currently held by various Strategic Finance
      executives.

   2. Clarence will inject NZ$15.0 million of new funds into
      Strategic Finance in a form which will be subordinated
      to Strategic Finance's existing debenture, subordinated
      notes and perpetual preference shares.

   3. BOS International (Australia) Limited will increase its
      current debt facilities to Strategic Finance from
      NZ$100.0 million to NZ$150.0 million.

   4. Strategic Finance and AHL have historically co-participated
      in a number of loans that were originated by Strategic
      Finance. Strategic Finance will acquire these loans on
      Completion Date (face value approx NZ$67.3M) for NZ$50.2
      million, with NZ$10.0 million of the purchase price being
      deferred.

   5. The parties have entered into a binding Sale and Purchase
      Agreement and the transaction is conditional upon:

      * A waiver being received under the New Zealand Takeovers
        Code in respect to Strategic Finance perpetual preference
        shares.

      * Overseas Investment Office approval.

      * Approval of AHL shareholders at a Special Meeting to be
        convened.

   - A Special Meeting of the holders of Strategic Finance
     perpetual preference shares approving by special resolution
     the release of the existing guarantee provided by AHL in
     respect of the perpetual preference shares with effect from
     Completion of the transaction.

   - Special Meetings of the holders of Strategic Finance
     debenture stock and subordinated notes approving by
     extraordinary resolution a capital restructure of existing
     debenture and subordinated note investments.

   - Approval of Perpetual Trust Limited, as trustee under
     Strategic Finance's debenture trust deed.

   - Completion of a tax due diligence to the satisfaction of
     the purchaser.

   - The Shareholders Agreement entered into by the purchasing
     consortium being unconditional.

   - Strategic Finance issuing debenture stock to AHL to secure
     the deferred payment of part of the co-investment loan
     purchase price

   - AHL and BOS International (Australia) Limited entering into
     a new facility agreement.

   - The current Strategic Finance employee share scheme being
     wound up.

   6. The intention is for the meetings of the AHL shareholders
      and the security holders in Strategic Finance to be held
      in October 2008 with a targeted completion date for the
      transaction of shortly thereafter subject to receiving the
      required approvals.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

Strategic Finance Limited reported a net loss after tax of
NZ$15.7 million for the year ended June 30, 2008, compared with a
net profit after tax of NZ$29.4 million in the year ended June 30,
2007.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.

                         About Allco HIT

Allco HIT Limited (ASX:AHI)-- http://www.allcohit.com.au/ -- is
an Australia-based diversified financial services company. Allco
HIT owns and operates a diversified portfolio of lending
businesses that provide asset financing and property related
lending services to small to medium enterprises and high net worth
individuals in Australia and the Asia Pacific region (Target
Sector).  It also operates an investment portfolio of mezzanine
loans specifically in the asset and equipment finance, property
finance and financial asset sectors. On August 20, 2008, the
company completed the disposal of Momentum Investment Finance Pty
Ltd (Momentum), a specialist financier providing loans to
investors with a focus on timber and agricultural based managed
investment schemes.

AHI is managed by Allco Funds Management Limited, a wholly owned
subsidiary of Allco Finance Group Limited (AFG).

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                       *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

Allco disclosed a Net Loss After Tax of AU$1,731.6 million for the
12 months to June 30, 2008.  The company said this is consistent
with an Australian Stock Exchange (ASX) announcement made on
May  1, 2008, where Allco advised an anticipated loss of in excess
on AU$1.5 billion.  The result follows a critical review
of asset values across the business and primarily reflects non-
cash changes.

The Group was heavily impacted by the deterioration in the
financial markets and the resultant loss of value in recently
acquired businesses with non-cash impairments for goodwill,
management rights, loans and equity accounted investments.


AVANTI DAIRY: To Declare Dividend on October 23
-----------------------------------------------
Avanti Dairy Pty Limited will declare dividend on October 23,
2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

          M. E. Slaven
          Level 3
          Engineering House
          11 National Circuit
          Barton ACT 2600


CD WALSH: To Declare Dividend on October 30
-------------------------------------------
CD Walsh Pty Ltd will declare dividend on October 30, 2008.

Creditors who were unable to file their proofs of debt on
September 30, 2008, will be excluded in the company's dividend
distribution.

Members and creditors may direct their inquiries to:


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


CENTRAL TYRE: To Declare Dividend on October 21
-----------------------------------------------
Central Tyre Service (ACT) Pty Ltd will declare dividend on
October 21, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

          Henry Kazar
          Kazar Slaven
          GPO Box 138
          Canberra ACT 2601


CLEANINGSEARCH.COM: Members and Creditors to Meet on October 27
---------------------------------------------------------------
Cleaningsearch.com Pty Ltd will hold a meeting for its members and
creditors on October 27, 2008, at 10:00 a.m.  During the meeting,
the company's liquidator, Blair Pleash, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Blair Pleash
          Hall Chadwick
          Level 29
          31 Market Street
          Sydney NSW 2000


DEPEGA PTY: Appointed Woodgate as Liquidator
--------------------------------------------
Depega Pty Ltd's creditors agreed on August 29, 2008, to
voluntarily liquidate the company's business.  G. G. Woodgate was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          G. G. Woodgate
          Woodgate & Co
          Telephone: (02) 9233 6088


GORMAN PLANT: To Declare Dividend on October 30
-----------------------------------------------
Gorman Plant Hire Pty Ltd will declare dividend on October 30,
2008.

Creditors who were unable to file their proofs of debt on
September 30, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

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


MACRE PTY: Appointed P. Ngan as Liquidator
------------------------------------------
Macre Pty Limited fka Mackey Real Estate Pty Limited's members
agreed on September 3, 2008, to voluntarily liquidate the
company's business.  P. Ngan was appointed to facilitate the sale
of its assets.

The liquidator can be reached at:

          Ngan & Co
          Chartered Accountants
          Level 5, 49 Market Street
          Sydney NSW 2000


MERCATOR GOLD: Australian Unit Goes Into Administration
-------------------------------------------------------
Mercator Gold Australia Pty Ltd, a 100 percent owned subsidiary of
Mercator Gold plc, has been placed into voluntary administration.

Martin Jones, Darren Weaver and Andrew Saker of Ferrier Hodgson
have been appointed as joint and several administrators of MGA as
of October 9, 2008.

Mercator and the MGA board of directors are working closely with
the Administrators in order to bring about the best possible
outcome to the Administration.  It is intended to enter into a
Deed of Company Arrangement under which MGA would be
granted a period of six months to seek refinancing for the
business.  During this period there is a moratorium of all
creditors.  The DOCA will require the approval of the bank
and major creditors of the business and it is expected that the
creditors' meeting to approve this will take place in the next
four to five weeks time.  MGA holds all of Mercator's West
Australian mining and exploration assets.  Should creditors
approve the DOCA at the second creditors meeting, control of the
company reverts back to its directors.

The Administration was precipitated by discussions with MGA's
bank, MGA's largest creditor after the parent company.  The Bank
is keen to ensure a restructuring of the debt facilities it
provides to MGA.  In view of the generally strained financial
environment the assistance of the Bank in this process is greatly
appreciated by the Board.  Concurrently, MGA is in negotiations
with Tulla regarding a proposed refinancing of MGA which could
provide greater financial stability to MGA going
forward.

As a consequence of the suspension of mining of the Surprise pit
MGA became unable to fulfill its obligations under its hedging
program.  Accordingly, the hedging program has been closed out by
the bank.

                 Ongoing Activities at Meekatharra

It is the intention of the Administrators to suspend all mining
and milling activities at the Meekatharra mine site.  Essential
maintenance to the Bluebird mill will be carried out, and work
will continue on the deviation of the Great Northern Highway to
allow continued mining of the Surprise pit in the future. A
re-estimation of the remaining reserves in the Bluebird pit will
also take place.

Mercator remains active and adequately funded.  The Company is
currently evaluating additional projects.

Mercator owns 10 million shares in ASX-listed Silver Swan Group,
as well as 4 million performance shares.

                      About Mercator

Mercator Gold plc -- http://www.mercatorgold.com/--  is an AIM-
listed exploration and development gold mining company focused on
the Meekatharra tenements in the Murchison Province of Western
Australia.  The Company is now in production following the first
commercial gold pour in October 2007.  First year target is
120,000 ounces of gold, with probable reserves at 504,000 ounces
of gold.

Mercator Gold is incorporated in England and Wales, and listed on
AIM in London on January 20, 2006 at an issue price of 60 pence
per share.


MUSICA E: To Declare Dividend on October 28
-------------------------------------------
Musica E Pty Limited will declare dividend on October 28, 2008.

Creditors who were unable to file their proofs of debt on
October 14, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:


          Frank Lo Pilato
          RSM Bird Cameron Partners
          Chartered Accountants
          GPO Box 200
          Canberra ACT 2601
          Telephone: (02) 6247 5988


PIONEER SMASH: Members' Final Meeting Set for October 20
--------------------------------------------------------
Graham J. Chapman, Pioneer Smash Repairs (Holdings) Pty Limited's
appointed estate liquidator, will meet with the company's members
on October 20, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Graham J. Chapman
          Suite B3
          2-4 Central Avenue
          Thornleigh NSW 2120


TJ BYRNE: To Declare Dividend on October 30
-------------------------------------------
TJ Byrne & Associates Pty Ltd will declare dividend on October 30,
2008.

Creditors who were unable to file their proofs of debt on
September 30, 2008, will be excluded in the company's dividend
distribution.

Members and creditors may direct their inquiries to:

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


* AUSTRALIA: Govt.'s Stimulus Plan Aimed at Boosting Spending
-------------------------------------------------------------
Australia's AU$10.4 billion (US$7.2 billion) economic stimulus
package won't feed inflation and may be followed by extra spending
as the global financial crisis freezes credit and slows growth,
Gemma Daley of Bloomberg News reports citing deputy prime minister
Julia Gillard.

"We do not believe this package is inflationary, this package is
about growth in difficult times.  We are going to continue to act,
if that is necessary.  The challenge in front of us now is the
slowing growth," Bloomberg News quoted Ms. Gillard as saying.

According to Sky News, the Rudd government has gone on a massive
AU$10.4 billion spending spree in a bid to spare Australia the
worst effects of the global economic crisis.

Sky News says that almost half of the AU$21.7 billion budget
surplus will be pumped back into the economy, with Prime Minister
Kevin Rudd warning the global crisis had entered a 'new,
dangerous, and damaging phase' that demanded action.

Under the rescue plan, Sky News relates, one-off handouts include
AU$4.8 billion to all pensioners and carers, and AU$3.9 billion to
low and middle income families.

The package also includes a doubling of the AU$7,000 First Home
Owners Grant until June next year, or AU$21,000 for first home
buyers purchasing newly constructed homes.

Bloomberg News notes that Prime Minister Kevin Rudd said on
Oct. 12 the government would guarantee all deposits and "term
wholesale funding" among the nation's banks.  He also doubled the
government's investment in residential mortgage securities to AU$8
billion in a bid to unlock credit.


* AUSTRALIA: Guarantees Won't Impact Moody's Sovereign Ratings
--------------------------------------------------------------
Moody's Investors Service says that the Australian government's
announcement this week of guarantees for all bank deposits and the
term funding of the banks -- even in the unlikely event of all of
them being required -- will not impact the country's Aaa ratings.

"Given the relatively strong financial strength of Australia's
banks, Moody's does not expect that a large amount of the
contingent liabilities emanating from the banking system would
migrate to the government's balance sheet," says Steven Hess, a
VP/Senior Credit Officer with Moody's Sovereign Risk Group.

"Furthermore, the majority of any consequent increased debt
issuance, because it would be to purchase assets, would not affect
the government's net worth; as a result of these factors,
Australia's Aaa rating is not threatened by the recent actions,"
says Hess.  Currently, total bank liabilities, equal 188% of GDP,
moderate by European standards, but somewhat higher than that of
the US.

Hess was speaking on the release of a new Moody's report -- which
he authored -- on the implications of the Australian government's
announcement on October 12 of the guarantees.  That for deposits
will be in place for three years, whereas that for funding will be
withdrawn once -- as the government says -- "market conditions
have normalized."

To further demonstrate the strong position of Australia's
sovereign ratings, the Moody's report outlines various scenarios
-- even though unlikely -- in which the guarantees could be used
and reiterated the government's considerable capacity to increase
its debt, if required.

"Even if some of the deposit guarantee were to be called,
Australia's government is starting from a strong position, even
for a Aaa-rated country," says Hess.  "The ratio of gross
government debt to GDP is a low 6%, compared to, for example, 38%
for the US federal government, and higher numbers for some other
Aaa governments."

"If, in the extreme case, the government funded A$120 billion for
bank funding in coming months, the ratio of gross Commonwealth
government debt to GDP would rise by 11 percentage points to about
17%, still low by international standards," says Hess.

Moody's also notes the Australian government has stressed that the
primary reason for the introduction of the new guarantee scheme is
to allow Australian banks to compete for funds in wholesale
markets with banks from countries where guarantee schemes have
also been set up.  However, Australian banks face fairly large
external funding requirements, leading to some risk in the current
market environment of their needing to call on the funding
guarantee.



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

ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch
------------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Negative
ArvinMeritor's Issuer Default Rating and outstanding debt ratings
as follows:

-- IDR at 'B';
-- Senior unsecured at 'B/RR4';
-- Bank credit facility at 'BB/RR1'.

ARM's Rating Outlook is Negative.

Fitch originally placed ARM on Rating Watch Negative on May 6
following the company's announcement that it will spin off its
Light Vehicle Systems group as a separate publicly-owned entity.
If the spin proceeds with the planned allocation of exiting debt
and other liabilities between the two entities, Fitch believes
that the spin would be relatively positive for existing
debtholders.  However, given the state of the capital markets and
the automotive industry, questions remain as to whether the
transaction can be completed with the structure and timetable that
were originally planned.

Operating results at ARM have shown recent improvement, due to
restructuring efforts and the potential emergence of the
Commercial Vehicle Systems from cyclical trough conditions.
However, in the event that the LVS segment is retained, weakness
across global end markets over the next twelve months indicates
that ArvinMeritor will remain cash flow negative over this period
and that leverage will increase.  In the CVS segment, the economic
slowdown in the U.S. is expected to moderate the cyclical recovery
in Class 8 volumes, and the impact of any pre-buy ahead of new
emissions standards in 2010 may be muted.

Deteriorating economic conditions in Europe could offset
underlying operating improvement that has enhanced recent margin
performance.  Although the U.S. truck market is coming off a deep
downturn in orders, weakening global economic conditions, a
stressed customer base and limited fleet financing availability
will continue to hamper any rebound in demand.

Restructuring efforts at LVS have moderately reversed a long-term
slide in operating margins, although margins remain at low levels
as a result of industry volume and product pricing pressures.  In
both the LVS and CVS segments, ARM will benefit from the
moderation in key raw material prices, the escalation of which has
materially burdened operating margins over the past several years.

The global slump in automotive production expected over the next
year, however, will make it a challenge to continue an upward
trend in margins, despite the aid of lower raw material costs and
restructuring efforts.  Any deterioration in margins may further
complicate efforts to spin this operation as an independent,
viable global supplier.

ARM remains reliant on external capital, including receivable
securitizations, to finance operating cash drains, restructuring
efforts and working capital requirements.  In December 2007, ARM's
revolving credit agreement was reduced to US$700 million from
US$900 million as the company negotiated amendments to the
facility.
(The facility could be further reduced by US$43 million which
represents the commitment amount of Lehman Brothers.)  The bank
agreement has a senior secured leverage covenant that tightens to
2.0 times at June 30, 2009, but covenant compliance is not
expected to be an issue as long as accounts receivable
securitization facilities remain available.

ARM makes extensive use of short-term receivable securitization
and factoring facilities in the U.S. in Europe.  At June 30, 2008,
during a seasonally high borrowing period, ARM had US$611 million
outstanding under these facilities, including US$118 million under
a
committed facility in the U.S. and US$493 million under committed
and uncommitted facilities in Europe.  Of the European facilities,
US$176 million was outstanding under a US$196 million committed
facility, and US$317 was outstanding under uncommitted lines.

Given the state of the banks, capital markets and the automotive
industry it remains uncertain as to the availability of these
lines going forward.  Inability to utilize these facilities could
force extensive utilization of the company's revolving credit
agreement and materially affect the company's liquidity position.
ARM did renew its U.S. facility for another 12 months, although
pricing and terms were likely more restrictive.  Under ARM's U.S.
facility at June 30, approximately US$229 million in receivables
were pledged as collateral for US$118 million in proceeds.

ARM's maturity schedule is modest until the bank agreement matures
in 2011, but could further chip away at available liquidity if the
company does not return to positive cash flow in the near term.
ARM's pension is moderately underfunded in dollar terms, although
asset deterioration in 2008 could require incremental
contributions over the next several years.

Ratings for ARM's unsecured debt are affirmed at 'B/RR4',
indicating average recoveries in the event of a default.  Recovery
estimates for unsecured debtholders are at the low end of the
recovery range, indicating that the rating could be notched lower
in the event that the company's enterprise value is further
reduced, or if the company raises incremental debt.  The reduction
in the revolving credit agreement from US$900 to US$700 million
allowed potentially more value to fall to unsecured holders,
although deterioration in asset values has limited any benefit.
The renegotiation of ARM's revolving credit agreement also
included in a senior secured leverage test, allowing for
incrementally more unsecured debt to be issued in the event that
capital markets improve.


BANK OF CHINA: Unit Selects Open Solutions' Item Processing
-----------------------------------------------------------
Bank of China's unit, Bank of China USA, has selected Open
Solutions Inc. (R) for its outsourced imaged-based item processing
needs.  Open Solutions is a leading provider of integrated
enabling technologies for financial service providers across the
United States, Canada and internationally.

With locations in New York City and Los Angeles, Bank of China's
USA branches have more than US$7 billion in assets and 20,000
accounts.  Its two NYC branches are full-service, providing retail
banking, international trade settlement, commercial and real
estate loans and syndication loans.  The two NYC branches are also
ranked 11th for USD clearing volumes.  The Los Angeles branch
specializes in wholesale business to commercial customers.

"The Federal Reserve's plans to consolidate check processing sites
made it necessary for us to move away from a paper-based system
and deploy an imaging solution to automate our check processing,"
said Xiao Wang, assistant general manager, Bank of China USA.  "We
wanted a leading-edge item processing partner for our processing
needs, and Open Solutions and its outsourced item processing
solution were the best choice to complement our efforts."

Open Solutions' image-enabled item processing system drives a wide
range of check-processing transports and streamlines a financial
institution's operations, optimizes workflow, enhances business
flexibility and generates fee income.  The system provides for
improved funds availability, offers faster client service, helps
institutions retain more accounts and saves on monthly mailing
costs.

"According to recent industry research, by 2011, the Federal
Reserve plans to have only four regional processing sites
available to provide a full range of paper check processing. To
remain competitive, institutions are looking for cost-efficient
solutions to assist them in processing their paper check items,"
said Louis Hernandez, Jr., Open Solutions' chairman and CEO.
"Open Solutions realizes the importance of having an industry-
focused solution that helps institutions like Bank of China USA
remain competitive during these ever changing times, and our goal
is to help our clients achieve the highest level of operational
success using our image-based processing products and services."

                     About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic product
platform that integrates core data processing applications built
on a single centralized Oracle (R) relational database, with
Internet banking, cash management, CRM/business intelligence,
financial accounting tools, imaging, digital documents, Check 21,
interactive voice response, technology services, wealth
management, payments and loan origination solutions.  Open
Solutions' full suite of products and services allows banks,
thrifts, credit unions and financial services providers in the
worldwide to better compete in today's aggressive financial
services marketplace, and expand and tap their trusted financial
relationships, client affinity, community presence and
personalized service.

                      About Bank Of China

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

                          *     *     *

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


CHINA SOUTHERN: September 2008 Passengers Down 1.14 Percent
-----------------------------------------------------------
China Southern Airlines Co. Limited's September passenger number
drops 1.14% to 4.96 million passengers from same month last year,
XFN-ASIA News, reports.

The airline, the report relates, carried 75,700 tons of cargo last
month, down 14.4 pct%.

On Sept. 17, 2008, the Troubled Company Reporter-Asia pacific,
citing Reuters, reported that China Southern's passenger volume in
August declined 16.2% to 4.98 million, on visa restrictions and
other security measures in the months leading up to the Olympic
Games, deterring travel.

According to the TCR-AP, major Chinese airlines began posting
year-on-year declines in passenger volume in May, hit by a
devastating earthquake in southwest China and security measures
before the August Games, after a steady record of growth as
China's economy boosted leisure and business travel.

During the nine months to September, XFN-ASIA News notes, the
airline carried a total of 43.14 million passengers, up 0.93 %
year-on-year, and 636,140 tons of cargo, up 1.06%.

XFN-ASIA News adds that for the nine months to September, the
passenger load factor stood at 73.49%, down 0.71 percentage point,
while the overall load factor was up 0.11 percentage point at
64.68%.

                      About China Southern

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


TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
--------------------------------------------------------------
Tekni-Plex, Inc. disclosed in a Securities and Exchange Commission
filing that on Oct. 3, 2008, it entered into an employment
agreement with Robert M. Larney in connection with his services as
the company's Chief Financial Officer, effective Oct. 8, 2008.

Under the terms of the Agreement, Mr. Larney will be entitled to
receive an annual base salary of US$425,000 and will be eligible
to
receive a performance-based annual cash bonus in a range of 50% to
100% of his annual base salary based on achievement of targets set
by the company's Board of Directors in consultation with the Chief
Executive Officer.

Additionally, Mr. Larney will be granted stock options pursuant to
an incentive stock option plan representing 1.25% of the Company's
Common Stock at various strike prices.

On Oct. 8, 2008, Gary Schafer ceased to be the Interim Chief
Financial Officer of the Company after Mr. Larney was appointed by
the board as Chief Financial Officer.  Mr. Schafer will resume his
position as interim controller of the Company's Colorite division.

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                           *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.


ZTE CORP: Zhongxingxin Telecom Increases Stake in Company
---------------------------------------------------------
ZTE Corporation disclosed it was notified by its controlling
shareholder, Shenzhen Zhongxingxin Telecommunications Equipment
Company, Limited, that Zhongxingxin had increased its holdings in
the company.  Zhongxingxin  purchased the company's A shares
through the securities trading system of Shenzhen Stock Exchange.

ZTE stated that Zhongxingxin views the market value of ZTE is
currently undervalued owing to market factors.  Zhongxingxin is
increasing its shareholdings in the company to underline its
confidence in ZTE's ongoing stable development in future.

According to ZTE's press statement, Zhongxingxin won't increase
its holdings to more than 2% of ZTE's issued shares within the
next 12 months from the date of the announcement or Oct. 10, 2008.

If Zhongxingxin falls to increase its shareholding in the company
by more than 2% of the issued shares in 12 consecutive months, it
will do so by way of an offer to acquire shares or by applying to
China Securities Regulatory Commission for a waiver of its
obligations to launch an offer to acquire shares, in accordance
with relevant provisions of the Rules Governing the Acquisition of
Listed Companies.

Zhongxingxin increased its shareholding in ZTE by 2,272,874 A
shares (representing 0.17% of the total number of shares in the
company) through the securities trading system of Shenzhen Stock
Exchange at an average price of CNY21.99 per share.

Zhongxingxin had previously held 471,204,075 shares in the company
(representing 35.08% of the total number of shares in the
company).  Zhongxingxin bought 2,272,874 A shares (representing
0.17% of the total number of shares in the company) at an average
price of CNY21.99 per share.

                      About ZTE Corporation

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

                          *     *     *

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

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



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

AGFAPHOTO HONG KONG: Members to Hold General Meeting on October 17
------------------------------------------------------------------
The members of Agfaphoto Hong Kong Limited will hold their general
meeting on October 17, 2008, at 10:00 a.m., at 1401, Level 14 of
Tower 1, Admiralty Centre, in 18 Harcourt Road, Hong Kong.

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


ANDERSON & LEMBKE: Final General Meeting Slated for November 10
--------------------------------------------------------------
Anderson & Lembke Asia Limited will hold its final general meeting
on November 10, 2008, at 3:00 p.m., at the offices of Baker Tilly
Hong Kong, Room 1203-1213, 12th Floor of China Merchants Tower,
Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong.

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


CHINTUNG FUTURES: Contributories and Creditors to Meet on Oct. 22
-----------------------------------------------------------------
The contributories and creditors of Chintung Futures Limited will
meet on October 22, 2008, at 2:30 p.m. and 3:00 p.m.,
respectively, at the 29th Floor of Caroline Centre, Lee Gardens
Two, in 28 Yun Ping Road, Hong Kong.

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


COLOUR CITY: Members to Receive Wind-Up Report on October 30
------------------------------------------------------------
The members of Colour City Limited will meet on October 30, 2008,
at 11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Suen Wai Wing
         Siu Ying Comm. Bldng., 15th Floor
         153 Queen's Road Central
         Hong Kong


CROWNTECH ENGINEERING: Members and Creditors to Meet on Nov. 12
---------------------------------------------------------------
The members and creditors of Crowntech Engineering (H.K.) Limited
will hold their final meetings on November 12, 2008, at 9:30 a.m.
and 10:00 a.m., respectively at the 8th Floor of Li Po Chun
Chambers, 189 Des Voeux Road Central, Hong Kong.

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


FOK & CHAN: Members' Final Meeting Set for November 10
------------------------------------------------------
The members of Fok & Chan CPA Limited will hold their final
meeting on November 10, 2008, at 10:00 a.m., at Room 904-908 of
Kai Tak Commercial Building, in 317-319 Des Voex Road Central,
Hong Kong.

At the meeting, Leung Shu Yin, William and Au Wing Fai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HELLER EHRMAN: Dissolution Plan Shows Firm Can Avoid Bankruptcy
---------------------------------------------------------------
The Recorder reports that a leaked copy of Heller Ehrman LP's
dissolution plan indicates that the company can avoid bankruptcy
if it can collect unpaid bills and liquidate assets.

As reported in the Troubled Company Reporter on Sept. 26, 2008,
Heller Ehrman plans to dissolve.

Niraj Chokshi at Legalweek.com relates that the plan shows that
Heller Ehrman has US$258 million in assets and US$72 in
liabilities -- three-quarters debts to Bank of America and
Citibank, about US$45.8 million as of Sept. 24, 2008.  According
to Legalweek.com, the plan predicts a 90% success rate in
collecting on US$174 million  in accounts receivable and work in
progress billed in the last 120 days, and expects to collect half
of older work.  The report says that about two-thirds, or almost
US$104 million, of Heller Ehrman's assets are in accounts
receivable, and work-in-process, almost US$71 million.

"If it goes well and they are taking the right steps to do this,
they may be able to avoid bankruptcy," Legalweek.com quoted Scott
Bovitz, Esq., a bankruptcy lawyer with Bovitz & Spitzer, as
saying.

According to Legalweek.com, Mr. Bovitz isn't involved in Heller
Ehrman's dissolution but he read the dissolution plan leaked last
week to The Recorder and other media outlets.

Legalweek.com states that the plan could have been written after
Sept. 26, but may not be the latest draft.  Legalweek.com relates
that the plan revealed that four members of Heller Ehrman's
dissolution committee -- Peter Benvenutti, Jonathan Hayden, Lynn
Loacker and Paul Sugarman -- are being compensated at US$450 per
hour for winding down the company.

The dissolution plan, Legalweek.com reports, gives the committee
the power to file for Chapter 7 or Chapter 11 bankruptcy on behalf
of Heller Ehrman, and names chief operating officer Brad Scott as
manager and chief financial officer Richard Holdrup as deputy
manager.  According to the report, the plan lists dozens of
unsecured creditors, the top five of which are owed more than
US$100,000.  The report states that business process outsourcing
company Williams Lea is owed US$2 million.

Mr. Bovitz said that Heller Ehrman is solvent on paper, but could
still go bankrupt, Legalweek.com relates.  According to the
report, three creditors who are owed a total of more than
US$13,475 can file an involuntary bankruptcy petition.

Legalweek.com states that once a company enters dissolution mode,
it gets harder to recover the full value of bills, equipment, and
furniture.  Heller Ehrman, says the report, doesn't have to
recover the full value of every asset, with assets listed at
US$186 million more than its liabilities.  "There is a lot of
cushion," the report quoted Mr. Bovitz as saying.

                     About Heller Ehrman

Heller Ehrman LLP -- http://www.hewm.com/-- with 650 attorneys
and professionals in the United States, Europe and Asia, offers
full range of litigation, business and intellectual property
services.


MATFORD LIMITED: Members' Final Meeting Set for November 10
-----------------------------------------------------------
The members of Matford Limited will hold their final meeting on
November 10, 2008, at 9:00 a.m., at Room 4411, 44th Floor of Cosco
Tower, in 183 Queen's Road Central, Hong Kong.

At the meeting, Koo Chee Kong Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NEXMED INC: Has Until April 7 to Comply with Bid Price Rules
------------------------------------------------------------
NexMed, Inc., received a letter from The NASDAQ Listing
Qualifications Department providing notification that, for the
last 30 consecutive business days, the bid price of its common
stock has closed below the minimum US$1.00 per share requirement
for continued inclusion on The NASDAQ Capital Market under NASDAQ
Marketplace Rule 4310(c)(4).  In accordance with NASDAQ
Marketplace Rule 4310(8)(D), NexMed has 180 calendar days, or
until April 7, 2009, to regain compliance with the Rule.  NexMed
can regain compliance with the Rule if at anytime before April 7,
2009, the bid price of its common stock closes at US$1.00 per
share
or more for a minimum of 10 consecutive business days.

If NexMed does not regain compliance with the Rule by April 7,
2009, NASDAQ will provide written notification that the company's
securities will be delisted from The NASDAQ Capital Market.  At
that time, NexMed may appeal to a NASDAQ Listing Qualifications
Panel.  Alternatively, in the event such delisting is based
solely upon non-compliance with the Rule and NASDAQ determines
that NexMed otherwise meets the initial listing criteria, set
forth in Marketplace rule 4310(c), except for the bid price
requirement, NexMed will be afforded an additional 180 calendar
day grace period in order to regain compliance with the Rule.
If the company fails to maintain compliance with any other
listing requirements, it may be delisted for failure to meet
those requirements during these periods.

Based in East Windsor, New Jersey, NexMed Inc., (NasdaqCM: NEXM)
-- http://www.nexmed.com-- is a  pharmaceutical and medical
technology company.  It designs, develops, manufactures, and
markets pharmaceutical products in the United States and Hong
Kong.  The company is leveraging its proprietary drug technology,
NexACT, to develop a pipeline of pharmaceutical products to
address significant unmet medical needs.  It develops transdermal
treatments based on the NexACT drug delivery technology, which
might enable an active drug to be better absorbed through the
skin.  The company also develops treatments for sexual dysfunction
and nail fungus based on its proprietary NexACT drug delivery
technology.  Its products under development include Alprox-TD,
which is an alprostadil-based cream treatment intended for
patients with erectile dysfunction; and Femprox, an alprostadil-
based cream product intended for the treatment of female sexual
arousal disorder.  The company has a licensing agreement with
Novartis International Pharmaceutical, Ltd., for the development,
manufacture, and commercialization of NM100060, a nail lacquer
treatment for onychomycosis.  NexMed was founded in 1987..

                       Going Concern Doubt

As reported in the Troubled Company Reporter on March 18, 2008,
Edison, New Jersey-based Amper, Politziner & Mattia PC expressed
substantial doubt about the ability of NexMed Inc., to continue
as a going concern after it audited the company's financial
statements for the year ended Dec. 31, 2007.  The auditor pointed
to the company's recurring losses and negative cash flows from
operations.  It also expects the company to incur future losses.


SHING SIU: Appoints Au Chun Fai Jeffrey as Liquidator
-----------------------------------------------------
On September 26, 2008, Au Chun Jeffrey stepped down as liquidator
of Shing Siu Development Limited.

The company's former Liquidator can be reached at:

         Au Chun Jeffrey
         Bonham Trade Centre, Room 503
         50 Bonham Strand, Sheung Wan
         Hong Kong


SPRINGPOINT ASIA: Final General Meeting Slated for November 10
--------------------------------------------------------------
Springpoint Asia Limited will hold its final general meeting on
November 10, 2008, at 3:00 p.m., at the offices of Baker Tilly
Hong Kong, Room 1203-1213, 12th Floor of China Merchants Tower,
Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong.

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


UNITED BISCUITS: Final General Meeting Slated for November 13
-------------------------------------------------------------
United Biscuits Asia Pacific Limited will hold its final general
meeting on November 13, 2008, at 10:30 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

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



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

FORD MOTOR: Names Timothy Tucker as Vice-President of Sales
-----------------------------------------------------------
Ford India has appointed Timothy Tucker as its Vice- President of
sales, The Economic Times reports.  Mr. Tucker, who has served as
Managing Director of Ford Vietnam, will report directly to Ford
India Executive Director-Marketing and Sales Nigel Wark.

"[Mr. Tucker]'s leadership and strategic focus will be a great
asset as we continue to grow our presence and market share in
India.  With him being in Delhi reinforces the importance of that
market to Ford and our aggressive growth plans here," Ford India
President and Managing Director Michael Boneham said in a
statement cited by The Times.

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


GENERAL MOTORS: S&P Holds 'B-' Credit Rating Under Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on U.S.
automaker General Motors Corp., including the 'B-' long-term
corporate credit rating, and ratings on GM's 49%-owned finance
affiliate GMAC LLC, including the 'B-' long-term counterparty
credit rating, remain on CreditWatch, where they were placed with
negative implications on Oct. 9, 2008.

Since the CreditWatch placement, various published reports have
discussed talks being held about a merger or partnership between
GM and Chrysler LLC (CCC+/Negative/--), a privately held U.S.
automaker. Nissan Motor Co. Ltd. (BBB+/Stable/A-2) and Renault
S.A. (BBB+/Negative/A-2)--foreign automakers with a successful
existing alliance--have also been reported to be talking with
Chrysler.

"The CreditWatch placement is not immediately affected by the
possibility of a GM-Chrysler combination or alliance, despite the
potential cost savings, but also massive execution risks, that we
anticipate would result from such a transaction," said Standard &
Poor's credit analyst Robert Schulz.  S&P's most serious concerns
regarding GM are more immediate: the pressure on GM's liquidity
during 2009 from the rapidly weakening state of most global
automotive markets and the constrained state of the capital
markets.  Regarding other challenges, GM continues to reduce its
cost base and focus on shifting its product mix to meet the
rapidly shifting consumer preferences for more fuel-efficient
vehicles.

"We would be skeptical that a GM-Chrysler transaction could easily
address our primary concern by resulting in a substantial increase
of current liquidity for the parties involved," said Mr. Schulz.

In addition, S&P believes that the auto financing units of GM
(through GMAC) and Chrysler (through DaimlerChrysler Financial
Services Americas LLC; CCC+/Negative/--) continue to face
challenges in their role of providing competitive financing for
retail consumers and dealers.  S&P expects any potential
transaction would also need to address the finance operations of
the companies involved.

S&P believes GM has adequate liquidity for at least the rest of
2008, as measured by cash balances and available bank facilities,
but the accelerating deterioration in industry fundamentals will
be a serious challenge to liquidity during 2009.  The ratings on
GMAC unit Residential Capital, LLC (CCC+/Negative/C) were not
placed on CreditWatch on Oct 9, and this remains unchanged.


GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited
------------------------------------------------------
David Mildenberg and Greg Bensinger at Bloomberg News report that
GMAC LLC's CEO Al de Molina said in an e-mail to workers that the
company has "limited if any access to funding" for its mortgage
and auto-lending units.

Citing Mr. de Molina, Bloomberg says that GMAC may cut auto
lending in some international markets and that it is considering
"strategic initiatives."  The report states that Mr. de Molina
said, "We've pursued a 'self-help' approach that on some days is
akin to hand-to-hand combat."

According to Bloomberg, Mr. de Molina said that GMAC's Residential
Capital LLC unit is "perhaps the most challenged operation."
Bloomberg states that ResCap has reported seven consecutive money-
losing quarters.  Mr. de Molina, according to Bloomberg, said that
ResCap's CEO Thomas Marano is working on a "three-prong" approach
to resuscitate the business, including:

    -- work on revenue-generating strategies for the
       marketplace, and

    --improving communication among workers.

Bloomberg relates that GMAC said that it is restricting auto
lending to buyers with credit scores of at least 700, who are
about 58% of U.S. consumers.  According to the report, declining
auto sales and record foreclosures have resulted in US$5.4 billion
in losses at GMAC over the past year and led credit agencies to
downgrade the debt to junk.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General
Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.

                       About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


JET AIRWAYS: Cutting Cabin Crew by 44%
--------------------------------------
Jet Airways (India) Ltd will be laying off around 850 of its 1,903
cabin crew members, The Times of India reports.  The affected
cabin crew members, according to the report, were those who were
on probation or had put in less than a year and a half in the
company.

The Times relates a Jet Airways spokesperson declined to comment
on the extent of the lay-off, however, she confirmed that
terminations were in the offing.

"Because of the slowdown in traffic, both on international and
domestic routes, we have announced discontinuation of a number of
flights.  As a professional organization we had to do a
comprehensive rationalization of our network by taking into
account the current traffic demand, our capacity utilization, etc.
Consequent to this, we will have to release the unconfirmed staff
to match up with the changes," the spokesperson was cited by The
Times as saying.

Jet Airways said in an October 10 press statement that in light of
the downturn in major economies worldwide, more specifically in
the U.S.A. and U.K., it will halt its Mumbai-Shanghai-San
Francisco route effective Jan. 13, 2009.

For the year ended March 31, 2008, Jet Airways (India) Ltd
incurred a net loss of Rs.2,530.60 million on net sales of
Rs.88,111.00 million compared to a net profit of Rs.279.4 million
on net sales of Rs.70,577.8 million in the year ended March 31,
2007.

                 About Jet Airways (India) Ltd

Jet Airways (India) Ltd currently operates a fleet of 84 aircraft,
which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200
aircraft, 52 classic and next generation Boeing 737-
400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop
aircraft. With an average fleet age of 4.34 years, the airline has
one of the youngest aircraft fleet in the world.  Jet Airways
operates over 395 flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


JET AIRWAYS: Forms Alliance With Kingfisher Airlines
----------------------------------------------------
Jet Airways has formed an alliance with Kingfisher Airlines to
reduce costs as the downturn in the world economy severely
impacted the world aviation industry.  "The rapid increases in and
the volatility in the crude oil prices and that of aviation
turbine fuel and the slowdown in economic activity has resulted in
a decline in air travel both on international and domestic
segments of the air travel market," the airline said in a
statement.

For the year ended March 31, 2008, Jet Airways (India) Ltd
incurred a net loss of Rs.2,530.60 million on net sales of
Rs.88,111.00 million compared to a net profit of Rs. 279.4 million
on net sales of Rs.70,577.8 million in the year ended March 31,
2007.

The agreement, Jet Airways said, will not involve any mutual
equity investments between the two companies.

According to airline, the scope of the alliance will include these
areas:

    -- Code-shares on both domestic and international flights
       subject to DGCA approval.
    -- Interline/Special Prorate agreements to leverage the
       joint network deploying 189 aircraft offering 927
       domestic and 82 International flights daily.
    -- Joint fuel management to reduce fuel expenses.
    -- Common ground handling of the highest quality.
    -- Cross selling of flight inventories using the common
       Global Distribution system platform.
    -- Joint Network rationalization and synergies.
    -- Cross utilization of crew on similar aircraft types
       and commonality of training as also of the technical
       resources, subject to DGCA approval.
    -- Reciprocity in Jet Privilege and King Club
       frequent flier programs.

Commenting on the agreement, Naresh Goyal, Chairman of Jet Airways
said: "All over the world Airlines have formed alliances in order
to become more efficient, improve revenues and provide seamless
travel opportunities for their customers.  India has witnessed
tremendous growth in the past which has slowed down considerably.
In this environment the Jet Airways – Kingfisher alliance
represents a completely new industrial model for aviation in India
which would be based on an unprecedented depth of cooperation
between the two companies.  There will be huge cost savings and
revenue enhancement opportunities arising from this alliance."

Dr. Vijay Mallya, Chairman, Kingfisher Airlines meanwhile said:
"This is a quantum leap forward in the evolution of Indian
aviation which will benefit customers by delivering the most
comprehensive integration in the industry.  Both Jet and
Kingfisher fully realize that better understanding of supply and
demand in this capital and labor intensive industry is the key to
profitability and enhancement of shareholder value.  I look
forward to this alliance delivering superior quality, cost
savings, flexibility and enhanced consumer value which is the
hallmark of all successful alliances."

While maintaining their separate legal entities and brand entities
both Jet and Kingfisher will examine co-branding opportunities and
have formed a core committee of senior management personnel from
both companies who will drive the various identified initiatives
forward with immediate effect under the overall direction of Mr.
Naresh Goyal and Dr. Vijay Mallya.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd currently operates a fleet of 84 aircraft,
which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200
aircraft, 52 classic and next generation Boeing 737-
400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop
aircraft. With an average fleet age of 4.34 years, the airline has
one of the youngest aircraft fleet in the world.  Jet Airways
operates over 395 flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


NDTV: Second Quarter Net Loss Increases to Rs.130.40 Million
------------------------------------------------------------
New Delhi Television Limited (NDTV) posted a net loss of
Rs.130.40 million for the second quarter ended Sept. 30, 2008, as
compared to a net loss of Rs 39.50 million for the quarter ended
Sept. 30, 2007.  Total Income has increased from Rs.679.10 million
for the quarter ended Sept. 30, 2007, to Rs.762.00 million for the
quarter ended Sept. 30, 2008.

On a consolidated basis, the Group has posted a net loss after tax
of Rs.1193.80 million for the quarter ended Sept. 30, 2008, as
compared to net loss after tax of Rs.252.70 million for the
quarter ended Sept. 30, 2007.  Total Income has increased from
Rs.774.90 million for the quarter ended Sept. 30, 2007 to
Rs.1279.10 million for the quarter ended Sept. 30, 2008.

New Delhi Television Limited (NDTV) -- http://www.ndtv.com/-- is
an India-based company.  The company operates in a single primary
segment of television media. NDTV Imagine a Hindi general
entertainment channel from NDTV Imagine Limited was launched on
Jan. 21, 2008.  The channel offers variety of programming across
genres ranging from family soaps to period dramas and from music-
based shows to the events of the industry.  During the fiscal year
ended March 31, 2008, the company and its subsidiaries launched
five channels.  On Jan. 22, 2008, the company along with its
subsidiary NDTV Networks BV entered into a memorandum of agreement
(MOA) with NBC Universal Inc. and one of its affiliates (NBCU),
which contemplates divestment to the NBCU affiliate of a 26%
effective indirect stake (on a fully diluted basis) in NDTV
Networks plc through a Netherlands-based subsidiary.


TATA MOTORS: U.K. Unit Invests in Electric Vehicles
---------------------------------------------------
Tata Motors' U.K. subsidiary, Tata Motors European Technical
Centre plc, has acquired a 50.3% holding, at an acquisition cost
of Kroner 12 million (Rs.9.40 crores), in Miljo
Grenland/Innovasjon, Norway, which specializes in the development
of innovative solutions for electric vehicles.  The balance of
shares will be retained by the existing shareholders who will
continue to be associated with the venture.

Miljo will produce electric vehicles based on Tata Motors'
products, besides manufacturing of state-of-the-art super polymer
lithium ion batteries and the development of related technologies.
Tata Motors believes that this investment in Miljo will help the
company realize its strategy to develop convenient, affordable and
sustainable mobility solutions through electric and hybrid
vehicles.

The first such vehicle to be developed by the company will be the
Indica EV.  It is scheduled for launch in Europe during 2009.
According to Tata Motors, unlike existing electric vehicles,
Indica EV will be a more practicable option for the consumer:
capable of carrying 4 people, adequate luggage space, with a
predicted range of up to 200 km and acceleration of 0kmph to
60kmph in under 10 seconds.  As in the Nano, Tata Motors continues
its innovative approach with Indica EV too, using super polymer
lithium ion batteries which will have superior energy density
compared to the current best-in-class electric vehicles.

                       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
=================

PT BERLIAN: Fitch Affirms 'B+' Foreign & Local Currency IDRs
------------------------------------------------------------
Fitch Ratings has affirmed PT Berlian Laju Tanker Tbk's Long-term
foreign and local currency Issuer Default Ratings at 'B+'.  This
comes on the back of the Indonesia-based shipping company's share
buyback announcement.  The Outlook is Stable.  At the same time,
the senior unsecured rating on BLT's US$400m notes due in 2014 has
been affirmed at 'B'.

On 13 October 2008 BLT announced that it may buy up to 11.1% of
its issued shares - this could cost the company up to US$102m.
This is detrimental to BLT's deleveraging process and to the
improvement of its liquidity position.  However, Fitch views the
effects of the share repurchase on BLT's leverage and liquidity as
not being significant enough to warrant a negative rating action.

BLT's liquidity position is improving.  The company concluded the
sale of one oil tanker and the sale- and-lease-back of one
chemical tanker in Q308.  BLT's management expects to conclude the
remaining three sale-and-lease-back transactions in October 2008
and the sale of another oil tanker in December 2008.  These will
provide the company with proceeds of around US$250m which will go
towards repaying the US$250m bridge loan due in December 2008.
BLT currently has some US$300m of cash reserves and little debt
maturities (other than the said US$250m) in the near term.

Furthermore, its committed capital expenditure in 2009 is modest
at around US$50m which can be comfortably accommodated within its
operating cash flows.

Based on BLT's H108 results, it appears that the company is on
track to reduce its leverage to around 5.0x by end-2008, although
the share repurchase could mean that BLT may end the current
fiscal year with a marginally higher leverage.

That said, achieving a financial profile appropriate for BLT's
current ratings requires good financial discipline.  The slowing
global economic growth means that shipping markets too may be
affected to a level greater than initially expected.

Notwithstanding these developments, Fitch believes that BLT will
be able to reduce its financial leverage to around 4.5x by end-
2009, in the absence of higher than expected capex.  However, any
further action detrimental to debt holders and/or negative for
BLT's financial profile can result in a negative rating action.


* INDONESIA: Manufacturing Sector Slows Down
--------------------------------------------
Asia Pulse reports that manufacturing companies in all industrial
estates in Indonesia, especially in Java, have begun to cut
production as a result of the global financial crisis that began
to weaken domestic and international market demands.

Chairman of Industrial Estate Companies Hendra Lesmana was cited
by the news agency as saying that export oriented industries like
footwear, textile, food and beverage, steel and ceramic industries
already started to slow down production by around 10%.

Mr. Lesmana also predicted that the value of manufactured goods
will fall to US$135 billion in a year starting the last quarter of
this year from US$150 billion normally, the report said.

The report adds that Mr. Lesmana said the impact of the global
financial crisis will hit the country's manufacturing sector until
at least 2009.



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

ATARI INC: Infogrames Entertainment Completes Acquisition
---------------------------------------------------------
Atari Inc. disclosed in a Securities and Exchange Commission
filing that effective Oct. 8, 2008, Infogrames Entertainment, S.A.
completed its acquisition of the company.

In connection with the Merger, the company's shares of common
stock, par value US$0.10 per share, are no longer traded on the
"Pink Sheets" or listed on any exchange or quotation service.

On Oct. 8, 2008, pursuant to the terms of the Agreement and Plan
of Merger among Infogrames, Irata Acquisition Corp. and the
company, each outstanding share of Atari common stock, par value
US$0.10 per share, other than shares held by Infogrames and its
subsidiaries and shares held by Atari stockholders who are
entitled to and who properly exercise appraisal rights under
Delaware law, issued and outstanding immediately prior to the
effective time of the Merger was canceled and automatically
converted into the right to receive US$1.68 per share in cash,
without interest.

Upon the closing of the Merger, the Company became a wholly owned
indirect subsidiary of Infogrames.

Pursuant to the terms of the Merger Agreement, immediately upon
completion of the Merger on Oct. 8, 2008, each of the directors of
the Company resigned and were replaced by the directors of Irata
Acquisition Corp.

The company has filed a certification and notice of termination of
registration under the Securities Exchange Act of 1934 following
the completion of the acquisition.

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.
The auditor pointed to the company's significant operating losses.


JAPAN AIRLINES: To Scrap 5% Agent Commissions on Int'l Tickets
--------------------------------------------------------------
Japan Airlines International Company Limited plans to abolish 5%
travel agent commissions on individual-use standard-fare tickets
and regular-discount tickets of international flights in April
2009 due to intense competition with foreign airlines, Jiji Press
reports, citing company officials.

The company, however, will keep its commission rate for domestic
flight tickets unchanged at 5%, the report notes.

In April 2007, JAL lowered its agent commission rates on ticket
sales to 5% from 7, but U.S. and European airlines including
Northwest Airlines started to scrap the commissions, the report
recounts.

According to the report, despite cost-cutting efforts, the airline
was forced to follow suit amid soaring fuel prices and
intensifying competition.  JAL's move may put an additional burden
on passengers as some travel agencies are moving to collect fees
for tickets, the report says.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.


NOMURA HOLDINGS: Completes Employee Takeover of Lehman Asia
-----------------------------------------------------------
Nomura Holdings, Inc. has completed taking over employees from
Lehman Brothers Holdings Inc.'s in Asia, including Japan, Hong
Kong, Singapore, India and Australia, Reuters reports.

On Oct. 13, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that Lehman Brothers's Asia unit will
resume operations this week after a majority of its workers become
employees of Nomura Holdings.  The same report recounted that
Nomura Holdings agreed to pay less than a month's revenue for
units of bankrupt Lehman Brothers in Asia and Europe.

According to the report, most of the 3,000 or so staffers in
Lehman's Asia-Pacific division were expected to sign new
employment contracts with Nomura.

Meanwhile, Reuters notes, that UBS has hired four Lehman
investment bankers covering oil and gas in Asia, while Lehman's
power team jumped ship in favour of Merrill Lynch NER.N.


                      About Lehman Brothers

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

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

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

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

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

                International Operations Collapse

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

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

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

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating, and Support Rating Floor at 'B'.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating and
outstanding debt ratings of Tenneco, Inc. as:

-- IDR at 'BB-';
-- Senior secured bank credit facility at 'BB+';
-- Senior secured notes at 'BB';
-- Senior unsecured notes at 'BB-';
-- Subordinated notes at 'B'.

Fitch has also revised Tenneco's Rating Outlook to Negative from
Stable.

The Outlook revision reflects the potential impact of global
automotive production cuts on Tenneco's near-term operating
performance and leverage.  Deep production cuts by domestic
manufacturers in Tenneco's major product platforms, as well as a
decline in European auto production, are expected to more than
offset potential growth in Tenneco's global customer base and
products through at least the next several quarters.  Cash flow
may turn modestly negative during this period, but flexibility in
capital expenditures and growth spending should provide Tenneco
with the flexibility to limit any near-term cash drains.  Over the
last several years, Tenneco has consistently improved leverage
metrics.

Liquidity remains healthy, with cash of US$164 million at June 30,
2008 and available revolving credit capacity of approximately
US$351 million during Tenneco's seasonally high borrowing period.
Despite difficult industry conditions over the past several years,
Tenneco has consistently improved leverage metrics through growth
in EBITDA, with debt remaining relatively flat.  Tenneco appears
to have a comfortable amount of room under its 4.0 times leverage
covenant, although an inability to ratchet down costs in line with
the expected decline in near-term industry production will reduce
some of this buffer in 2009 when the covenant requirement steps
down to 3.75x.  The revolving credit agreement was negotiated in
early 2007, and matures in several parts starting in 2012.

Tenneco makes moderate use of short-term securitization facilities
in Europe (US$96 million at June 30, 2008) and in the U.S.
(US$120 million at June 30, 2008), with adequate room under its
revolving credit facilities in the events that these
securitization facilities are no longer available as a result of
conditions in the credit and automotive markets.  Tenneco has a
modestly underfunded pension plan, which due to losses in the
equity and fixed income markets in 2008, is likely to require
incremental contributions over the near term.

Short-term results for the industry are expected to be dismal
given the extended shutdowns among U.S. manufacturers and the
decline in global production expected in 2009.  Tenneco's cost
structure is sufficiently flexible to moderate margin
deterioration over this period, and the recent decline in
commodity prices should also be a positive for margin performance.
Escalating material prices have materially hampered supplier
margins over the past several years.

Tenneco's capital expenditures have significantly increased in
2008 in order to finance the company's expansion, and a slower
pace of investment will likely occur in order to better manage
cash flow during the current environment.  Tenneco also had a
modest amount of acquisition activity which may not recur over the
near term.

Over the longer-term, Tenneco's expanding position in the growing
emissions segment positions the company well to expand customers
and volumes.  Tenneco's migration to more technological, value-
added products should also support margins.  Tenneco has a history
of efficient working capital management and manufacturing cost
improvements, helping to offset expected cyclical volume declines.
Fitch may downgrade Tenneco's ratings if an extended downturn in
global automotive production results in Fitch lowering its
projections of Tenneco's negative cash flows through 2009 and into
2010.



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

AXESSTEL INC: Richard N. Frank Discloses 6.95% Equity Stake
-----------------------------------------------------------
Richard N. Frank disclosed in a Securities and Exchange Commission
filing that he may be deemed to beneficially own 1,613,980 shares
of Axesstel Inc.'s common stock, representing 6.95% of the shares
issued and outstanding.

Headquartered in San Diego, Calif., Axesstel Inc. (AMEX: AFT) --
http://www.axesstel.com/-- designs and develops fixed wireless
voice and broadband data products.  Axesstels product portfolio
includes broadband modems, 3G gateways, voice/data terminals,
fixed wireless desktop phones and public call office phones for
high-speed data and voice calling services.  The company delivers
innovative fixed wireless solutions to leading telecommunications
operators and distributors worldwide.  Axesstel's research and
development center is located in Seoul, South Korea.

                       Going Concern Doubt

The company experienced losses from operations from 2004 to 2007.
Because of the company's continuing net losses and negative
working capital position, Gumbiner Savett Inc., the company's
independent auditors, in their report on the company's
consolidated financial statements for the year ended Dec. 31,
2007, expressed substantial doubt about the company's ability to
continue as a going concern.

At June 29, 2008, the company's consolidated balance sheet also
showed strained liquidity with US$42,319,600 in total current
assets available to pay US$42,876,898 in total current
liabilities.

As of June 29, 2008, the company had accumulated deficit of
US$36,216,873.


DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates
------------------------------------------------------------------
DURA Automotive Systems, Inc. disclosed a comprehensive
restructuring of the company into four worldwide business units,
aimed at strengthening its competitive position.  In addition,
DURA disclosed several other significant corporate events,
including US$1 billion in new business awards and the planned
filing timeline of its regulatory financial information.

"Macro-economic conditions affecting the global automotive
industry have dramatically altered the way automotive suppliers
need to do business around the world," said Tim Leuliette,
appointed DURA's president and chief executive officer on
July 17, 2008, following the company's emergence from Chapter 11
reorganization.  "This announcement of our move away from a
regional structure into four global business units will further
enhance our efficiency and ability to compete as one global
company.  We are confident these actions will strengthen our
ability to serve our worldwide customers and grow our business.
DURA is now a lean, globally balanced technology leader."

With its emergence from Chapter 11, DURA accomplished one of the
most comprehensive business restructurings in the automotive
industry.  By the end of 2008, the company expects to complete
the last of its plans to close or exit 16 manufacturing
facilities worldwide.  These closures, combined with the
elimination of US$1.2 billion, or 85%, of the company's debt and
a 90% reduction in cash interest expense, as part of the
reorganization plan approved earlier this year, have laid the
groundwork for a new, lean and globally competitive DURA.

                    Worldwide Reorganization

The company is announcing the next step in its transformation.
Effective Jan. 1, 2009, DURA will be organized into four
worldwide product line divisions replacing the current seven
regional business units.  DURA's four new worldwide divisions
and executive leadership are:

  -- Cable Systems, headquartered in Rochester Hills, Michigan,
     is one of the producers of light and heavy-duty automotive
     control cables.  The Cable Systems Division has operations
     in Germany, Romania, the Czech Republic, Portugal, United
     States, Mexico and China.  Leading the division will be
     Al Malizia, as vice president and general manager.
     Mr. Malizia joins the company after retiring from Metaldyne
     Corporation, where he served as vice president and general
     manager of North American Chassis Operations.

  -- Shifter Systems, headquartered in Dusseldorf, Germany, is
     the supplier of automatic, manual and shift-by-wire
     transmission shift systems in the world, with operations in
     Germany, Romania, the Czech Republic, France, Portugal,
     Russia, United States, India and China.  Martin Becker has
     been named vice president and general manager of DURA's
     Shifter Systems Division.  Mr. Becker was vice president and
     general manager of DURA's Control Systems Europe.

  -- Glass & Trim Systems, headquartered in Rochester Hills,
     Michigan, is a provider of automotive exterior metal and
     plastic trim, and stationary and moving glass window
     systems, with operations in Germany, the Czech Republic,
     United States, Mexico and China.  Tim Horn becomes vice
     president and general manager of DURA's Glass & Trim Systems
     Division.  He was DURA's vice president and general manager,
     Body & Glass North America.

  -- Structural & Safety Systems, headquartered in Plettenberg,
     Germany, is an integral OEM partner of body-in-white and
     structural components, well as mechanical safety assemblies,
     with operations in Germany, United Kingdom, the Czech
     Republic, Slovakia, Spain, Mexico, United States and China.
     Franz Joseph Feldhaus is named vice president and general
     manager of DURA's Structural & Safety Systems Division.
     He  was DURA's vice president and general manager, Body &
     Glass Systems Europe.

DURA's four operating divisions supply Aston Martin, Audi,
Bentley, BMW, Brilliance, Chery, Chrysler, Daimler, Fiat, Ford,
General Motors, Honda, Jaguar, Land Rover, Mahindra, NedCar,
NUMMI, Porsche, PSA Peugeot Citroen, Renault-Nissan, SAIC,
Ssangyong, Tata, Toyota and Volkswagen with nearly US$2 billion
of products annually.  In 2008, the company anticipates
generating approximately 59% of its revenues from Europe, 33%
from North America and 8% from the rest of the world.

DURA's sales and engineering centers in the United States,
Germany, France, Japan, Brazil, Russia, India and China will serve
the company's worldwide customer base.  DURA professionals will
continue to provide customers with convenient design and
engineering expertise close to their development locations.
Customers will also benefit from consistent and high-quality
manufacturing processes when partnering with DURA on multi-
regional automotive platforms.

                  Other Executive Appointments

As part of its worldwide reorganization, DURA also announced
these leadership appointments:

  -- Francois Stouvenot is now group vice president of
     worldwide sales.  He was vice president of European sales.

  -- Dave Klein becomes vice president of North American sales.
     Mr. Klein formerly served as vice president and general
     manager of Shifter and Cable operations in North America.

  -- Tim Mann is named vice president of global procurement.
     He was vice president of North American purchasing.

  -- Eric Rundall becomes group director of corporate
     development.  Mr. Rundall had been director of European
     finance.

             2007 Financial Information to be Filed

As a result of DURA's Chapter 11 reorganization, which was
completed on June 27, 2008, the company was unable to file its
financial statements with the SEC in a timely manner.  The
company intends to "catch up" on those filings with the issuance
of the 2007 10Qsand 10K by the end of October 2008.  The 10K
will include a "Fresh Start" pro-forma balance sheet showing the
impact of the financial restructuring and the elimination of
US$1.3 billion of liabilities.  Within 60 days after that, DURA
expects to complete its 2007 statutory filing in relevant
jurisdictions and to file its 2008 first quarter 10Q.  The actual
effect of "Fresh Start" accounting will be reflected in the
company's 2008 second quarter statements, which DURA expects will
be completed approximately 60 days later.  Given this process of
"catch up", the company believes it will be on a timely reporting
schedule for its 2009 second quarter.

                      About DURA Automotive

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North American,
Japanese and European original equipment manufacturers and other
automotive suppliers.

The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels. Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts
counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the
Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.



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

IDAMAN UNGGUL: ICULS-B to Mature on November 14
-----------------------------------------------
Pursuant to the terms and conditions stipulated in the Trust Deed
constituting up to MYR21,044,928 nominal value of ICULS-B issued
by Idaman Unggul Berhad on November 16, 2003, the ICULS-B will be
maturing on November 14, 2008, at 5.00 p.m.

The last day for trading of ICULS-B on Bursa Securities will be on
October 29, 2008, at 5.00 p.m.  The trading of ICULS-B on Bursa
Securities will be suspended with effect from 9.00 a.m. on
Oct. 30, 2008, until the Maturity Date.

Registered holders of the deposited ICULS-B should take note of
these provisions of Bursa Depository, which will apply to the
ICULS-B:

   * Bursa Depository will not be accepting any request for the
     transfer of ICULS-B for the period commencing 4.00 p.m. on
     November 7, 2008, to the Maturity Date;

   * a depositor shall qualify for entitlement of the Conversion
     Rights in respect of:

   -- ICULS-B transferred into depositor's securities account
      before 4.00 p.m. on November 7, 2008, in respect of
      transfers; and

   -- ICULS-B bought on the Bursa Securities on a cum entitlement
      basis according to the Rules of the Bursa Securities; and

   -- all deposited ICULS-B remaining in Depositors' securities
      account as at November 14, 2008, will be debited from the
      respective Depositors' securities account on November 17,
      2008 and the ICULS-B shall be forthwith canceled.

As at October 6, 2008, a total of MYR15,002,999 nominal value of
ICULS-B have been converted into new Shares, which rank pari passu
in all respects with the existing Shares of the company.  The
nominal value of outstanding ICULS-B is MYR6,041,929.

On the Maturity Date, the remaining outstanding ICULS-B shall be
automatically converted into fully paid new Shares of the company
by tendering ICULS-B of MYR0.10 nominal value each plus cash or
tendering nominal value of ICULS-B to the value of the Conversion
Price, which has been fixed at MYR1.  The Conversion Price is
subject to adjustment under certain circumstances in accordance
with the terms of the Trust Deed.  Fraction of a share resulting
from the conversion shall be disregarded and IUB shall not be
required to pay the holders of ICULS-B the value of such
fractions.

The ICULS Holder who has not converted all or any part of his
ICULS-B into fully paid ordinary shares of MYR1 each of the
company at any time during the Conversion Period shall have his
ICULS-B automatically converted into fully paid ordinary shares of
RM1.00 each on the Maturity Date, in accordance with the
Conversion Price.

All the ICULS-B have been deposited into the CDS account with
Bursa Depository.  The new Shares arising from the conversion of
ICULS-B shall be credited directly into the CDS account of the
ICULS Holders and a notice of allotment stating the number of
Shares credited into the CDS account will be dispatched to the
ICULS Holders.

No physical share certificate will be issued to the ICULS Holders.
Upon the conversion into new Shares, the ICULS-B will be cancelled
and cease to exist.

The company shall within eight market days from the Maturity Date
or within such period as may be prescribed by Bursa Securities:

   a) allot and/or issue the new Shares arising from the
      conversion of ICULS-B;
   b) dispatch notices of allotment to the ICULS Holders; and
   c) make an application for the quotation of such new Shares.

The new Shares issued and alloted upon conversion of the ICULS-B
shall rank pari passu in all respect with the existing Shares in
issue at the time of conversion, except that they shall not be
entitled to any dividends, rights, allotments and/or other
distributions where the date of which the shareholders must be
registered in the Record of Depositors in order to participate in
such dividends, rights, allotments and/or other distributions, is
prior to the date of conversion of the ICULS-B.  The ICULS-B will
be removed from the Official List of Bursa Securities with effect
from 9.00 a.m. on November 17, 2008.

All inquiries should be addressed to the Registrar at:

          Symphony Share Registrars Sdn Bhd
          Level 26, Menara Multi-Purpose
          Capital Square
          No. 8, Jalan Munshi Abdullah
          50100 Kuala Lumpur
          Telephone: 603 2721 2222
          Facsimile: 603 2721 2530/2721 2531

                       About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


PILECON: Obtains Court's Order to Implement Scheme of  Arrangement
------------------------------------------------------------------
Johor Coastal Development Sdn Bhd, a subsidiary of Pilecon
Engineering Bhd, has obtained the confirmation and sanction of the
High Court of Malaya at Kuala Lumpur for the implementation of
Scheme of Arrangement.

In accordance with the terms of the Explanatory Statement to the
Scheme Creditors dated May 29, 2008, the full and final settlement
of the Debts under the Scheme of Arrangement shall be completed no
later than 180 days from the Effective Date (the date a copy of
the Order being registered with the Companies Commission of
Malaysia) or a later date determined by the date where JCD was
furnished with Proof of Lodgement of Discontinuance of legal
proceedings (which only applies to Scheme Creditors who initiated
legal proceedings against JCD).

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


PUTERA CAPITAL: Appoints Shakir Jamil bin Fisal as Director
-----------------------------------------------------------
Shakir Jamil bin Fisal was appointed as director of Putera Capital
Berhad on October 14, 2008.

Mr. Shakir is currently a substantial shareholder, director and
Exco member of PECD Berhad, a construction company listed on Bursa
Malaysia.

                       About Putera Capital

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

As of Feb. 29, 2008, Putera Capital's consolidated balance sheet
went upside down by MYR22.18 million, on total assets of
MYR31.53 million and total liabilities of MYR53.71 million.


TECHVENTURE BERHAD: Bourse to Suspend Trading of Shares on Oct. 22
------------------------------------------------------------------
The Securities Commission (SC), through its letter dated October
13, 2008, rejected Techventure Berhad's appeal to consider its
regularization plans.  Thus, the company's securities will be
suspended on October 22, 2008, until further notice.

SC decided to reject the company's appeal as the points put
forward by the company were not sufficient to address the issues
raised by the SC in its earlier decision through its letter dated
June 15, 2007.

                     About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
    emphasis on Techven's going concern status in the latest
    audited accounts for the financial year ended Dec. 31, 2005,
    and

-- there are defaults in payment by Techven and its major
    subsidiaries as announced pursuant to Practice Note
    No. 1 and Techven is unable to provide a solvency
    declaration to Bursa Malaysia Securities Berhad.


TRIPLC: To Re-submit Proposal After SC Rejects Revised Scheme
-------------------------------------------------------------
The Securities Commission rejected Triplc Berhad's Revised Scheme
and after much deliberation, decided to re-submit its
regularization proposal on the basis of positive developments,
which have recently arisen that will augur well for the future
viability of its core business.  The Board believes that these
recent developments should satisfactorily address SC's concern.

The company will also be seeking Bursa Malaysia Securities
Berhad's indulgence not to commence de-listing procedures against
the company.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


WWE HOLDINGS: Served w/ Notice by Ibsul Holdings to Pay MYR21.3MM
-----------------------------------------------------------------
WWE Holdings Bhd has been served with a Notice on October 14,
2008, by Messrs Jamaluddin Ibrahim & Associates, for Ibsul
Holdings Sdn Bhd (IBSUL), which claims for MYR21,303,023.43  --
alleged to be the total outstanding amount, which the company
denies and disputes.

Ibsul is a sub-contractor engaged by WWE to carry out the
construction and completion of the Civil and Structural, Building
Services and Infrastructure works for the Jelutong Sewage Project.

The company has instructed its solicitors to study the case and to
advise the company on the steps to be taken to defend the case.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


WWE HOLDINGS: Inks Heads of Agreement With PJSB and FVSB
--------------------------------------------------------
On October 14, 2008, WWE Holdings Bhd entered into a heads of
agreement with Peribadi Johan Sdn Bhd (PJSB), a major shareholder
of WWE and Foremost View Sdn Bhd (FVSB), the controlling
shareholder of Seribu Emas Bhd (SEB) to facilitate the proposed
restructuring of WWE.  The Definitive Agreements shall entail:

   a) A special purpose vehicle (SPV) shall be incorporated to
      acquire the entire issued and paid-up share capital of WWE
      in consideration of the issuance of shares by SPV to the
      shareholders of WWE to be undertaken by way of a Section 176
      Scheme of Arrangement under the Companies Act 1965;

   b) upon completion of the said acquisition, PJSB and/or its
      nominees shall acquire the entire issued and paid-up share
      capital of WWE and its subsidiaries from the SPV for a
      consideration based on the net asset value of WWE or such
      other consideration as may be determined or approved by the
      relevant authorities, shareholders and/or stakeholders and
      PJSB shall also assume all liabilities of WWE and/or its
      subsidiaries and associate;

   c) the SPV shall acquire the entire issued and paid-up share
      capital of SEB to be satisfied for a consideration of cash
      and issuance of shares by the SPV to the shareholders of
      SEB.  The purchase consideration and the exchange ratio
      shall be determined and agreed by the parties; and

   d) The listing status of WWE shall be transferred to the SPV
      upon completion of the proposed acquisition of WWE.  It is
      an essential condition of the Heads of Agreement and the
      Definitive Agreements that WWE is not de-listed or the
      listing status of WWE is not withdrawn, terminated or
      otherwise prejudiced, and should any of these events occur
      prior to the Expiry Date, FVSB shall be entitled to
      terminate the Heads of Agreement.

SEB is principally involved in the manufacturing and sales of
packaging boxes and printing of publication materials, magazines,
technical manuals, labels and point of sales materials.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.



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

2'S COMPANY: Proofs of Debt Due on October 24
---------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of 2’S Company 2005 Limited resolved that the company
be liquidated and appointed John Albert Price, insolvency
practitioner, as liquidator.

The liquidator sets October 24, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket, Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


CARTER HOLT: Mulls Closing Two Sawmills, 300 Jobs at Risk
---------------------------------------------------------
As Carter Holt Harvey looks into closing its Putaruru and Mt
Maunganui sawmills, more than 300 workers risk losing their jobs,
Newstalk ZB reports.

According to the report, Engineering, Printing and Manufacturing
Union National Secretary, Andrew Little said the company has told
them they want to consult on the two plants they are looking at
closing.

Mr. Little said the company is blaming the down turn in the
housing market for the planned closures.

Newstalk ZB recalls that Carter Holt also cut 22 jobs at its
Kinleith Mill in Tokoroa a month ago.

                      About Carter Holt

Carter Holt Harvey Limited is primarily a provider of wood fiber
products.  The business areas of the company include forests, wood
products, pulp and paper, tissues and packaging.  The forest
segment of the company is responsible for harvesting, log making
and the sales and marketing of logs.  The wood products segment of
the company include Fibre-Gen, a research and technology business;
Radius, a manufacturer of timber and plywood products; Pinepanels,
which manufactures panel products; Woodlogic, a wood product sales
and marketing business, and Carters, a building supplies merchant.
The pulp and paper business of the company operates through the
facilities located at Kinleith, Tasman and Fullcircle.  On May 19,
2004, CHH completed the sale of its tissue business, and 50%
interest in Sancella to SCA.  The packaging business of the
company provides solutions to customers packaging needs.


GENEVA FINANCE: Asset Quality Review Subject to Audit Confirmation
------------------------------------------------------------------
Geneva Finance Limited disclosed in a regulatory filing that its
asset quality review announced recently is now complete and
findings of this review remain subject to audit confirmation.

The company said its forecast tax paid profit for the year ending
March 31, 2009, is revised to a loss of NZ$4.4 million compared to
NZ$2.7 million profit envisaged in the capital reconstruction
offer document.

The re-forecast loss results from (net of tax):

   -- A one off provisioning against the "old ledger" of
      NZ$6.3 million brought about by the impact of cost
      of living increases over the past six months on
      these customers.

   -- The subsequent loss of interest income of NZ$1.8
      million against these and other historic loans
      included in the old ledger.

   -- Offset by expense savings and income from new
      revenue sources of NZ$1.0 million.

Excluding this one off provisioning adjustment, the group has
traded profitably and is expected to deliver a tax paid profit for
the year to March 31, 2009, of NZ$1.9 million.

Shareholders funds at September 30, 2008, after the above
provisioning, are anticipated to be NZ$20.8 million (subject to
audit confirmation).  At March 31, 2009, the group is forecast to
have net shareholders funds of NZ$21.8 million and an equity
percentage to total assets of approximately 21%.

As a consequence of the provisioning increase, it is expected that
the group will be in breach of certain BOSIAL (the company’s
banker) facility covenants as at September 30, 2008.  The company
said it is currently in discussions with BOSIAL with a view to
resolving these issues.  The increased provisioning does not
generate any compliance issues in regard to the Debenture and Sub-
Note Trust Deed(s).

Apart from the increased provisioning and adjustment to profit,
matters envisaged in the capital reconstruction document, are
proceeding satisfactorily including:

   -- The repayment to date of NZ$32.6 million of principal
      to debenture and security stock holders. This includes
      the repayment of 25% of debentures outstanding at the
      date of the capital reconstruction.

   -- The payment of all interest to all Debenture holders,
      Sub-note holders and BOSIAL as it has fallen due.

   -- Migration to the business’s target market i.e. away
      from the high risk customer profile to a more
      mainstream customer base.

   -- Closure of the national branch network in conjunction
      with the lowering of headcount from 280 staff to
      approximately 66 staff and resultant reduction in
      overheads of approximately NZ$15.0 million pa.

   -- The acquisition of 100% control of Stellar Collections
      Limited (SCL), a debt collection company, and Quest
      Insurance Group Limited (QIGL) allowing the development
      of revenues that are not funding dependant.

   -- The retention of the key senior executive team and
      key business competencies necessary to restore
      profitability and rebuild the business.

In terms of the company’s receivables ledger this has been
segregated into two distinct ledgers.  They are the "new ledger"
and the "old ledger".

   -- The new ledger has a gross receivables value of
      approximately NZ$57 million as at September 30,
      2008.  In July 2006 and then again in January 2007
      and January 2008, Geneva made major changes to the
      eligibility criteria for the approval of new loans.
      This reflected the need to move away from the
      traditional customer base to a more mainstream
      customer profile i.e. a move towards those customers
      with higher affordability, proven credit performance
      and greater stability of residence and employment.
      This ledger comprises customers who meet these new
      eligibility criteria.

   -- The old ledger comprises loans to a market sector
      the company no longer lends to.  It is now viewed
      as a collections only ledger.  This ledger has a net
      receivables value of approximately NZ$43.7 million
      as at September 30.  It is the reassessment of the
      realizable value of this ledger that has resulted
      in the incremental provisioning and the profit
      downgrade.

The old ledger loans made prior to the changes in eligibility
criteria were typically of three years duration.  Consequently at
the time of the capital reconstruction, the old ledger was part
way through its collection life.  The company said that over the
last six months there has been an unprecedented upheaval in the
world and the New Zealand economy.

    * The global credit crisis which has hit New Zealand
      both directly in terms of availability of credit,
      the cost of credit, but also in terms of business
      confidence and consumer confidence.

    * Price increases over the last six months, particularly
      food and petrol price increases, has reduced the
      disposable income available to the consumer to meet
      their obligations. This has particularly impacted the
      "old ledger" as this customer has a lower level of
      affordability.

These events and the related credit impact have had a significant
impact on the collectability of the old ledger.

                     About Geneva Finance

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

                          *     *     *

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


GREAT SOUTH: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Great South Property Holdings
Limited into liquidation.

The application was filed on June 13, 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.


MONEY MART: Goes Into Receivership
----------------------------------
Car dealer and finance company Money Mart Direct was put in
receivership by its creditor, UDC, The National Business Review
reports citing New Zealand Press Association.  UDC appointed
PricewaterhouseCoopers as receivers to the company on Tuesday,
October 14, 2008.

According to the report, the company offered auto finance,
personal loans and debt consolidation, and has car dealerships in
Hamilton, Palmerston North and Christchurch.

The three sites were closed yesterday for a stock-take, the report
relates citing receiver Anthony Boswell.  Receivers were still
working out the levels of assets and liabilities, the report
notes.

Money Mart Direct owners Paul and Kelly Brown were putting their
multi-million dollar Te Rapa premises up for sale, and had put up
a stock liquidation sign outside the Hamilton yard, the Business
Review recounts citing a Waikato Times report earlier this month.

The Te Rapa premises was owned by a Brown family trust, the report
adds.

Money Mart Direct employs around 50 staff nationwide.


ONE MAINTENANCE: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting One Maintenance Limited into
liquidation.

The application was filed on June 16, 2008, by  the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
            PO Box 33150
            Takapuna, Auckland
            Telephone: (09) 984 1514
            Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff's solicitor.


PARK N WASH: Proofs of Debt Due on October 31
---------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Park N Wash (2004) Limited placed the company
under liquidation and appointed John Trevor Whittfield and
Victoria Toon, insolvency practitioners of Auckland, as
liquidators.

The liquidators set October 31, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn:  Jared Booth
          McDonald Vague
          PO Box 6092
          Wellesley Street, Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: www.mvp.co.nz


PAULS FLOORINGS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Pauls Floorings Limited into
liquidation.

The application was filed on June 9, 2008, by M.P.M. Waterproofing
Limited.

The plaintiff's address for service is at:

          Wynyard Wood
          Level 15, Gosling Chapman Tower
          51-53 Shortland Street
          PO Box 2217
          Auckland
          Facsimile: (09) 309 1044

Rodney Gordon Ewen is the plaintiff's solicitor.


RAY HOMES: Commences Liquidation Proceedings
--------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Ray Homes Limited into
liquidation.

The application was filed on July 2, 2008, by The Window Company
(2003) Limited (trading as Fisher Windows & Doors).

The plaintiff's address for service is at:

          Account Collection Service Limited
          33B Constellation Drive
          Mairangi Bay, North Shore City 0745

C. N. Lord is the plaintiff's solicitor.


ROGAN MCINDOE: Proofs of Debt Due on October 31
-----------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Rogan McIndoe Print Limited resolved that the
company be liquidated and appointed Malcolm Grant Hollis,
chartered accountant, and Rhys James Cain, insolvency
practitioner, both of Christchurch, as liquidators.

The liquidators sets October 31, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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


STRATEGIC FINANCE: Talks on Sale of Parent Co May be Reopened
-------------------------------------------------------------
The sale of Strategic Finance Limited's parent, Strategic
Investment Group Limited, by Allco HIT is up in the air, the
National Business Review reports.

In a regulatory filing with the Australian Stock Exchange (ASX),
Allco HIT said that the sale of Strategic Investment Group Limited
is subject to a number of conditions precedent required to be
satisfied or waived by October 31, 2008, including a proposed
capital restructure of Strategic Finance.  The company said that
completion of the conditions precedent is unlikely to be achieved
by that date and as a result the parties to the Sale & Purchase
Agreement are intending to reopen discussions regarding the
progress of the transaction.

Allco HIT also requested a trading halt effective immediately
until tomorrow, October 17, pending results of the discussions.

According to the National Business Review, BOS International is
the structured lending division of HBOS Australia, which is part
of Halifax Bank of Scotland (HBOS).

HBOS, the Business Review relates, is one of the banks being
bailed out by the British government.  HBOS is being taken over by
Lloyds TSB in a move which has outraged the Scottish
establishment.

As reported in the Troubled Company Reporter-Asia Pacific on
September 2, 2008, Strategic Finance said that a Sale and Purchase
Agreement has been signed on August 29, 2008, by a purchasing
consortium comprising the former owners and senior management of
Strategic Finance and Uberior Ventures (Asia) Pty Limited an
investment vehicle of BOS International (Australia) Limited and
Allco HIT (AHL)and its relevant subsidiaries, Strategic Investment
Group Limited and Strategic Finance Limited.

                    Key Transaction Terms

   - Clarence Investments Limited has agreed terms and
     conditions with Allco HIT Limited to purchase
     100% of the shares in Strategic Investment Group Limited
     which is the parent company of Strategic Finance Limited.

   - Clarence Investments will be owned by the previous
     owners and existing senior management of Strategic
     Finance (80.01%) and Uberior Ventures Asia Pty Limited,
     an investment vehicle of BOS International (Australia)
     Limited which is a member of the HBOS Group, one of the
     world's largest financial services organization
     providing services to more than 23 million customers.
     Uberior will have the option to increase its
     shareholding to 49.99% to reflect its financial
     contribution to Clarence Investments.

   - Under the agreement:

   1. Clarence Investments will pay AHL purchase price of
      NZ$25 million in cash plus transfer 8.0 million shares
      in AHL currently held by various Strategic Finance
      executives.

   2. Clarence will inject NZ$15.0 million of new funds into
      Strategic Finance in a form which will be subordinated
      to Strategic Finance's existing debenture, subordinated
      notes and perpetual preference shares.

   3. BOS International (Australia) Limited will increase its
      current debt facilities to Strategic Finance from
      NZ$100.0 million to NZ$150.0 million.

   4. Strategic Finance and AHL have historically co-participated
      in a number of loans that were originated by Strategic
      Finance. Strategic Finance will acquire these loans on
      Completion Date (face value approx NZ$67.3M) for NZ$50.2
      million, with NZ$10.0 million of the purchase price being
      deferred.

   5. The parties have entered into a binding Sale and Purchase
      Agreement and the transaction is conditional upon:

      * A waiver being received under the New Zealand Takeovers
        Code in respect to Strategic Finance perpetual preference
        shares.

      * Overseas Investment Office approval.

      * Approval of AHL shareholders at a Special Meeting to be
        convened.

   - A Special Meeting of the holders of Strategic Finance
     perpetual preference shares approving by special resolution
     the release of the existing guarantee provided by AHL in
     respect of the perpetual preference shares with effect from
     Completion of the transaction.

   - Special Meetings of the holders of Strategic Finance
     debenture stock and subordinated notes approving by
     extraordinary resolution a capital restructure of existing
     debenture and subordinated note investments.

   - Approval of Perpetual Trust Limited, as trustee under
     Strategic Finance's debenture trust deed.

   - Completion of a tax due diligence to the satisfaction of
     the purchaser.

   - The Shareholders Agreement entered into by the purchasing
     consortium being unconditional.

   - Strategic Finance issuing debenture stock to AHL to secure
     the deferred payment of part of the co-investment loan
     purchase price

   - AHL and BOS International (Australia) Limited entering into
     a new facility agreement.

   - The current Strategic Finance employee share scheme being
     wound up.

   6. The intention is for the meetings of the AHL shareholders
      and the security holders in Strategic Finance to be held
      in October 2008 with a targeted completion date for the
      transaction of shortly thereafter subject to receiving the
      required approvals.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

Strategic Finance Limited reported a net loss after tax of
NZ$15.7 million for the year ended June 30, 2008, compared with a
net profit after tax of NZ$29.4 million in the year ended June 30,
2007.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.


SUNRISE CONSTRUCTION: Proofs of Debt Due on October 22
------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Sunrise Construction Limited resolved that the
company be liquidated and appointed Kim S. Thompson, insolvency
practitioner of Hamilton, as liquidator.

The liquidator sets October 22, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Kim S. Thompson
          PO Box 1027, Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          Email: kim@kstca.co.nz


WAIPA WATER: Wind-Up Petition Hearing Set for October 20
--------------------------------------------------------
The High Court at Hamilton will hold a hearing on October 20,
2008, at 10:45 a.m., to consider putting Waipa Water Limited fka
Waipa Investments Limited into liquidation.

The application was filed on September 4, 2008, by Alto Packaging
Limited.

The plaintiff's address for service is at:

          Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland

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



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

OCEANAGOLD (PHILIPPINES): May Secure US$185 Mil. Financing in Jan.
------------------------------------------------------------------
Troubled OceanaGold (Philippines) Inc. may finally complete and
secure by January next year the US$185-million financing it needs
to finance its continued mining operations for its Didipio copper-
gold project, Philippine Star reports.

OceanaGold's Vice President for Communications Chito P. Gozar, was
cited by the Philippine Star as saying that based on advisor
Stanley Morgan's recommendation, OceanaGold has narrowed down
talks to four entities and may enter into: a joint venture,
completely sell out or resort to borrowing to finance the
continued operation of the Didipio copper-gold project.

Citing the Herald, the Troubled Company Reporter-Asia Pacific
reported on Aug. 13, 2008, that costs for the Didipio gold and
copper mine had doubled to US$320 million in May, followed by
suspension of work in late-June as more funding was sought.

The partial work stoppage of the Didipio project has also been
pushed back as the mining firm has been beset with with other
problems with the local government and community in Nueva Ecija,
the Philippine Star adds.

                         About OceanaGold

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities.  OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine.  The company’s projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project.  The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand.  The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand’s South Island.  The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$18.617 million, US$23.427 million, and US$69.039
million for the financial years ended 2005, 2006 and 2007,
respectively.


* PHILIPPINES: Stock Market Among Asia's Least Affected by Crisis
-----------------------------------------------------------------
The local stock market has ranked third among the least affected
stock markets in Asia, a Philippine Stock Exchange (PSE) study
showed.

The PSE drew that conclusion following a study which reveals that
as of October 10, 2008, the PSEi has lost 42.08 percent of its
value since the start of the year, trailing behind the KOSPI of
Korea, which fell by 34.56 percent, and the KLCI of Malaysia,
which has fallen by 35.36 percent.

"This shows our listed companies’ resiliency amidst the financial
turmoil that has been hounding stock markets worldwide," PSE
President and Chief Executive Officer Francis Ed. Lim said.

"Coming from a record-breaking economic performance in 2007, our
country has managed to post respectable growth rate levels which
is a testament to the strength of our domestic fundamentals.
Although we are not insulated from the present crisis, the broad
economic and fiscal reforms that were put in place over the last
couple of years are providing significant cushion for us to better
weather this financial storm," he added.

Based on the study, the Chinese equities markets have been the
most severely hit.  The Shenzhen Composite Index suffered a huge
drop of 63.27 percent, while the Shanghai Composite declined by
61.98 percent.

The VN Index of Vietnam and SET Index of Thailand followed with a
decrease of 59.11 percent and 47.33 percent, respectively, as of
October 10 this year.  Other Asian stock markets also plunged:
Hong Kong’s Hang Seng Index (46.80 percent), Straits Times of
Singapore (44.05 percent), and Japan’s TOPIX (43.02 percent).
There was no movement on Jakarta Composite Index because trading
was suspended on October 10 in response to the steep declines of
global markets, while Taiwan Stock Exchange was on a national
holiday.


* PHILIPPINES: Posts US$11 Bil. OF Remittances in 1st 8 Months
--------------------------------------------------------------
Remittances of overseas Filipinos coursed through banks continued
to be above the billion-dollar mark, at US$1.3 billion in August
2008.  As a result, year-to-date remittances totaled nearly
US$11 billion (at US$10.9 billion).  The remittance level for the
first eight months was 17.2 percent higher compared to the level
recorded in the same period a year ago.  Remittances in August
2008, however, grew at a slower pace of 10.4 percent compared to
previous months.

While the ongoing global economic slowdown could put some dent on
the growth of remittances, particularly from those advanced
countries that would be most affected by the strains in the global
financial markets, Officer-in-Charge Nestor A. Espenilla, Jr.
observed that remittances will continue to provide strong support
to the economy for a number of reasons.  First, demand for
Filipino workers overseas has been on an uptrend.  Preliminary
data from the Philippine Overseas Employment Administration (POEA)
showed that, for the first eight months of 2008, the number of
Filipinos deployed abroad reached 884,907, 26.4 percent higher
than the level a year ago (699,937).  Newly-hired Filipinos were
mostly deployed to the Middle East (Saudi Arabia, United Arab
Emirates, Qatar and Kuwait) and Asia (Taiwan and Hong Kong).  The
ongoing conduct of talks with potential foreign employers combined
with the increasing deployment of highly-skilled, therefore
higher-paid Filipino workers (such as engineers, medical
practitioners, production-related workers, hotel staff) continued
to buoy the demand for Filipino manpower and the level of
remittances.

Second, Filipino workers overseas and their families have gained
greater access to enhanced banking services provided by local
banks and their foreign counterparts.  The increased access to
formal channels by overseas Filipinos has been made possible by
the establishment of more remittance centers and tie-ups abroad by
local banks, OIC Mr. Espenilla added.

For the period January-August, remittances came largely from the
U.S., Saudi Arabia, U.K., Italy, United Arab Emirates, Canada,
Japan, Singapore and Hong Kong.



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

ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due on October 24
----------------------------------------------------------------
Alliance Technology and Development Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by October 24, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


LIMITED BRANDS: Moody's Reviewing (P)Ba1 Sr. Sub. Shelf Rating
--------------------------------------------------------------
Moody's Investors Service placed Limited Brands ratings under
review for possible downgrade.  The review is prompted by
Limited's recent announcement that it has authorized an additional
US$250 million in share repurchases after a prolonged period of
weak comparable store sales.  In addition, the timing of the
program signals that the company's financial policy has likely
become more aggressive as it is being implemented just as the
company is entering what will likely be a very challenging Holiday
selling environment.  About 60 to 70% of the company's operating
income is generated during the Holiday selling season.  A
meaningful erosion in sales during this period could have a very
notable negative impact on profitability.

Moody's review will focus on the company's operating performance
-- particularly its comparable store sales over the next few
months, as well as consumer spending as it approaches the key
Holiday selling season.  In addition, the review will focus on the
company's financial policies, as well as its liquidity pro forma
for the additional share repurchase program through it working
capital peak period.

These ratings are placed under review for possible downgrade:

-- Senior unsecured notes rating at Baa3;
-- Senior unsecured shelf rating at (P)Baa3;
-- Senior subordinated shelf rating at (P)Ba1;
-- Preferred shelf rating at (P)Ba2;
-- Commercial paper rating at Prime-3.

Headquartered in Columbus, Ohio, Limited Brands, Inc., operates
about 2,900 specialty stores under the Victoria's Secret, Bath &
Body Works, C.O. Bigelow, La Senza, White Barn Candle Co., and
Henri Bendel name plates.  The company's products are also
available online.  Revenues for the twelve month period ended
August 2, 2008 were nearly US$9.4 billion.

The company has operations in Singapore, China, Japan, South
Korea, Taiwan, and the United Kingdom.


MAXEARN INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
On October 3, 2008, the High Court of Singapore entered an order
to have Maxearn International (S) Pte Ltd's operations wound up.

Wallach Pacific Ltd 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


PACIFIC SOURCE: Court Enters Wind-Up Order
------------------------------------------
On October 3, 2008, the High Court of Singapore entered an order
to have Pacific Source Pte Ltd's operations wound up.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Victor Goh care of
          Phoenix Corporate Advisory Pte Ltd
          101 Upper Cross Street
          #08-15 People’s Park Centre
          Singapore 058357



                         *********

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

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

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


                            *********


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

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

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

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