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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, October 20, 2008, Vol. 11, No. 208

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Rubicon May Not Recover Loan to UK Nursing Homes
ALLIED FOOD: Members and Creditors to Meet on October 27
AME (QLD): Members to Hear Wind-Up Report on October 27
BABCOCK & BROWN: Changes Governance and Fee Arrangements at Funds
BLOOMSTYLE PTY: Joint Meeting Slated for October 27

CENTRO PROPERTIES: Appoints Lieberman as Non-Executive Director
CM ROOF: Liquidator to Present Wind-Up Report on October 27
CREATIVE PROPERTY: Creditors' Final Meeting Set for October 27
EPAT HOLDINGS: Members' Final Meeting Set for October 27
GBS GOLD: Plans to Transfer to NEX After Delisting from TSX

MONEYLINE TELERATE: Members' Final Meeting Slated for October 31
SAMEILEEN PTY: Joint Meeting Set for October 24
ZAMMIT METAL: Liquidator to Give Wind-Up Report on October 24
ZUCCALA CAFE: Members to Hear Wind-Up Report on October 31


C H I N A

ASCALADE COMMS: Reports Status Update on Default Announcement
BANK OF CHINA: Cautions Rebounds of New NPLs Ratio By Up to 1%
PORTOLA PACKAGING: Court Confirms Pre-packaged Plan
* CHINA: Stops Hyundai & Kia Vehicle Imports, Seoul Daily Says


H O N G K O N G

AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake
AMERICAN INT'L: Maurice Greenberg Wants to Change Gov't Loan Terms
AURASOUND INC: Deficit, US$26.5MM Net Loss Cue Substantial Doubt
BUILD SKY: Requires Creditors to File Claims by Oct. 31

COLOUR PAINT: Creditors' Proofs of Debt Due on October 31
DICKSON (CHINA): Creditors' Proofs of Debt Due on October 31
DICKSON CONSTRUCTION: Proofs of Debt Due on October 31
DIOMED INC: Court Approves Hirsch & Westheimer as Special Counsel
HENLY ENGINEERING: Creditors' Proofs of Debt Due on October 31

INTERFORM INVESTMENT: Proofs of Debt Due on October 31
JOINT WEALTHY: Creditors' Proofs of Debt Due on October 31
LONGWAY CONSTRUCTION: Proofs of Claim Due on October 31
PATTERN ENTERPRISES: Proofs of Debt Due on October 31
POLYWIN ENGINEERING: Proofs of Claim Due on October 31


I N D I A

HARYANA POWER: CRISIL Assigns 'BB' Corp. Credit Rating
GENERAL MOTORS: Launches Auto Loan Initiative
GENERAL MOTORS: Appoints James Taylor as Hummer CEO
GENERAL MOTORS: Wants Merger Deal With Chrysler This Month
JET AIRWAYS: Chairman Reinstates 1,900 Retrenched Employees

SUMITA TEX: CRISIL Rates Various Bank Facilities at 'BB'


I N D O N E S I A

PT PERTAMINA: Wants Bigger Stake in West Madura Block
PT PERTAMINA: Urged to Unveil Plans to Abandon Gas Subsidy
* INDONESIA: May Lose US$6.2BB in 2009-2010 Timber Exports


J A P A N

ATARI INC: Seeks to Deregister Unsold Shares Following Merger
DTC THREE: S&P Places BB-Rated Class E Notes on Watch Negative
FORD MOTOR: Assures Clients of Auto Loans
FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch
FORD MOTOR: Selling Mazda Stake to 20 Japanese Firms

* S&P Puts Lehman-Based Japanese CMBS Tranche Ratings on WatchNeg


K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Junks Corporate Credit Rating to CCC


N E W  Z E A L A N D

CAMARONI FISHING: Wind-Up Petition Hearing Set for November 17
CAMPET CONSTRUCTION: Michael Gilbert Appointed as Liquidator
DENNY'S CORP: Same Store Sales Decline for Quarter Ended Sept. 24
ECO-SOURCE NZ: Wind-Up Petition Hearing Set for October 31
FLETCHER BUILDING: Reducing Workforce Amid Economic Slowdown

NAVIGATOR CONSULTING: High Court Appointed Liquidators
PARAKAI RESORTS: Liquidators Set November 18 as Claims Bar Date
PARK N WASH: Proofs of Debt Due on October 31
RALLYFANZ LIMITED: Commences Liquidation Proceedings
ROGAN MCINDOE: Proofs of Debt Due on October 31

SHARP CIVIL: Wind-Up Petition Hearing Set for November 14
WAIHI CUSTODIANS: High Court Appointed Liquidators
* NEW ZEALAND: Bill Defaults Increase; Credit Applications Fall


P H I L I P P I N E S

DOLE FOOD: S&P Ratings Unmoved by EU Finding Firm Joined Cartel
FRESH DEL MONTE: S&P Ratings Unmoved by Finding Firm Joined Cartel
LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
VULCAN INDUSTRIAL: To Raise Php888.41 Mil. Through Stock Offering
* PHILIPPINES: 2009 Export May Slow Down Due to Crisis

* PHILIPPINES: Bank Lending Up 24.1% in August 2008


S I N G A P O R E

SCOTTISH RE: S&P Retains Ratings Under Negative CreditWatch
SEA CONTAINER: To Forgive US$3 Million in Intercompany Receivables
* SINGAPORE: SGX Profit Down by 35% in Qtr. Ended Sept. 30


X X X X X X X X

* S&P Junks Ratings on 7 Lehman-Exposed Asia-Pacific CDOs to CCC-


                         - - - - -


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

ALLCO FINANCE: Rubicon May Not Recover Loan to UK Nursing Homes
---------------------------------------------------------------
Rubicon Europe Trust Group (REU), one of Allco Finance Group's
managed funds, is likely to lose the money it loaned for nursing
homes in the UK, as the borrower walks away from STG1.2 billion in
debt and the value of the properties tank, the Age reports citing
the Australian Associated Press.

In a regulatory filing, Rubicon Finance Europe (RFE) said it has
an investment of GBP52.2 million by way of subordinated debt (B
Note) against NHP Portfolio which is a portfolio of nursing homes
located throughout the United Kingdom.

The company said the loans against this portfolio will mature on
January 15, 2009, unless the borrower requests an extension for an
additional period of one year by October 17, 2008.  Any
consideration of a request to extend the loans will be subject to
no default existing at the time of such extension and the maturity
date for RFE B Note being extended for an equivalent period.

However, Rubicon Europe said the Loan Servicer has advised that
the borrower conveyed it will not seek to extend or repay the loan
as at January 15, 2009.

A revised valuation requested by the Loan Servicer is expected by
October 24, 2008.  The expectation is that the valuation will be
at a level which will result in nil proceeds for RFE should a
forced sale occur at this level.

The Loan Servicer has also advised that the borrower has indicated
that it does not intend to contribute additional equity.

On October 15, 2008, RFE received interest income from the Libra
loan relating to the previous quarter of GBP1,487,032 and RFE does
not expect to receive further interest income in the foreseeable
future.  REU said it is continuing to monitor the situation.

                Foreign Exchange Hedging Arrangements

Separately, Rubicon Europe Trust Group said that with the
significant fall of the AUD against the Euro, the mark to market
of its foreign exchange hedges with Deutsche Bank relating to the
German real estate assets was approximately AU$68 million
(approximately EUR34 million) out of the money.  Deutsche Bank has
second ranking security against German real estate assets and has
a right to terminate these foreign exchange hedges and crystallize
the out of the money position as at October 28, 2009.  The extent
to which the foreign exchange hedges will be out of the money on
October 28, 2008, cannot at this stage be determined.

The company said it is continuing discussions with Deutsche Bank
in relation to the termination and payment of the foreign exchange
hedges.  Should termination and immediate demand for payment of an
out of the money position be made on October 28, 2008, REU will
not be in a position to make this payment.

                            CRE Loans

Under the revised agreement in relation to the warehouse facility
used in part to fund the CRE loan portfolio, the provider (Credit
Suisse) has the right from January 1, 2009, to make margin calls
on the facility.  Based on a recent assessment of the value of the
CRE loan portfolio by Credit Suisse, the value of the CRE loans
has been marked down by approximately EUR102.7 million to EUR66.2
million (a discount of approximately 52% to carrying value(1)).
Should this situation persist on January 1, 2009, Credit Suisse
would have the right to make a margin call of approximately
EUR15.4 million.  Should such a margin call be made, it is likely
that REU will not be in a position to make this payment.

                      NAB Corporate Facility

REU is in discussions with National Australia Bank, the provider
of the corporate loan facility to REU as advised on October 1 ,
2008, as regards to an extension of the term following the expiry
of the current extension to October 31, 2008.

                       RFE II Note facility

The Suspension Deed has been extended to October 16, 2008, to
allow amendments to the Note facility to be finalized.

                 About Rubicon Europe Trust Group

Rubicon Europe Trust Group (ASX:REU) --
http://www.rubiconeurope.com.au-- is engaged in investing in real
estate and commercial real estate loans (CRE loans) in Europe.
REU is a stapled security comprising one unit in Rubicon Europe
Trust I (RET I) and one unit in Rubicon Europe Trust II.  On
February 19, 2007, REU announced the formation of a new investment
arm, Rubicon Finance Europe.

                       About Allco Finance

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.


ALLIED FOOD: Members and Creditors to Meet on October 27
--------------------------------------------------------
Allied Foods Marketers 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, Robert Elliott, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


AME (QLD): Members to Hear Wind-Up Report on October 27
-------------------------------------------------------
AME (QLD) Pty Ltd will hold a meeting for its members and
creditors on October 27, 2008, at 11:00 a.m.  During the meeting,
the company's liquidator, Paul Nogueira, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Paul Nogueira
          Worrells Solvency & Forensic Accountants
          Suite 4, Ocean Central
          2-4 Ocean Street
          Maroochydore QLD 4558
          Telephone: (07) 5443 8988
          Facsimile: (07) 5443 8066
          Website: www.worrells.net.au


BABCOCK & BROWN: Changes Governance and Fee Arrangements at Funds
-----------------------------------------------------------------
Babcock & Brown Ltd disclosed in a regulatory filing that the
company and the independent directors of two of its Australian
listed infrastructure funds, Babcock & Brown Infrastructure (BBI)
and Babcock & Brown Power (BBP) have agreed a package of important
changes to governance and fee arrangements for those funds.

Babcock & Brown Ltd said similar changes will be discussed with
the independent directors of the company's other listed funds as
the Board continues their strategic review process.

The package of changes, which will be delivered through amendments
to the Management Agreements and as required, subject to security
holder approval, Constitutions of those funds, is the result of
extended discussions and negotiations between Babcock & Brown and
the BBI and BBP independent directors.  These discussions are part
of the concurrent strategic reviews being carried out by the
company and the boards of each of its listed managed funds.

The agreed changes are designed to:

   -- reinforce that the fund boards have effective
      control of their fund’s strategic, investment
      and operating decisions;

   -- reinforce the autonomy of investment and
      management decision making by each fund;

   -- minimize perceived conflicts of interest;

   -- improve alignment of the Manager with
      amendments to both base and incentive
      management fees; and

   -- enhance, for those funds, the continuity of
        key fund executives.

Michael Larkin, CEO and Managing Director of Babcock & Brown said,
"Since formally announcing a strategic review of our listed funds
in June this year a thorough review of the management agreements
of our listed funds has been a priority.  The package of changes
being announced today represents important enhancements to the way
we provide management services to our managed funds and emphasizes
the importance we place on governance and addresses perceived
conflicts of interest in relation to the management of those
funds."

                Governance and Control measures

   i)  The appointment of Independent Chairmen to each listed
       fund board as announced in August and the appointment
       of all independent directors to the listed company
       Boards of each stapled entity, ensuring that all
       directors are now subject to election by each fund’s
       security holders;

   ii) Chief Executive Officer of the Manager to become
       Managing Director of the Fund through appointment to
       both the relevant Fund Boards and Manager Board in
       such capacity;

  iii) The right to act independently of the recommendation
       of the Manager;

   iv) All Independent Directors having the right, but not
       the obligation, to attend the Board meetings of the
       Management Company and receive all Management Company
       board papers in order to ensure complete transparency
       between management and the Independent Fund Boards;

   v)  Independent Directors expressly to control "hiring and
       firing" of all key management personnel of the Manager,
       the setting of their KPI’s and objectives and approval
       of their remuneration;

   vi) Dedicated Fund staff to be employed directly by their
       respective management company with new employment
       contracts with appropriate current market practice
       notice periods and non-compete provisions;

                 Resetting of Management and Incentive Fees

   -- Base Fees:

       * base fees determined as a declining percentage of
         market capitalization as market capitalization
         increases.

   -- Incentive fees:

       * to prevent a windfall to Babcock & Brown from short
         term out-performance through recovery of Fund
         security trading prices from their current low
          and undervalued positions incentive fees will
          not be paid until performance exceeds levels more
          reflective of the net tangible asset values of
          each fund;

       *  where benchmarks are under-performed, the under-
          performance carried forward for 3 years.

To ensure the above changes are delivered and enforceable, they
will be codified in both the Management Agreements with the funds
and, subject to security holder approval, the funds’ Constitutions
as required.  Details of this codification will be announced by
the individual funds.  In addition, each of the management
companies of each of the funds will put in place arrangements to
ensure separation of operational processes (such as the
installation of separate IT servers).

Mr. Larkin said, "These changes have been designed to strengthen
the Group’s funds management model and, together with our existing
governance principles, remove the investor and other stakeholder
concerns about transparency, accountability and demonstrable
alignment of interests.

"Settling on these changes allows the boards and management teams
of these funds to focus on addressing, where required, their
capital structures in response to the difficult capital market
conditions and drive the organic growth opportunities that each
fund has within their existing portfolios." Mr. Larkin said.

                   About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.


BLOOMSTYLE PTY: Joint Meeting Slated for October 27
---------------------------------------------------
Bloomstyle 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, Paul Nogueira, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Paul Nogueira
          Worrells Solvency & Forensic Accountants
          Suite 4, Ocean Central
          2-4 Ocean Street
          Maroochydore QLD 4558
          Telephone: (07) 5443 8988
          Facsimile: (07) 5443 8066
          Website: www.worrells.net.au


CENTRO PROPERTIES: Appoints Lieberman as Non-Executive Director
---------------------------------------------------------------
Centro Properties Group disclosed that Centro Retail Trust (CER)
appointed Avin Lieberman as a non-executive director of each of
Centro Retail Limited and Centro MCS Manager Limited, effective
Friday, October 17, 2008.

As a director of Centro Retail Limited and Centro MCS Manager
Limited, Mr. Lieberman will, in addition to his responsibilities
with CER, represent investors for Centro Direct Property Fund
(DPF), Centro Direct Property Fund International (DPFI), Centro
America Fund (CAF) and the majority of Centro MCS syndicates.

For the past ten years, Mr. Lieberman utilized the combination of
his hands-on real estate experience and his education in Finance
to co-found Zenprop Property Holdings, one of South Africa’s
largest private real estate investment firms.  As co-CEO of
Zenprop, Mr. Lieberman focused on the acquisition of existing
income producing real estate, risk management, deal structuring,
debt raising and asset management. Mr Lieberman also has
experience as a quantity surveyor and an investment broker and
property adviser.

Mr. Lieberman holds a Bachelor of Science Degree (Honours) in
Quantity Surveying and a Bachelor of Commerce Degree (Honours) in
Financial Management from the University of Cape Town (South
Africa).  Mr. Lieberman now resides in Australia.

CER Chairman Paul Cooper said: "The Centro Retail Trust Board
looks forward to Avin Lieberman’s addition to the Board.  Avin’s
property and entrepreneurial experience are a solid match for the
requirements of a pure property trust such as CER.


"Avin’s appointment is an important step forward in the Board
renewal and separation process that I discussed in the CER Annual
Report.  Avin is specifically joining the Centro Retail and Centro
MCS Manager Boards and not the Centro Properties Group Boards.  It
should be noted that Centro Properties Group announced the
appointment of a new Director who will not serve on the CER
Boards.

"These separate appointments represent a significant initial step
of this separation process.  We look forward to updating our
securityholders with further progress in this area in due
course.  Importantly, this is the first tangible evidence of our
commitment to renewal and separation between Centro."

Leading international director and executive recruitment firm Egon
Zehnder International has recommended Mr. Lieberman and is
assisting CER in identifying new non-executive directors under the
ongoing Board renewal process.

Mr. Peter Wilkinson and Mr. Sam Kavourakis have tendered their
resignations as directors as part of the renewal process of the
Board; however acceptance of their resignations has been deferred
until such time as appropriate replacements are appointed under
the ongoing process, which is expected to occur after December
this year.  Accordingly, each of them is standing for re-election
at the forthcoming AGM.

                     About Centro Properties

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

                         *     *     *

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

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


CM ROOF: Liquidator to Present Wind-Up Report on October 27
-----------------------------------------------------------
CM Roof Tiling & Repairs Pty Ltd will hold a meeting for its
members and creditors on October 27, 2008, at 11:30 a.m.  During
the meeting, the company's liquidator, Paul Nogueira, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Paul Nogueira
          Worrells Solvency & Forensic Accountants
          Suite 4, Ocean Central
          2-4 Ocean Street
          Maroochydore QLD 4558
          Telephone: (07) 5443 8988
          Facsimile: (07) 5443 8066
          Website: www.worrells.net.au


CREATIVE PROPERTY: Creditors' Final Meeting Set for October 27
--------------------------------------------------------------
Ken Sellers, Creative Property Services Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 27,
2008, at 9:00 a.m. to provide them with property disposal and
winding-up reports.

Creditors may attend the meeting via telephone conference
facilities on telephone number (03) 9600 2100.  Any creditor
intending to use the telephone facilities must advise BRI Partners
in writing by October 24, 2008.

The liquidator can be reached at:

          Ken Sellers
          BRI Partners
          Level 2
          446 Collins Street
          Melbourne


EPAT HOLDINGS: Members' Final Meeting Set for October 27
--------------------------------------------------------
D. R. Vasudevan, Epat Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 27,
2008, at
11:30 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

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


GBS GOLD: Plans to Transfer to NEX After Delisting from TSX
-----------------------------------------------------------
GBS Gold International Inc. reports that the Administrators
appointed by its Australian subsidiaries have been granted a
45 business day extension to the period for holding the second
creditors' meeting by the Australian courts.  The extension was
required so that parties interested in proposing a Deed of
company Arrangement have sufficient time to conduct their due
diligence and, if interested, structure a DOCA proposal.  The
Administrators have engaged Prime Corporate Finance, an
Australian-based advisory firm specializing in mining
transactions of similar size and scope, to facilitate the
preparation of an information memorandum, an online data room
and management of the expressions of interest received.  As of
Oct. 10, 2008, 28 expressions of interest in various businesses
and assets have been received and due diligence investigations
will commence shortly.  The second creditors' meeting is now
scheduled take place to place prior to Dec. 23, 2008.

Due to the extended timeframe required, the company has decided
not to appeal the decision of the Toronto Stock Exchange to
delist the common shares of the company on Oct. 29, 2008, but
will instead apply to have its common shares listed for trading
on the NEX Exchange - an exchange of the TSX Venture Exchange
designed for companies undergoing recapitalizations and
restructurings - with the aim of starting trading on Oct. 29,
2008.

To better manage costs during the company's restructuring, the
company has taken a number of measures including terminating the
company's Long Term Incentive Policy, closing its office in
Toronto and, if and when the company's shares are listed on the
NEX, reducing the number of directors to 4.  The company will
manage its affairs from its office in Perth, Australia.

                About GBS Gold International Inc.

GBS Gold International Inc. (TSX: GBS) -- http://www.gbsgold.com/
-- has 2.7 million ounces of Indicated Resources and 1.7 million
ounces of Inferred Resources within 125 km radius of its 2.5Mtpa
Union Reefs processing plant located in the Northern Territory of
Australia including the Cosmo Deeps project.


MONEYLINE TELERATE: Members' Final Meeting Slated for October 31
----------------------------------------------------------------
Christopher R. Campbell and David J. F. Lombe, Moneyline Telerate
(Australia) Pty Ltd's appointed estate liquidators, will meet with
the company's members on October 24, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The liquidators can be reached at:

          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


SAMEILEEN PTY: Joint Meeting Set for October 24
-----------------------------------------------
Sameileen Pty Limited will hold a meeting for its members and
creditors on October 24, 2008, at 10:10 a.m.  During the meeting,
the company's liquidator, P. Ngan, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co
          Level 5
          49 Market Street
          Sydney NSW 2000


ZAMMIT METAL: Liquidator to Give Wind-Up Report on October 24
-------------------------------------------------------------
Zammit Metal Roofing & Fabrication Pty Limited will hold a meeting
for its members and creditors on October 24, 2008, at 10:30 a.m.
During the meeting, the company's liquidator, Robert Elliott, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


ZUCCALA CAFE: Members to Hear Wind-Up Report on October 31
----------------------------------------------------------
Zuccala Cafe Pty Limited will hold a meeting for its members and
creditors on October 31, 2008, at 10:00 a.m.  During the meeting,
the company's liquidators, Peter A. Burton and Brian H. Allen,
will provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

          Burton Glenn Allen
          Chartered Accountants
          Level 2, 57 Grosvenor Street
          Neutral Bay NSW 2089
          Telephone: (02) 9904 4644
          Facsimile: (02) 9904 9644



=========
C H I N A
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ASCALADE COMMS: Reports Status Update on Default Announcement
-------------------------------------------------------------
Ascalade Communications, Inc., has provided an update by reporting
issuers in compliance with financial statement filing requirements
in accordance with Ontario Securities Commission Policy 57-603
Defaults.

In accordance with the OSC Policy, the company confirms that
there is no (i) material change to the information set out in its
initial default announcement filed pursuant to the OSC Policy,
(ii) failure by the Company to adhere to the "Alternative
Information Guidelines" set out in the OSC Policy with respect to
the financial statement filing default, and (iii) other material
information concerning the affairs of the Company that has not
been generally disclosed.

Any recovery in the Companies' Creditors Arrangement Act
proceedings for creditors and other stakeholders of the company,
including shareholders, is uncertain and is highly dependent upon
a number of factors, including the recovery from the sale of the
factory, equipment and inventory in the PRC and the outcome of the
Scheme in Hong Kong.

               About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications Inc.
(TSE:ACG) -- http://www.ascalade.com/-- is an innovative product
company that designs, develops and manufactures digital wireless
and communication products.  The company deliver products by
offering its partners and customers complete vertical integration,
from product design and development to final production.  The
company's products include digital cordless phones, Voice over
Internet Protocol phones, digital wireless baby monitors and
digital wireless conference phones. Ascalade products have been
distributed in more than 35 countries and under 80 regional
brands.  Ascalade also has facilities in Qingyuan, China, Hong
Kong and a sales office in Hertfordshire, United Kingdom.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of Ascalade
Communications Inc. and its debtor-affiliate (Bankr. N.D. Ill.
Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close, Esq. at
Chapman and Cutler LLP represents the Petitioner in the Chapter 15
case.  Ascalade's financial condition as of September 2007 showed
total assets of US$99,630,000 and total debts of US$40,410,000.


BANK OF CHINA: Cautions Rebounds of New NPLs Ratio By Up to 1%
--------------------------------------------------------------
Bank of China recently issued a research report cautioning that
the non-performing loans ratio of China's commercial banks is
likely to rebound by 0.7% to 1% in the future, Asia Pulse reports.

The bank, the report relates, called on domestic banks to actively
reallocate assets among regions and industries in response to
weakening profit growth and profitability of industrial
enterprises in the country.

According to Asia Pulse, the research report showed that the loans
of industrial enterprise account for 50% of the banks' total loans
and 25% of the total assets.  Given the average provision coverage
ratio of 60%, the net profit of Chinese banks is expected to rise
12.3 to 22.7%, the same report says.

BOC also called on lenders to give more emphases to assets in the
sustainable fast growing and strategic sectors, and grant more
credits to such industries as energy, mining, cement, iron and
steel as well as consumables so as to cushion the shock from
economic slowdown, the report adds.

                       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.


PORTOLA PACKAGING: Court Confirms Pre-packaged Plan
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware found that
Portola Packaging, Inc.'s second amended prepackaged plan of
reorganization had met the statutory requisites.  Accordingly, the
Court confirmed the Plan.

Confirmation of the pre-packaged plan followed Portola obtaining
an exit financing commitment from Wells Fargo Foothill, LLC and
Regiment Capital Special Situations Fund IV, LP for a US$66
million senior secured credit facility. Concurrently, Wayzata
Investment Partners LLC committed to provide up to US$30 million
in second-lien financing to refinance the existing second-lien
debt. Having obtained confirmation of its plan, Portola remains on
track with its current timetable to emerge from chapter 11 by the
end of October.

John LaBahn, Senior Vice President and Chief Financial Officer
said, "We continue to be very proud of what we have been able to
accomplish as we work to emerge with a significantly improved
capital structure. This will allow us to complete our
restructuring and exit bankruptcy by the end of October."

Pursuant to the confirmed plan of reorganization, holders of
Portolaÿs existing senior unsecured notes will receive 100% of the
common stock of reorganized Portola, and Wayzata will become
Portolaÿs controlling shareholder upon Portolaÿs emergence from
bankruptcy. Through the court-assisted restructuring process,
Portola will have eliminated US$180 million in funded debt from
its balance sheet. The plan of reorganization specifically
provides that Portolaÿs relationships with customers and trade
creditors are not impaired. Portola is pleased that it was able to
restructure its balance sheet without any impact upon its
relationships with its vendors and customers.

Portola President and CEO Brian Bauerbach added, "Our improved
balance sheet and reduced interest costs will enable us to better
serve our customers and improve our competitive position in the
packaging industry."

Portola filed the second amended plan and accompanying disclosure
statement on Oct. 10.  Since the filing of the original prepack
plan, Portola has filed plan supplements and amended exhibits to
plan supplements.

BankruptcyData says the amendments relate to the Debtors' second
lien term loan with Wayzata Investment Partners, rejected executor
contracts, unexpired leases and non-exclusive list of retained
causes of action and Debtors' officers and directors.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.



* CHINA: Stops Hyundai & Kia Vehicle Imports, Seoul Daily Says
--------------------------------------------------------------
China has halted imports from Hyundai Motor Co. and Kia Motors
Corp. after complaints from the nation's vehicle dealers
association, Bloomberg News reports, citing Seoul Economic Daily.

The Chinese government, the report relates, last month stopped
granting import licenses after the dealers' group alleged the two
Korean carmakers violated antitrust rules by enforcing sales
targets.

According to Bloomberg News, the newspaper said that the ban is
likely to have only a minimal effect as both Hyundai and Kia have
local factories in China and import only a small number of
vehicles.

Hyundai exports the Genesis premium sedan and Equus large sedan to
China while Kia's ships the Mohave sport-utility vehicle and
Opirus sedan.



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

AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
--------------------------------------------------------------
American International Group, Inc., said Thursday that comptroller
David L. Herzog will be replacing Stephen J. Bensinger as chief
financial officer of the company, the Associated Press reported
Thursday.  Mr. Bensinger, acting finance chief of the company
since May, will be leaving, the company said.  Mr. Herzog will
"oversee the company's plan to shore up its capital and repay the
more than US$100 billion in loans it has received from the Federal
Reserve".

The Federal Reserve rescued AIG last month with a two-year,
US$85 billion credit line, in order that it could meet its CDS
obligations, as the alternative would have caused a chain of
defaults in the financial system, according to federal regulators.

Banks and other institutions use credit default swaps to hedge
against the risk of default in mortgage and other debt securities
they hold.  CDS contracts, which are privately negotiated
transactions, are not regulated by federal authorities.

AIG had drawn a total of US$70.3 billion on the US$85 billion
credit
line from the Fed as of last week.  The company also said last
week it would receive an additional US$37.8 billion loan from the
central bank.  AIG shares closed unchanged at US$2.43 Thursday.

Bloomberg's Aaron Pan reported Wednesday that credit legislators
and federal regulators have "called for more oversight of the
unregulated US$54.6 trillion market after the bankruptcy of Lehman
Brothers Holdings Inc., which was among the top 10 counterparties
of the contracts".

              About American International Group

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

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

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

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

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

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

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

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

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

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

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

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

                         *     *     *

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

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


AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake
----------------------------------------------------------------
Maurice R. Greenberg, Edward E. Matthews, Starr International
Company, Inc., C. V. Starr & Co., Inc., Universal Foundation,
Inc., The Maurice R. and Corinne P. Greenberg Family Foundation,
Inc., Maurice R. and Corinne P. Greenberg Joint Tenancy Company,
LLC, and C. V. Starr & Co., Inc. Trust, disclosed in a Securities
and Exchange Commission filing that they may be deemed to
beneficially own in the aggregate 278,446,354 shares of American
International Group, Inc.'s common stock, representing roughly
10.36% of the 2,688,833,724 outstanding common stock as of
July 31, 2008.

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

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

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

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

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

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

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

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

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

                       *     *     *

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

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


AMERICAN INT'L: Maurice Greenberg Wants to Change Gov't Loan Terms
------------------------------------------------------------------
Jay Miller at The Wall Street Journal reports that Maurice
Greenberg, shareholder and former CEO of American International
Group, proposed changes to the terms of the US$85 billion loan the
company secured from the government, in exchange for an almost 80%
stake in the firm.

In addition to the loan, WSJ relates that AIG was also cleared to
borrow another US$37.8 billion to ease strains from a program that
involves AIG's lending securities to third parties.

According to WSJ, Mr. Greenberg claimed that the terms of the
government loan would result in the liquidation of AIG.  WSJ
relates that the interest charges of the loan add up to
US$1 billion per month.  AIG entered into an agreement with the
Federal Reserve Bank of New York to obtain the loan through a two-
year credit facility that requires the company to pay:

    -- 2% one-time commitment fee,
    -- 8.5% interest on undrawn capital, and
    -- on drawn capital, the London interbank offered rate
       plus 8.5%.

WSJ states that Mr. Greenberg wanted the government would change
the terms so that the government would get nonvoting preferred
stock with a 5% to 6% dividend and a 10-year right of redemption
at a 10% premium.

Mr. Greenberg, says WSJ, said that the government's US$700 billion
bailout fund and changes to market-to-market accounting could
allow AIG to redeem the preferred stock in less than 10 years.

According to WSJ, Mr. Greenberg said in a letter filed with the
Securities and Exchange Commission, "At a minimum, AIG should be
afforded the same borrowing terms as other companies.  Since the
time the credit facility was entered into, the Federal Reserve has
stepped up direct lending to scores of financial institutions and,
for the first time last week, to nonfinancial institutions.  They
are able to borrow on terms far less onerous than those imposed on
AIG."

AIG said in a statement that it is "open to all serious proposals
that can benefit taxpayers and AIG shareholders.  We continue to
focus on maximizing the value of our businesses and servicing our
customers so we can pay the Fed loan and emerge as a vital ongoing
business."

              About American International Group

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

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

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

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

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

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

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

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

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

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

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

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

                         *     *     *

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

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


AURASOUND INC: Deficit, US$26.5MM Net Loss Cue Substantial Doubt
----------------------------------------------------------------
Los Angeles-based Kabani & Company, Inc., raised substantial doubt
about the ability of AuraSound, Inc., to continue as a going
concern after it audited the company's financial statements for
the year ended June 30, 2008.  In a letter dated Sept. 25, 2008,
the auditing firm reported that during the year ended June 30,
2008, the company incurred net losses.  In addition, the company
had negative cash flow from operating activities amounting to
US$3,258,289 for the year ended June 30, 2008.

The company posted a net loss of US$26,458,932 on total revenues
of US$1,888,692 for the year ended June 30, 2008, as compared with
a net loss of US$3,809,260 on total revenues of US$208,988 in the
prior year.

                  Management Statement

The company had an accumulated deficit of US$33,029,040 as of June
30, 2008.  The increased loss from operations resulted primarily
from the amortization of the intangible assets, which totaled
US$2,181,314 and the US$20,395,215 non-cash charge relating to the
impairment of the intangible assets at June 30, 2008.
US$3,066,477 of the loss incurred during the fiscal year ended
June 30, 2007, and US$341,406 of the loss incurred during the
fiscal year ended June 30, 2008, related to expenses incurred in
connection with advances to Grandford Holdings.  In light of the
problems experienced by the company in establishing a primary
supplier, there is no certainty that the company will be able to
provide the quality and timely deliveries required by our
customers.

If the company is unable to generate profits and unable to
continue to obtain financing for its working capital requirements,
it may have to curtail its business sharply or cease business
altogether.

In June 2007, the company completed a US$12.9 million private
placement aimed at providing sufficient funds to establish
AuraSound as a significant source for speakers designed for
notebook computers and cell phones in addition to its already
established home entertainment line of speakers.  Immediately
following the closing, around US$1,800,000 was used to pay the
expenses related to the offering, around US$4,400,000 was used to
pay-off certain bridge loans, including interest, and US$2,000,000
was deposited into an account with the company's primary bank, in
accordance with the terms of a lending agreement.

In addition, in order to ramp-up production at the manufacturer in
China, the company established a prepayment policy with Grandford
Holdings, Ltd., then the company's long-term supplier, and sent
US$4,200,000 to Grandford Holdings, Ltd., during June and July
2007 for the purchase of inventory, engineering services, tools,
jigs, dies and special equipment.  The remaining US$500,000,
US$2,000,000 drawn on the deposit credit facility and an
additional US$635,000 loaned to the company by Arthur Liu, the
company's chief executive officer, chairman of the board of
directors, and largest stockholder, has been used to fund the
establishment of offices in Hong Kong, Taiwan, Shanghai and Japan
and to cover overhead at the corporate offices in Santa Fe
Springs, Calif., through July 2008.  The company continues to
depend on Mr. Liu for additional support.

                      Balance Sheet

At June 30, 2008, the company's balance sheet showed US$2,940,069
in total assets and US$4,643,913 in total liabilities, resulting
in a US$1,703,844 stockholders' deficit.

The company's consolidated balance sheet at June 30, 2008, also
showed strained liquidity with US$2,839,237 in total current
assets available to pay US$4,643,913 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?33de

                    Covenant Problems

Effective June 7, 2007, the company entered into a one-year
US$12,000,000 credit facility with Bank SinoPac pursuant to which
a US$10,000,000 revolving accounts receivable facility and a
US$2,000,000 fixed deposit credit facility were available to the
company.  Obligations under the agreement are secured by
substantially all the assets of the company.  The accounts
receivable facility, which may be used for working capital and
other general corporate purposes bears interest at the rate of
prime minus .5%.  The letter of credit facility bears interest at
the rate of TCD plus 1%.  The credit facility is also subject to
certain covenants and conditions and contains standard
representations, covenants and events of default for facilities of
this type.  Occurrence of an event of default allows the lenders
to accelerate the payment of the loans and/or terminate the
commitments to lend, in addition to the exercise of other legal
remedies, including foreclosing on collateral.  The company was
not in compliance of certain covenants as of June 30, 2008.  As of
June 30, 2008, US$2,000,000 had been drawn from this facility.

Pursuant to the credit facility, the company has also pledged and
assigned a time certificate of deposit account for one year having
an initial deposit balance of US$2,000,000 to be held and
maintained
at all times with the bank.

                   About AuraSound, Inc.

AuraSound, Inc. (OTC BB: ARAU.OB) -- http://www.aurasound.com--
engages in the development, commercialization, and sales of audio
products, sound systems, and audio components using its patented
and proprietary electromagnetic technology. Its products include
micro-audio speakers; speaker component products, such as
loudspeaker transducers; and home and pro audio products,
including home audio systems, home theater systems, and
subwoofers.  It markets and sells its products to the
manufacturers of high end speakers and sound systems through a
network of sales representatives in Taiwan, Japan, the People's
Republic of China, and the United States.  The company was
formerly known as Hemcure, Inc., and changed its name to
AuraSound, Inc., in February 2008.  The company is based in Santa
Fe Springs, California.


BUILD SKY: Requires Creditors to File Claims by Oct. 31
-------------------------------------------------------
The creditors of Build Sky Development Consultancy Limited are
required to file their proofs of debt by October 31, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


COLOUR PAINT: Creditors' Proofs of Debt Due on October 31
---------------------------------------------------------
Colour Paint Limited requires its creditors to file their proofs
of debt by October 31, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


DICKSON (CHINA): Creditors' Proofs of Debt Due on October 31
------------------------------------------------------------
The creditors of Dickson (China) Enterprises Limited are required
to file their proofs of debt by October 31, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


DICKSON CONSTRUCTION: Proofs of Debt Due on October 31
------------------------------------------------------
Dickson Properties Limited requires its creditors to file their
proofs of debt by October 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


DIOMED INC: Court Approves Hirsch & Westheimer as Special Counsel
-----------------------------------------------------------------
Diomed Inc. and its debtor-affiliate Diomed Holdings Inc. sought
and obtained permission from the U.S. Bankruptcy Court for the
District of Massachusetts to employ Hirsch & Westheimer PC as
their special counsel.

The professional services that Hirsch will render to the Debtors
will be limited to the serving as local counsel in representing
the Debtors' interests in relation to the bankruptcy proceedings
of Total Vein Solutions, Inc., in the U.S. Bankruptcy Court for
the Southern District of Texas.  The TVS bankruptcy was filed on
Jan. 17, 2008, on the eve of a federal district court injunction
hearing where Diomed sought to preliminarily enjoin TVS from
continued infringement of Diomed's asserted patents.  Diomed
has asserted a general unsecured claim of US$7.8 million against
TVS' bankruptcy estate.

Hirsch and McGuireWoods LLP, the Debtors' general bankruptcy
counsel, will coordinate and allocate the legal services to be
rendered to the Debtors in order to avoid any duplication of
services.

Hirsch's current customary hourly rates for the individuals
expected to participate in these cases range from US$190 to US$375
for attorneys and US$125 for paralegals.  Subject to Court
approval, Hirsch will also receive a retainer of US$2,500 that
Hirsch will hold during the pendency of these cases and will apply
the retainer against the Firm's final fee application.

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

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

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


HENLY ENGINEERING: Creditors' Proofs of Debt Due on October 31
--------------------------------------------------------------
The creditors of Henly Engineering Limited are required to file
their proofs of debt by October 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


INTERFORM INVESTMENT: Proofs of Debt Due on October 31
------------------------------------------------------
The creditors of Interform Investment Company Limited are required
to file their proofs of debt by October 31, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


JOINT WEALTHY: Creditors' Proofs of Debt Due on October 31
----------------------------------------------------------
Joint Wealthy Holdings Limited requires its creditors to file
their proofs of debt by October 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


LONGWAY CONSTRUCTION: Proofs of Claim Due on October 31
-------------------------------------------------------
The creditors of Longway Construction Engineering Limited are
required to file their proofs of debt by October 31, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


PATTERN ENTERPRISES: Proofs of Debt Due on October 31
-----------------------------------------------------
Pattern Enterprises (International) Limited requires its creditors
to file their proofs of debt by October 31, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


POLYWIN ENGINEERING: Proofs of Claim Due on October 31
------------------------------------------------------
The creditors of Polywin Engineering Limited are required to file
their proofs of debt by October 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Stephen Liu Yiu Keung
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong



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

HARYANA POWER: CRISIL Assigns 'BB' Corp. Credit Rating
------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR BB' to
Haryana Power Generation Corporation Ltd (HPGCL).  The rating
reflects HPGCL’s weak operating performance and financial risk
profile, and exposure to risks relating to concentration of
revenues in off-takers with below-average credit risk profiles.
These weaknesses are, however, partially offset by HPGCL’s stable
cash flows, backed by the regulated nature of its operations.

HPGCL’s operations are marked by high station heat rate (SHR) and
high auxiliary consumption; in 2007-08 (refers to financial year,
April 1 to March 31), it reported an SHR of around 2802 kilo
calories per kilo watt hour (kcal/kwh) as against 2708 kcal/kwh
approved by the Haryana Electricity Regulatory Commission (HERC);
likewise, its auxiliary consumption, at 10.11 per cent, was higher
than the regulator-prescribed maximum of 9.5 per cent.  HPGCL also
has a weak financial risk profile, marked by high gearing and poor
debt protection measures.  As on March 31, 2008, the company had a
gearing of 3.3 times.  Its debt protection measures for the year
ended March 31, 2008 were also weak, with an interest coverage
ratio of 1.8 times.  HPGCL receives its entire revenues from two
distribution companies (discoms); the credit profiles of these
discoms are weak, and are unlikely to improve significantly over
the medium term.

                           About HPGCL

In August 1998, the erstwhile Haryana State Electricity Board was
unbundled into two corporate bodies: HPGCL, for the generation of
power, and Haryana Vidyut Prasaran Nigam Ltd (HVPNL), for the
transmission and distribution of power within the state.  In July
1999, the distribution function was separated from HVPNL, and two
discoms, Uttar Haryana Bijli Vitran Nigam Ltd (UHBVNL) for North
Haryana circles and Dakshin Haryana Bijli Vitaran Nigam Ltd
(DHBVNL) for South Haryana, were formed. In April 2008, the
Government of Haryana passed a notification for transferring the
rights relating to procurement/trading of electricity from HPGCL
to UHBVNL and DHBVNL.

The main objective of HPGCL is to generate power in Haryana from
existing generating stations, and sell this exclusively to the two
discoms.  HPGCL had a total generating capacity of 1587.4
megawatts (MW) of power as on March 31, 2008, and plants at
Faridabad, Panipat, and Yamuna Nagar.  HPGCL posted a profit after
tax (PAT) of Rs.262.85 million on net sales of Rs.63.10 billion in
2007-08, as against a PAT and net sales of Rs.16.85 million and
Rs.52.98 billion, respectively, in the previous year.


GENERAL MOTORS: Launches Auto Loan Initiative
---------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp. launched on October 17, an initiative dubbed
"Financing
that Fits," aimed at letting consumers know they can still secure
credit for a new GM car or truck.

WSJ relates that auto lenders like GMAC LLC have decided to
tighten lending terms.  As reported in the Troubled Company
Reporter on Oct. 15, 2008, GMAC'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.  Mr. de Molina
said that the company may cut auto lending in some international
markets and that it is considering "strategic initiatives."  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 WSJ, GM spokesperson John McDonald said that the
campaign will show buyers that there are hundreds of banks, credit
unions, and other lenders who are willing to do auto loans and
leases.  The report says that GM will try to do a sizeable chunk
of its lower-cost lending programs through GMAC.

Mr. McDonald read off a list of banks, lenders, and credit unions
participating in the program, although he acknowleged that buyers
may not be doing business "with the lender your used to," WSJ
reports.

                    About General Motors

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

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


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


GENERAL MOTORS: Appoints James Taylor as Hummer CEO
---------------------------------------------------
General Motors Corp., as part of the ongoing business and
strategic review of its Hummer brand, appointed James E. Taylor as
Hummer's CEO.

Mr. Taylor, formerly a Cadillac general manager, is responsible
for the future strategy and current business of Hummer worldwide.
This move marks a progression in the ongoing strategic review
process and establishes the lead management structure for Hummer
going forward.  Martin Walsh, currently general manager of Hummer,
will team with Mr. Taylor on the transition and ongoing dealer
relations, and then will move to another assignment that will be
announced soon.

Mr. Taylor has been Cadillac general manager since 2004, and even
prior to that he was a key architect in Cadillac's design and
technology resurgence.  As the global Vehicle Line Executive for
Cadillac, Mr. Taylor led the development of a series of new models
-- beginning with the Cadillac CTS -- that ushered in a new and
distinctive generation of dramatically designed, high performing
vehicles.  Mr. Taylor joined GM in 1980 and since has held a
number of business and marketing leadership roles, including those
at Saturn, Adam Opel, Worldwide Purchasing and GM Truck.

Mr. Taylor reports to Mark C. McNabb, North America vice
president, Cadillac/Premium Channel.  Mr. McNabb joined GM in 2008
to assume leadership of GM's premium brands, Cadillac, Hummer and
Saab USA.

"By creating a new and more comprehensive leadership position for
Hummer with Jim Taylor as the top executive, we are bolstering the
strategic review process and the brand," said Mark LaNeve, GMNA
vice president of Vehicle Sales, Service and Marketing.  "At the
same time, we're sharpening our focus on Cadillac as GM's flagship
brand in the global luxury marketplace under Mark McNabb's
leadership," Mr. LaNeve added.

                    About General Motors

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

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

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


GENERAL MOTORS: Wants Merger Deal With Chrysler This Month
----------------------------------------------------------
General Motors Corp. wants to reach a merger deal with Chrysler
LLC before the end of October, The Wall Street Journal reports,
citing sources familiar with the matter.

John Letzing at MarketWatch relates that banks and other lenders
support the planned merger.  WSJ relates that J.P. Morgan Chase &
Co. -- one of Chrysler's largest holders -- and Cerberus Capital
Management, which owns Chrysler, are supporting the deal.

According to WSJ, sources said that GM is seeking to complete the
deal as soon as the end of this month, as it is expected to report
dismal third-quarter earnings in coming weeks and is looking new
sources of funding.  The report says that GM has created teams of
people analyzing potential cost-cutting and savings it can do with
Chrysler.

WSJ states that GM will lay off 1,500 workers in coming months at
three assembly plants.  Marketwatch relates that the layoffs will
affect hourly workers at plants in Michigan and Delaware.

           Chrysler CEO Won't Comment on GM Talks

Tom Krisher at The Associated Press relates that Chrysler's CEO
Bob Nardelli didn't comment on the company's merger talks with GM,
but said that a steep drop in U.S. auto sales has led to industry
consolidation.  "It certainly creates an environment for
consolidation where you can get synergies of productivity that
will allow you to be more competitive, not only here in the U.S.
market, but on a global basis," The AP quoted Mr. Nardelli as
saying. Mr. Nardelli said that Chrysler has had to reduce factory
capacity by 1.1 million vehicles due to the slump, The AP relates.

Mr. Nardelli, says The AP, said on the CNBC cable channel that
Chrysler has been open about seeking partners and creating
alliances.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                   About General Motors

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

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

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

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


JET AIRWAYS: Chairman Reinstates 1,900 Retrenched Employees
-----------------------------------------------------------
Jet Airways (India) Ltd Chairman Naresh Goyal has reinstated all
1,900 employees who were handed pink slips "to ensure the jobs of
the remaining 11,100" at the airline, various reports say.

Mr. Goyal disclosed that although it was his mandate to cut costs,
his conscience did not allow him to do so based solely on economic
conditions in the industry, The Times of India relates.  He noted
it was his personal decision and not due to any political
pressure.

Jet Airways CEO Wolfgang Prock-Schauer said that the aviation
industry in India, a US$6-billion turnover industry, is expected
to lose US$2 billion in 2008 through 2009 due to record high fuel
prices, the financial market turmoil and downturn in traffic, the
Hindu notes.

According to The Hindu, many of the retrenched employees are in
their late teens or early 20s, and several of them are willing to
work for a basic salary of around Rs.10,000 without any flight
allowance.

Mr. Goyal, The Economic Times relates, mentioned that he has not
yet decided on the salary revision.

The Troubled Company Reporter-Asia Pacific on Oct. 16, 2008,
citing The Hindu, reported that Jet Airways announced lay off of
around 850 cabin crew members and 1,100 employees "covering all
categories".

Jet Airways earlier said it will halt its Mumbai-Shanghai-San
Francisco route effective Jan. 13, 2009.

As to its recent agreement with Kingfisher Airlines, Mr. Goyal
told the Economic Times that the sacking had nothing to do with
the deal.  He said a steering group has been constituted to work
out rationalization of routes and other things.

The TCR-AP reported that 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.

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.

                 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.


SUMITA TEX: CRISIL Rates Various Bank Facilities at 'BB'
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to the
various bank facilities of Sumita Tex Spin Pvt Ltd (Sumita):

   Rs. 260.0 Million Term Loan         BB/Stable (Assigned)
   Rs. 250.0 Million Cash Credit       BB/Stable (Assigned)
   Rs. 60.0 Million Letter of Credit   P4 (Assigned)
   Rs. 30.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Sumita’s current weak financial risk profile,
exposure to risks arising out of debt-funded capital expenditure
(capex) programme, and limited pricing flexibility due to
commoditised nature of the product.  These weaknesses are,
however, partially offset by its established presence in the
texturising industry.

Outlook: Stable

CRISIL believes that Sumita will maintain steady growth in
operating income over the medium term.  However, the company’s
gearing is expected to remain high owing to its ongoing debt-
funded capex programme and its continued dependence on bank
borrowings to fund its increased working capital requirements.
The outlook may be revised to ‘Positive’ if there is a substantial
improvement in the financial risk profile with infusion of fresh
equity, or improved operational cash flows from the expansion
project.  Conversely the outlook may be revised to ‘Negative’ in
case of time and cost overruns, or inadequate accruals from
expansion initiatives.

                          About Sumita

Incorporated in July 1982, Sumita is engaged in texturising of
partially-oriented yarn (POY).  The company was promoted by Mr.
O.P. Poddar and is currently managed by his son, Mr. Anurag
Poddar.  The promoters have been in the textile business for more
than 30 years. Sumita is an established player in the texturising
market.  The company has its manufacturing unit at Silvasa with an
installed capacity of 26500tpa.  Sumita reported a profit after
tax (PAT) of Rs.28.8 million on net sales of Rs.1063.4 million in
2007-08 (refers to financial year, April 1 to March 31) against a
PAT of Rs.24.1 million on net sales of Rs.841.3 million for the
previous year.



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

PT PERTAMINA: Wants Bigger Stake in West Madura Block
-----------------------------------------------------
PT Pertamina plans to increase its stake in the West Madura block,
East Java, to acquire greater authority in the block's management,
Jakarta Post reports.  The company currently holds 50% of the
block.

"With a 50% stake, Pertamina can still be voted out during a
vote," Pertamina corporate vice president for upstream Karen
Agustiawan said, The Post relates.

South Korea's Kodeco Energy -- currently operator for the block --
and China's National Offshore Oil Corp. (CNOOC) each control a 25%
stake in the block, the report notes.

Pertamina also plans to function as operator for the block, the
report adds.

The West Madura block produces about 6,500 barrels of oil per day
and 45 million cubic feet gas per day (mmcfsd) The Post notes.

                       About PT Pertamina

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

                          *     *     *

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

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


PT PERTAMINA: Urged to Unveil Plans to Abandon Gas Subsidy
----------------------------------------------------------
Antara News reports that Ari Purbono, a member of the commission B
of the Semarang municipal legislative body asked PT Pertamina not
to hesitate to unveil its plan to withdraw subsidized kerosene
after the kerosene-to-gas conversion program has been 100%
implemented in Semarang city.

According to the report, the company had originally planned to
withdraw subsidized kerosene from the local market in the second
week of October 2008 but failed to do it.

""The people must be aware of the matter.  Pertamina needs to be
transparent as not all the people have been informed of the
matter," Mr. Purbono was quoted by Antara as saying.

Before announcing the plan, the company should familiarize the
people with the prices of non-subsidized kerosene so that they
would be prepared to buy the fuel at non-subsidized prices, the
report adds citing Mr. Purbono as saying.

                       About PT Pertamina

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

                          *     *     *

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

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


* INDONESIA: May Lose US$6.2BB in 2009-2010 Timber Exports
----------------------------------------------------------
Indonesia may lose up to US$6.2 billion in timber exports in 2009-
2010 as buyers abroad may postpone imports as a result of the
global financial crisis, Antara News reports.

Executive Director of Greenomics Indonesia Elfian Effnedi said
that the losses do not include possible decline in the exports of
pulp and paper, Antara stated.

Mr. Effnedi also added that the worst possible impact is
moratorium in timber imports from Indonesia by countries like the
United States, Japan and Europe, Antara notes.



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

ATARI INC: Seeks to Deregister Unsold Shares Following Merger
-------------------------------------------------------------
Atari Inc. has filed post-effective amendments to remove from
registration any securities of the company that remain unsold at
the termination of the offering subject to the registration
statements.

The company seeks to remove from registration:

  -- the Form S-8 Registration Statement (Registration No.
     333-33353) pertaining to the registration of 4,000,000
     shares of its common stock, par value US$0.01 per share,
     originally issuable pursuant to the GT Interactive Software
     Corp. 1997 Stock Incentive Plan was originally filed with
     the Securities and Exchange Commission on Aug. 11, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-39353) pertaining to the registration of 741,727 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the The Singletrac
     Entertainment Technologies, Inc. 1996 Equity Incentive Plan
     and the Singletrac 1997/98 Employee Bonus Plan was
     originally filed with the Securities and Exchange Commission
     on Nov. 3, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-61197) pertaining to the registration of 4,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1997 Stock Incentive Plan was originally
     filed with the Securities and Exchange Commission on
     Aug. 11, 1998;

  -- The Form S-8 Registration Statement (Registration No.
     333-62271) pertaining to the registration of 1,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1998 Employee Stock Purchase Plan was
     originally filed with the Securities and Exchange Commission
     on Aug. 26, 1998;

  -- the Form S-8 Registration Statement (Registration No.
     333-54878) pertaining to the registration of 13,308,345
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the Infogrames, Inc.
     2000 Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on Feb. 2, 2001; and

  -- the Form S-8 Registration Statement (Registration No.
     333-88804) pertaining to the registration of 568,328 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the Infogrames, Inc. 2000
     Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on May 22, 2002.

On 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.

As a result of the merger, the company has terminated all
offerings of the Company's securities pursuant to certain existing
registration statements.

                         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.


DTC THREE: S&P Places BB-Rated Class E Notes on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its ratings on DTC Three Funding Ltd.'s
(DTC3) apartment mortgage-backed pass-through notes, classes A to
E; DTC Eight Funding Ltd.'s (DTC8) pass-through secured notes,
classes A to E; and DTC Nine Funding Ltd.'s (DTC9) pass-through
secured notes, classes A1, A2, and B.

At the same time, S&P affirmed its 'AAA' rating on DTC3's class X
notes and its 'BBB' rating on DTC8's class N notes because the
ratings do not address the full and timely payment of interest on
those notes.

The ratings on the notes placed on CreditWatch negative address
the ultimate repayment of principal by the respective legal final
maturity dates of the transactions, and the full and timely
payment of interest.  The CreditWatch placements reflect concern
over possible shortfalls in liquidity in the absence of advancing
agents for the three transactions.  Lehman Brothers Japan Inc. had
served as the advancing agent for the three transactions before it
filed for bankruptcy protection with the Tokyo District Court on
Sept. 16.  Under the transaction contracts, the relevant
servicers are required to select an appropriate advancing agent
within 30 days of an advancing agent replacement event.

At this point, the performance of the underlying apartment loans
is not a major source of concern for S&P's rating analysis. The
CreditWatch placements are not tied to the performance of the
underlying assets of the transactions.

The notes relating to the CreditWatch placements are ultimately
secured by a pool of apartment loans originated by Lehman Brothers
Commercial Mortgage KK (formerly New Century Finance Co. Ltd.).
The loans were granted to fund the construction costs and
miscellaneous expenses of newly constructed apartment buildings
built and managed by Daito Trust Construction Co. Ltd.

In resolving the CreditWatch placements and deciding on any future
rating actions, S&P will assess the available liquidity support in
light of the transactions' current liquidity levels and whether
new advancing agents are being selected.

Ratings on CreditWatch Negative:

DTC Three Funding Ltd.
Apartment loan backed RMBS

Class   Rating          Initial Amount   Coupon Type
-----   ------          --------------   -----------
A-1     AAA/Watch Neg   JPY8,220 mil.   Floating rate
A-2     AAA/Watch Neg   JPY5,610 mil.   Floating rate
B       AA/Watch Neg    JPY870 mil.     Floating rate
C       A/Watch Neg     JPY540 mil.     Floating rate
D       BBB/Watch Neg   JPY690 mil.     Floating rate
E       BB/Watch Neg    JPY776 mil.     Floating rate


DTC Eight Funding Ltd.

Structured secured notes due 2038

Class   Rating          Initial Amount  Coupon Type
-----   ------          --------------  ------------
A       AAA/Watch Neg   JPY35,000 mil   Floating rate
B       AA/Watch Neg    JPY1,780 mil.   Floating rate
C       A/Watch Neg     JPY1,620 mil.   Floating rate
D       BBB/Watch Neg   JPY1,210 mil.   Floating rate
E       BB/Watch Neg    JPY240 mil.     Floating rate


DTC Nine Funding Ltd.
Structured secured notes due 2040

Class   Rating          Initial Amount   Coupon Type
-----   ------          --------------   -----------
A1      AAA/Watch Neg   JPY34,200 mil.   Floating rate
A2      AAA/Watch Neg   JPY5,000 mil.    Fixed rate
B       AA/Watch Neg    JPY540 mil.      Floating rate


Ratings Affirmed:

DTC Three Funding Ltd.
Apartment loan backed RMBS

Class   Rating   Coupon Type
------  ------   -----------
X-IO*   AAA      Floating rate
*Class X is interest only.

DTC Eight Funding Ltd.
Structured secured notes due 2038

Class   Rating  Initial Amount   Coupon Type
-----   ------  --------------   -----------
N       BBB      JPY3,900 mil.   Fixed rate


FORD MOTOR: Assures Clients of Auto Loans
-----------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said in a letter to dealers that it still has a credit arm
that will lend clients who buy the company's cars.

According to WSJ, Ford Motor was worried that car buyers were
staying away from showrooms because they were convinced they
wouldn't qualify for a loan.

As reported in the Troubled Company Reporter on Oct. 15, 2008,
GMAC LLC's CEO Al de Molina said that the company has "limited if
any access to funding" for its mortgage and auto-lending units and
that it may cut auto lending in some international markets and
that it is considering strategic initiatives.

WSJ states that a person familiar with the matter said that some
Ford Motor dealers have relayed the corporate letter to potential
clients in e-mails, assuring that the company continues to provide
automotive lending and that "Ford Credit has not tightened its
financing standards."

Ford Motor is considering putting employee pricing on every model
sold in the U.S., with financing through Ford Credit, WSJ relates,
citing a person briefed on the company's plans at a meeting this
month.   According to the report, the campaign
would also have a dealer cash payment of US$500 to US$1,500
included
as part of the program.  The report states that the program could
be launched this month.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on 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-'.


FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine Ford
Motor Co.-related transactions on CreditWatch with negative
implications.

The rating actions reflect the Oct. 9, 2008, placement of the
long-term corporate credit and senior unsecured debt ratings on
Ford Motor Co. (Ford; B-/Watch Neg/NR) and its related entities on
CreditWatch with negative implications.

The nine transactions are pass-through transactions, and the
ratings on the trusts are based solely on the senior unsecured
ratings assigned to the underlying collateral.  The underlying
collateral consists of securities issued by Ford, as indicated in
the list below.

The corporate rating actions on Ford and its affiliates have no
immediate rating impact on the Ford-related asset-backed
securities supported by collateral pools of consumer auto loans or
auto wholesale loans.

             Ratings Placed on Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-
Backed Series 2001-36 Trust

           Rating
           ------
Class   To              From  Underlying collateral
-----   --              ----  ---------------------
A1      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097
A2      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097

Corporate Backed Trust Certificates Ford Motor Company Note-Backed
Series 2003-6 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

CorTS Trust For Ford Debentures

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.4% deb due 11/01/2046

CorTS Trust II For Ford Notes Series 2003-3

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PPLUS Trust Series FMC-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PreferredPlus Trust Series FRD-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg   CCC  7.4% deb due 11/01/2046

Public STEERS Series 1998 F-Z4 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ----------------------
A       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097
B       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097

SATURNS Trust No. 2003-5

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Units   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

Trust Certificates (TRUCs) Series 2002-1 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.7% deb due 05/15/2097


FORD MOTOR: Selling Mazda Stake to 20 Japanese Firms
----------------------------------------------------
Ford Motor Co. is finalizing plans to sell shares in Mazda Motor
Co. to about 20 Japanese firms, including insurers, and will
likely outline the deal by next month, Reuters reports, citing
Nikkei business daily.

On Oct. 17, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Mazda Motor may buy back part
of the one-third share owned by Ford Motor Co., as Ford is
considering to sell its asset in the company.  Ford Motor is
planning to sell its 33% stake in Mazda Motor Corp., and is
holding talks with potential buyer.  Ford apparently aims to raise
funds from the sale, amid its severe state due to weak vehicle
sales and a sharp fall in its stock price below US$2 attributed to
the credit crisis, the same report said.

According to Reuters, citing Mainichi daily, Ford has approached
five nonlife insurers:

-- Tokio Marine Holdings,
-- Mitsui Sumitomo Insurance Group Holdings,
-- Sompo Japan Insurance,
-- Nipponkoa Insurance, and
-- Aioi Insurance.

Besides the insurers, companies including trading houses, Sumitomo
Corp and Itochu Corp; parts maker Denso Corp, and steel makers are
likely buyers of Mazda shares.

According to Reuters, the media said each company is to buy about
1% in Mazda, the equivalent of about US$40 million based on
Mazda's market value on Thursday, and Ford is expected to raise
some JPY100 billion (US$1 billion).

Meanwhile, Reuters adds that Mainichi said Ford does not want to
sell Mazda shares to rival automakers because the two companies
intend to continue their business partnership that include
operations of jointly owned factories in Thailand, China, and the
United States.

                       About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.

                         About Ford Motor

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. 15, 2008,
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and other ratings on Ford Motor Co. on
CreditWatch with negative implications.  "The CreditWatch
placement reflects the rapidly weakening state of most global
automotive markets along with capital market conditions that will
remain a major challenge for the foreseeable future," said
Standard & Poor's credit analyst Robert Schulz.  Included in the
CreditWatch placement is Ford's finance unit, Ford Motor Credit
Co. (B-/Watch Neg/--).  S&P believes Ford has adequate liquidity
for at least the rest of 2008 as measured by cash balances, and
available bank facilities, but the accelerating deteriorating
industry fundamentals will be a serious challenge to liquidity
during 2009.

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-'.


* S&P Puts Lehman-Based Japanese CMBS Tranche Ratings on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its ratings on several tranches relating to
five Japanese commercial mortgage-backed securities (CMBS)
transactions in which affiliates of Lehman Brothers Holdings Inc.
had served as interest hedge counterparties and/or advancing
agents.  The actions affect the ratings on G.K. L-JAC4 Funding's
class A-2 to G-3 bonds; L-JAC Five Trust Beneficial Interest's
class A to J-1 trust certificates; L-JAC Six Trust Beneficial
Interest's class A trust certificates; L-JAC 7 Trust Beneficial
Interest and Trust Loan's class A to C trust certificates, class
D-1 to K-1 trust certificates, and trust loan; and L-JAC 8 Trust
Beneficial Interest's class A trust beneficial interest.

At the same time, Standard & Poor's affirmed its ratings on L-JAC
Six's class B-1 to G-1 trust certificates, L-JAC 7's class D-2 to
J-2 and D-3 to I-3 trust certificates, and L-JAC 8's class B to K
trust certificates, since the ratings on these classes do not
address the full and timely payment of interest based on the
assumption that interest will be paid by the respective legal
final maturity dates.  S&P also affirmed the ratings on L-JAC 4's
class X-1 and X-2 trust certificates, L-JAC Five's class X trust
certificates, L-JAC Six's class X-1 and X-2 trust certificates,
L-JAC 7's class X trust certificates, and L-JAC 8's class X trust
certificates, because the ratings address the fact that interest
on these classes is paid on the respective due dates only when
available.

The CreditWatch placements reflect concerns over a possible rise
in interest rate mismatch risk and liquidity risk. As stated
above, affiliates of Lehman Brothers Holdings had served as
interest hedge counterparties and/or advancing agents for these
transactions. Following the Sept. 15 bankruptcy filing of Lehman
Brothers Holdings, eligible institutions to replace these
affiliates have not yet been appointed.

These five CMBS transactions are backed by nonrecourse loans and
specified bonds originated or underwritten by Lehman Brothers
Japan Inc. and its affiliates, which in turn are ultimately backed
by real estate properties and/or real estate beneficial interests.
Premier Asset management Co. is the servicer for all five
transactions.

Standard & Poor's will review its ratings after examining the
prospects for appointing replacement interest hedge counterparties
and advancing agents, and the impact on interest payments under a
scenario of interest rate hikes.  Standard & Poor's will also
review how failure to make timely interest payments on the
underlying loans and bonds would affect the liquidity of each
transaction.

On Sept. 18, 2008, Standard & Poor's published a related media
release titled, "Five Japanese CMBS Transactions Have Possible
Exposure To Lehman Bankruptcy Filing".

Ratings placed on CreditWatch Negative:

G.K. L-JAC4 Funding
Floating/fixed-rate bonds/certificates due May 2015

Class    Rating      Outstanding bal  Initial Amt   Coupon type
-----   -------      ---------------  -----------   -----------
A-2    AAA/WatchNeg    JPY18.9 bil.    JPY25 bil.  Floating Rate
B-2    AA/WatchNeg     JPY4.28 bil.   JPY5.2 bil.  Floating Rate
C-2    A/WatchNeg       JPY4.0 bil.   JPY4.8 bil.  Floating Rate
D-2    BBB+/WatchNeg    JPY1.1 bil.   JPY1.9 bil.  Floating Rate
E-2    BBB/WatchNeg    JPY0.46 bil.   JPY0.8 bil.  Floating Rate
F-2    BBB-/WatchNeg   JPY0.29 bil.   JPY0.5 bil.  Floating Rate
G-2    BB+/WatchNeg    JPY0.29 bil.   JPY0.5 bil.  Floating Rate
D-3A   BBB/WatchNeg     JPY1.0 bil.   JPY1.0 bil.  Floating Rate
D-3B   BBB/WatchNeg     JPY2.3 bil.   JPY2.3 bil.  Fixed Rate
E-3    BBB-/WatchNeg    JPY1.2 bil.   JPY1.2 bil.  Fixed Rate
F-3    BB+/Watch Neg    JPY1.1 bil.   JPY1.1 bil.  Fixed Rate
G-3    BB/Watch Neg     JPY0.4 bil.   JPY0.4 bil.  Fixed Rate

L-JAC Five Trust Beneficial Interest
Floating-rate trust certificates due August 2015


Class    Rating      Outstanding bal  Initial Amt   Coupon type
-----    ------      ---------------  -----------   -----------
A      AAA/WatchNeg   JPY37.44 bil.  JPY41.5 bil.  Floating Rate
B      AA/WatchNeg     JPY6.68 bil.   JPY7.2 bil.  Floating Rate
C      A/WatchNeg      JPY5.66 bil.   JPY6.1 bil.  Floating Rate
D-1    BBB/Watch Neg   JPY1.69 bil.   JPY1.7 bil.  Floating Rate
D-2    BBB/Watch Neg   JPY1.53 bil.  JPY1.75 bil.  Floating Rate
D-3    BBB/Watch Neg    JPY0.6 bil.  JPY0.64 bil.  Floating Rate
E-1    BBB-/Watch Neg   JPY0.5 bil.   JPY0.5 bil.  Floating Rate
E-2    BBB-/Watch Neg   JPY0.7 bil.   JPY0.8 bil.  Floating Rate
F-1    BB+/Watch Neg    JPY0.5 bil.   JPY0.5 bil.  Floating Rate
F-2    BB+/Watch Neg   JPY0.51 bil.  JPY0.58 bil.  Floating Rate
G-1    BB/Watch Neg     JPY0.5 bil.   JPY0.5 bil.  Floating Rate
G-2    BB/Watch Neg    JPY0.35 bil.   JPY0.4 bil.  Floating Rate
H-1    BB-/Watch Neg   JPY0.53 bil.   PY0.53 bil.  Floating Rate
I-1    B+/Watch Neg    JPY0.56 bil.  JPY0.56 bil.  Floating Rate
J-1    B/Watch Neg     JPY0.37 bil.  JPY0.37 bil.  Floating Rate

L-JAC Six Trust Beneficial Interest

Floating-rate trust certificates due October 2016

Class  Rating        Outstanding bal  Initial Amt   Coupon type
-----  ------        ---------------  -----------   -----------
A      AAA/Watch Neg  JPY59.22 bil.  JPY59.7 bil.  Floating Rate

L-JAC 7 Trust Beneficial Interest and Trust Loan
Trust certificates due October 2014

Class   Rating      Outstanding bal  Initial Amt   Coupon type
-----   ------      ---------------  -----------   -----------
A       AAA/WatchNeg  JPY11.34 bil. JPY11.75 bil.  Floating Rate
TrstLoan AAA/WatchNeg   JPY8.2 bil.  JPY8.50 bil.  Floating Rate
B        AA/WatchNeg   JPY3.15 bil.  JPY3.15 bil.  Floating Rate
C         A/WatchNeg   JPY3.14 bil.  JPY3.14 bil.  Floating Rate
D-1     BBB/WatchNeg   JPY1.88 bil.  JPY1.88 bil.  Floating Rate
E-1    BBB-/WatchNeg   JPY0.61 bil.  JPY0.61 bil.  Floating Rate
F-1     BB+/WatchNeg    JPY0.8 bil.  JPY0.80 bil.  Floating Rate
G-1      BB/WatchNeg   JPY0.71 bil.  JPY0.71 bil.  Floating Rate
H-1     BB-/WatchNeg   JPY0.68 bil.  JPY0.68 bil.  Floating Rate
I-1      B+/WatchNeg   JPY0.65 bil.  JPY0.65 bil.  Floating Rate
J-1       B/WatchNeg    JPY0.5 bil.  JPY0.50 bil.  Floating Rate
K-1      B-/WatchNeg   JPY0.15 bil.  JPY0.15 bil.  Floating Rate

L-JAC8 Trust Beneficial Interest
Trust certificates due January 2013

Class    Rating      Outstanding bal  Initial Amt   Coupon type
-----    ------      ---------------  -----------   -----------
A      AAA/Watch Neg   JPY8.78 bil.  JPY8.78 bil.  Floating Rate

Ratings Affirmed:

G.K. L-JAC4 Funding
Floating/fixed-rate bonds/certificates due May 2015


Class  Rating  Outstanding bal  Initial Amt   Coupon type
-----  ------  ---------------  -----------   -----------
X-1    AAA      JPY35.32 bil.  JPY78.7 bil. (notional principal)
X-2    AAA      JPY35.32 bil.  JPY78.7 bil. (notional principal)

L-JAC Five Trust Beneficial Interest
Floating-rate trust certificates due August 2015

Class  Rating  Outstanding bal  Initial Amt      Coupon type
-------------  ---------------  -----------      -----------
   X    AAA     JPY58.09 bil.  JPY63.63 bil. (notional principal)

L-JAC Six Trust Beneficial Interest
Floating-rate trust certificates due October 2016

Class  Rating  Outstanding bal  Initial Amt   Coupon type
-----  ------  ---------------  -----------   -----------
B-1    AA        JPY8.4 bil.    JPY8.4 bil.   Floating Rate
C-1    A         JPY8.5 bil.    JPY8.5 bil.   Floating Rate
D-1    BBB       JPY9.5 bil.    JPY9.5 bil.   Floating Rate
E-1    BBB-      JPY3.2 bil.    JPY3.2 bil.   Floating Rate
F-1    BB+       JPY4.2 bil.    JPY4.2 bil.   Floating Rate
G-1    BB        JPY4.0 bil.    JPY4.0 bil.   Floating Rate
X-1    AAA     JPY97.02 bi     JPY97.5 bil. (notional principal)
X-2    AAA     JPY97.02 bil.   JPY97.5 bil. (notional principal)

L-JAC 7 Trust Beneficial Interest and Trust Loan
Trust certificates due October 2014

Class  Rating  Outstanding bal  Initial Amt    Coupon type
-----  ------  ---------------  -----------    -----------
D-2    BBB       JPY1.1 bil.   JPY1.10 bil.   Floating Rate
D-3    BBB       JPY0.6 bil.   JPY0.60 bil.   Floating Rate
E-2    BBB-     JPY0.56 bil.   JPY0.56 bil.   Floating Rate
E-3    BBB-     JPY0.27 bil.   JPY0.27 bil.   Floating Rate
F-2    BB+      JPY0.49 bil.   JPY0.49 bil.   Floating Rate
F-3    BB+      JPY0.26 bil.   JPY0.26 bil.   Floating Rate
G-2    BB       JPY0.48 bil.   JPY0.48 bil.   Floating Rate
G-3    BB       JPY0.26 bil.   JPY0.26 bil.   Floating Rate
H-2    BB-      JPY0.64 bil.   JPY0.64 bil.   Floating Rate
H-3    BB-       JPY0.3 bil.   JPY0.30 bil.   Floating Rate
I-2    B+       JPY0.62 bil.   JPY0.62 bil.   Floating Rate
I-3    B+       JPY0.33 bil.   JPY0.33 bil.   Floating Rate
J-2    B        JPY0.53 bil.   JPY0.53 bil.   Floating Rate
X      AAA     JPY38.26 bil.  JPY38.96 bil. (notional principal)

L-JAC8 Trust Beneficial Interest
Trust certificates due January 2013

Class  Rating  Outstanding bal  Initial Amt     Coupon type
-----  ------  ---------------  -----------     -----------
B      AA       JPY1.68 bil.   JPY1.68 bil.   Floating rate
C      A        JPY1.68 bil.   JPY1.68 bil.   Floating rate
D      BBB      JPY1.68 bil.   JPY1.68 bil.   Floating rate
E      BBB-     JPY0.79 bil.   JPY0.79 bil.   Floating rate
F      BB+      JPY0.76 bil.   JPY0.76 bil.   Floating rate
G      BB       JPY0.77 bil.   JPY0.77 bil.   Floating rate
H      BB-      JPY0.87 bil.   JPY0.87 bil.   Floating rate
I      B+       JPY0.84 bil.   JPY0.84 bil.   Floating rate
J      B         JPY0.6 bil.    JPY0.6 bil.   Floating rate
K      B-       JPY0.32 bil.   JPY0.32 bil.   Floating rate
X      AAA     JPY18.77 bil.  JPY18.77 bil. (notional principal)



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

MAGNACHIP SEMICONDUCTOR: S&P Junks Corporate Credit Rating to CCC
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Korea-based MagnaChip Semiconductor LLC
(MagnaChip) to 'CCC' from 'B'.  At the same time, S&P lowered its
ratings on the company's senior secured debt to 'CCC' from 'B' and
senior subordinated debt to 'CC' from 'CCC+'.  All ratings were
placed on CreditWatch with negative implications.

The downgrades and CreditWatch placements reflect the company's
severe liquidity problems.  MagnaChip's cash and short-term
investments were US$36.5 million at the end of June 2008, while
its short-term debt was US$85 million.  S&P expects the company's
liquidity to deteriorate further given that it generated about
US$107 million negative free operating cash flow in 2007, and cash
losses continued at a similar pace in the first half of 2008.  On
Oct. 6, 2008, the company announced that it would begin winding
down operations at its loss-making Imaging Solutions business
segment.  However, even if the unit is promptly shut down, its
interim operating cash drain, as well as cash termination costs,
could further challenge the company's liquidity over the coming
months.  Furthermore, other less-challenged business units are
facing weakening global semiconductor market conditions.

The company is trying to improve its liquidity by additional debt
financing; however, there is no certainty that additional funds
will be available.  Furthermore, the company may not be in
compliance with financial covenants with regard to short-term debt
in the fourth quarter of 2008.  Lenders' forbearance in these
circumstances may be problematic.

The company could face a cash default unless MagnaChip receives
significant additional liquidity in the immediate future.  S&P
could also lower the ratings if the company violates its loan
covenants.  In the less likely event that the company is able to
stem its cash losses and can execute a successful transaction that
shores up its tenuous financial risk profile, a limited degree of
credit improvement is possible.



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

CAMARONI FISHING: Wind-Up Petition Hearing Set for November 17
--------------------------------------------------------------
The High Court at Rotorua will hold a hearing on November 17,
2008, at 10:45 a.m., to consider putting Camaroni Fishing Tours
Limited into liquidation.

The application was filed on August 27, 2008, by  the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0416
          Facsimile: (07) 959 7614

Rachel L. Scott is the plaintiff's solicitor.


CAMPET CONSTRUCTION: Michael Gilbert Appointed as Liquidator
------------------------------------------------------------
Pursuant to section 255(2) of the Companies Act 1993, John Michael
Gilbert was appointed liquidator of Campet Construction Limited on
September 16, 2008.

The liquidator can be reached at:

          J. M. Gilbert
          C & C Strategic Limited
          Private Bag 47927
          Ponsonby, Auckland
          Telephone: (09) 376 7506
          Facsimile: (09) 376 6441


DENNY'S CORP: Same Store Sales Decline for Quarter Ended Sept. 24
-----------------------------------------------------------------
Denny's Corporation disclosed in a Securities and Exchange
Commission filing same-store sales for its company-owned and
franchised restaurants during the quarter ended Sept. 24, 2008,
compared with the related period in fiscal year 2007.

Nelson Marchioli, President and Chief Executive Officer, stated,
"We expect to report strong income growth in the third quarter
despite the ongoing macroeconomic decline.  We believe our recent
sales initiatives positively impacted our business but were unable
to offset reduced consumer spending, particularly in our lead
states of California and Florida.  Our ongoing transition towards
a franchise-based business model and our focus on profitable sales
programs have allowed us to protect operating margins and maximize
restaurant level cash flow."

                             3rd Quarter        Year-to-Date
                            2008      2007     2008      2007
                            ----      ----     ----      ----
Same-Store Sales
  Company Restaurants      (2.7%)     1.3%    (0.9%)     0.7%
  Franchised Restaurants   (6.1%)     3.2%    (3.6%)     2.2%
  System-wide Restaurants  (5.1%)     2.5%    (2.8%)     1.6%

Company Restaurant Sales
   Guest Check Average      6.7%      6.0%     6.3%      4.1%
   Guest Counts            (8.8%)    (4.5%)   (6.7%)    (3.2%)

Denny's ended the third quarter with a system mix of 78%
franchised and licensed restaurants and 22% company restaurants
compared with 66% franchised and licensed restaurants and 34%
company restaurants prior to the launch of the Franchise Growth
Initiative (FGI) in early 2007.  During the third quarter, Denny's
closed one company restaurant and sold 21 company restaurants to
franchisee operators under FGI.  Also during the quarter,
franchisees opened eight new restaurants, closed fourteen and
purchased 21 company restaurants.

Based on preliminary, unaudited results for the third quarter of
2008, Denny's expects adjusted income before taxes in the range of
US$8.0 to US$8.5 million, an increase of 38-47% compared with
adjusted income of US$5.8 million in the prior year period.  The
improvement in Denny's third quarter earnings is due primarily to
growth in its higher-margin franchise business and proactive menu
management, as well as lower depreciation expense from asset sales
and lower interest expense from debt reduction.  In addition, the
company expects to report total operating revenue of approximately
US$189.0 million compared with US$241.4 million in the prior year
period due primarily to the sale of 136 company restaurants over
the last four quarters.

                      About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain, consisting of 354 company-
owned units and 1,191 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam, Mexico,
New Zealand and Puerto Rico.

At June 25, 2008, the company's consolidated balance sheet showed
US$354.7 million in total assets and US$526.7 million in total
liabilities, resulting in a US$172.0 million stockholders'
deficit.

The company's consolidated balance sheet at June 25, 2008, also
showed strained liquidity with US$42.1 million in total assets
available to pay US$115.5 million in total current liabilities.


ECO-SOURCE NZ: Wind-Up Petition Hearing Set for October 31
----------------------------------------------------------
The High Court at Auckland will hold a hearing on October 31,
2008, at 10:45 a.m., to consider putting Eco-Source NZ Limited
(trading as Source Design and Print) into liquidation.

The application was filed on July 16, 2008, by Paperlinx (NZ)
Limited (trading as Spicers Paper).

The plaintiff's address for service is at:

          Russell McVeagh
          Level 30
          Vero Centre
          48 Shortland Street
          Auckland

S. A. Armstrong is the plaintiff's solicitor.


FLETCHER BUILDING: Reducing Workforce Amid Economic Slowdown
------------------------------------------------------------
Fletcher Building has shed about 600 jobs in the past three months
as economy slows down, various reports say.

According to The New Zealand Herald, Fletcher chief executive
Jonathan Ling said most of the 600 jobs shed so far had been
casual, temporary or part-time staff as well as natural attrition.

Mr. Ling said the staff lost had been working at national building
trade and DIY hardware chain PlaceMakers and manufacturers
Winstone Wallboards and Laminex.

Citing Fletcher Building's general manager for investor relations
Phillip King, Radio New Zealand News reports that many factors
have contributed to the cuts.

Radio New Zealand relates the company's sales at its retail arms,
including Placemakers, have dropped following a slowdown in the
construction of new homes.

Mr. King said the company is uncertain about what will unfold in
the next few months but he says it is bracing for more bad news.

Mr. King cannot confirm if more jobs will be lost, but says
Fletcher Building will be monitoring its business performances to
determine its next step, Radio New Zealand adds.

Fletcher employs 18,500 people internationally and about 9000
people in New Zealand.

                      About Fletcher Building

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

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

                         *     *     *

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

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


NAVIGATOR CONSULTING: High Court Appointed Liquidators
------------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the High
Court at Auckland has appointed Henry David Levin, insolvency
specialist, and David Stuart Vance, chartered accountant, as
liquidators of Navigator Consulting Limited.

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

Creditors and shareholders may direct their inquiries to:

          Mayura Sathiyaselvan
          Deloitte
          Level 8, Deloitte House
          8 Nelson Street
          Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


PARAKAI RESORTS: Liquidators Set November 18 as Claims Bar Date
---------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Parakai Resorts Holdings Limited resolved
that the company be liquidated and appointed Clive Ashley Johnson,
insolvency practitioner of Auckland,  as liquidator on
September 11, 2008.

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

Creditors and shareholders may direct their inquiries to:

          C. A. Johnson
          PO Box 33171
          Auckland
          Telephone: (09) 377 5536
          Facsimile: (09) 377 5537


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 appointed
John Trevor Whittfield and Victoria Toon, insolvency practitioners
of Auckland, as liquidators on September 12, 2008.

The liquidators set October 31, 2008, as 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


RALLYFANZ LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Palmerston North held a hearing on October 13,
2008, to consider an application putting Rallyfanz Limited into
liquidation.

The application was filed on May 28, 2008, by Charles Robert
Nelson Leicester.

The plaintiff's address for service is at:

          Cooper Rapley
          240 Broadway Avenue
          PO Box 1945
          Palmerston North

R. Oakley 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 appointed Malcolm
Grant Hollis, chartered accountant, and Rhys James Cain,
insolvency practitioner, both of Christchurch, as liquidators on
September 17, 2008.

The liquidators set October 31, 2008, as 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


SHARP CIVIL: Wind-Up Petition Hearing Set for November 14
---------------------------------------------------------
The High Court at Auckland will hold a hearing on November 14,
2008, at 10:00 a.m., to consider putting Sharp Civil Limited into
liquidation.

The application was filed on June 6, 2008, by Ridge Road Quarry
Limited.

The plaintiff's address for service is at:

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

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


WAIHI CUSTODIANS: High Court Appointed Liquidators
--------------------------------------------------
Pursuant to Section 241(2)(c) of the Companies Act 1993, the High
Court at Auckland has appointed Henry David Levin, insolvency
specialist, and David Stuart Vance, chartered accountant, as
liquidators of Waihi Custodians Limited.

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

Creditors and shareholders may direct their inquiries to:

          Mayura Sathiyaselvan
          Deloitte
          Level 8, Deloitte House
          8 Nelson Street
          Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


* NEW ZEALAND: Bill Defaults Increase; Credit Applications Fall
---------------------------------------------------------------
The number of bill defaults increased 18 per cent in the nine
months to September, up some 24 per cent on the same month a year
ago, David Hargreaves of the BusinessDay.co.nz reports citing
credit information provider, Veda Advantage.  According to the
report, there was a 32 per cent increase in the number of telco
bill defaults in the first nine months of this year.  The figure
had doubled since 2004.

Meanwhile, the report says total applications for consumer credit
for the nine months to September were down 10.5 per cent on the
same period in 2007 and had hit a four-year low.  The report
relates mortgage applications were down a thumping 17 per cent,
hitting their lowest level in six years - which was the start of
the housing boom.  Applications for hire purchase and other types
of credit were similarly affected but credit card applications
were up 10.5 per cent, the report adds.



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

DOLE FOOD: S&P Ratings Unmoved by EU Finding Firm Joined Cartel
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type
of reversal of this fine, S&P believes liquidity would be
sufficient and credit measures would not be materially impacted by
payment of this fine.  As of June 30, 2008, Fresh Del Monte had
cash of about US$34 million and US$277 million available under its
US$600 million revolving credit facility.


FRESH DEL MONTE: S&P Ratings Unmoved by Finding Firm Joined Cartel
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type of
reversal of this fine, S&P believes liquidity would be sufficient
and credit measures would not be materially impacted by payment of
this fine.  As of June 30, 2008, Fresh Del Monte had cash of about
US$34 million and US$277 million available under its US$600
million revolving credit facility.


LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family and
probability of default ratings of Lear Corporation, but lowered
the company's Speculative Grade Liquidity Rating to SGL-3 from
SGL-2.  In a related action, Lear's outlook was changed to
negative.

The rating action is based on the company's recent announcement
that it has further lowered its 2008 earnings guidance as a result
of deteriorating and volatile industry and general economic
conditions.  Lear reduced its full-year 2008 sales outlook from
US$15 billion to approximately US$14 billion and now sees its core
operating earnings down approximately 20% from its previous
guidance of US$550 million to US$600 million issued on July 29,
2008.

While Lear continues to anticipate free cash flow to be positive,
Moody's believes it will be meaningfully lower than the
US$150 million expectation in the company's previous guidance.
Moody's expects the weakening automotive production environment to
adversely impact Lear's operating metrics and could constrain the
magnitude of cushion under the financial covenants in the
company's bank credit facility over the next twelve months.

The negative outlook considers that while the company currently
maintains good credit metrics for the assigned rating, these
metrics will likely moderate due to the severe erosion in industry
fundamentals over the near-term.  Lear's revised guidance reflects
declining North American vehicle sales and production, the shift
in product mix to smaller passenger vehicles in the U.S., and the
lower automotive OEM production in Europe.

The outlook also considers that while Lear has successfully
implemented restructuring programs in the past, the current
industry environment continues to evolve, posing additional
execution risk.

Developments that could lead to a stabilized outlook include
stabilization of industry conditions, OEM market shares in North
America, and restructuring actions at Lear, resulting in margins
which would result in debt/EBITDA sustained below 4.5 times, or
EBIT/Interest coverage sustained at 2 times.

Developments that could lead to lower ratings include recurring
negative free cash flow, deterioration in margins leading to
debt/EBITDA sustained above 6 times, or EBIT/Interest coverage
sustained below 1.3 times.

Lear's Speculative Grade Liquidity rating of SGL-3 indicates
adequate liquidity over the next twelve months.  At June 30, 2008,
Lear's principal liquidity sources included cash balances of
approximately US$624 million, with about one-third of this is
located domestically, and about another one-third is available
internationally.  Moody's expects Lear's ability to generate
positive free cash flow over the next twelve months to be
challenged by the current industry environment.

The company's liquidity profile includes a Euro 315 million
factoring facility which expires in April 2011 and a US$1.29
billion revolving credit facility.  Approximately US$822 million
of the revolving credit facility matures in January 2012; while
approximately US$468 million is due in March 2010.  These
facilities were undrawn at June 30, 2008 with US$61 million of
letters of credit outstanding.  Lear currently has ample room
under the credit facility's covenants with leverage and interest
ratios of 2.1 times and 4.8 times compared to the covenant
thresholds of 3.5 times and 2.75 times, respectively.

However, the combination of current industry OEM production
pressures, which are expected to continue into 2009, and the
tightening of these covenants over the near-term are expected to
reduce the company's current covenant cushions.  The bank debt is
secured by the capital stock of all the company's domestic
subsidiaries and a portion of the first tier foreign subsidiaries,
and certain domestic assets subject to the 10% lien limitation
within the company's bond indentures, above these levels
collateral must be shared with the bonds.  Alternate liquidity is
further limited by the terms of the bank debt.

Ratings Lowered:

-- Speculative Grade Liquidity Rating, to SGL-3 from SGL-2

Ratings Affirmed:

-- Corporate Family Rating, B2
-- Probability of Default, B2
-- Senior Secured Term Loan, B1 (LGD3, 42%)
-- Senior Unsecured Notes, B3 (LGD4, 58%)

Lear Corporation, headquartered in Southfield, Michigan, is
focused on providing complete seat systems, electrical
distribution systems and various electronic products to major
automotive manufacturers across the world.  The company had
revenue of US$16.0 billion in 2007 and employed approximately
91,000 employees in 34 countries.  Following the disposition of
its interior business, Lear expects its ongoing revenues to
approximate US$14.0 billion.


VULCAN INDUSTRIAL: To Raise Php888.41 Mil. Through Stock Offering
-----------------------------------------------------------------
Vulcan Industrial & Mining Corp. is planning to raise
Php888.41 million through a stock rights offering with AB Capital
& Investment Corp. as lead underwriter, Philippine Star reports.
The company will use the stock offering proceeds to fund its
mineral and petroleum projects and settle its debts and advances.

In a registration statement filed with the Securities and Exchange
Commission, the report said that Vulcan will offer a total of
888.41 million common shares at Php1 each share, half of which
shall be payable upon subscription.

Philippine Star added that the shares to be issued will come from
Vulcan's increase in authorized capital stock to Php1.5 billion.

Shareholders can buy three shares for every two shares held as of
a record date yet to be set by the company, the report adds.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

                          *     *     *

Sycip Gorres Velayo raised significant doubt on Vulcan Industrial
& Mining Corporation's ability to continue as a going concern
after auditing the company's financials for the fiscal year ended
Dec. 31, 2007.  The auditors cited that the group has a deficit of
Php83.3 million and Php97 million as of Dec. 31, 2007 and 2006,
respectively.  The Group's current liabilities exceeded its
current assets by Php260.7 million and Php205.4 million,
respectively.


* PHILIPPINES: 2009 Export May Slow Down Due to Crisis
------------------------------------------------------
The government expects the country's exports to slow down next
year, with growth seen between negative 2% and 4% due to a global
financial crisis, Philippine Star reports.

Citing documents from the Development Budget Coordination
Committee (DBCC), the report enumerated three scenarios that took
into account varying economic growths:

   -- under best scenarios, the government expects exports to
      contract by 2% next year and to grow by 4% with the economy
      expected to grow by 5.2% to 6.2%;

   -- under medium-case scenario, the country's merchandise
      exports may not grow at all next year, a sharp decline from
      the DBCC's previous assumption of a 7% export growth for
      2009 with the economy expected to grow by 4.1% to 5.1%; and

   -- under worst-case scenario, the government expects exports to
      contract by 2% next year with the economy expected to grow
      between 3% and 4%.

The country's exports in August rose even as earnings from the
country's top merchandise, electronic products, posted a slight
decline, Philippine Star adds.

The National Statistics Office (NSO) reported that export earnings
rise 6.5% to US$4.388 billion from a year ago, bringing the year's
seven-month period receipts to US$34.23 billion or a 4.4%
improvement, the report notes.


* PHILIPPINES: Bank Lending Up 24.1% in August 2008
---------------------------------------------------
Outstanding loans of commercial banks including reverse repurchase
agreements or RRPs increased in August by 24.1% year-on-year, data
from Bangko Sentral ng Pilipinas shows.

This reflects a slight acceleration in the growth of lending
relative to July, which was at 23.9%.  Bank lending net of banks'
RRP placements with the BSP reflected the same trend, as it
increased by 22.1% year-on-year in August, from 18.5% in July.

Preliminary data for August was obtained from the new system of
bank reporting under the Financial Reporting Package (FRP), which
replaced the Consolidated Statement of Condition (CSOC) reports.
The FRP adopts the detailed classification of the amended 1994
Philippine Standard Industrial Classification (PSIC) for
international comparability.  The FRP also classifies lending by
production activities (which covers 16 economic sectors) and by
household consumption purposes (with three economic categories).
Previously, bank reports classified loans into only nine economic
sectors.

BSP Officer-In-Charge Nestor A. Espenilla, Jr. noted that loans
for production activities led the expansion, growing by
19.8% in August compared to 16.4% in July.  The following
production sectors contributed significantly to lending growth:
wholesale and retail trade (which grew by 54.0%); transportation,
storage and communication (94.2%); electricity, gas, and water
(65.8%); agriculture, hunting, and forestry (19.2%); manufacturing
(8.3%); and real estate, renting, and business services (13.8%).

OIC Espenilla added that consumption loans also accelerated in
August, as it recorded a 20.2% expansion from 18.0% in July.  The
increase in consumption loans came mostly from credit card
receivables which posted a 27.0% expansion.   Auto loan growth
likewise reflected a 10.6% expansion in August reversing the
negative growth registered in July.

The BSP monitors bank lending trends to assess liquidity and
credit conditions.  This helps ensure that there is sufficient
liquidity to support economic growth, particularly at a time when
the global economy is under stress.



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

SCOTTISH RE: S&P Retains Ratings Under Negative CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (CCC-/Watch Neg/--; Scottish Re) and
Scottish Re's core operating companies--Scottish Annuity & Life
Insurance Co. (Cayman) Ltd., Scottish Re (U.S.) Inc., and Scottish
Re Life Corp. (CCC+/Watch Neg/--)--remain on CreditWatch with
negative implications.  The ratings on all these companies'
dependent unwrapped securitized deals also remain on CreditWatch
negative.

Standard & Poor's placed these ratings on CreditWatch on Jan. 31,
2008, and subsequently lowered them to the current level because
of greater-than-expected deterioration in the group's already
severely limited financial flexibility and liquidity.  This
primarily resulted from higher-than-expected asset impairments
leading to additional collateral posting requirements.

"It is our opinion that the only strong option available to the
company for preserving longer-term solvency is the sale of its
North American segment, which constitutes the bulk of its
remaining operations," noted Standard & Poor's credit analyst
Robert A. Hafner.


SEA CONTAINER: To Forgive US$3 Million in Intercompany Receivables
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted the request of Sea Containers Ltd. to forgive US$3,000,000
in intercompany receivables owed by subsidiary Charleston Marine
Containers, Inc. The release was sought in connection with the
sale of Charleston to Gichner Systems Group, Inc.

For the avoidance of doubt, Judge Carey said, nothing in the order
will be deemed to result in the forgiveness of any obligations
owing from Charleston to any party, including SCL, Sea Containers
America, Inc., or Sea Containers Treasury Limited.

Judge Carey further ruled that all rights and defenses are
reserved with respect to (i) the Services Agreement, (ii) the
appropriate allocation of costs, intercompany or other
obligations, and (iii) the appropriate allocation of proceeds
realized from the sale of the Charleston stock.

Prior to the Court's ruling, Laura Barlow, the Debtors' interim
chief financial officer and chief restructuring officer, submitted
to the Court a declaration supporting the request.

Ms. Barlow said that based on her knowledge of the contemplated
transactions, she believes that it is in the best interests of the
bankruptcy estates to forgive the Intercompany Receivable to
facilitate the sale of the Charleston stock, and as a result,
would enable the estates to avoid approximately US$2,300,000 in
potential liability to Pension Benefit Guaranty Corporation.

"Forgiving the Intercompany Receivable also advances the Debtors'
overall strategy in these chapter 11 cases and the Plan [of
Reorganization], which is the winddown and sale of non-core assets
and the possible repatriation of proceeds to SCL for distribution
to its creditors," Ms. Barlow told the Court.

                   Gichner System's Statement

Gichner Systems Group, Inc., the leading supplier of tactical
military shelters to the US Armed Forces, announced that it has
cquired Charleston Marine Containers, Inc. ("CMCI"), located in
Charleston, South Carolina. CMCI is the leading domestic
manufacturer of intermodal, modular intermodal, and specialty
container systems for the US Armed Forces.

CMCI's products are in use worldwide and include numerous patented
containers and container systems including the Quadcon, Tricon,
Bicon, Tricold(R) and Quadcold TM containers. The operations of
CMCI are to remain based in Charleston, and the company will
continue to operate and trade using the CMCI name.

Altus Capital Partners LLC and Dunrath Capital, Inc., along with
Gichner management and other investors, provided the equity for
the acquisition. Altus Capital and Dunrath Capital, as co-equity
investors with Gichner management, acquired Gichner in August
2007.

Commenting on the acquisition, Thomas E. Mills IV, Gichner
President and CEO, stated, "The acquisition of CMCI is a key
element of Gichner's growth plan. The employees and operations in
Charleston are impressive. CMCI provides new products and new
markets for Gichner, in addition to over 240,000 square feet of
additional manufacturing capacity, bringing Gichner's total
manufacturing capacity to over 600,000 square feet. With the
addition of CMCI, Gichner's total annual revenues are approaching
US$100 million with funded contract backlog of approximately
US$70 million. Together with the additional talent of the CMCI
employees, Gichner and CMCI should continue to increase sales in
both businesses."

Mr. Mills continued, "The vast majority of the acquisition is
being funded with equity, which should provide Gichner and CMCI
with the financing required to generate increased sales.

CMCI's customers will continue to enjoy high-quality products
delivered in a timely manner and on schedule by CMCI's highly-
skilled and dedicated Charleston-based production and management
teams. Customers should continue to contact their appropriate CMCI
representative."

Elizabeth Burgess, a senior partner of Altus Capital Partners,
Inc., said, "This acquisition demonstrates Altus Capital's
commitment to helping Gichner and our other portfolio companies
make strategic acquisitions that expand market share and create
operating efficiencies, even during difficult financing periods.
Altus Capital helped both to initiate this important transaction
as well as to provide the majority of the capital required."

Steve Beitler, senior managing director of Dunrath Capital and a
retired Army officer, said, "The combination of Gichner and CMCI
provides significant potential for innovation in the field of
military containerization. We expect many new products to evolve
as a result of the combined research and engineering talent of the
newly merged companies."

                   About Gichner Systems Group

Gichner Systems Group is a leader in the development of solutions
for the transport and protection of mobile electronic systems.
Gichner products protect military personnel and electronic and
other systems from the environment during transport and operation
in some of the world's harshest environments. Gichner Shelter
Systems provides turn-key systems that are "rack ready" for the
installation of its customers' electronic systems and service,
maintenance, reset and repair of existing shelter systems. The
Commercial and Emergency Mobile Systems division designs and
manufactures specialized commercial products including high end
truck bodies, fire safety trainers, mobile command posts and first
responder systems for use by commercial, municipal and homeland
security customers. For more information about Gichner Systems
Group, call us at 717-246-5453 or visit us at www.gichner.us.

                About Altus Capital Partners LLC

Based in Westport, CT, Altus Capital Partners --
http://www.altuscapitalpartners.com-- is a private equity firm
that creates value by purchasing and growing profitable small to
middle market manufacturing businesses with unrealized potential.
Altus is led by a proven, seasoned deal-making team of high
integrity that invests alongside management to help seize current
growth opportunities through due diligence and leadership in long-
term strategic thinking. With over 50 years of investment
experience, the Altus team utilizes its extensive knowledge of the
private equity cycle to optimize company value through structured
buyouts, recapitalizations, consolidations and divestitures.
Altus' investment strategy builds businesses, fosters company
loyalty and provides jobs.

                  About Dunrath Capital, Inc.

Based in Chicago, Dunrath Capital is a private equity firm that
leverages the partnership's collective experiences in private
equity investing, operations, government and entrepreneurship in
combination with a pro-active, research-based investment strategy
to create value for its portfolio companies and investors. While
the Dunrath partnership has investment experience and a portfolio
ranging from commercializations to leveraged buyouts, the firm has
a focus on growth stage or earlier companies. The firm's current
targeted investment sectors include safety, security, and defense.
On the Net: http://www.dunrath.com

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda, the
company has regional operating offices in London, Genoa, New York,
Rio de Janeiro, Sydney, and Singapore. The company is owned almost
entirely by United States shareholders and its primary listing is
on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct.
3, the company's common shares and senior notes were suspended
from trading on the NYSE and NYSE Arca after the company's failure
to file its 2005 annual report on Form 10-K and its quarterly
reports on Form 10-Q during 2006 with the U.S. Securities and
Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* SINGAPORE: SGX Profit Down by 35% in Qtr. Ended Sept. 30
----------------------------------------------------------
Singapore Exchange Limited reported a net profit of
US$84.5 million in 1Q FY2009, 35% lower compared to a year ago
(1Q FY2008: US$130.0 million) when SGX recorded its highest
quarterly profit since listing.  Operating profit fell 35% to
US$104.8 million (1Q FY2008: US$161.4 million), however, it was
relatively flat from the previous preceding quarter
(4Q FY2008: US$103.7 million).  In line with its new dividend
policy, SGX Directors have declared an interim base dividend of
3.5 cents per share on a tax exempt one-tier basis.

Mr Hsieh Fu Hua, Chief Executive Officer of SGX said,
"Notwithstanding the current turbulence in global financial
markets, SGX business remains robust and profitable, bolstered by
derivatives trading.  SGX continues to be vigilant and stands
ready to maintain the integrity and orderliness of its markets,
while actively managing its clearing risk exposure."

                            Financials

Operating revenue in the first quarter of FY2009 registered a
28.0% fall to US$158.2 million (1Q FY2008: US$219.7 million).
Operating expenses fell 8.3% to US$53.4 million
(1Q FY2008: US$58.3 million).  The decrease in expenses was mainly
due to lower variable bonus provision.

Securities market revenue fell 47.3% to US$74.4 million in
1Q FY2009 (1Q FY2008: US$141.2 million).  Stable revenue posted an
8.6% drop to US$37.7 million (1Q FY2008: US$41.2 million), mainly
attributable to lower account maintenance and corporate action
fees.

The decline in securities market revenue and stable revenue was
partly offset by net derivatives clearing revenue which increased
23.6% to US$46.1 million (1Q FY2008: US$37.3 million).

Operating leverage improved as stable revenue and derivatives
revenue now cover 156.9% of total operating expenses
(1Q FY2008: 134.8%).

                     Securities Market Revenue

Behind the decline in securities market revenue is a 51.1% fall in
the daily average trading value for this quarter to US$1.3 billion
(1Q FY2008: $2.6 billion).  The annualized trading velocity for
the quarter was 56.9% (1Q FY2008: 84.8%).

In line with the drop in global capital raising, new listings
numbered 111 in the first three months of FY2009 (1Q FY2008: 23
listings2.).  These new listings raised US$0.3 billion
(1Q FY2008: US$1.9 billion) with a total market capitalization of
$1.6 billion (1Q FY2008: US$5.4 billion).

Since the listing of the first Catalist company on June 25, 2008,
the Exchange have added another five1 companies in the first
quarter.  The list of approved Sponsors has also grown to 11 Full
Sponsors and seven Continuing Sponsors.

Exchange Traded Funds (ETFs) remained popular with investors, as
the traded value of ETFs surged 255.8% to reach US$804.6 million
(1Q FY2008: US$226.1 million).

                    Derivatives Market Revenue

Derivatives trading volume increased 40.7% to 17.4 million
contracts (1Q FY2008: 12.3 million contracts).  The total open
interest in SGX's Asian equity derivatives suite grew 32.5% to
722,868 contracts as at September 30, 2008,
(Sept. 28, 2007: 545,379 contracts).

SGX's derivatives market saw record volumes for 1Q FY2009.
Trading volume in the MSCI Taiwan futures contract increased
20.4% year-on-year to 4.5 million contracts (1Q FY2008:
3.7 million contracts).  SGX also saw a 11% rise in the trading of
their Nikkei futures contract to 7.2 million contracts (1Q FY2008:
6.5 million contracts).  In addition, the CNX Nifty Index futures
contract trading volume grew to 4.1 million contracts (1Q FY2008:
253,915 contracts) and open interest rose more than nine times to
243,522 contracts as at Sept. 30, 2008, (September 28, 2007:
25,365 contracts3).

Structured warrants trading value fell 45.2% to US$4.1 billion
(1Q FY2008: US$7.5 billion).  Trading value for warrants on
foreign underlying securities now accounts for 50.3% of the total
warrants market (1Q FY2008: 24.2%), indicating our success in
providing investors access to Asian markets.

Structured warrants trading value fell 45.2% to US$4.1 billion
(1Q FY2008: US$7.5 billion).  Trading value for warrants on
foreign underlying securities now accounts for 50.3% of the total
warrants market (1Q FY2008: 24.2%), indicating SGX's success in
providing investors access to Asian markets.

                     Post-Trade Processing Hub

Since inception in May 2006, SGX AsiaClear has attracted over 220
counterparty accounts on its trading and clearing network.  The
value of trades cleared grew 2.4% year-on-year to reach
US$1.40 billion (1Q FY2008: US$1.37 billion).

                            Technology

Quest-ST, the new securities trading system, was launched
successfully on July 7, 2008.  It supports the introduction and
faster implementation of a wider range of products and services.

SGX launched a Pre-Settlement Matching Service, SGX Prime on
Oct. 13, 2008.  This service enhances market participants'
operational efficiency and minimizes error by automating the
confirmation of settlement instructions between Clearing Members
and Depository Agents.

                  Regulation and Risk Management

As part of ongoing efforts to broaden SGX's range of listed
products, in August 2008, SGX consulted the market on new listing
rules for life science companies as well as new classes of
investment funds, including private equity and "blind pool" funds.

In September 2008, global financial markets experienced turmoil.
SGX undertook risk mitigating measures to manage their clearing
risk exposure and protect our Clearing Houses.  Lehman Brothers
Pte Ltd (LBPL), a Clearing Member of both SGX-DC and CDP, met its
financial obligations.  Its house derivatives positions were
closed out and its customer positions were transferred to other
brokers.

To maintain the orderliness of the market during these turbulent
times, measures were taken to enhance market transparency.  SGX
now publish the list of securities for buying-in each morning and
the execution details the following business day.  In addition,
penalties were introduced on failed deliveries (in particular from
naked short-selling) to safeguard the integrity of the clearing
system.



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

* S&P Junks Ratings on 7 Lehman-Exposed Asia-Pacific CDOs to CCC-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
seven tranches relating to seven Asia Pacific (ex-Japan) synthetic
CDO transactions and kept the ratings on CreditWatch with negative
implications.  These rating actions follow the lowering of the
ratings by Standard & Poor's on 18 other Lehman-related Asia
Pacific (ex-Japan) synthetic CDOs on Oct. 14, 2008.

The downgraded synthetic CDO transactions involve Lehman Brothers
Special Financing Inc. as a swap counterparty and Lehman Brothers
Holdings Inc. as a swap guarantor.  The rating actions reflect
S&P's view on the likelihood of loss incurred by the synthetic CDO
transactions listed below.  S&P believes the downgraded notes may
not have enough funds to pay the principal balance and accrued
interest in full if the supporting collaterals are liquidated at
present.

Once S&P receives final payment reports, and if the notes
experience a loss, it will downgrade them to 'D'.  However, if the
notes are paid back in full, S&P will withdraw the ratings.

The rating actions taken on the affected transactions are:

Transaction                        Rating To        Rating From
-----------                        ---------        -----------
Saphir Finance PLC Series 2004-4   CCC-/Watch Neg  AAA/Watch Neg
Saphir Finance PLC Series 2004-12  CCC-/Watch Neg  AA/Watch Neg
Saphir Finance PLC Series 2008-6   CCC-/Watch Neg  AAA/Watch Neg
Saphir Finance PLC Series 2008-7   CCC-/Watch Neg  AAA/Watch Neg
Saphir Finance PLC Series 2008-8   CCC-/Watch Neg  AA+/Watch Neg
Saphir Finance PLC Series 2008-9   CCC-/Watch Neg  AA/Watch Neg
Saphir Finance PLC Series 2008-10  CCC-/Watch Neg  AA/Watch Neg





                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***