TCRAP_Public/081021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, October 21, 2008, Vol. 11, No. 209

                            Headlines

A U S T R A L I A

BLUEGAR PTY: Members and Creditors to Meet on October 29
CHALLENGER FIN'L: Assets & Mortgages Drops 5% for Qtr Ended Sept.
CLUB CARD: To Declare Dividend on October 27
EHT HOLDINGS: Members' Final Meeting Set for October 28
G.M.L. CONSTRUCTIONS: Joint Meeting Slated for October 29

KROPICH GRANT: Liquidators to Give Wind-Up Report on October 28
MACQUARIE GROUP: Unit to Sell Italian Mortgages Business
MDS FINANCIAL: Receives Offer for Sale of Company Business
LAKE VARSITY: Members' Final Meeting Set for October 28
MINES MAINTENANCE: Joint Meeting Set for October 27

POWER MAINTENANCE: Liquidator to Present Wind-Up Report on Oct. 27
PRAVDA ENTERPRISES: Members and Creditors to Meet on October 27
YONAS TILING: Liquidator to Give Wind-Up Report on October 29
* AUSTRALIA: In Recession by Christmas, Goldman Sachs Says
* AUSTRALIA: ASIC Extends Short Selling Ban Until November 18


C H I N A

* CHINA: More Workers Lose Jobs Amid Global Financial Crisis
* CHINA: Venture Capital Fund Collection Drops 84% in 3rd Quarter


H O N G K O N G

AMERICAN INT'L: Sens. Want Halt on Mortgage Law Change Efforts
NEDLLOYD (HONG KONG): Members' General Meeting Slated for Nov. 11
GOLDEN SOURCE: Wind-Up Petition Hearing Set for November 12
CHINA INDUSTRIAL: Court to Hear Wind-Up Petition on November 5
CHINA ENERGY: Subject to Nanyang Commercial's Wind-Up Petition

CROWN BILLION: Faces Advance Profit's Wind-Up Petition
BEST HERITAGE: Court to Hear Wind-Up Petition on November 26
HUA FENG: Court to Hear Wind-Up Petition on December 3
VIR LIN: Subject to Hang Seng's Wind-Up Petition
PEACE MARK: Court to Hear Wind-Up Petition on November 19

UNI-TECHNIC: Proofs of Claim Due on October 31
WINSHAN CONSTRUCTION: Requires Creditors to File Claims by Oct. 31
ZOTOS INVESTMENTS: Proofs of Claim Due on October 31


I N D I A

AIR INDIA: Offers 50% of Workers 3 to 5 Years Unpaid Leave
CITIGROUP INC: Posts US$2.8 Billion Net Loss in 2008 Third Quarter
JET AIRWAYS: Has US$53.2 Million Overdue Fuel Bills
TATA STEEL: Corus to Cut Steel Output by 20% on Weakening Demand


I N D O N E S I A

BAKRIE GROUP: IDX Halts Trading of Three Units on 10% Stock Drop
BERAU COAL: S&P Withdraws B Ratings on Insufficient Information
CILIANDRA PERKASA: S&P Withdraws B Corporate & Sr. Notes Ratings
CIKARANG LISTRINDO: S&P Holds BB-/Stable Corporate Credit Rating


J A P A N

ELPIDA: Reported Fiscal First Half Loss Weigh on Shares Monday
ELPIDA MEMORY: Modifies President Sakamoto's Compensation Cut
FORD MOTOR: John Bond & Jorma Ollila Leave Board Member Posts
LEHMAN BROTHERS: Two Banks Face Sanctions on Mis-selling Bonds
NEW CITY: Moody's Lowers Ratings to B1; Under Review for Downgrade

SAPPORO HOLDINGS: Fitch Holds 'BB' LT Foreign & Local Currency IDR
YAMATO LIFE: Eight Firms Offer to Support Rehabilitation
* JAPAN: S&P Probes CMBS Transactions in Surveillance Report


K O R E A

HANSUNG AIRLINES: Cancels Flights Amid KRW27 Bil. Deficit


M A L A Y S I A

* MALAYSIA: Ratings on Locally Incorporated Foreign Banks Intact
* MALAYSIA: RAM Revises Banking Sector Outlook to Developing
* MALAYSIA: Deposit Guarantee Boosts Confidence in Banks System


N E W  Z E A L A N D

CUTWELL CONCRETE: Madsen-Ries and Vance Appointed as Liquidators
COLMAN INVESTMENTS: Proofs of Debt Due on November 18
FLOORING & CARPET: Madsen-Ries and Vance Appointed as Liquidators
G.K. HORTICULTURE: Commences Liquidation Proceedings
JUDGE VALLEY: Sells Business Due to Financial Pressure

L TULIKIHAKAU: Commences Liquidation Proceedings
MONEY MART: Owners Sell Helicopter for NZ$3 Million
PLATINUM PLASTERING: High Court Appointed Liquidators
REVENIRE LIMITED: Wind-Up Petition Hearing Set for November 17
ROCHIS LIMITED: Wind-Up Petition Hearing Set for November 17

TWIN PEAKS: Wind-Up Petition Hearing Set for November 17
VISION ALUMINIUM: Commences Liquidation Proceedings
* NEW ZEALAND: Electronic Card Transaction Increases 0.8% in Sept.
* NEW ZEALAND: Officials Plan to Guarantee Wholesale Deposits


P H I L I P P I N E S

JG SUMMIT: S&P Affirms B+ Ratings and Removes From Watch Negative
LEAR CORP: S&P Cuts Corp. Credit to 'B' on Weak Sales & Cash Flow
UNIVERSAL ROBINA: S&P Keeps BB Credit Ratings; Removes From Watch
* PHILIPPINES: Domestic Liquidity Growth Expands in August
* Foreign Portfolio Investments Posts US$312.2MM Outflow in Sept.


S I N G A P O R E

EMPORIUM LIFESTYLE: Court to Hear Wind-Up Petition on October 31
KATONG EMPORIUM: Wind-up Petition Hearing Set for October 31
LEHMAN BROTHERS: Singapore's CB Probes Misconduct in Bond Sale
RIVERSTONE NETWORKS: Creditors' Proofs of Debt Due on October 29
SUNRISE F & B: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week October 13 - October 17, 2008


                         - - - - -


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

BLUEGAR PTY: Members and Creditors to Meet on October 29
--------------------------------------------------------
Bluegar Pty Limited will hold a final meeting for its members and
creditors on October 29, 2008, at 10:00 a.m.  During the meeting,
the company's liquidator, Ozem Kassem, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


CHALLENGER FIN'L: Assets & Mortgages Drops 5% for Qtr Ended Sept.
-----------------------------------------------------------------
Challenger Financial Services Group Limited disclosed that its
assets and mortgages under management totaled AU$41.2 billion,
representing a reduction of 5% for the quarter and 13% for the
twelve months ended September 30, 2008.

The company also said that its assets under administration and
advice totaled AU$67.9 billion with the large growth of AU$41.5
billion over the quarter principally driven by the acquisition of
the remaining 85% of PLAN.

Challenger's mortgages under management totalled AU$20.8 billion
at September 30, 2008.  Residential mortgages under management
fell by 4% for the quarter reflecting a continued strategy to
lower volumes while the outlook for term funding markets remain
constrained.

Underlying mortgages under administration continued to grow to
with AU$2.3 billion new loans settled over the quarter growing
ahead of mortgage approvals.  Following the acquisition of the
remaining 85% of PLAN on September 30, 2008, its portfolio of
mortgages of AU$41.5 billion was recognized however underlying
annualized growth remained strong 22%.

Funds under management decreased during the quarter to AU$13.1
billion, down 12% over the quarter compared to the reduction in
the ASX 300 of 11%.

Despite difficult market conditions two new boutiques were signed
up during the quarter.  The first, Wavestone, an Australian
equities absolute return boutique, will complete this week.
Wavestone recently reached their 2 year track record, delivering
annualized return of 10.09%, compared to the recently S&P 300
return of (1.63%pa).  The second boutique headed by the ex-Credit
Suisse Asset Management head of fixed income and his team expect
to launch their boutique during November, with strong indications
of early support from significant institutional investors.

Asset Management's assets under management grew to AU$10.8
billion.  Asset Management's AUM is up 3% over the quarter and by
20% in the 12 months to September 30, 2008.  Asset Management
sales of annuities and associated products totalled AU$194 million
for the quarter ended September 30, 2008, a strong growth trend
reflecting demand for yielding capital guaranteed products.

                     About Challenger Financial

Challenger Financial Services Group Limited (ASX: CGF) --
http://www.challenger.com.au -- is a financial services
company.  The company, along with its subsidiaries, is
principally engaged in the provision of financial services, in
particular mortgage management, which involves commercial and
residential lending and securitization business; funds
management, which funds management business; asset management,
which structures and manages assets to generate long term income
streams, and financial planning, which involves financial
planning and funds administration business.  In September 2007,
the company acquired Choice Aggregation Services, including
Choice Home Loans, a mortgage aggregator/broker in the
Australian market.  Challenger has also acquired a 19% stake in
FAST, a national mortgage aggregator headquartered in Western
Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned
ratings to the residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Victoria Ltd. as trustee for
Challenger Millennium Warehouse H Trust.

The complete ratings are as follows:

      Class   Rating
        A       AA-
        B       BBB
        C       BB
        D       Unrated

This transaction has four tranches of notes.  The Class A, Class
B and Class C notes have been rated.  The fourth tranche, Class
D, is unrated.

The ratings assigned largely reflect the:

   -- Credit quality of the underlying mortgage loans, and the
      credit support provided, including lenders mortgage
      insurance and subordinated notes.  It should be noted that
      the pool includes both mortgage insured and non-mortgage
      insured loans;

   -- Asset level liquidity support; and

   -- Yield sufficiency.

A full rating report for this transaction will not be published,
at the request of the issuer.


CLUB CARD: To Declare Dividend on October 27
--------------------------------------------
Club Card Concepts Pty Ltd will declare dividend on October 27,
2008.

Creditors who were unable to file their proofs of debt on
October 13, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

          M. O. Basedow
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063
          Telephone: (08) 8179 2800
          Facsimile: (08) 8179 2885


EHT HOLDINGS: Members' Final Meeting Set for October 28
-------------------------------------------------------
G. M. Rambaldi, EHT Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 28,
2008, at 10:30 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          G. M. Rambaldi
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000


G.M.L. CONSTRUCTIONS: Joint Meeting Slated for October 29
---------------------------------------------------------
G.M.L. Constructions Pty Limited will hold a final meeting for its
members and creditors on October 29, 2008, at 10:15 a.m.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


KROPICH GRANT: Liquidators to Give Wind-Up Report on October 28
---------------------------------------------------------------
Kropich Grant Nominees Pty Ltd fka as Armcod Engineering will hold
a final meeting for its members and creditors on October 28, 2008,
at 9:30 a.m.  During the meeting, the company's liquidators,
Robyn Erskine and Peter Goodin, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone: (03) 9882 6666


MACQUARIE GROUP: Unit to Sell Italian Mortgages Business
--------------------------------------------------------
Macquarie Group Limited said that its banking subsidiary,
Macquarie Bank Limited, has signed an agreement to sell its
portfolio of Italian mortgages.  The transaction is expected to
complete by October 31, 2008.

This transaction follows the Group's announcement in March of this
year that it would wind back its Australian residential mortgage
business due to the impact of increased funding costs.  Before the
increase in funding costs, the mortgage businesses contributed
less than one percent of Macquarie's profit.

As a result of the sale, Macquarie will book a net after tax
charge of approximately AU$70 million reflecting the write-off of
loan acquisition costs and the loss on the sale of the portfolio,
which had a book value of approximately GBP1.1 billion (AU$2.0
billion).  In addition, Macquarie had already provided for
restructuring and redundancy costs.  These charges will be brought
to account in the half year to September 30, 2008.

                      About Macquarie Group

Macquarie Group Limited (ASX:MQG) -- http://www.macquarie.com.au
-- acts as non operating holding company.  Through its
subsidiaries, it is engaged in offering a range of investing,
commercial banking and retail financial services in Australia and
selected financial services offshore.  The company operates in
seven segments.  Financial Services Group consists of Macquarie
Adviser Services, which manages relationships with external
financial intermediaries, and Macquarie Private Wealth, which
provides investment planning and private banking service.  Funds
Management Group provides a range of investment solutions.
Banking and Securitization Group offers retail lending and banking
businesses.  Real Estate Group encompasses real estate funds
management, finance, and investing and advisory. Treasury and
Commodities Group activities include trading and related
activities.  Equity Markets Group manages its equity derivatives
and trading business.  Macquarie Capital offers wholesale
structuring, corporate advisory and equities research.


MDS FINANCIAL: Receives Offer for Sale of Company Business
----------------------------------------------------------
MDS Financial Group Limited said that it has been approached by
various parties wishing to hold discussions regarding the
company's business.

The company said these approaches are preliminary in nature and
may or may not result in a formal proposal being made to MDS
Financial regarding a merger or the acquisition of either the
company's business or another party's business by MDS Financial.

Non Disclosure Agreements have been executed with three separate
credible parties for differing proposals including:

   * a merger of part or all of another company into the
     MDS Financial business;

   * the acquisition of part of MDS Financial's business;
     and/or

   * an interest in acquiring a significant shareholding
     in MDS Financial, either through:

     - the proposed Placement to Investors (pursuant to
       the Notice of Extraordinary General Meeting of
       September 25, 2008) as approved by shareholders
       at that meeting, to raise capital through the
       issue of up to 30,000,000 new shares, along with
       up to another 20,000,000 shares under ASX Listing
       Rules 7.1; and/or

     - the possibility of a new placement, which would be
       put to shareholders, to include the acquisition of
       two more companies.

Given the current state of capital markets, the MDS Financial
considers that it is appropriate that it carefully evaluate all of
the indicative proposals.  The company's Board confirms that it
proposes to do this paying regard to an overall strategic review
currently being undertaken by the company to ensure the best
possible preservation, use and enhancement of its working capital
while still allowing company to grow its various business units
and other potential strategies to enhance shareholder value.

                        Full Year Results

MDS Financial reported a net loss of AU$7,637,798 on revenues of
AU$8,079,086 for the year ended June 30, 2008, compared with a net
loss of AU$8,982,197 on revenues of AU$6,575,899 in the prior
year.

The company's consolidated balance sheet at June 30, 2008, showed
AU$4,315,058 in total assets, AU$1,761,473 in total liabilities
and AU$2,553,585 in total stockholders' equity.

                        About MDS Financial

Based in Sydney, Australia, MDS Financial Group Limited (ASX:MWS)
-- http://www.mdsfinancial.com.au/-- provides financial services
to retail and wholesale customers, through share market advice,
analysis, data, online trading and research solutions.  The
subsidiaries of the company are MDSnews, Bourse Data, The Cube
Financial Group and Trader Dealer Online. The Market Analyser is a
trading analysis software platform for global investors and
traders.  The Bourse is a trading analysis software platform
designed for Australian investors and traders.  The Cube Financial
Group is a financial services company providing private client
advice, newsletter and education services to clients in Australia
and New Zealand.  It has a range of services designed for the
complete beginner who requires the support of licensed
professionals to the professional who makes their own decisions.
Trader Dealer Online delivers the semi-professional and
professional trader or securities dealer with a straight to market
service.


LAKE VARSITY: Members' Final Meeting Set for October 28
-------------------------------------------------------
Stephen R. Dixon, Lake Varsity Venture Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 28,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Stephen R. Dixon
          BDO Kendalls Business
          Recovery & Insolvency (NSW-VIC) Pty Ltd
          The Rialto, Level 30
          525 Collins Street
          Melbourne VIC 3000


MINES MAINTENANCE: Joint Meeting Set for October 27
---------------------------------------------------
Mines Maintenance Pty Ltd will hold a final meeting for its
members and creditors on October 27, 2008, at 10:30 a.m.  During
the meeting, the company's liquidator, Matthew L. Joiner, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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


POWER MAINTENANCE: Liquidator to Present Wind-Up Report on Oct. 27
------------------------------------------------------------------
Power Maintenance Pty Ltd will hold a final meeting for its
members and creditors on October 27, 2008, at 11:00 a.m.  During
the meeting, the company's liquidator, Matthew L. Joiner, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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


PRAVDA ENTERPRISES: Members and Creditors to Meet on October 27
---------------------------------------------------------------
Pravda Enterprises Pty Ltd will hold a final meeting for its
members and creditors on October 27, 2008, at 11:30 a.m.  During
the meeting, the company's liquidator, Matthew L. Joiner, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

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


YONAS TILING: Liquidator to Give Wind-Up Report on October 29
-------------------------------------------------------------
Yonas Tiling Pty Limited will hold a final meeting for its members
and creditors on October 29, 2008, at 10:30 a.m.  During the
meeting, the company's liquidator, Ozem Kassem, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


* AUSTRALIA: In Recession by Christmas, Goldman Sachs Says
----------------------------------------------------------
Australia could be in recession for the first time in 17 years by
Christmas, The New Zealand Herald reports citing financial
services firm Goldman Sachs JBWere.

According to the report, Goldman's chief economist Tim Toohey said
September quarter economic indicators point to an ongoing
deterioration in growth on the back of a very weak June quarter.

"We think it's quite likely that by the time Christmas rolls
around, Australia will be in its first recession since this
expansion began 17 years ago," the Herald quotes Mr. Toohey as
saying.

But with more interest rate cuts on the horizon, Mr. Toohey said,
any recession was likely to be relatively short by historical
standards.

Mr. Toohey, the report says, predicted a further cut in the
official cash rate of 1.5 percentage points to 4.5 per cent by
March 2009.

The Herald notes that the Australian federal government's AU$10.4
billion spending package for pensioners, families and first home
buyers - amounting to slightly less than one per cent of GDP -
would make an impact from December.

Goldman is also tipping business investment to be "slightly
negative" during 2009, the report adds.


* AUSTRALIA: ASIC Extends Short Selling Ban Until November 18
-------------------------------------------------------------
The Australian Securities and Investment Commission (ASIC) today
said it would extend the ban on covered short selling for non-
financial securities for a further 28 days until November 18,
2008, when it expected the ban would be lifted.

In its announcement on September 21, 2008, ASIC said that the ban
on covered short selling for non-financial stocks would be
reviewed in 30 days.  In the case of financial stocks, ASIC said
that its review would be in line with time limits imposed by other
international regulators.

Following the 30 day review, ASIC has decided to maintain the ban
on covered short sales for non-financial stocks until November 18,
2008.  ASIC expects to lift the ban from opening of trading the
next day.

The ban on financial stocks will continue until January 27, 2009,
and while the U.S. has lifted its bans, other jurisdictions such
as the U.K. are maintaining bans on financial stocks.

ASIC Chairman, Tony D'Aloisio, said market conditions since the
bans were imposed remained difficult.

'While the various Government actions and packages introduced in
Australia and overseas are positive developments, they are yet to
work through the financial system.  The financial markets are
still fragile, so we feel the reopening of covered short sales
should be done in stages and in a measured way over an extended
period and have regard to systemic issues, particularly for
financial stocks.'

                           Key Changes

In summary:

   1. The ban on financials will continue until January 27,
      2009.  For the purposes of the Australian market, ASIC
      has taken a pragmatic approach to the definition of
      financials as entities in the S&P/ASX 200 Financial
      Index (which will include property trusts and five
      other APRA supervised listed entities not in this
      index).

   2. ASIC expects to lift the ban on non-financials from
      opening trade on November 19, 2008.  ASIC cannot,
      however, provide greater certainty than that because
      of the state of the markets.

   3. As part of lifting the ban on non-financials, ASIC
      with ASX have been putting in place disclosure and
      reporting arrangements that will apply from the time
      the ban is lifted.  These will be announced to the
      market later this week.

For clarity, ASIC said, no changes have been made to the
exemptions and facilitations which ASIC has granted.  In short,
all current arrangements will continue.

ASIC will, at least three trading days before November 18, 2008,
issue a further release on its expectation of lifting the ban on
non-financials.




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

* CHINA: More Workers Lose Jobs Amid Global Financial Crisis
------------------------------------------------------------
More and more workers are losing their jobs in China, amid the
growing financial crisis.

According to Xinhua News, another 1,500 workers are being laid
off and paid arrears by Hong Kong-listed BEP International
Holdings Limited as it shut down its Shenzhen-based factory after
its exports had dropped drastically this year registering huge
deficits.

The report relates that earlier this week, 7,000 workers were
sacked in Dongguan, also in Guangdong, after the Hong Kong-listed
Smart Union Group (Holdings) Limited closed two factories.

BEP, founded in 1986, is an export-oriented company.  Most of its
annual output of 5 million units of home appliances was sold to
Europe, North America, Asia and the Middle East, Australia and New
Zealand.  It set up the 22,000-square-meter Shenzhen factory in
1992.

Smart Union Group is one of the world's biggest toy makers.  Most
of its products are sold in the United States.


* CHINA: Venture Capital Fund Collection Drops 84% in 3rd Quarter
-----------------------------------------------------------------
China's venture capital fund collection declined 83.7% in the
third quarter year-on-year, against the backdrop of the global
financial turmoil and slower world economic growth, Xinhua News
reports, citing a report by Zero2IPO Group, a service provider in
the domestic VC and private equity industry.

In total, the report relates, 20 new venture capital funds with a
combined US$492 million were set up from July to September.

According to Xinhua, the Zero2IPO report said 16 new VC funds were
established by domestic financial institutions which garnered a
collective US$391 million, which is 79.3% of the total capital
pool raised.   The strong growth was due to support and
encouragement from local governments, the report says.

In total, 109 domestic companies received VC fund investment in
the third quarter, while 99 firms revealed their combined
investment injection stood at US$788 million, Xinhua notes.

The same report points out that investment in the information
technology sector slowed, with its weighting in the total
investment volume decreasing from 45.9% in the second quarter to
31 percent in the third quarter.

Meanwhile, traditional industries saw 30 investment cases with a
total of US$208 million, and service industries seeing 16
investment events and a combined US$149 million, the report adds.



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

AMERICAN INT'L: Sens. Want Halt on Mortgage Law Change Efforts
--------------------------------------------------------------
Elizabeth Williamson at The Wall Street Journal reports that
Senator Dianne Feinstein of California, and Senator Mel Martinez
of Florida asked American International Group Inc. on Friday to
stop using taxpayers money in its effort to diminish the new
federal controls over the mortgage industry.

WSJ relates that after receiving an emergency loan from the
government, in exchange of an 80% stake in the firm, AIG has
continued to lobby states implementing a federal law that subjects
mortgage originators to greater scrutiny.  Under the Secure and
Fair Enforcement for Mortgage Licensing Act of 2008, mortgage
originators must be licensed by the states, and that they must
supply comprehensive background information so regulators can
better track their activities.  WSJ states that bank regulators
have been fighting for the law, saying that if they had been
better able to track mortgage loan originators, they could have
stopped some fraudulent practices that led to AIG's problems.

WSJ reports that AIG, along with Citigroup Inc., and HSBC Holdings
PLC, have engaged in a state-by-state effort to win concessions as
states implement the law, saying that the licensing fees are too
expensive, and that the information required from originators
could lead to privacy violations.  The companies, the report says,
want greater transparency over how the licensing fees are to be
spent by the states.

According to WSJ, Sens. Feinstein and Martinez said in their
letter to AIG Chief Executive Edward Liddy, "We find it
unconscionable that AIG would take advantage of these taxpayer
loans while paying lobbyists to rollback taxpayer protections
against misrepresentations, deception, and fraud in mortgage
lending.  This crisis was stoked, in part, by abusive and
predatory lending practices that were made possible by lax
mortgage industry standards and oversight.  We hope AIG will
immediately cease all efforts to undermine strong licensing and
oversight standards for the mortgage industry."

                 About American International

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.


NEDLLOYD (HONG KONG): Members' General Meeting Slated for Nov. 11
-----------------------------------------------------------------
The members of Nedlloyd (Hong Kong) Limited will hold their
general meeting on November 11, 2008, at 10:00 a.m., at Level 28
of Three Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Chung Miu Yin, Diana, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GOLDEN SOURCE: Wind-Up Petition Hearing Set for November 12
-----------------------------------------------------------
A petition to have Golden Source Electronics Limited's operations
wound up will be heard before the High Court of Hong Kong on
November 12, 2008, at 9:30 a.m.

Cheung Chun Keung filed the petition against the company on
September 10, 2008.


CHINA INDUSTRIAL: Court to Hear Wind-Up Petition on November 5
--------------------------------------------------------------
The High Court of Hong Kong will hear on November 5, 2008, at
9:30 a.m., a petition to have China Industrial Gases Limited's
operation's wound up.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on September 5, 2008.


CHINA ENERGY: Subject to Nanyang Commercial's Wind-Up Petition
--------------------------------------------------------------
On September 17, 2008, Nanyang Commercial Bank, Limited filed a
petition to have China Energy and Environmental Protection Group
Limited's operation's wound up.

The petition will be heard before the High Court of Hong Kong on
November 19, 2008.

Nanyang Commercial's solicitors are:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


CROWN BILLION: Faces Advance Profit's Wind-Up Petition
------------------------------------------------------
On September 18, 2008, Advance Profit Limited filed a petition to
have Crown Billion International Holdings Limited's operation's
wound up.

The petition will be heard before the High Court of Hong Kong on
November 26, 2008.

Advance Profit's solicitors are:

          Messrs. F. Zimmern & Co.
          Gloucester Tower, The Landmark
          Suites 1501-1503, 15th Floor
          15 Queen's Road Central
          Hong Kong


BEST HERITAGE: Court to Hear Wind-Up Petition on November 26
------------------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2008, at
9:30 a.m., a petition to have Best Heritage Development Limited's
operation wound up.

The petition was filed by Advance Profit Limited on September 18,
2008.

Advance Profit's solicitors are:

          Messrs. F. Zimmern & Co.
          Gloucester Tower, The Landmark
          Suites 1501-1503, 15th Floor
          15 Queen's Road Central
          Hong Kong


HUA FENG: Court to Hear Wind-Up Petition on December 3
------------------------------------------------------
The High Court of Hong Kong will hear on December 3, at 9:30 a.m.,
a petition to have Hua Feng Leather Products Factory Limited's
operation's wound up.

China Agricultural Finance Company Limited filed the petition
against the company on September 26, 2008.

China Agricultural's solicitors are:

          Chris H.M. Yuen & Co.
          World-Wide House, Room 804B
          19 Des Voeux Road Central
          Hong Kong


VIR LIN: Subject to Hang Seng's Wind-Up Petition
------------------------------------------------
On September 11, 2008, Hang Seng Bank Limited filed a petition to
have Vir Lin International Holdings Company Limited's operation's
wound up.

The petition will be heard before the High Court of Hong Kong on
November 19, 2008.

Hang Seng's solicitors are:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


PEACE MARK: Court to Hear Wind-Up Petition on November 19
---------------------------------------------------------
The High Court of Hong Kong will hear on November 19, 2008, at
9:30 a.m., a petition to have Peace Mark Limited's operation wound
up.

ABN Amro Bank N.V. filed the petition against the company on
September 10, 2008.

ABN Amro's solicitors are:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


UNI-TECHNIC: Proofs of Claim Due on October 31
----------------------------------------------
The creditors of Uni-Technic 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


WINSHAN CONSTRUCTION: Requires Creditors to File Claims by Oct. 31
------------------------------------------------------------------
Winshan Construction Company 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


ZOTOS INVESTMENTS: Proofs of Claim Due on October 31
----------------------------------------------------
The creditors of Zotos Investments 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



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AIR INDIA: Offers 50% of Workers 3 to 5 Years Unpaid Leave
----------------------------------------------------------
State-owned carrier Air India is considering cutting its workforce
by up to 50% through a scheme which allows the workers to apply to
go on unpaid leave for a period of three to five years, various
reports say.  The Hindu relates that those who take up the offer
would be taken back if they wished, at the same designation and
the last drawn salary.

The news came after state oil officials accused India's two
biggest private airlines of defaulting on US$21 million in jet
fuel bills, The Financial Times relates.

According to the FT, the carrier, which has about 145 aircraft and
almost 33,000 employees, is also trying to slash its wage bill, as
it faces an estimated US$800 million in losses in the current
financial year.

The Economic Times discloses that the 77-year-old airline has
proposed infusion of Rs.1,000-1,500 crore of equity capital and is
also looking for soft loans to the tune of Rs.1,000 crore from the
government that can be repaid over a period of time.  Civil
Aviation Minister Praful Patel told reporters last week that
"There is need to infuse further liquidity to make Air India a
viable entity."

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

Air India and Indian Airlines posted a combined net loss of
Rs.688 crore for the financial year ended March 2007, according to
The Financial Express.


CITIGROUP INC: Posts US$2.8 Billion Net Loss in 2008 Third Quarter
----------------------------------------------------------------
Citigroup, Inc., disclosed Thursday its results of operations for
the quarter ended Sept. 30, 2008.

The company reported a net loss of US$2.8 billion for the third
quarter ended Sept. 30, 2008, compared to net income of
US$2.2 billion in the same period last year, and a net loss of
US$2.5 billion for the second quarter ended June 30, 2008.
Results included US$4.4 billion in net pre-tax write-downs in
Securities and Banking, US$4.9 billion in net credit losses, and a
US$3.9 billion net charge to increase loan loss reserves.

                    Third Quarter Highlights

-- Net interest revenue up 13% and net interest margin up 79
    basis points versus the third quarter 2007.

-- Lower write-downs in Securities and Banking for the third
    consecutive quarter.

-- Total expenses declined for the third consecutive quarter,
    down US$1.2 billion since the second quarter 2008.

-- Headcount reduced by approximately 11,000 since the second
    quarter 2008 and approximately 23,000 in the first nine
    months of 2008.

-- Retail and corporate deposits in the U.S. increased 6% versus
    second quarter 2008 and 11% versus third quarter 2007.

-- Total assets declined by US$50.0 billion since second quarter
    2008 and by US$308 billion since third quarter 2007.

-- Legacy assets declined by approximately US$48.0 billion since
    second quarter 2008.

-- Capital strength maintained with Tier 1 Capital ratio at
    8.2%.

-- Closed sale of CitiStreet; announced sale of Citi Global
    Services Limited; sale of the German retail banking
    operations on track for the fourth quarter.

                       Management Comment

"I am very proud of my Citi colleagues for staying focused on our
priorities and for their relentless commitment to serving our
clients during these turbulent times.  While our third quarter
results reflect both a difficult environment as well as continued
write-downs on our legacy assets, we are making excellent progress
on the parts of our business we control, including expense
reduction, headcount, and balance sheet and capital management.
We expect these improvements will enable us to realize the full
earnings power of our franchise as the economy stabilizes," said
Vikram Pandit, chief executive officer of Citi.

Mr. Pandit also noted: "We have also been very focused on
aggressively managing our risks during this credit cycle and have
been taking steps to add hedges as appropriate.  We end the
quarter with a very strong Tier 1 ratio of 8.2% and a loan loss
reserve of US$25.0 billion.  Our capital will be further
strengthened by the sale of our Germany retail banking operations
in the fourth quarter, continued focus on reducing our legacy
assets, as well as the latest steps taken by the U.S. Department
of the Treasury."

                     Third Quarter Summary

Revenues were US$16.7 billion, down 23%.  This quarter's decline
in revenues was driven by US$4.4 billion in net write-downs in
Securities and Banking, lower securitization results in North
America Cards, and a US$612.0 million write-down related to the
auction rates securities ("ARS") settlement announced on Aug. 7,
2008, partially offset by a US$347.0 million pre-tax gain on the
sale of CitiStreet.  The prior-year period included a
US$729.0 million pre-tax gain on the sale of Redecard shares.
Revenues across all businesses reflect the impact of a difficult
economic environment and weak capital markets.  The net interest
margin decreased 1 basis point versus the second quarter 2008, to
3.13%.

Global Cards GAAP revenues declined 40%, mainly due to lower
securitization results in North America and the absence of a gain
on the sale of Redecard shares recorded in the prior-year period.

Global Cards managed revenues declined 1%, primarily due to the
absence of a gain on the sale of Redecard shares recorded in the
prior-year period, partially offset by growth in average managed
loans, up 6%, and improved managed net interest margin.  North
America managed revenues increased 7%.

Consumer Banking revenues grew 2%, as increased revenues in North
America were partially offset by declines in Latin America and
Asia.  Current and historical German retail banking operations
income statement items have been reclassified as discontinued
operations.  Related assets and liabilities have been condensed
and moved to assets and liabilities of discontinued operations
held for sale, respectively, on the balance sheet in the current
period.

In the Institutional Clients Group, Securities and Banking
revenues were negative US$81.0 million, due to substantial write-
downs and losses related to the credit markets.  These included
write-downs of US$2.0 billion on Structured Investment Vehicle
("SIV") assets, write-downs of US$1.2 billion, net of hedges, on
Alt-A mortgages, downward credit value adjustments of
US$919.0 million related to exposure to monoline insurers, write-
downs of US$792.0 million, net of underwriting fees, on funded and
unfunded highly leveraged finance commitments, write-downs of
US$518.0 million on commercial real estate positions, and net
write-downs of US$394.0 million on sub-prime related direct
exposures.  Negative revenues also included a US$306.0 million
write-down related to the ARS settlement and were partially offset
by a US$1.5 billion gain related to the inclusion of Citi's credit
spreads in the determination of the market value of those
liabilities for which the fair value option was elected.

Transaction Services revenues were up 20% to a record
US$2.5 billion, reflecting double-digit revenue growth across all
regions.  Average deposits and other customer liability balances
increased 7%, while a decline in global equity markets resulted in
a 6% reduction in assets under custody.

Global Wealth Management revenues decreased 10%, driven by a
decline in capital markets and investment revenues, partially
offset by higher banking and lending revenues.  Revenues also
included a US$347.0 million pre-tax gain on the sale of
CitiStreet, partially offset by a US$306.0 million write-down
related to the ARS settlement.

Operating expenses were US$14.4 billion, up 2% from the prior-year
period.  Expense growth reflected US$459.0 million in
repositioning charges, a US$100.0 million charge related to the
ARS settlement, and the impact of acquisitions.  Expense growth
was partially offset by benefits from re-engineering efforts.
Expenses declined for the third consecutive quarter, due to lower
incentive compensation accruals and continued benefits from re-
engineering efforts.

Credit costs were US$9.1 billion, up 86%.  Credit costs primarily
consisted of US$4.9 billion in net credit losses and a US$3.9
billion net charge to increase loan loss reserves.  Net credit
losses increased US$2.5 billion, primarily driven by Consumer
Banking and Cards in North America.  The incremental net charge to
increase loan loss reserves of US$1.7 billion was mainly due to
Consumer Banking and Cards in North America, and Securities and
Banking.

The effective tax rate on continuing operations was 48.4% versus
18.8% in the prior-year period.  The increase in the tax rate was
due largely to higher tax rates in the jurisdictions where the
losses were incurred.

The Tier 1 capital ratio was 8.2% at quarter-end.

                         Balance Sheet

At Sept. 30, 2008, the company's consolidated balance sheet showed
US$2.0 trillion in total assets, US$1.9 trillion in total
liabilities, and US$126.1 billion in total stockholders's equity.
Total deposits were US$780.3 billion.  The balance sheet figures
are preliminary.

In comparison, the company's consolidated balance sheet at
June 30, 2008, showed US$2.1 trillion in total assets, US$2.0
trillion in total liabilities, and US$136.4 billion in total
stocholders' equity.  Total deposits were US$803.6 billion.

A full-text copy of the company's quarterly financial data
supplement for the quarter ended Sept. 30, 2008 is available for
free at http://researcharchives.com/t/s?3401

                          Share Price

The shares closed at US$14.88 in New York Stock Exchange composite
trading on Friday, down US$1.02, or 6.42% from Oct. 16, 2008.
Volume was 157,379,000 shares.

                      About Citigroup Inc.

Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/citigroup/--
doing business as Citi, provides a range of financial products and
services to consumer and corporate customers in the United States
and internationally. The company operates through four segments:
Global Cards, Consumer Banking, Institutional Clients Group, and
Global Wealth Management.  The Global Cards segment offers
MasterCard, VISA, Diners Club, private label, and American Express
card products, as well as engages in sales finance activities.
The Consumer Banking segment involves in retail banking, consumer
finance, real estate lending, and small and middle market
commercial banking; and provides personal and auto loans,
investment services, and Primerica financial services.  As of June
30, 2008, it operated 8,300 branches.  The Institutional Clients
Group segment engages in various securities and banking
activities, which include investment banking, debt and equity,
lending, private equity, hedge funds, real estate, structured
products, and managed funds. It also offers transaction services,
such as cash management services, trade services, custody and fund
services, clearing services, and agency and trust services.  The
Global Wealth Management segment's services include advisory,
financial planning, brokerage, wealth management, and equity and
fixed income research services.  The company was founded in 1812
and is based in New York, New York.

                         *     *     *

The company has reported four consecutive quarters of net losses
beginning the fourth quarter of 2007.  Aggregate net losses for
the last four quarters were US$20.2 billion.


JET AIRWAYS: Has US$53.2 Million Overdue Fuel Bills
---------------------------------------------------
Murli Deora, India's petroleum minister, said Jet Airways (India)
Ltd and Kingfisher should clear their outstanding bills to state-
owned oil companies, The Financial Times reports.  The two biggest
private carriers owe a combined US$21 million to Indian Oil Corp.
According to The Wall Street Journal, Jet Airways is behind on
US$53.2 million in fuel payments while Kingfisher owes
US$12.4 million.

Citing local media, the Journal says India's oil ministry has
asked the country's top three airlines to pay a total of at least
US$185 million in outstanding fuel charges as soon as possible.  A
portion of the overdue charges is in default as it wasn't paid
within the acceptable grace period, Petroleum Secretary R.S.
Pandey told reporters Thursday, WSJ relates.

The Journal observes that the most immediate problem for some
carriers is paying Indian state-owned retailers for overdue fuel
charges.  According to the Journal, nearly one-half of airlines'
operating budgets can go for buying fuel, which costs 65% more in
India than in places like Dubai and Singapore, due to high excise
and state sales taxes.

The airlines have been pushing for a US$1 billion bailout package
from India's federal government to allay their losses, but
industry analysts say it is unlikely to materialize as the nation
faces parliamentary elections next year, the Journal adds.

                   1,900 Employees Reinstated

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, Jet Airways 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.

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.

                         Kingfisher Deal

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.


TATA STEEL: Corus to Cut Steel Output by 20% on Weakening Demand
----------------------------------------------------------------
Tata Steel Limited's Corus will reduce its crude steel production
over the next three months by up to 20%, i.e. by around 1 million
metric tonnes, amid softening steel demand outlook, the U.K. unit
said in a statement last week.

The decision is aimed at aligning steel production with demand,
which is now affected by the consequences of the global financial
crisis.  "We are taking appropriate steps to optimize our
operations and protect our sound financial position over the next
few months," said Philippe Varin, Corus CEO.

No change in production from current levels is planned for the
operations of Tata Steel Group outside Europe.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 8, 2008, The Financial Times said Tata Steel's international
steel assets, including Corus, could be spun off in an overseas
listing that could raise billions of dollars to help bankroll the
steel unit's expansion.  Tata Steel bought the Anglo-Dutch steel
maker last year for GBP6.7 billion.

According to the FT, insiders said Tata Group is exploring ways to
raise capital, and a listing of its overseas steel assets is among
the options being seriously considered.

A Tata Steel executive meanwhile told The FT that the group had no
immediate plans for a listing, particularly given the adverse
market conditions, and no urgent need for capital.

However, the FT recalled Tata Steel executives revealed in August
that the company had separated its international assets, including
Corus, into Tata Steel Global Holding, a Singapore-based holding
group, to make it easier to raise capital.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

The company also carries a "Ba1" corporate family rating from
Moody's.



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

BAKRIE GROUP: IDX Halts Trading of Three Units on 10% Stock Drop
----------------------------------------------------------------
Jakarta Post reports that three subsidiaries of the Bakrie Group
saw their stocks tumble by almost 10% and were then removed from
trading immediately after the Indonesia Stock Exchange (IDX)
lifted a seven-day trading suspension on the stocks Friday.

According to the report, the trading of the shares was suspended
for the day under a new market regulation that imposes an
automatic ban on trading to avoid share price fluctuations beyond
10%.  During the first trading session on Friday:

   -- PT Bakrieland Development dropped IDR15 rupiah per share, or
      10%, to IDR135;

   -- PT Bakrie Sumatera Plantations tumbled IDR45 rupiah, or
      9.8%, to IDR415; and

   -- Bakrie Telecom dropped IDR18 rupiah, or 9.7%, to
      IDR167.

Reuters notes that the Bakrie group shares plunged far more than
the benchmark stock index, which closed down 4.4% at 1,399.4 on
Friday.

Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, that the share trading in six companies
owned by Bakrie Group were suspended on October 7, as its shares
dropped by between a quarter and more than 40%.  The situation had
been aggravated by "rumours, distress news creaters (and) short
sellers" the TCR-AP added citing Reuters.


BERAU COAL: S&P Withdraws B Ratings on Insufficient Information
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B/Stable'
long-term corporate credit rating on Indonesia's PT Berau Coal and
the 'B' foreign currency rating on the US$325 million senior
secured notes issued by Berau Coal's wholly owned subsidiary,
Empire Capital Resources Pte. Ltd. due to the unavailability of
information from the company.

This unsolicited rating was initiated by S&P.  It may be based
solely on publicly available information and may or may not
involve the participation of the issuer's management.  S&P has
used information from sources believed to be reliable, but does
not guarantee the accuracy, adequacy, or completeness of any
information used.


CILIANDRA PERKASA: S&P Withdraws B Corporate & Sr. Notes Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-term
corporate credit rating and stable outlook on Indonesia's PT
Ciliandra Perkasa and the 'B' foreign currency issue rating on the
US$160 million senior secured notes issued by Ciliandra's wholly
owned subsidiary, Ciliandra Perkasa Finance Co. Pte. Ltd. due to
the unavailability of information from the company.


CIKARANG LISTRINDO: S&P Holds BB-/Stable Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the 'BB-'
corporate credit rating on Indonesia's PT Cikarang Listrindo with
a stable outlook before withdrawing the rating at the company's
request.  S&P does not rate any financial obligation of Cikarang.



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J A P A N
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ELPIDA: Reported Fiscal First Half Loss Weigh on Shares Monday
--------------------------------------------------------------
Elpida Memory Inc.'s shares are poised to fall by its daily limit
for a fourth straight day in Tokyo trading after the company
reported a loss in the fiscal first half, Lena Lee of Bloomberg
News reported yesterday, October 20.

The report says Elpida's stock was offered at JPY783 as of 10:45
a.m. Monday on the Tokyo Stock Exchange, which is JPY100, or 11%,
less than its close on Oct. 17.

According to Bloomberg News, the drop would extend the stock's
decline to 43% since the company reported on Oct. 14 a preliminary
loss of JPY46 billion for the three months to Sept. 30, from a
profit of JPY17.8 billion a year earlier.

The company plans to raise as much as JPY160 billion and cut Chief
Executive Officer Yukio Sakamoto's salary, the report says.

Bloomberg News adds that an analyst at Macquarie Group Ltd. said
that the convertible-bond sale may increase the number of Elpida
shares by as much as 76%, diluting outstanding stock by 43%.

The company, Asia Pulse relates, said the initial conversion price
for its convertible bonds is JPY1,017 (US$10.03), with the lower
limit at JPY509 yen.

According to Asia Pulse, should all of these bonds be converted at
the lower limit, the potential number of new shares is about 98.23
million, or 76% of outstanding Elpida shares as of October 14.

                       About Elpida Memory

Elpida Memory Inc. -- http://www.elpida.com.-- is a leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                         *     *     *

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
reported that Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Elpida Memory
Inc. to negative from stable.  The downward revision is based on
the  increasing uncertainty over prospects for a future earnings
recovery, as well as the company's ability to maintain its
financial soundness over the next two to three years, amid further
stagnation in the Dynamic Random Access Memory (DRAM) market.  At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and long-term senior unsecured debt ratings on the company.


ELPIDA MEMORY: Modifies President Sakamoto's Compensation Cut
-------------------------------------------------------------
Elpida Memory, Inc.'s Board of Directors has approved an
additional change in executive-level compensation following its
October 17, 2008 decision to reduce compensation for top
management.

The company, Reuters relates, said it would cut its executives'
pay after it warned that it may post a loss for the second
quarter.  For the July-September quarter, the operating loss was
expected to be JPY24.4 billion, following the previous quarter's
JPY15.6 billion loss, the report notes

According to Reuters, President, Yukio Sakamoto, will take a 50%
cut in salary, and other management will get 5-10% pay cuts.

The company meanwhile said in a disclosure that its board has
approved a proposal by company president and Mr. Sakamoto to
reduce his executive compensation by 100% in the last two months
of 2008 as further demonstration of his commitment to improve
Elpida's business performance.  The proposal was also ratified by
Elpida's Executive Compensation Committee.

Accordingly, Elpida made these changes to its October 17 decision
regarding reduction in compensation:

(Original decision)

                 Amount of reduction        Period of reduced
                 -------------------           compensation
                                            -----------------
Yukio Sakamoto,          50%                Until March 2009 or a
President & CEO                             monthly operating
                                            profit is
                                            reestablished

(Changed decision)


                 Amount of reduction         Period of reduced
                 -------------------            compensation
                                             -----------------
Yukio Sakamoto,   50% reduction. However,    Until March 2009  or
President & CEO   in Nov. and Dec. of this   a monthly operating
                  year the president will    profit is
                  decline 100% of his        reestablished
                  executive compensation.

The company said the original reductions in compensation levels
for full-time board members and corporate officers remain
unchanged.

Given the unprecedented slump in DRAM prices, Elpida believes that
the DRAM industry is in the final stage of a fight for survival.
According to the company, it is now arranging a capital financing
to provide sufficient cash liquidity to put the company on a
stronger competitive footing.

                       About Elpida Memory

Elpida Memory Inc. -- http://www.elpida.com.-- is a leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                         *     *     *

On September 16, 2008, the Troubled Company Reporter - Asia
Pacific, reported that Standard & Poor's Ratings Services has
revised the outlook on its long-term corporate credit rating on
Elpida Memory Inc. to negative from stable.  The downward revision
is based on the  increasing uncertainty over prospects for a
future earnings recovery, as well as the company's ability to
maintain its financial soundness over the next two to three years,
amid further stagnation in the Dynamic Random Access Memory (DRAM)
market.  At the same time, S&P affirmed its 'BB-' long-term
corporate credit rating and long-term senior unsecured debt
ratings on the company.


FORD MOTOR: John Bond & Jorma Ollila Leave Board Member Posts
-------------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Sir John R.
H. Bond and Jorma Ollila resigned as Ford Motor Co. board members
on Friday.

Messrs. Bond and Ollila have significant responsibilities within
their own companies in Europe and each has recently added new
responsibilities in advising governmental entities during these
difficult economic times.  Messrs. Bond and Ollila told the Board
of Directors that they couldn't devote the additional time and
international travel that would be required of them as the company
responds to the unprecedented external environment and rapidly
changing auto industry.

In addition to his board duties, Mr. Bond served as a member of
the Finance Committee of the Ford Motor board and served as a
consultant and senior advisor to the Executive Chairman, William
Clay Ford, Jr.  Mr. Bond's formal paid consultancy arrangement
with the company also terminates on Oct. 17, 2008, although Mr.
Bond may continue to act as an advisor to Mr. Ford on an informal,
unpaid basis.  Mr. Ollila served as a member of the Audit
Committee and the Nominating and Governance Committee of the
board.

According to WSJ, Messrs. Bond and Ollila won't be immediately
replaced and the board will now have 11 members.

The resignations had nothing to do with any disagreement over the
management or direction of the the company, and were not related
to the Don Leclair's retirement as chief financial officer, WSJ
relates, citing a Ford Motor spokesperson Mark Truby.  The report
quoted Mr. Truby as saying, "Ford's board remains very strong,
independent and experienced.  Our board members are fully engaged
in directing the company at this important time."

                   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-'.

As reported in the Trouble Company Reporter on Oct. 17, 2008,
Standard & Poor's Ratings Services placed the CCC ratings on nine
Ford Motor Co.-related transactions on CreditWatch with negative
implications.


LEHMAN BROTHERS: Two Banks Face Sanctions on Mis-selling Bonds
--------------------------------------------------------------
Two banks were referred for possible sanctions in Hong Kong as
part of an investigation into misleading sales tactics in
connection with failed US bank Lehman Brothers Holdings Inc.'s
investments whose values are in doubt, Associated Press reports.

According to AP, the two unidentified banks are the first to be
referred for sanctions in the authority's investigation.
Regulators could impose fines and revoke the banks' license, among
other penalties, the report says.

On October 6, 2008, the Troubled Company Reporter-Asia Pacific,
citing Agence France-Presse, reported that Hong Kong's financial
services chief weighed in on the dispute over the possible mis-
selling of investment products backed by Lehman Brothers.

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

Xinhua News relates that the regulators' move came after the Hong
Kong Association of Banks accepted the buyback proposal of the
Hong Kong Special Administrative Region government.  The
distributor banks involved had agreed to the proposal and
appointed Ernst & Young as independent financial adviser
responsible for the buyback process, the same report says.

According to Xinhua, K.C. Chan, Secretary for Financial Services
and the Treasury of the HKSAR government, said that he hoped the
banks' consensus can help the mini-bond holders to get back their
assets at market value, shortening the lengthy liquidation
process.

The Monetary Authority appointed PricewaterhouseCoopers as an
independent consultant to oversee the buyback process to ensure
impartiality.

                     About Lehman Brothers

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

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

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

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

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

                International Operations Collapse

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

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

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


NEW CITY: Moody's Lowers Ratings to B1; Under Review for Downgrade
------------------------------------------------------------------
Moody's Investors' Service has downgraded the issuer rating and
senior unsecured long-term debt ratings of New City Residence
Investment Corporation (NCR) from Ba1 to B1.  The ratings remain
under review for possible further downgrade.

The rating actions are due to NCR's October 9, 2008, petition for
civil rehabilitation, which was approved by the Tokyo District
Court on October 14, 2008.  Moody's believes the value of the
assets in the company's real estate portfolio should be sufficient
to pay down all of its outstanding debt.  Moody's have
nevertheless downgraded the ratings, which remain under review for
possible downgrade, because of uncertainties with regard to a
potential delay in the proceedings, which may further increase the
company's vulnerability to real estate financial market
conditions.

The last rating action for NCR was taken on October 10, 2008.  The
previous ratings were Ba1, under review for possible downgrade.

New City Residence Investment Corporation is a Japanese real
estate investment trust that invests in residential properties.


SAPPORO HOLDINGS: Fitch Holds 'BB' LT Foreign & Local Currency IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Sapporo Holdings Limited's Long-term
foreign and local currency Issuer Default ratings as well as the
Senior Unsecured debt rating at 'BB' and its Short-term foreign
and local currency IDRs at 'B'.  The Outlook remains Stable.

"The continuous decline in Sapporo's beer and soft drinks
operations as well as their low profitability remains a concern.
It is not clear how Sapporo can turn the trend around and these
businesses have currently little debt capacity," says Frederic
Gits, Senior Director in the agency's Corporate team.  "However,
Sapporo's debt can be seen as mainly financing its stable real
estate operations," adds Mr. Gits.

Sapporo suffers from its relatively small size compared with the
market leaders Kirin and Asahi in a highly competitive and mature,
notably due to an unfavourable demographic outlook, Japanese
market.  In H108, Sapporo slipped for the first time in a six-
month period to the fourth place in the Japanese brewing market
after being overtaken by Suntory, following the latter's decision
to delay price hikes introduced by the three main other players.

The ratings factor in the stable flow of profits generated by the
real estate business (5.4% and 57.2% of FY07 consolidated revenues
and operating profits, respectively), of which Yebisu Garden
Place, located in a prime location in Tokyo, accounts for the bulk
of the value.  Based on the sale price to Morgan Stanley,
Sapporo's remaining stake in Yebisu Garden Place alone is worth
about JPY250bn and operating profits from the real estate business
(JPY7bn) easily covers consolidated cash interest expense
(JPY4.2bn).

Sapporo's financial leverage is still high with a net adjusted
debt to Op.  EBITDAR ratio of 5.2x in FY07.  Sapporo is however
committed to reduce its debt to JPY180bn by FY08 from FY07's
JPY212bn, notably through the sale of a 15% stake in Yebisu Garden
Place to Morgan Stanley for JPY50bn.  Fitch expects Sapporo's Free
Cash Flow generation ability to remain slightly positive, allowing
for a slow reduction in debt.


YAMATO LIFE: Eight Firms Offer to Support Rehabilitation
--------------------------------------------------------
Two insurers and six investment funds have stepped forward to
become the sponsoring company to finance the rehabilitation of
failed Yamato Life Insurance Co, Japan Today reports, citing
citing a court-appointed administrator Hideo Seto.

Mr. Seto, the report relates, said: "What needs to be done quickly
is to remove policyholders’ anxieties and secure assistance from a
sponsor."

On October 13, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Yamato Life filed for court
protection from creditors with debts exceeding assets by JPY11.5
billion (US$116 million).  The company went bust with debts of
US$2.7 billion, becoming the first Japanese insurer to go bankrupt
in seven years.

According to TCR-AP, citing Kyodo News, Yamato's financial profile
was hurt by losses from investing in subprime mortgage-backed
bonds and other securities like stocks, whose prices have plunged
amid the global financial crisis.

Mr. Seto, Jiji Press relates, said he will ask them to submit by
mid-November plans to rehabilitate Yamato Life, adding that he
will narrow down the candidates after scrutinizing the proposed
measures.  He hopes that the selection process will be completed
by early January 2009 so that Yamato Life can work out a
rehabilitation program by Feb. 13, the same report adds.

                        About Yamato Life

As reported by the Troubled Company Reporter-Asia Pacific on
October 15, 2008, JCR downgraded the rating on ability to pay
insurance claims of Yamato Life from B+p to Dp and then withdrew
the Dp rating.  Yamato Life reported to Financial Services Agency
that it can no longer stay in business and filed with the Tokyo
District Court for protection under the court-guided
rehabilitation law.


* JAPAN: S&P Probes CMBS Transactions in Surveillance Report
------------------------------------------------------------
Standard & Poor's Ratings Services has published a Japanese-
language report detailing responses to frequently asked questions
about the surveillance of rated commercial mortgage-backed
securities (CMBS) transactions.  The report details several
questions, including how defaults on the underlying loans of CMBS
transactions may influence the ratings on CMBS transactions in
Japan.

Around the beginning of this year, the Japanese real estate market
began to undergo a correction amid dramatic changes in the
financial market environment.  In some of the rated Japanese CMBS
transactions, obligors have had a difficult time in refinancing
their loans or selling collateral property (in sales-type CMBS
transactions).  In addition, some loan defaults have occurred due
to sponsor credit events or obligors' inability to refinance their
loans.  These difficulties combine to paint a picture that
contrasts sharply with the real estate market environment seen up
to the end of 2007, when S&P's rating actions on CMBS transactions
consisted solely of upgrades.

S&P has received many questions from market participants,
including how loan defaults may influence its ratings on CMBS
transactions.  Among the questions received, S&P selected some
that best represent market participants' concerns amid the current
difficult conditions, and published them with its responses in the
form of an FAQ report.


=========
K O R E A
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HANSUNG AIRLINES: Cancels Flights Amid KRW27 Bil. Deficit
---------------------------------------------------------
Hansung Airlines canceled all flights starting October 18, and
would halt operations on both of its routes from Gimpo to Jeju and
Cheongju to Jeju, Arirang News reports.

Since launching in the summer of 2005, the report relates, Hansung
has chalked up a deficit of some KRW27 billion, which company
representatives attribute to surges in oil prices, the weakening
won, and failure to raise new funds.

According to the report, the carrier has sold tickets for flights
up to January of next year, but has failed to confirm whether it
will refund tickets or arrange alternative flights for its
customers.

Hansung Airlines is based in Cheongju City in North Chungcheong
Province.



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

* MALAYSIA: Ratings on Locally Incorporated Foreign Banks Intact
----------------------------------------------------------------
RAM Ratings' universe includes 8 locally incorporated foreign
banks.  "To date all ratings on locally incorporated foreign banks
in our portfolio are intact" says Promod Dass, RAM Ratings' Head
of Financial Institution Ratings.  Apart from rigorously examining
these entities' from the perspective of the traditional "CAMEL"
- capitalisation, asset quality, management capability, earnings
robustness, liquidity and funding, we exhaustively study the
trinity of risk parameters which encompass credit, market and
operations risk.  It is also key for RAM Ratings to form a view on
the franchise, operating and regulatory environment in our rating
process.  Specifically for locally incorporated foreign banks, we
also factor in the role of the parent as part of the assessment.
However, the emphasis on the parent bank may vary depending on key
factors which include the Malaysian subsidiaries' local footprint,
fundamentals and level of interaction with their parent.  Locally
incorporated foreign banks typically share their parents' risk-
management infrastructure, products and services as well as human
capital.

Generally, five of the eight locally incorporated foreign banks in
our portfolio have a significant domestic presence, with strong
fundamentals.  The ratings of these banks rely more on the
domestic entity's operations.  For the other entities in the
portfolio, greater consideration is given to operational,
franchise and financial support from their parent banks as these
entities have relatively smaller footprints and, in some
instances, a very short domestic track record.

RAM Ratings has also taken into account the additional regulatory
oversight exercised by Bank Negara Malaysia (BNM), where Malaysian
branches of foreign/global banks are required to be incorporated
as local subsidiaries.  This has allowed some level of
independence and isolation from the parent bank's risk.  Given
that BNM itself has a strong degree of control over locally
incorporated foreign banks, RAM Ratings should not see
unreasonable outflows that would put the local outfit in jeopardy.
Additionally, locally incorporated foreign banks are also subject
to regulations/oversight and audits by the parent banks'
regulators.

RAM Ratings' assessment of a parent bank is based on their own
evaluation of the fundamentals.  Therefore, a change in the
parent's rating by any of the international rating agencies need
not necessarily affect the locally incorporated foreign bank rated
by them.  "We have been monitoring the impact of the global
financial crisis on the locally incorporated foreign banks'
parents, since they have an international presence and may be
affected, whether directly or indirectly," notes Mr. Dass.

In particular, the ratings of two locally incorporated foreign
banks in their rating portfolio, i.e. The Royal Bank of Scotland
Berhad (formerly known as ABN AMRO Bank Berhad) and Deutsche Bank
(Malaysia) Berhad, place significant emphasis on their global
parents' support.  Key areas that RAM are monitoring are the
parents' overall fundamentals and potential support offered by the
respective European Governments.  Over the last week, the German
Government had assured the safety of German deposits to restore
confidence.  Meanwhile, the UK government has recently announced
details of a rescue package for the banking system worth up to
EUR500 billion, comprising capital injections, liquidity lines by
the Bank of England, and loan guarantees to banks and building
societies.

Elsewhere, the ratings of Kuwait Finance House (Malaysia) Berhad
are strongly linked to those of its parent, Kuwait Finance House
KSC, which RAM view to have robust fundamentals.

"All said, we continue to closely monitor the fundamentals of
parent banks of locally incorporated foreign banks", says
Mr. Dass.


* MALAYSIA: RAM Revises Banking Sector Outlook to Developing
------------------------------------------------------------
RAM Ratings revised the Malaysian banking sector's outlook from
stable to developing in June 2008.  This had been premised on the
rating agency's view that the inflationary impact of higher fuel
prices and electricity tariffs would introduce a change to the
domestic economy's cost structure.  The broad-spectrum cost
spikes, coupled with the global economic slowdown, are likely to
affect the profitability of corporates as well as small and medium
enterprises, erode disposable incomes and shrink demand for
residential properties.  "While our outlook on the sector is
developing, the Malaysian banking landscape has not been scorched
by the turbulent global financial markets which, has suffered a
confidence crisis, in any case we are vigilantly monitoring for
any cracks that may appear," says Promod Dass, RAM Ratings' Head
of Financial Institution Ratings.

Subsequent to this, RAM Ratings has conducted various informal
surveys and discussions with banking groups to gauge the impact of
heftier costs to companies and individuals and slower economic
growth on banks' loan growth, asset quality and profitability
between June to September 2008.  Most of the respondents had
reported stable loan applications while some had experienced
increased demand for financing.

The banks' own rates of approval have also not shown any
significant changes, signaling that the quality of potential
borrowers has not declined nor have the banks tightened their
underwriting standards considerably.  By and large, loan
repayments have not deteriorated, although some banks have faced
slightly more difficulty in their loan collections over this
recent 3-month period.

"It is business as usual," had been the common refrain among the
respondents.

Going forward, however, most banking players will adopt a more
cautious stance.  While many expect loan applications to remain
stable or even increase, approval rates may show a slight downward
bias as banks apply more stringent credit-underwriting standards.
Additionally, the credit profiles of potential borrowers would
also be affected given the lagged impact from the greater
inflationary pressures working through the system.  Similarly,
most banks anticipate loan repayments to be somewhat affected -
although not materially – over the next 6 to 12 months.

Most banks expect a small uptick in their nonperforming- loan
(NPL) ratios over the next 6 to 12 months, with a corresponding
increase in specific loan-loss provisioning expenses.  They
envisage defaults to originate from mainly the retail,
manufacturing and construction sectors, as well as from unsecured
personal loans and credit cards.  Despite this, almost all banks
anticipate better profit performance in 2008, based on their
commendable profitability in the first half of the year.

"Banks have been focusing on risk management; the implementation
of the BASEL II framework on January 1, 2008, has essentially
fortified all these institutions' risk culture since the last
Asian crisis," Mr. says Dass.  "All said, however, banks with more
stringent underwriting, credit monitoring and collection
procedures will fare better," he adds.

Meanwhile over the last eight years, there has been further
disintermediation as corporate borrowers have been turning to the
domestic bond market for large-scale financing.  This has in turn
put commercial banks on a retail-lending path while investment
banks have concentrated on fee-based income.  In the process,
their loan books have become more diversified, reducing the impact
of catastrophic events vis-a-vis large single borrowers on asset
quality, as experienced during the 1997/98 regional financial
crisis.

The current global credit crisis was triggered in 2007 by the
bursting of the United States' housing bubble and high default
rates on American sub-prime mortgages.  However, Mr. Dass notes,
"None of our domestic banks directly holds any US subprime-backed
structured securities."

Nevertheless, it has been observed that local banks have been
affected to some degree due to marked-to-market and impairment
losses arising from fixed-income securities.  We have observed
that market values have been depressed by poor sentiments and
tight liquidity.  Independent power producers bonds, which
represent a large portion of bonds outstanding in the market, felt
the brunt of this as changes in government policies to IPPs has
dampened investor confidence for these bonds, exacerbating the
dearth in market depth.  We note that all securities held for
trading and those available for sale are required to be marked to
market.  Meanwhile, securities available for sale and those held
to maturity are also subject to impairment tests to ascertain if
any impairment loss needs to be made.  "On the whole, these
marked-to-market and impairment losses have been largely
contained, with no material impact on the banks' capital," adds
Mr. Dass.


* MALAYSIA: Deposit Guarantee Boosts Confidence in Banks System
---------------------------------------------------------------
Deposit guarantee until 2010 bolsters confidence in the Malaysian
banking system

In line with many central banks globally, Bank Negara Malaysia's
move on October 16, 2008, to guarantee deposits of all financial
institutions until December 2010 is timely.

"While our banking sector still has strong fundamentals and does
not need support like some other banking systems, this decisive
measure is clearly a much welcomed confidence booster," says
Promod Dass, RAM Ratings' Head of Financial Institution Ratings.
This measure is purely pre-emptive in nature as the banking system
is flushed with liquidity and is well-capitalised.

"This recent Bank Negara Malaysia action, however does not change
the financial institutions' ratings in RAM Ratings' portfolio,
which reflect a particular financial institution's unique credit
fundamentals," he adds.

RAM Ratings, however, cautions that this medium term action which
was also observed internationally by several central banks, while
relevant and needed to restore global financial stability, should
not be taken as a carte blanche by management teams to lower their
risk management standards and throw care to the wind in making
long-term decisions, which, if not checked, would create a serious
moral hazard in the various banking systems.



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

CUTWELL CONCRETE: Madsen-Ries and Vance Appointed as Liquidators
----------------------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Cutwell Concrete Cutting and
Drilling Limited.

The liquidators can be reached at:

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


COLMAN INVESTMENTS: Proofs of Debt Due on November 18
-----------------------------------------------------
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:

          Roderick T. Mckenzie
          McKenzie & Partners Limited
          Level 1, 484 Main Street
          PO Box 12014
          Palmerston North
          Telephone: (06) 354 9639
          Facsimile: (06) 356 2028


FLOORING & CARPET: Madsen-Ries and Vance Appointed as Liquidators
-----------------------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of  Flooring & Carpet Solutions
Limited.

The liquidators can be reached at:

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


G.K. HORTICULTURE: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Napier held a hearing on October 20, 2008, to
consider an application putting G.K. Horticulture and Viticulture
Limited into liquidation.

The application was filed on June 4, 2008, by Accident
Compensation Corporation.

The plaintiff's address for service is at:

          Maude & Miller
          2nd Floor
          McDonald's Building
          Cobham Court
          PO Box 50555 or DX SP 32505
          Porirua City

Dianne S. Lester is the plaintiff's solicitor.


JUDGE VALLEY: Sells Business Due to Financial Pressure
------------------------------------------------------
Chris Gardner of Waikato Times reports that Kevin Geraghty, the
owner of Judge Valley Vineyard, is selling the business due to
financial pressure.

The report relates that Mr. Geraghty is selling up to clear debt
incurred in establishing a NZ$1 million function centre two years
ago.

According to the report, Mr. Geraghty said in a letter sent to 200
customers that the business was for sale by tender due to
financial pressure and pleaded for customers to buy cut-price wine
to help.

The tender process is being managed by the Hamilton office
Colliers International, the report says.

Mr. Geraghty told the Waikato Times it was unlikely he would be
able to keep the business in its current form.

"We were a little bit unrealistic about where our NZ$1 million-
plus function centre, which opened in 2006, would be in its first
year.  Even though the function centre is now operating profitably
- we have had 35 weddings booked since January 2007 - the property
is being sold to clear past debt," Waikato Times cites Mr.
Geraghty as saying.

Established in 1997, Judge Valley Vineyard --
http://www.judgevalley.com/-- is located midway between Cambridge
and Te Awamutu in New Zealand's North Island.  Judge Valley
specialises in Bordeaux-style red wine.  It is privately owned and
managed by New Zealander Kevin Geraghty.


L TULIKIHAKAU: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland convened a hearing on October 9, 2008,
to consider an application putting L Tulikihakau International
Packers Limited into liquidation.

The application was filed on June 19, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.


MONEY MART: Owners Sell Helicopter for NZ$3 Million
---------------------------------------------------
The owners of Money Mart Direct have put their helicopter up for
sale on auction website Trade Me for NZ$3 million, The New Zealand
Herald reports citing New Zealand Press Association.

The report relates that the auction of the 2008 Eurocopter EC120B
closes on October 27 and is under the name Palmytrades.

According to the Herald, citing Waikato Times, records show the
chopper is registered to Brown Business Trust, with an address in
the name of Paul Brown, who along with his wife Kelly are the sole
shareholders of Voyager Holdings, Money Mart Direct's parent
company.

As reported in the Troubled Company Reporter-Asia Pacific on
October 16, 2008, citing The National Business Review, Money Mart
Direct was put in receivership by its creditor, UDC.

UDC appointed PricewaterhouseCoopers as receivers to the company
on October 14, 2008.

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

Money Mart Direct employs around 50 staff nationwide.


PLATINUM PLASTERING: High Court Appointed Liquidators
-----------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of  Platinum Plastering Systems
Limited.

The liquidators can be reached at:

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


REVENIRE LIMITED: 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 Revenire Limited fka
Fitches and Shaw 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.


ROCHIS LIMITED: 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 Rochis 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.


TWIN PEAKS: 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 Twin Peaks Enterprise
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.


VISION ALUMINIUM: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Christchurch convened a hearing on October 20,
2008, to consider an application putting Vision Aluminium 2000
Limited into liquidation.

The application was filed on September 2, 2008, by Ali Solutions
Limited.

The plaintiff's address for service is at:

          Wynn Williams & Co
           Level 7
           BNZ House
           129 Hereford Street
           Christchurch 8140

P. A. C. Maw is the plaintiff's solicitor.


* NEW ZEALAND: Electronic Card Transaction Increases 0.8% in Sept.
------------------------------------------------------------------
After adjusting for seasonal effects, the value of the total
Electronic Card Transaction (ECT) series increased 0.8 percent in
September 2008 compared with August 2008, Statistics New Zealand
said.  The non-retail industries were the main contributor to this
increase, which was dampened by a flat retail result.

The trend for the total ECT series had been comparatively flat
since February 2008, but has started to rise in recent months.

After adjusting for seasonal effects, the value of the retail ECT
series in September 2008 was unchanged from August 2008.
Increases in the motor vehicle-related industries and consumables
were negated by the decreases in apparel and durables.  The core
retail ECT series (which excludes the motor vehicle-related
industries) decreased 0.4 percent in September following a 1.6
percent increase in August.

There were 84 million electronic transactions in September 2008
with a value of NZ$4.5 billion.


* NEW ZEALAND: Officials Plan to Guarantee Wholesale Deposits
-------------------------------------------------------------
New Zealand officials are working on a plan to guarantee wholesale
deposits at the nation's banks, Tracy Withers of Bloomberg News
reports citing Finance Minister Michael Cullen.

"The Reserve Bank and Treasury are working on a possible wholesale
deposit guarantee scheme," Bloomberg News quotes Dr. Cullen as
saying in a debate broadcasted yesterday on Radio New Zealand.
"There is no need for an urgent decision.  We have time to work
through it."

Dr. Cullen said units of Australian-based banks handle about 90
percent of all New Zealand deposits, and officials are taking this
ownership into account.

"The majority of our institutions are owned from offshore and the
New Zealand government does not want to be writing a blank check
for offshore shareholders," Bloomberg News quoted Dr. Cullen.

In a statement released by The Reserve Bank of New Zealand last
week, Dr. Cullen announced that using his powers under the Public
Finance Act, the government is to introduce an opt-in retail
deposit guarantee scheme.

"The scheme will cover all retail deposits of participating New
Zealand-registered banks and retail deposits by locals in non-bank
deposit-taking entities.  This would include building societies,
credit unions and deposit-taking finance companies," Dr. Cullen
said.

The deposit guarantee scheme does not include related party
liabilities.

The new scheme is an opt-in scheme and would take the form of a
bilateral contractual agreement between the Crown and the
individual institutions which take up the guarantee.

The scheme will be free for institutions with total retail
deposits under NZ$5 billion.  A fee of ten basis points per annum
will be charged on total deposits above NZ$5 billion.  This means
that a bank with NZ$20 billion in retail deposits would pay NZ$15
million in fees per annum.

The government is offering this deposit guarantee to address the
current situation of international financial market turbulence and
it will be for a two-year term in the first instance.  This will
give time to see how well international financial markets
stabilize in the months ahead.

"The deposit guarantee is designed to give assurance to New
Zealand depositors.  The New Zealand banking system remains sound.
We want to ensure that ordinary New Zealanders feel that their
deposits are safe in the current uncertain international financial
market conditions," Dr. Cullen said.



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

JG SUMMIT: S&P Affirms B+ Ratings and Removes From Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its unsolicited
'B+' corporate credit rating on Philippines-based conglomerate JG
Summit Holdings Inc. with a stable outlook.  S&P also affirmed the
'B+' issue rating on US$300 million senior unsecured notes issued
by JG Summit's wholly owned subsidiary, JGSH Philippines Ltd.  At
the same time, both ratings were removed from CreditWatch, where
they had been placed with negative implications on May 13, 2008,
based on expectations that the group's near-term investments are
likely to be lower than the initial plan.  The ratings were then
withdrawn.

This unsolicited ratings) was initiated by S&P.  It may be based
solely on publicly available information and may or may not
involve the participation of the issuer's management.  S&P has
used information from sources believed to be reliable, but does
not guarantee the accuracy, adequacy, or completeness of any
information used.


LEAR CORP: S&P Cuts Corp. Credit to 'B' on Weak Sales & Cash Flow
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Lear
Corp., including the corporate credit rating, to 'B' from 'B+',
reflecting the prospects for Lear's sales and cash flow to be
weaker than S&P expected in 2009, resulting in credit measures
that are inconsistent with the previous rating.  For the current
rating, S&P now expect adjusted debt to EBITDA to exceed 4.0x but
be less than 5.0x.  At the same time, S&P also lowered the issue-
level rating on Lear's US$1 billion senior secured term loan
facility (US$988 million outstanding) to 'BB-' from 'BB' and
lowered the issue-level rating on Lear's senior unsecured notes to
'B-' from 'B'.  The outlook is negative.

"Falling auto demand in North America and Europe and ongoing
adverse shifts in product mix toward smaller passenger cars in the
U.S. are the main reasons for the downgrade," said Standard &
Poor's credit analyst Lawrence Orlowski.  "We now expect U.S.
light-vehicle sales to be 13 million units in 2009, and light-
vehicle sales in Europe are continuing to weaken.  S&P believes
the weak economy will extend well into 2009 and suppress purchases
of big-ticket items such as autos, so S&P do not expect production
for many of Lear's key SUV and full-size pickup truck platforms to
rebound in the near term," he continued.

Lear recently reduced its 2008 guidance for sales and core
operating earnings by 7% and 20%, respectively.

Lear has a highly leveraged financial risk profile, combined with
a weak business risk position that is dominated by the intense
competitive pressures of the global auto supply industry.  Lear
has a solid market position in the global auto seating supply
sector (79% of revenues) and is a player in the
electrical/electronics auto supply market.

Although Lear has strong positions in the auto seating market and
good growth prospects outside North America, continuing challenges
come from customer concentration.  Its two largest customers, Ford
Motor Co. and General Motors Corp. (excluding the Saab, Volvo,
Jaguar, and Land Rover units), represented about 42% of global
sales in 2007.  Moreover, the prices of raw materials such as
steel, copper, and oil remain volatile, and unexpected price
increases could reduce margins as well.

S&P expects Lear to have sufficient liquidity to meet its cash
obligations during the next year.  Cash balances were US$624
million as of June 28, 2008, and there are no material debt
maturities until 2012. The bulk of Lear's cash needs are in the
U.S., where its free cash flow is weakest and the bulk of its debt
resides.   Still, Lear can move cash balances between certain
countries via intercompany notes and tax-related strategies.

The outlook is negative.  S&P expects the operating environment
for auto suppliers to remain difficult in 2009, and Lear's
leverage and heavy dependence on the U.S. auto manufacturers make
the company especially vulnerable to negative industry
developments.  For the current rating, S&P expects the company's
adjusted debt to EBITDA to stay below 5.0x and funds from
operations to debt to exceed 10%.  To reach the upper end or
higher of our expected debt-to-EBITDA measure, Lear's EBITDA would
have to drop an estimated 40% from the level of the 12 months
ended June 28, 2008, and S&P could lower the rating if such a
scenario seemed likely.

A revision in S&P's outlook to stable in the near term is unlikely
because market conditions will likely continue to deteriorate,
preventing an improvement in credit measures.


UNIVERSAL ROBINA: S&P Keeps BB Credit Ratings; Removes From Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' corporate
credit rating on Universal Robina Corp. (URC) with a stable
outlook.  It also affirmed the 'BB' issue rating on the US$200
million senior unsecured notes issued by the company's wholly
owned subsidiary, URC Philippines Ltd.

At the same time, both ratings were removed from CreditWatch,
where they had been placed with negative implications on May 13,
2008, after the ratings affirmation and stable outlook of its
parent, JG Summit Holdings Inc.  The ratings on URC were then
withdrawn due to inadequate information for S&P's rating process.


* PHILIPPINES: Domestic Liquidity Growth Expands in August
----------------------------------------------------------
Domestic liquidity or M3 growth accelerated in August, expanding
by 9.8 percent year-on-year from 4.1 percent in July, data from
Bangko Sentral ng Pilipinas shows.  This was based on the
Depository Corporations Survey generated from the Financial
Reporting Package (FRP), the new system of bank reports that is
consistent with the International Accounting Standards and
International Financial Reporting System.

The expansion in domestic liquidity was driven by the strong
growth in net domestic assets at 10.0 percent from 0.4 percent in
July.  This can be attributed primarily to the sustained expansion
in credits extended to the private sector at 19.0 percent (higher
than the 12.8 percent growth posted in the previous month),
supported by the strong bank lending growth during the period.
Meanwhile, credit extended to the public sector continued to
decline, dropping by 1.9 percent as the build-up in the deposits
of the National Government more than offset the increased lending
to the NG and to local governments and other public entities.  The
expansion in the net foreign assets of depository corporations
slowed down to 5.4 percent (from the 12.5 percent growth
registered in July), due largely to the decline in the foreign
assets of depository corporations
(at 14.2 percent) as banks' investments in foreign securities
during the month were lower relative to the same period a year
ago.

According to BSP Governor Amando M. Tetangco, Jr., the level of
domestic liquidity is important in the assessment of the inflation
outlook.  He said that the BSP will continue to ensure that the
liquidity conditions are consistent with the price stability
objective, while at the same time being mindful of the growth
requirements of the economy.


* Foreign Portfolio Investments Posts US$312.2MM Outflow in Sept.
-----------------------------------------------------------------
Bangko Sentral Governor Amando M. Tetangco, Jr. reported that
foreign portfolio investments registered with the Bangko Sentral
posted a net outflow of US$312.2 million in September 2008, after
net inflows of US$20.2 million and US$187.5 million in July and
August, respectively.

"This was due primarily to the meltdown in the U.S. Financial
markets, the effects of which have spilled over to other
countries, and subsequent fears that a recession in major
economies is imminent," the Governor said.

Registration of foreign investments with the Bangko Sentral, which
is voluntary, entitles the investor to buy foreign exchange from
the banking system for repatriation of capital and remittance of
dividends/earnings that accrue on the investments.

On a gross basis, registered foreign portfolio investments1
totaled US$517.3 million, of which 67 percent or US$348.7 million
went to listed shares, 33 percent or US$167.8 million to
government securities and less than 1 percent or US$0.8 million to
peso bank deposits.  On the other hand, capital repatriations
aggregated US$829.5 million and came from withdrawals of
investments in listed shares (US$235.5 million or 29 percent),
government securities (US$234.5 million or 28 percent), and peso
bank deposits (US$359.5 million or 43 percent).

   January-September 2008 Flows

For the first three quarters of the year, transactions resulted in
a net outflow of US$521.7 million, in sharp contrast to the
US$3.4 billion net inflow for the comparable period in 2007.
Investor risk aversion, which started with the subprime mortgage
crisis in the U.S., has deepened due to the surge in commodity
prices and concerns over the impact of the U.S. financial crisis
on other markets.  By type of instrument, investments in listed
shares,  peso-denominated government securities and money market
instruments posted net inflows of close to US1.8 billion, US$5.6
million and  US$2.6 million, respectively, while placements in
peso bank deposits showed a net outflow of US$2.3 billion.  This
development reflected greater preference for fixed income
instruments given prevailing market conditions.

Gross investment inflows reached US$7.1 billion during the period,
down 42 percent from the nearly US$12.2 billion level recorded in
the same period last year.  Placements in PSE-listed shares of
US$4.8 billion  (48 percent of which went to telecommunications
and property firms) represented 68 percent of the total and fell
by 52 percent from the almost US$10.1 billion level for 2007.
Investments in peso-denominated government securities of US$1.7
billion (24 percent) dropped by 11 percent from last year's
comparative figure of US$2.0 billion.  Meanwhile, investments in
peso bank deposits of US$560.0 million and money market
instruments of US$4.1 million (accounting for 8 percent and less
than 1 percent, respectively) showed marked increases of
294 percent and 227 percent, respectively, from their 2007 levels
of US$142.1 million and US$1.3 million.  The United Kingdom,
Singapore and the United States remained the top three investor
countries with their collective contribution of 69 percent of
investment funds during the period.

Gross capital outflows totaled US$7.6 billion, reflecting a
13 percent drop from last year's US$8.8 billion.  These came from
withdrawals of investments from listed shares (40 percent of
total), government securities  (23 percent) and money market
instruments and peso bank deposits (combined 37 percent).



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

EMPORIUM LIFESTYLE: Court to Hear Wind-Up Petition on October 31
----------------------------------------------------------------
A petition to have Emporium Lifestyle Pte Ltd's operations wound
up will be heard before the High Court of Singapore on October 31,
2008, at 10:00 a.m.

Chew Kia Ngee, Ramasamy Subramaniam Iyer @ Rajendran and Goh Thien
Phong filed the petition against the company on October 6, 2008.

The Petitioners' solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street
          #13-02 Equity Plaza
          Singapore 049705


KATONG EMPORIUM: Wind-up Petition Hearing Set for October 31
------------------------------------------------------------
The High Court of Singapore will hear on October 31, 2008, at
10:00 a.m., a petition to have Katong Emporium & Supermarket (Pte)
Ltd's operations wound up.

Chew Kia Ngee, Ramasamy Subramaniam Iyer @ Rajendran and Goh Thien
Phong filed the petition against the company on October 6, 2008.

The Petitioners' solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street
          #13-02 Equity Plaza
          Singapore 049705


LEHMAN BROTHERS: Singapore's CB Probes Misconduct in Bond Sale
--------------------------------------------------------------
Singapore's central bank, Monetary Authority of Singapore (MAS),
said Friday that it is investigating allegations of misconduct by
commercial bank officials in connection with the sale of about
SGD640 million (US$432 million) of bonds linked to Lehman Brothers
Holdings, Inc., The Associated Press reports.

"For cases where there are sufficient indications that the product
was mis—sold or that it was clearly inappropriate given the
investor's profile and circumstances, the FI should take
responsibility.  Several FIs [financial institutions] have assured
MAS that they will take full responsibility in such cases",
Managing Director Heng Swee Keat was quoted by Channel NewsAsia as
saying during a news conference in Singapore.

Although thousands have been affected, MAS is more concerned about
investors who are most vulnerable, such as retirees above 55 years
old, those who are less educated, and first—time investors, the
report stated.

Channel NewsAsia notes that many investors have asked for a
replacement to take on Lehman's role in the minibond programme and
they should know if such a replacement can be found by the end of
next week.

If no replacement comes along, the assets could be sold so that
investors could be paid.  It is, however, unclear how much
investors would be getting back, which caused some frustration
among Singaporeans, the report adds.

              Singaporean Investors Express Anguish

The Troubled Company Reporter-Asia Pacific on Oct. 15, 2008,
citing The Associated Press, reported that hundreds of distraught
Singaporean investors flooded a park known as Speakers' Corner,
the only outdoor space where the government allows limited
protests and public gatherings, to express their anguish at losses
from structured notes issued by Lehman Brothers Holdings, Inc.
The protesters alleged they were made to believe the notes were
sold to them by banks as safe investments.

                      About Lehman Brothers

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

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

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

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

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

                International Operations Collapse

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

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

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

                           *     *     *

As reported by the Troubled Company Reporter on Oct. 14, 2008,
Moody's Investors Service has downgraded the Counterparty Ratings
of Lehman Brothers Financial Products Inc. and Lehman Brothers
Derivative Products Inc. from Baa3 with direction uncertain to B1
on review for downgrade.


RIVERSTONE NETWORKS: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------------------
Riverstone Networks (Singapore) Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by October 29, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          20 Kramat Lane
          #05-05 United House
          Singapore 228773


SUNRISE F & B: Court Enters Wind-Up Order
-----------------------------------------
On October 3, 2008, the High Court of Singapore entered an order
to have Sunrise F & B Pte Ltd's operations wound up.

Patrick Lee Mong Seng filed the petition against the company.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



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

* BOND PRICING: For the Week October 13 - October 17, 2008
----------------------------------------------------------


   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.65
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.60
Allco Hit Ltd                  9.000%  08/17/09     AUD    25.10
Alumna Finance                 2.000%  05/16/13     USD    67.12
Antares Energy                10.000%  10/31/13     AUD     0.64
Aust Cent Cred                 9.000%  07/31/15     AUD    10.00
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    48.81
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    48.95
Becton Property Group          9.500%  06/30/10     AUD     0.35
Bounty Industries Limited     10.000%  06/30/10     AUD     0.02
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    15.50
Carpal Aluminum               10.000%  03/29/12     AUD    65.01
China Century                 12.000%  09/30/10     AUD     0.60
Cit Group Au Limited           6.000%  03/03/11     NZD    55.86
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.97
FBG  Finance Limited           5.875%  06/15/35     USD    73.65
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.40
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.70
Ge Cap Australia               6.000%  04/15/15     AUD    67.58
Ge Cap Australia               6.000%  03/15/19     AUD    52.43
Ge Cap Australia               6.000%  02/27/12     AUD    73.54
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.40
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.40
Infratil Limited              10.180%  12/29/49     NZD    70.00
Insurance Australia            5.625%  12/21/26     GBP    73.41
Jpm Au Enf Nom 1               3.500%  06/30/10     USD     7.00
Lane Cove Tunnel               6.800%  12/09/15     AUD    59.72
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.15
Macquarie Bank                 6.500%  05/31/17     AUD    50.64
Macquarie Bank                 6.500%  09/15/14     AUD    69.57
Macquarie Comm                 2.500%  08/23/13     USD    66.50
Marac Finance                 10.500%  07/15/13     NZD     1.01
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Paladin Energy                 4.500%  12/15/11     USD    66.68
Paladin Energy                 5.000%  03/11/13     USD    62.44
Publ & Broad Fin               6.280%  05/06/11     AUD     7.60
Record Funds Management       11.000%  09/01/10     AUD    35.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
South Canterbury              10.430%  12/15/12     NZD     0.99
St. Laurence Prop              9.250%  07/15/01     NZD    72.49
Suncorp Metway I               6.750%  09/23/24     AUD    70.86
Suncorp Metway I               6.750%  10/06/26     AUD    72.30
Sun Resources NL              12.000%  06/30/11     AUD     0.50
TrustPower Ltd                 8.300%  12/15/08     NZD    10.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.55
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80
Westfield Fin                  5.500%  06/27/17     GBP    74.89

   CHINA
   -----
China Govt Bond                4.860%  08/10/14     CNY     0.00

   HONG KONG
   ---------
Noble Group Ltd                6.625%  03/17/15     USD    72.56
Noble Group Ltd                6.625%  03/17/15     USD    72.62
Respacrcs Funding              8.000%  12/29/49     USD    21.50

   INDIA
   -----
Astrazeneca Phar               8.000%  01/11/09     INR    24.56
Bank of Baroda                 6.625%  05/25/22     USD    69.61
Canara Bank                    6.365%  11/28/21     INR    57.87
Hindustan Cons                10.000%  10/25/09     INR    46.68
ICICI Bank                     7.250%  04/30/22     USD    65.90
ICICI Bank                     7.250%  08/29/49     USD    47.70
India Gov't                    5.970%  09/25/25     INR    74.50
India Gov't                    6.010%  03/25/28     INR    72.14
India Gov't                    6.130%  06/04/28     INR    73.13
JCT Limited                    2.500%  04/08/11     USD    74.50
Pyramid Saimira                1.750%  07/04/12     USD    45.25
State Bank India               6.439%  02/28/49     USD    50.01
UTI bank Limited               7.250%  08/12/21     USD    73.69

   INDONESIA
   ---------
Indonesia (Rep)                6.625   02/17/37     USD    61.00
Indonesia (Rep)                6.875   01/17/18     USD    74.99
Indonesia (Rep)                7.750   01/17/38     USD    67.87
Indonesia Government           9.000%  09/15/18     IDR    67.70
Indonesia Government           9.500%  07/15/23     IDR    64.94
Indonesia Government           9.750%  05/15/37     IDR    64.19
Indonesia Government          10.000%  07/15/17     IDR    74.14
Indonesia Government          10.000%  09/15/24     IDR    66.98
Indonesia Government          10.000%  02/15/28     IDR    65.11
Indonesia Government          10.250%  07/15/22     IDR    69.82
Indonesia Government          10.250%  07/15/27     IDR    66.67
Indonesia Government          10.500%  07/15/38     IDR    66.86
Indonesia Government          11.000%  09/15/25     IDR    71.22


   JAPAN
   -----
Belluna Co Limited             1.100%  03/31/12     JPY    72.51
Chuo Mitsui                    5.506%  12/29/49     USD    71.27
ES-Con Japan Limited           3.260%  05/10/10     JPY    50.01
Fukoku Mutual                  4.500%  09/28/25     EUR    62.69
Hiroshima Bank                 1.890   09/20/17     JPY    73.42
Nichiei Co Limited             1.750%  03/31/14     JPY    60.31
Pacific Management             2.800%  03/16/11
Resona Bank                    4.125%  09/29/49     EUR    72.26
Resona Bank                    5.850%  09/29/49     EUR    66.20
Resona Bank                    5.850%  09/29/49     EUR    69.49
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    53.78
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    30.44
Sumitomo Mitsui                4.375%  07/29/49     EUR    64.29
Sumitomo Mitsui                5.625%  07/29/49     EUR    72.82

   KOREA
   -----
GS Caltex Corp                 5.500%  04/24/17     KRW    73.84
Korea Dev. Bank                7.310%  11/08/21     KRW    43.56
Korea Dev. Bank                7.350%  10/27/21     KRW    43.66

Korea Dev. Bank                7.400%  10/27/21     KRW    43.66
Korea Dev. Bank                7.400%  11/02/21     KRW    43.61
Korea Dev. Bank                7.450%  10/31/21     KRW    43.63
Korea Dev. Bank                8.450%  12/15/26     KRW    70.00
Hynix Semi Inc.                7.875%  06/27/17     USD    45.38
Hynix Semi Inc.                7.875%  06/27/17     USD    56.00
Shinhan Bank                   5.663%  03/02/35     USD    69.46
Woori Bank                     6.208%  05/02/37     USD    62.73

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.70
Cagamas Berhad                 3.640%  05/05/09     MYR     3.85
Eastern & Orient               8.000%  07/25/11     MYR     0.82
EG Industries                  5.000%  06/16/10     MYR     0.18
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Huat Lai Resources             5.000%  03/28/10     MYR     0.45
Insas Berhad                   8.000%  04/19/09     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.19
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.85
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.46
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.20
Mithril Bhd                    3.000%  04/05/12     MYR     0.54
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.16
Pelikan International          3.000%  04/08/10     MYR     1.20
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.31
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.45
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.81
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.67
Silver Bird Grp                1.000%  02/15/09     MYR     1.10
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.84
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.12
Wah Seong Corp.                3.000%  05/21/12     MYR     2.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.45
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.15

   PHILIPPINES
   -----------

First Gen Corp                 2.500%  02/11/13     USD    61.50

   SINGAPORE
   ---------
Capitaland Ltd.                2.100%  11/15/16     SGD    66.43
Capitaland Ltd.                2.950%  06/20/22     SGD    53.75
Capitaland Ltd.                2.950%  06/20/22     SGD    57.04
Capitaland Ltd.                3.125%  03/05/18     SGD    70.31
Hynix Semiconductor Inc.       4.500%  12/14/12     USD
Olam International Limited     1.000%  07/03/13     SGD    52.00
Sengkang Mall                  8.000%  11/20/12     SGD     2.00


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     66.28
Sri Lanka Govt                7.500%  08/15/18     LKR     56.66
Sri Lanka Govt                7.500%  08/01/18     LKR     67.00
Sri Lanka Govt                7.500%  11/01/13     LKR     65.54
Sri Lanka Govt                6.850%  04/15/12     LKR     69.97
Sri Lanka Govt                6.850%  10/15/12     LKR     67.37
Sri Lanka Govt                7.000%  08/01/11     LKR     74.60
Sri Lanka Govt                7.000%  10/15/11     LKR     73.24
Sri Lanka Govt                7.000%  10/01/23     LKR     49.25
Sri Lanka Govt                8.500%  01/15/13     LKR     70.96
Sri Lanka Govt                8.500%  02/01/18     LKR     61.86
Sri Lanka Govt                8.500%  07/15/18     LKR     69.78
Sri Lanka Govt                8.500%  07/15/18     LKR     69.47



                         *********

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,
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***