TCRAP_Public/081024.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

            Friday, October 24, 2008, Vol. 11, No. 121

                            Headlines

A U S T R A L I A

ABC LEARNING: Federal Government Working on Contingency Plan
ALIMNASH PTY: Final Meeting Set for November 3
ALLCO FINANCE: Requesting Another Debt Payment Extension
BABCOCK & BROWN: Reviewing Proposals of Potential Investors
BIG COUNTRY TRANSPORT: Claims Filing Deadline Is Oct. 27

BOTTAD PTY: Final Dividend Will Be Declared on December 2
BUILDING AFFAIRS: Final Meeting Set for November 3
CALOOLA MEATS: Claims Filing Deadline Is December 2
CANBERRA HELICOPTERS: Frank Pilato Appointed as Liquidator
CAPITAL COMMERCIAL: Final Meeting Set for November 3

CNS ENTERPRISES: Members and Creditors to Meet on October 29
COLLINS AND SON: Final Meeting on Oct. 27
DALLBROOK PROPRIETARY: Final Meeting Set of October 31
EURO TRADING: Final Dividend Will Be Declared on Oct. 28
FORESYTE PTY ET AL: Final Meetings Set for November 3

GAYLARD TRANSPORT: Directors Resolve to Wind Up Company
GPT GROUP: Seeking to Raise Up to US$1.3 Billion
HAMILN PTY: Directors Resolve to Wind Up Company
HARTE MANAGEMENT: Robert Elliott Appointed as Liquidator
LA BRIDE: Members and Creditors to Meet on October 30

LUSTED PTY: To Declare Dividend on November 7
MACQUARIE GROUP: Revises Mgt Structures on Calls for Transparency
MONCRIEFF ENTERPRISES: Joint Meeting Slated for October 31
MONDS PTY: Members' Final Meeting Set for November 7
PREMIER SERVICES: Court Enters Wind-Up Order

PINE FORESTS: To Declare Dividend on November 7
PRECISION PANEL: Michael Slaven Appointed as Liquidator
PURPLE CONSULTING: Creditors Resolve to Wind Up Company
ROHNEA PTY: Directors Resolve to Wind Up Company
THE GOLF CARD: Commences Wind-Up Proceedings

TIVOLI GARDENSTONE: To Declare Dividend on October 31
UBS CORPORATE: Members' Final Meeting Set for November 7
UBS PRIVATE: Members' Final Meeting Set for November 7
WEB-HARTE PTY: Robert Elliott Appointed as Liquidator
WILLCOX CARPET: Members Resolve to Wind Up Company


C H I N A

CHINA CITIC: Moody's Places 'D' BFSR on Review for Downgrade
JINAN STEEL: To Sell Shares to Acquire Parent's Assets


H O N G K O N G

BRUTUS FASHIONS: Members to Hear Wind-Up Report on November 21
CITIC RESOURCES: Moody's Affirms 'Ba2' Rating; Outlook Stable
EMERGENCY RELIEF: Liquidator Steps Down
GATX CAPITAL: Members to Hear Wind-Up Report on November 21
GLAMOUR LIMITED: Members to Receive Wind-Up Report on November 17

KAM TAI: Commences Liquidation Proceedings
KINTREE LIMITED: Placed Under Voluntary Liquidation
MASS FUNDS: Liquidators Quit Post
MAU LAM: Members' Final Meeting Slated for November 17
PERFECT EDUCATIONAL: Placed Under Voluntary Liquidation

WING CHUEN: Li Yie Hu Steps Down as Liquidator
WING FOOK: Final Meeting Slated for November 21
YIELDHOST INVESTMENT: Shareholders to Hold Meeting on November 18


I N D I A

TATA STEEL: Moody's Changes Outlook to Negative on Ba1 CFR


J A P A N

CITIGROUP INC: Plans to Cut Staff by 10% at Japan Unit
MAZDA MOTORS: Hiroshima Bank Mulls Buying Company Stake


K O R E A

* KOREA: Fin'l Turmoil May Continue Until H1 2009, Minister Says
* KOREA: Gov't to Extend Tax Refund Term to Less Than Five Years


N E W  Z E A L A N D

DAISY RECRUITMENT: Commences Voluntary Wind-Up Proceedings
EVERGREEN HYDRO: Faces Australian Perlite's Wind-Up Petition
GMAC CORP: Cutting 185 Jobs in Australia and New Zealand
HERNE BAY: High Court to Hear DNS's Petition on December 15
HIGH STREET KITCHEN: Claims Filing Deadline Is November 3

HL SECURITY: Faces CIR's Wind-Up Petition
JAWA LIMITED: Liquidator Fixes Nov. 3 as Claims Filing Deadline
JOHN PAUL RAYMOND: Liquidators Fix Oct. 30 as Claims Deadline
LOWER NORTHLAND: High Court to Hear Wind-Up Petition on Oct. 31
MORGANIC LTD: High Court to Hear Wind-Up Petition on Oct. 31

PACIFIC GREETINGS: Claims Filing Deadline Is October 31
REXON LTD: Faces Steel & Tube Holdings' Wind-Up Petition
SMACKTHECAT LIMITED: High Court Appoints Joint Liquidators
ST. GEORGE: Federal Treasury Okays Westpac Merger
TEXAS RADIO: G.R. Hoole and K.D. Pitfield Named Joint Liquidators

TRADING HOLDINGS: High Court to Hear Wind-Up Petition on Oct. 28
TRISTYLE INT'L: High Court to Hear Wind-Up Petition on Nov. 19
UMBRIA DEVELOPMENTS: Liquidators Fix Nov. 14 as Claims Deadline
* New Zealand Legislations to Help Utilities Industry, S&P Says


S I N G A P O R E

ANGERONA SHIPPING: Creditors' Proofs of Debt Due on November 17
BODENHEIM: Requires Creditors to File Claims by Nov. 17
DBS GROUP: To Pay SGD80 Million to Lehman-Linked Investors
DBS GROUP: Shares Fell 4.9% Wednesday on Lehman-Related Concerns
DELONG HOLDINGS: Shut Down Several Furnaces, Workers Put on Leave

JK INTERIORS: Court to Hear Wind-Up Petition on October 31
LEHMAN: DBS To Pay SGD80 Mil. to Investors of Structured Products
LEHMAN BROTHERS: Gets Restructuring Proposals for Minibonds Notes
LEHMAN: Hong Leong Offers to Buy Back Notes From Elderly Investors
SIEMENS IT: Requires Creditors to File Claims by November 17


T A I W A N

* TAIWAN: Memory-Chip Makers Post 3Q Losses on Weak Demands


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ABC LEARNING: Federal Government Working on Contingency Plan
------------------------------------------------------------
The Australian reported that the Australian federal government is
working on a contingency plan to be put in place if ABC Learning
Centres collapses.

Citing ABC Radio, The Australian quoted Education Minister Julia
Gillard as saying, "We are working through contingencies but I'm
hoping those contingencies will never be needed."

According to the report, the company is expected to resume normal
trading after it releases its 2008 results later this month.

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include A.B.C. Developmental Learning Centres Pty Ltd, A.B.C.
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, A.B.C.  Developmental Learning Centres (NZ) Ltd.,
A.B.C. New Ideas Pty. Ltd., A.B.C. Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2008, ABC requested on Aug. 21, 2008, a trading halt of
its securities from the Australian Stock Exchange to finalize and
provide further guidance relating to its full year results and
prior period adjustments arising out of a re-assessment of
accounting treatments.

The TCR-AP reported on Aug. 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.

Since then, the company has been working to sell some its assets
to pay off debts.  The TCR-AP reported on April 23, 2008, that
A.B.C. Learning signed a definitive agreement with Morgan Stanley
Private Equity for the sale of a 60% interest in its US business,
Learning Care Group Inc., in a transaction that values 100% of the
US business at US$700 million.

The transaction was expected to reduce ABC's net debt by AU$485
million, with an additional US$30 million payable shortly after
June 30, 2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity's
interest three years after closing.

On Sept. 3, 2008, the TCR-AP reported that ABC Learning Centres
completed the sale of Busy Bees Childcare Vouchers Limited, its UK
voucher business, for GBP90 million to Computershare Limited.
Proceeds from the transaction will be used to reduce debt under
the company's syndicated bank facility agreement.


ALIMNASH PTY: Final Meeting Set for November 3
----------------------------------------------
The final meeting of members and creditors of Alimnash Pty Limited
will be held at the offices of RSM Bird Cameron Partners, Level 1,
103-105 Northbourne Avenue, Turner ACT 2612, on November 3, 2008,
at 9:30 a.m., for the purpose of laying before the meetings the
liquidator’s final accounts and report.

     FRANK LO PILATO
     Liquidator
     RSM Bird Cameron Partners
     103-105 Northbourne Avenue, Level 1
     Turner ACT 2612
     Telephone (02) 6247 5988


ALLCO FINANCE: Requesting Another Debt Payment Extension
--------------------------------------------------------
The Australian Associated Press reported that Allco Financial
Group has asked its lending banks to respond within ten days to a
request to extend the company's debt repayment schedule, without
which it will go into default.

"An extension would allow the investment firm to sell assets at
higher prices, rather than at current values which have been hurt
by the deterioration in financial markets over the past month,"
the AAP cited chief executive David Clarke as saying during
Allco's annual general meeting.

According to the report, Allco is carrying AU$666.7 million of
senior debt, which the company must reduce to $400 million by June
next year, and the company is asking its banks "to extend the
November repayment of $35.5 million and of $111.9 million in
December so it is not forced to sell assets under fire sale
conditions."

The AAP notes that Mr. Clarke disclosed at the meeting of
shareholders that "current assets totalled about $1.25 billion,
while the total debt of $1 billion included $350 million of
subordinated debt."

                     About Allco Finance

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

                          *     *     *

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

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

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


BABCOCK & BROWN: Reviewing Proposals of Potential Investors
-----------------------------------------------------------
Babcock & Brown Ltd has confirmed that it has undertaken a process
to review the expressions of interest it has received from a
number of parties to establish a strategic relationship with the
firm.  The process is at a preliminary stage and there is no
certainty that any agreement will occur.

In a press statement, the bank said that the process has only
recently commenced and no formal timetable for resolution of any
agreement has yet been determined although it would expect the
process to continue into the new year.

Sonali Paul and Mette Fraende of Reuters report that "Babcock &
Brown is looking to pay down AU$400 million (US$268 million) of
debt, but said there was no time frame and that this would occur
as the company gradually sold off assets."  Reuters adds that the
bank is being advised by Deutsche Bank and Goldman Sachs JBWere.

                   About Babcock & Brown Ltd

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

                          *     *     *

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


BIG COUNTRY TRANSPORT: Claims Filing Deadline Is Oct. 27
--------------------------------------------------------
A first and final dividend for creditors is to be declared on
October 27, 2008, in respect of Big Country Transport (Qld) Pty
Ltd.

Creditors whose debts or claims have not already been admitted are
required on or before October 27, 2008, formally to prove their
debts or claims.  In default, they will be excluded from the
benefit of the dividend.

The liquidator is:

     A. R. NICHOLLS
     c/o Nicolls & Co Chartered Accountants
     PO Box 271
     Tamworth NSW 2340


BOTTAD PTY: Final Dividend Will Be Declared on December 2
---------------------------------------------------------
A first and final dividend is to be declared in
respect to Bottad Pty Limited.  Creditors whose debts or claims
have not already been admitted are required on or before
December 2, 2008, formally to prove their debts or claims. If they
do not, they will be excluded from the benefit of the dividend.

The final meeting of the members of the company will be held at
the offices of Deloitte Touche Tohmatsu, Level 2, 8 Brindabella
Circuit, Brindabella Business Park, Canberra International
Airport, Canberra on December 2,=, commencing at 11:00 a.m.

AGENDA -- To lay before the meeting an account showing how the
winding up has been conducted and the property of the company has
been disposed of and giving any explanation of the account.

The liquidator is:

     B. R. GLANVILLE
     c/o Deloitte Touche Tohmatsu
     8 Brindabella Circuit, Level 2
     Brindabella Business Park
     Canberra International Airport
     Canberra ACT 2609


BUILDING AFFAIRS: Final Meeting Set for November 3
--------------------------------------------------
The final meeting of members and creditors of Building Affairs
Organisation Pty Limited will be held at the offices of RSM Bird
Cameron Partners, Level 1, 103-105 Northbourne Avenue, Turner ACT
2612, on November 3, 2008, at 9:00 a.m., for the purpose of laying
before the meetings the liquidator’s final accounts and report.

     FRANK LO PILATO
     Liquidator
     RSM Bird Cameron Partners
     103-105 Northbourne Avenue, Level 1
     Turner ACT 2612
     Telephone (02) 6247 5988


CALOOLA MEATS: Claims Filing Deadline Is December 2
---------------------------------------------------
A first and final dividend is to be declared in respect to Caloola
Meats Pty Limited.  Creditors whose debts or claims have not
already been admitted are required on or before December 2, 2008,
formally to prove their debts or claims. If they do not, they will
be excluded from the benefit of the dividend.

The final meeting of the members of the company will be held at
the offices of Deloitte Touche Tohmatsu, Level 2, 8 Brindabella
Circuit, Brindabella Business Park, Canberra International
Airport, Canberra on December 2, 2008, commencing at 10:00 a.m.

AGENDA -- To lay before the meeting an account showing how the
winding up has been conducted and the property of the company has
been disposed of and giving any explanation of the account.

The liquidator is:

     B. R. GLANVILLE
     c/o Deloitte Touche Tohmatsu
     8 Brindabella Circuit, Level 2
     Brindabella Business Park
     Canberra International Airport
     Canberra ACT 2609


CANBERRA HELICOPTERS: Frank Pilato Appointed as Liquidator
----------------------------------------------------------
On September 12, 2008, the Federal Court of Australia, New South
Wales Sydney Registry, in Proceeding No. (P)NSD1219/08, ordered
the winding-up of Canberra Helicopters Pty Limited and Frank Lo
Pilato was appointed as Official Liquidator of the company.

The liquidator can be reached at:

     RSM Bird Cameron Partners
     Chartered Accountants
     103-105 Northbourne Avenue, Level 1
     Canberra ACT 2601
     Telephone (02) 6247 5988
     Facsimile (02) 6262 8633


CAPITAL COMMERCIAL: Final Meeting Set for November 3
----------------------------------------------------
The final meeting of members and creditors of Capital Commercial
Bricklaying Pty Limited will be held at the offices of RSM Bird
Cameron Partners, Level 1, 103-105 Northbourne Avenue, Turner ACT
2612, on November 3, 2008, at 10:00 a.m., for the purpose of
laying before the meetings the liquidator’s final accounts and
report.

     FRANK LO PILATO
     Liquidator
     RSM Bird Cameron Partners
     103-105 Northbourne Avenue, Level 1
     Turner ACT 2612
     Telephone (02) 6247 5988


CNS ENTERPRISES: Members and Creditors to Meet on October 29
------------------------------------------------------------
CNS Enterprises Pty Ltd fka Upper Crust Bakeries will hold a
meeting for its members and creditors on October 29, 2008, at
10:00 a.m.  During the meeting, the company's liquidator, Tony
Miskiewicz and Moira Carter, will provide the attendees with
property disposal and winding-up reports.

The liquidators can be reached at:

          Jessup & Partners
          Accountants & Business Advisors
          Level 3, 155-157 Denham Street
          Townsville QLD 4810
          Telephone: (07) 4772 3515
          Facsimile: (07) 4721 4513


COLLINS AND SON: Final Meeting on Oct. 27
-----------------------------------------
The final meeting of members of Collins and Son Pty Limited will
be held at the offices of Chapman and French at Suite B3 2-4
Central Avenue Thornleigh NSW at 10:00 a.m. on October 27, 2008,
for the purpose of receiving the liquidator's final account and
report.

The liquidator is:

     KHAREN P. KALEDA
     Liquidator
     2-4 Central Avenue, Suite B3
     Thornleigh NSW 2120


DALLBROOK PROPRIETARY: Final Meeting Set of October 31
------------------------------------------------------
The Final Meeting of Dallbrook Proprietary Limited will be held at
Level 9, 16-18 O'Connell Street, Sydney NSW on October 31, 2008,
at 10:00 a.m., for the purpose of laying before the meeting the
liquidator's final account and report.

The liquidator is:

     DENNIS CHARLES LEAR
     Liquidator
     363 George Street, Suite 4, Level 27
     Sydney NSW 2000


EURO TRADING: Final Dividend Will Be Declared on Oct. 28
--------------------------------------------------------
A third and final dividend is to be declared on October 28, 2008
for Euro Trading Pty Ltd.

Creditors whose debts or claims have not already been admitted
were required on or before October 21, 2008, to formally prove
their debts or claims.

The liquidator is:

     HENRY KAZAR
     Official Liquidator
     Kazar Slaven Chartered Accountants
     GPO Box 138
     Canberra ACT 2601


FORESYTE PTY ET AL: Final Meetings Set for November 3
----------------------------------------------------
The final meetings of the creditors and members of 11 companies
will be held at the offices of Jones Partners, Insolvency &
Business Recovery, Level 13, 189 Kent Street, Sydney NSW 2000, on
November 3, 2008, commencing:

   Company                                       Meeting Time
   -------                                       ------------
   Foresyte Pty Limited                           9:30 a.m.
   40 Oxford Street Pty Limited                   9:40 a.m.
   34 Young Street Pty Limited                    9:50 a.m.
   Brunswick East CDC Pty Limited                10:00 a.m.
   High Noon Properties Pty Limited              10:10 a.m.
   Kayforel Pty Limited                          10:20 a.m.
   200 Noone Street Pty Limited                  10:30 a.m.
   Cancun Properties Pty Limited                 10:40 a.m.
   Quelon Pty Limited                            10:50 a.m.
   Stewart Lidal Pty Limited                     11:00 a.m.
   Gateway on Nicholson Pty Limited              11:10 a.m.

The purpose of the meetings is to lay an account showing how the
winding up has been conducted and the property of the company has
been disposed.

The liquidator of these companies is:

     MICHAEL G. JONES
     Liquidator
     c/o Jones Partners
     Insolvency & Business Recovery
     Telephone (02) 9251 5222


GAYLARD TRANSPORT: Directors Resolve to Wind Up Company
-------------------------------------------------------
At an Extraordinary General Meeting of Gaylard Transport Pty Ltd
held on August 26, 2008, a Special Resolution was duly passed --
that as the company in the opinion of the Directors will not be
able to pay its debts within 12 months the Company be wound up by
a Creditors Voluntary Winding Up.

Chris Chamberlain of Chamberlain's S.B.R., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW was appointed Liquidator.


GPT GROUP: Seeking to Raise Up to US$1.3 Billion
------------------------------------------------
The GPT Group disclosed in a regulatory filing with the Australian
Securities Exchange that it will undertake a major balance sheet
recapitalization through an accelerated non-renounceable
entitlement offer and placement of exchangeable securities to an
affiliate of GIC Real Estate, expected to raise total proceeds of
AU$1.6 to AU$1.9 billion.

The Entitlement Offer comprises the Institutional Entitlement
Offer -- expected to raise approximately AU$1.0 billion -- and the
Retail Entitlement Offer -- expected to raise approximately AU$0.3
billion.  GPT will also complete a placement of perpetual
exchangeable securities to GIC Real Estate to raise a further $250
million, and GIC Real Estate will also sub-underwrite the majority
of the Retail Entitlement Offer.

Net proceeds from the offer will be used to repay debt and
significantly de-leverage GPT's balance sheet, with GPT's business
plan and debt maturities fully funded through January 2010.

GPT has been pursuing a strategy of non-core asset sales to reduce
leverage.  However, the continued deterioration of capital markets
has adversely affected GPT's ability to sell assets at acceptable
prices.  In addition, the recent sharp and unforeseen depreciation
of the Australian dollar against the Euro -- 16% since June 30,
2008 -- and the US dollar -- 27% since June 30, 2008 -- has
significantly increased both balance sheet and look-through
gearing levels and reduced the amount of headroom available under
debt covenants.  According to the company, this has occurred in
the absence of any movements in property values.

Having considered the alternatives available to improve its
balance sheet position, the Board has concluded that the pro rata
equity raising -- supported by a cornerstone investment from GIC
Real Estate -- will provide the best long term value for GPT
investors.  GPT will continue to pursue non-core asset sales where
appropriate in light of market conditions, but will now have
considerably more flexibility in terms of the timing of these
asset sales.

GPT has received the required approvals from the European
Syndicated Facility banking syndicate to increase the look through
gearing covenant threshold for the Group's EUR2 billion syndicated
facility, from 50% to 55%.  This approval is conditioned on
completion of the capital raising.

GPT expects that the capital raising will be viewed favourably by
ratings agencies.

A copy of the company's detailed regulatory filing is available
for free at http://researcharchives.com/t/s?342c

                          Class Action

In a press statement, Slater & Gordon Lawyers said it will file a
class action against GPT Group on behalf of shareholders, which
will allege that the company:

   1. provided earnings and distribution guidance to the market
      that was misleading and deceptive; and

   2. subsequently failed to comply with its continuous disclosure
      obligations by informing the Australian Securities Exchange
      as its forecast earnings deteriorated.

On July 7, 2008, GPT released a statement to the ASX, in which its
forecast earnings for the 2008 calendar year were slashed by 27%.

   1. Forecast operating income was downgraded 27% from
      AU$633 million to AU$464 million;

   2. Distributions per stapled security was downgraded 30% from
      28.9c to 20.0c; and

   3. Earnings per stapled security were downgraded from 29.4c to
      21.2c.

This was in stark contrast to guidance provided by the company
only six weeks prior and, in response, the price of GPT stapled
securities fell by 24% over the following two days. It will be
alleged that GPT provided forecasts to the market without
reasonable basis and failed to disclose the extent to which its
earnings were being supported by one-off asset sales.

                           CEO Resigns

Eli Greenblat of the Sydney Morning Herald reported that as part
of the capital restructure the company's chief executive Nic Lyons
will resign immediately while chairman Peter Joseph will not be
standing for re-election at the annual general meeting in May
2009.

Michael O'Brien will be acting chief executive until a replacement
can be found, the report added.

According to Mr. Greenblat, there was no indication if other
directors would also leave after the board presided over a massive
destruction of shareholders' wealth over the last three years.

"Shares in GPT have fallen by more than 70% this year with the
company's debt blowing out and GPT losing countless millions of
dollars via its disastrous international joint venture with
embattled investment bank Babcock & Brown.  GPT has tried and
failed to sell many of its property tourism assets, worth as much
as AU$2.5 billion," Mr. Greenblat wrote.

Listed on the Australian Stock Exchange since 1971, the GPT Group
is today one of Australia’s largest diversified listed property
groups, with total assets of AU$13.9 billion.  The Group has a
substantial investor base, with approximately 50,000 investors and
is one of the top 100 stocks by market capitalisation.


HAMILN PTY: Directors Resolve to Wind Up Company
------------------------------------------------
At an Extraordinary General Meeting of Hamiln Pty Limited, held on
September 9, 2008, a Special Resolution was duly passed -- that as
the company in the opinion of the Directors will not be able to
pay its debts within 12 months the Company be wound up by a
Creditors Voluntary Winding Up.

The liquidator is:

     Christopher Chamberlain
     Chamberlain's SBR, Chartered Accountants
     Wollundry Chambers, Suite 103, 1st Floor
     Johnston Street, Wagga Wagga NSW


HARTE MANAGEMENT: Robert Elliott Appointed as Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of Harte Management Pty
Limited held on October 1, 2008, a following Special Resolution
was passed -- the company be wound up voluntarily and that Robert
Elliott be appointed Liquidator for the purpose of that winding
up.

The liquidator can be reached at:

     ROBERT ELLIOTT
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


LA BRIDE: Members and Creditors to Meet on October 30
-----------------------------------------------------
La Bride Pty Ltd fka Cupid's Bridal Pty Ltd will hold a meeting
for its members and creditors on October 30, 2008, at 11:00 a.m.
During the meeting, the company's liquidator, E. R. Verge, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          E. R. Verge
          Melsom Robson
          Chartered Accountants
          Unit 44B, Level 1 Piccadilly Square West
          7 Aberdeen Street (Cnr Nash Street)
          Perth WA 6000


LUSTED PTY: To Declare Dividend on November 7
---------------------------------------------
Lusted Pty Ltd will declare dividend on November 7, 2008.

Creditors who were unable to file their proofs of debt on
October 10, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

         Peter Hicks
         Forsythes
         Level 5, 175 Scott Street
         Newcastle NSW 2300


MACQUARIE GROUP: Revises Mgt Structures on Calls for Transparency
-----------------------------------------------------------------
The Wall Street Journal reports that three funds managed by
Macquarie Group Limited will overhaul their management structures
to give the  investment bank a less direct role.

"These initiatives were undertaken after consideration over some
months and discussions with investors, the board and management of
the funds, corporate-governance organizations and the Australian
Securities Exchange," a Macquarie spokeswoman was cited by The WSJ
as saying.

Scott Rochfort of The Sydney Morning Herald relates that the move
followed calls by shareholders and the corporate governance
advisory firm RiskMetrics for managers of listed funds to disclose
the full text of their management agreements.

The Herald Sun reports that under new arrangements, the boards of
ASX-listed funds connected to Macquarie Infrastructure Group
(MIG), Macquarie Airports (MAP) and Macquarie Communications (MCG)
will be elected directly by securityholders.  Previous
arrangements permitted Macquarie Group to appoint a majority of
directors to each of the funds' boards.

Macquarie Group has also agreed to abstain from voting in director
ballots, The Herald Sun adds.

Separately, the Troubled Company Reporter-Asia Pacific reported on
October 21, 2008 that Macquarie Group Ltd's banking subsidiary,
Macquarie Bank Limited, has signed an agreement to sell its
portfolio of Italian mortgages.  The transaction is expected to
be completed by October 31, 2008.

The transaction follows the Group's announcement in March 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.


MONCRIEFF ENTERPRISES: Joint Meeting Slated for October 31
----------------------------------------------------------
Moncrieff Enterprises (Qld) Pty Ltd will hold a meeting for its
members and creditors on October 31, 2008, at 2:00 p.m.  During
the meeting, the company's liquidator, Justin Cadman, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Justin Cadman
          McLaren Knight
          Suite 17, 12-24 Toogood Road
          Woree QLD 4868


MONDS PTY: Members' Final Meeting Set for November 7
----------------------------------------------------
David Clement Pratt and Timothy James Cuiming, Monds Pty Ltd's
appointed estate liquidator, will meet with the company's members
on November 7, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Level 15, 201 Sussex Street
          Sydney NSW 1171


PREMIER SERVICES: Court Enters Wind-Up Order
--------------------------------------------
On August 28, 2008, the Federal Court of Australia made an Order
that Premier Services (Act) Pty Ltd be wound up by the Court and
appointed Henry Kazar to be Official Liquidator.

The liquidator can be reached at:

     Kazar Slaven
     GPO Box 138
     Canberra ACT 2601


PINE FORESTS: To Declare Dividend on November 7
-----------------------------------------------
Pine Forests of Australia (Canberra) Pty Ltd will declare dividend
on November 7, 2008.

Creditors who were unable to file their proofs of debt on
October 10, 2008, will be excluded in the company's dividend
distribution.

The company's liquidator is:

         Peter Hicks
         Forsythes
         Level 5, 175 Scott Street
         Newcastle NSW 2300


PRECISION PANEL: Michael Slaven Appointed as Liquidator
-------------------------------------------------------
On September 16, 2008, it was resolved that Precision Panel A.C.T
Pty Limited be wound up voluntarily and that Michael Edward Slaven
of Kazar Slaven, Unit 12, Level 3, Engineering House, 11 National
Circuit, Barton ACT, be appointed Liquidator.


PURPLE CONSULTING: Creditors Resolve to Wind Up Company
-------------------------------------------------------
Frank Lo Pilato of RSM Bird Cameron Partners, 103-105 Northbourne
Avenue, Turner ACT 2612, Liquidator of Purple Consulting Pty
Limited gave notice that:

   1. The creditors of the Company (which is under administration)
      resolved on October 7, 2008, that the Company be wound up.

   2. Accordingly, the Company is taken because of the application
      of section 446A to have passed on October 7, 2008, a special
      resolution under section 491 that the Company be wound up
      voluntarily.


ROHNEA PTY: Directors Resolve to Wind Up Company
------------------------------------------------
At an Extraordinary General Meeting of Rohnea Pty Limited held on
August 25, 2008, a Special Resolution was duly passed -- that as
the Company in the opinion of the Directors will not be able to
pay its debts within 12 months the Company be wound up by a
Creditors Voluntary Winding Up.

Chris Chamberlain of Chamberlain's S.B.R., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW was appointed Liquidator.


THE GOLF CARD: Commences Wind-Up Proceedings
--------------------------------------------
At an Extraordinary General Meeting of The Golf Card Pty Limited
held on October 1, 2008, a Special Resolution was passed -- the
company be wound up voluntarily and that Robert Elliott be
appointed Liquidator for the purpose of that winding up.

The liquidator can be reached at:

     ROBERT ELLIOTT
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


TIVOLI GARDENSTONE: To Declare Dividend on October 31
-----------------------------------------------------
Tivoli Gardenstone Pty Ltd will declare dividend on
October 31, 2008.

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

The company's liquidators are:

          Andrew Heard
          Anthony Phillips
          Heard Phillips
          Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide SA 5000
          Telephone: (08) 8212 3433


UBS CORPORATE: Members' Final Meeting Set for November 7
--------------------------------------------------------
David Clement Pratt and Timothy James Cuiming, UBS Corporate
Finance Australia Pty Ltd's appointed estate liquidator, will meet
with the company's members on November 7, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Level 15, 201 Sussex Street
          Sydney NSW 1171


UBS PRIVATE: Members' Final Meeting Set for November 7
------------------------------------------------------
David Clement Pratt and Timothy James Cuiming, UBS Private Clients
Australia Holdings No.1 Pty Limited's appointed estate liquidator,
will meet with the company's members on November 7, 2008, at 10:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Level 15, 201 Sussex Street
          Sydney NSW 1171


WEB-HARTE PTY: Robert Elliott Appointed as Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of Web-Harte Pty Limited held
on October 1, 2008, a Special Resolution was passed -- the company
be wound up voluntarily and that Robert Elliott be appointed
Liquidator for the purpose of that winding up.

The liquidator can be reached at:

     ROBERT ELLIOTT
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


WILLCOX CARPET: Members Resolve to Wind Up Company
--------------------------------------------------
At a general meeting of members of Willcox Carpet Care Pty Ltd
duly convened and held on September 15, 2008, a special resolution
that the company be wound up voluntarily was passed by its members
and S. J. Hundy And E. M. Senatore were appointed joint and
several liquidators.

The liquidators can be reached at:

     SBR Insolvency + Reconstruction
     28 University Avenue, Level 7
     Canberra ACT 2601



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

CHINA CITIC: Moody's Places 'D' BFSR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed CITIC Group's long-term foreign
currency senior unsecured debt rating of Baa1 and baseline credit
assessment of "11" on review for possible downgrade.

Meanwhile, Moody's has affirmed all ratings of China CITIC Bank
and CITIC Ka Wah Bank. The outlook of the ratings of these two
banks remains at stable.

"The rating action mainly reflects CITIC Pacific's (Ba2; review
for possible downgrade) announcement that it has substantial
losses arising from leveraged foreign exchange contracts," says
Leo Wah, a Moody's VP/Senior Analyst. For details, refer to
Moody's press release on CITIC Pacific dated October 21, 2008.

"The losses will not only be reflected in CITIC's profit and loss
account, as it is the 29% owner of CITIC Pacific, but will likely
put pressure on its liquidity position as well," adds Wah.

Moody's believes that CITIC's credit worthiness could be impaired
due to its possible support for CITIC Pacific's funding needs. In
an effort to help its subsidiary secure necessary funding, CITIC
will arrange a USD 1.5 billion standby loan facility.

However, in light of tight capital market conditions, the Group
may need to provide guarantees for the loan and/or directly inject
funding into CITIC Pacific, such as in the form of capital or
shareholder's loan. Although the Group is believed to have
substantial liquid assets, the added funding pressure and the
possible increase in losses from its subsidiary's foreign exchange
contracts do not bode well for its liquidity position.

In addition, the incident also casts doubts on CITIC's risk
management and internal control over its subsidiaries as the
contracts are believed to have been unauthorized transactions.

In its review, Moody's will examine 1) the type and extent of
support CITIC would provide its subsidiary; 2) the pressure that
the losses from the foreign exchange contracts exert on the
Group's liquidity position; and 3) possible changes in CITIC's
internal control and risk management regarding its subsidiaries to
determine the possible impact on its ratings.

Moody's assignment of the BCA is consistent with Moody's practice
for other government-related issuers. In accordance with Moody's
GRI rating methodology, CITIC's ratings reflect the combination of
the following inputs: (i) BCA of 11 (on a scale of 1 to 21, where
1 represents lowest credit risk), which can be mapped to a Ba1
stand-alone rating; (ii) A1 local currency rating of the Chinese
government; (iii) medium dependence; and (iv) high support.

All ratings of CCCB and CKWB are affirmed and the outlook of these
ratings remain at stable because Moody's does not expect the
potential support provided by CITIC if necessary would decline to
the extent that would affect the credit worthiness of these two
banks. There is no change in these banks' standalone ratings,
which Moody's believes have adequately reflected their
fundamentals. Both banks are mainly funded by customer deposits.

The following ratings of CITIC were put on review for possible
downgrade:

   -- The long-term foreign currency senior unsecured debt
      rating of Baa1

   -- The BCA of 11 (on a scale of 1 to 21, where 1 represents
      the lowest risk)

The following ratings of CCCB were affirmed (stable outlook for
all ratings):

   -- Long-term foreign currency deposit rating of Baa2

   -- Short-term foreign currency deposit rating of P-2

   -- Bank financial strength rating of D

The following ratings of CKWB were affirmed (stable outlook for
all ratings):

   -- Bank Financial Strength Rating of D+

   -- Long Term Bank Deposits (Foreign Currency) of Baa2

   -- Long Term Bank Deposits (Domestic) of Baa2

   -- Long Term Deposit Note/CD Program (Foreign Currency) of
      Baa2

   -- Long Term Deposit Note/CD Program (Domestic) of Baa2

   -- Senior Unsecured Debt (Foreign Currency) of Baa2

   -- Subordinated Debt (Foreign Currency) of Baa3

   -- Junior Subordinated Debt (Foreign Currency) of Baa3

   -- BACKED Junior Subordinated Debt (Foreign Currency) of
      Baa3 (issued through CKWH-UT2 Limited)

   -- Short Term Bank Deposits (Foreign Currency) of P-2

   -- Short Term Bank Deposits (Domestic Currency) of P-2

   -- Short Term Deposit Note/CD Program (Foreign Currency) of
      P-2

   -- Short Term Deposit Note/CD Program (Domestic Currency) of
      P-2

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government. As of end-2007, it had total consolidated
total assets of RMB 1,322 billion (US$180.7 billion).

China CITIC Bank, headquartered in Beijing, is 62.3% owned by
CITIC Group and the 7th largest commercial bank in China. As of
end-2007, it had total assets of RMB 1,011 billion (US$129.7
billion).

CITIC Ka Wah Bank is a Hong Kong based commercial bank with
operations in Hong Kong and China. The bank offers a full range of
wealth management and wholesale banking services to individual and
corporate customers who are active in cross-border business and
trade flows between China and other regions. As at June 30, 2008,
CKWB had total assets of HK$110 billion (US$14 billion) and total
equity of HK$9.7 billion (US$1.2 billion).



JINAN STEEL: To Sell Shares to Acquire Parent's Assets
------------------------------------------------------
Jinan Iron & Steel Co. Ltd plans to raise as much as CNY1.99
billion (US$291 million) selling yuan-denominated shares to fund
purchases of assets from its parent, Jinan Iron and Steel Group,
Shanghai Daily News reports.

The report relates that the company would sell up to CNY380
million shares at CNY5.24 apiece in Shanghai on Friday, and use
the proceeds to buy CNY6.74 billion worth of assets from its
parent, including a hot-rolling plant, a cold-rolled mill and a
power plant.

According to the report, China's stock market has tumbled 66% this
year, leaving Jinan Steel unable to raise all the funds for the
purchases via share sales.  The company did not say how it would
raise the remainder of the funding, the report says.

The company's shares fell 1.4% to CNY5.11 by 10am, on October 22,
in Shanghai compared with a 1.7% decline by the CSI 300 Index, the
Daily relates.  The shares have tumbled 73% since the company's
shareholders approved the additional share offering last November.

                     About Jinan Iron & Steel

Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products.  The company mainly offers
medium to heavy steel plates and deformed steel bars.

                          *     *     *

The company continues to carry Xinhua Far East China Ratings'
"BB+"issuer credit rating.



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

BRUTUS FASHIONS: Members to Hear Wind-Up Report on November 21
--------------------------------------------------------------
The members of Brutus Fashions Limited will meet on November 21,
2008, at 2:05 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CITIC RESOURCES: Moody's Affirms 'Ba2' Rating; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating on CITIC Resources Holdings Ltd,, and the Ba2 rating of the
US$1 billion 7-year unsecured senior notes issued by CITIC
Resources Finance (2007) Ltd and guaranteed by CITIC Resources.
The ratings outlook is stable.

The affirmation is in conjunction with Moody's rating actions on
other CITIC Group companies following CITIC Pacific's (Ba2; review
for possible downgrade) announcement that it has suffered
substantial losses arising from leveraged foreign exchange
contracts.

"The ratings have been affirmed and their outlooks remain stable
because Moody's does not expect that the potential support
provided by CITIC Group to CITIC Resources, if necessary, would
decline to the extent that would affect the latter's credit
worthiness," says Renee Lam, a Moody's VP.

"Moody's expects CITIC Resources to continue to enjoy substantial
support from its majority shareholder, CITIC Group," adds Lam.

In rating CITIC Resources, Moody's assesses the stand-alone credit
strength of the company, overlaying it with an assessment of its
relationship with, and expected level of support from, its 53.5%
parent, CITIC Group.

The Ba2 rating incorporates a two-notch uplift from the stand-
alone B1 rating, based on substantial expected support from CITIC
Group. This expectation is premised upon CITIC Group's majority
ownership in CITIC Resources, and the strategic importance of the
oil & gas sector to CITIC Group's future business expansion and
China's economic growth, despite a comparatively small
contribution by CITIC Resources to CITIC Group's assets.

Moody's also believes the relationship between CITIC Resources and
CITIC Group has remained unchanged.

Moody's notes that the company's liquidity position has been
supported by solid cash flow generation, a considerable level of
committed facilities, and strengthened by the recent rights issue
in July 2008. In addition, the capital expenditure for developing
the Karazhanbas oilfield in Kazakhstan has largely been pre-
funded. Moody's estimates that the company's internal cash sources
and committed facilities should cover maturing debts and planned
capital investments over the next 12 months by 1-1.5x.

CITIC Resources, based in Hong Kong, is a natural resources and
energy investment holding company with interests in aluminium
smelting, coal, oil, manganese, and the import and export of
commodities. The company serves as the principal natural resources
and energy arm of its parent, CITIC Group.

CITIC Resources' acquisition of a 50% equity interest in CITIC
Canada Energy Ltd (formerly Canada Energy Ltd) has skewed its
profile towards the oil sector.


EMERGENCY RELIEF: Liquidator Steps Down
---------------------------------------
On October 10, 2008, Chiu Chi Yun, Robert stepped down as
liquidator of Emergency Relief Foundation Limited.

The company's former Liquidator can be reached at:

          Chiu Chi Yun, Robert
          China Resources Building, Room 2109
          26 Harbour Road
          Wanchai, Hong Kong


GATX CAPITAL: Members to Hear Wind-Up Report on November 21
-----------------------------------------------------------
The members of Gatx Capital (Hong Kong) Limited will meet on
November 21, 2008, at 2:10 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GLAMOUR LIMITED: Members to Receive Wind-Up Report on November 17
-----------------------------------------------------------------
The members of Glamour Limited will meet on November 17, 2008, at
10:00 a.m., to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Chung Wai Leung
          Tai Tung Building, Unit 1305
          8 Fleming Road
          Wanchai, Hong Kong


KAM TAI: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on October 2, 2008, the
members of Kam Tai Plastic Material Ltd agreed to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 7,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Wong Ming Lai
          Fung Tze Wa
          Far East Consortium Building, 5th Floor
          121 Des Voeux Road
          Central, Hong Kong


KINTREE LIMITED: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 8, 2008, the
members of Kintree Limited resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by Nov. 17,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Tse Wing Sing Victor
          Yeung Man Chi
          Kwong On Bank (Mongkok Branch) Building
          Flat B, 16th Floor
          728-730 Nathan Road
          Mongkok, H.K.S.A.R.


MASS FUNDS: Liquidators Quit Post
---------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey quit as liquidators of
Mass Funds Limited on October 9, 2008.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


MAU LAM: Members' Final Meeting Slated for November 17
------------------------------------------------------
The members of Mau Lam Industrial Company Limited will meet
Nov. 17, 2008, at 4:00 p.m., at Unit 6, 20th Floor of Far East
Consortium Building, 121 Des Voeux Road, Central, Hong Kong.

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


PERFECT EDUCATIONAL: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on October 10, 2008, the
members of Perfect Educational & Cultural Organisation Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Sin King Cheung
          Crason Commercial Centre, 10th Floor
          333 Nathan Road, Kowloon


WING CHUEN: Li Yie Hu Steps Down as Liquidator
----------------------------------------------
On October 6, 2008, Li Tie Hu stepped down as liquidator of Wing
Chuen (Hong Kong) Company Limited.

The company's former Liquidator can be reached at:

          Li Tie Hu
          99 Hennessy Road, 30th Floor
          Wanchai, Hong Kong


WING FOOK: Final Meeting Slated for November 21
-----------------------------------------------
The members of Wing Fook & Company Limited will meet on Nov. 21,
2008, at 11:00 a.m., at 14 Tai Hang Road, 2nd Floor, Hong Kong.

At the meeting, Fung Yan Yee and Fung Yan Tsan, John will give  a
report on the company's wind-up proceedings and property disposal.


YIELDHOST INVESTMENT: Shareholders to Hold Meeting on November 18
-----------------------------------------------------------------
The shareholders of Yieldhost Investment Limited will hold a
meeting on November 18, 2008, at 9:00 a.m., at Room 1606 of Arion
Commercial Centre, in 8 Queen's Road West, Hong Kong.

At the meeting, a resolution will be passed asking that the
company's books and accounts be destroyed after three months from
the dissolution of the company.



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

TATA STEEL: Moody's Changes Outlook to Negative on Ba1 CFR
----------------------------------------------------------
Moody's Investors Service changed Tata Steel Ltd's outlook on its
Ba1 corporate family rating to negative from stable. This reflects
the change in outlook for Tata Steel UK's rating (formerly Corus)
from stable to negative and the close linkages between the credit
profiles of the two entities.

"The change in outlook reflects the more challenging operating
conditions now facing Tata Steel UK as a result of the likely
deterioration in demand in Europe and the UK in the next 18
months, with declining steel prices and reduced production
volumes," says Ivan Palacios, a Moody's AVP Analyst and lead
analyst for Tata Steel.

Moody's notes that Tata Steel UK has recently announced its
decision to reduce its crude steel production over the next three
months by up to 20%, i.e. around 1 million metric tons or a 5%
reduction in annual volume. The decision is aimed at aligning
steel production with demand thereby stabilizing steel prices, and
is in line with similar moves taken by other major steel companies
that have recently announced production cuts.

"Moody's considers the credit profiles of Tata Steel and Tata
Steel UK to be strongly linked due to the increasing level of
operational integration between the two entities and the fact that
Tata Steel UK accounts for a substantial proportion of Tata
Steel's operations," adds Palacios, noting, "For the year ended
March 2008, Tata Steel UK contributed more than two thirds of the
group's liquid steel output, and generated 76% of its revenues and
49% of its EBITDA."

Tata Steel's rating is two notches higher than the rating of its
UK subsidiary, reflecting its stronger business and financial risk
profiles, primarily as a result of the sound profitability of the
group's Indian operations. Tata Steel's Indian operations should
remain relatively resilient to the deterioration in the operating
environment, due to its significant degree of vertical
integration, globally competitive cost position and the growth
prospects for the Indian market.

Nevertheless, the relative strength of the Indian operations may
not fully offset the likely sustained compression in profitability
of Tata Steel UK resulting from declining steel prices and
volumes, thereby weakening the group's credit metrics and reducing
the group's financial flexibility under the current rating.

Further downward pressure on the rating could result from
sustained weakening in Tata Steel's operating performance such
that its Adjusted Debt/EBITDA exceeds 4.0x and EBIT margin falls
below 8% on a sustained basis.

The rating outlook could return to stable in the event of a
stabilization of the steel market conditions or if there was a
commensurate move in Tata Steel UK's outlook.

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for the European steel operations
principally consisting of the Corus group.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai, India. After the acquisition of Corus in 2007, Tata Steel
became the world's sixth largest steelmaker with an annual
production capacity of around 29.9 million tons of crude steel.



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

CITIGROUP INC: Plans to Cut Staff by 10% at Japan Unit
------------------------------------------------------
Citigroup Inc. plans to cut at least 10% of staff at 1,600 workers
at its Japanese investment-banking unit, Nikko Citigroup, Shanghai
Daily reports.

The company, the report relates, has already started shedding 160
positions last week and may complete the process as early as this
month.  Citigroup will also reduce banker positions and other jobs
at its local equity sales, trading and bond departments, the
report says.

According to the Daily, Chief Executive Officer Vikram Pandit is
seeking to reduce US$15 billion in costs in the next two to three
years at Citigroup.  The reductions in Japan "make sense" given
the global cutbacks, said Ben Karp, a Tokyo-based senior
consultant for finance recruiting at Boyd & Moore Executive Search
said, the report notes.  "They are part of a global franchise and
need to keep Japan in line with world events," he added.

The Daily says that Nikko Citigroup cut 16 positions in its equity
research department, including four analysts and strategists.  The
department stopped covering about 40 companies.

                      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.


MAZDA MOTORS: Hiroshima Bank Mulls Buying Company Stake
-------------------------------------------------------
Hiroshima Bank is considering the acquisition of some of the Mazda
Motor Corp.'s shares held by Ford Motor Co., Jiji Press reports.

On Oct. 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Jiji Press, reported that Ford Motor is planning to sell
its 33% stake in Japan's Mazda Motor Corp., and is holding talks
with potential buyer.  Ford apparently aims to raise funds from
the sale, amid its severe state due to weak vehicle sales and a
sharp fall in its stock price below US$2 attributed to the credit
crisis, the same report said.

Hiroshima Bank, Jiji press relates, has equity stakes in many
companies that deal with Mazda.  For the bank, the proposed move
would further strengthen its relationship with the automaker,
while Mazda would secure the local financial institution as a
stable shareholder, the report says.

According to Jiji Press, four major Japanese nonlife insurance
firms and Denso Corp., an auto parts maker affiliated with Toyota
Motor Corp. are also considering purchases of Mazda shares from
Ford.

                        About Mazda Motor

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

                          *     *     *

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



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

* KOREA: Fin'l Turmoil May Continue Until H1 2009, Minister Says
----------------------------------------------------------------
The current financial turmoil will likely continue until the end
of the first half of next year and South Korea's government is
making efforts to prevent the crisis from affecting the nation's
real economy, Yonhap News reports, citing Minister Kang Man-soo.

"It is anyone's guess when the current financial turmoil will come
to an end but according to a worst scenario, it could continue
until the end of the first half of next year," Yonhap cited
Finance Minister Kang Man-soo as saying.   "The loan guarantee
measures announced on Sunday are mainly designed to stabilize
instability in the financial sector.  To stem affects on the real
economy, the government is now considering budget spending, tax
cuts and other stepped-up fiscal polices," he added.

According to the report, South Korea unveiled a US$130 billion
package to provide state guarantees for banks' foreign debts and
to help ease dollar funding shortages in the financial sector.
Mr. Kang called the rescue plan a "preemptive" measure to stave
off a crisis and said that the government will work hard not to
transfer related costs to taxpayers, Yonhap relates.

South Korea's financial markets, the report points out, have been
undergoing a roller-coaster session since last month when major
American investment banks collapsed.  The local currency has lost
31% against the U.S. dollar so far this year and the nation's
benchmark KOSPI plunged to a three-year low on Wednesday, the
report adds.


* KOREA: Gov't to Extend Tax Refund Term to Less Than Five Years
----------------------------------------------------------------
The government plans to change conditions for tax refunds on
interest payments in order to encourage mortgage loan maturity
extensions, KBS News reports.

The government, the report relates, is expected to extend the term
of tax refunds to a grace period of less than five years compared
to the current grace period of less than three years.

An official at the Strategy and Finance Ministry said that the
move is aimed at lessening the burden of debtors who are pressured
to repay principal payments and their debt at the same time, the
report says.



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

DAISY RECRUITMENT: Commences Voluntary Wind-Up Proceedings
----------------------------------------------------------
On October 6, 2008, it was resolved by special resolution,
pursuant to section 241(2)(a) of the Companies Act 1993, that
Daisy Recruitment Limited be voluntarily wound up and that Richard
Sissons, of Christchurch, be appointed liquidator for the purpose
of that winding up.

The liquidator is R. J. SISSONS, who can be reached at PO Box 504,
Christchurch.


EVERGREEN HYDRO: Faces Australian Perlite's Wind-Up Petition
------------------------------------------------------------
On September 3, 2008, an application to put Evergreen Hydro
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on Friday, January 30, 2009, at 10:45 a.m.

The plaintiff is Australian Perlite Pty Limited, whose address for
service is c/o Keil & Associates, Barristers & Solicitors, Level
1, 6-8 Edward Waite Place (off Khyber Pass), Grafton, Auckland.
The plaintiff's solicitor is Merran Chisholm.


GMAC CORP: Cutting 185 Jobs in Australia and New Zealand
--------------------------------------------------------
NZPA reported that General Motors Acceptance Corporation is axing
185 jobs in New Zealand and Australia because of the global credit
crunch.

The report noted that so far this year, GMAC has reported net
losses of more than AU$3 billion or NZ$3.41 billion, forcing it to
assess non-core operations.

Citing ABC, NZPA said a GMAC spokeswoman disclosed that 80 jobs
will be axed at the company's national customer service
headquarters in Newcastle on New Year's Eve.  Moreover, the report
related, that GMAC will shelve 80 more jobs at its other
Australian locations while 25 New Zealand workers will be made
redundant.


HERNE BAY: High Court to Hear DNS's Petition on December 15
-----------------------------------------------------------
On September 24, 2008, an application to put Herne Bay Heritage
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on December 15, 2008, at 10:00 a.m.

The plaintiff is DNS Contracting Limited, whose address for
service is at the offices of Bergseng & Co, Solicitors, 36
Williamson Avenue, Grey Lynn, Auckland; Postal Address: PO Box
147212, Ponsonby, Auckland; Telephone: (09) 376 6707; Facsimile:
(09) 376 6706.

The plaintiff's solicitor is John Bergseng.


HIGH STREET KITCHEN: Claims Filing Deadline Is November 3
---------------------------------------------------------
Andrew James Brady, chartered accountant of Christchurch, was
appointed liquidator of High Street Kitchen Limited by a special
resolution of the shareholders on September 26, 2008.

The liquidator fixed November 3, 2008, as the day on or before
which the creditors of the company are to make their claims and to
establish any priority their claims may have, under section 312 of
the Companies Act 1993 (as amended), or to be excluded from the
benefit of any distribution made before the debts are claimed or,
as the case may be, from objecting to the distribution.

Creditors and Shareholders may direct enquiries during normal
business hours to: Andrew Brady, Markhams, Level 5, 144 Kilmore
Street, Christchurch. Postal Address: PO Box 13104, Christchurch
8141. Telephone: (03) 379 6710. Facsimile: (03) 379 6754. Email:
andrew.brady@markhams.co.nz


HL SECURITY: Faces CIR's Wind-Up Petition
-----------------------------------------
On August 25, 2008, an application to put HL Security Limited into
liquidation was filed in the High Court at Wellington.  The
application is to be heard before the High Court at Wellington on
October 28, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington; Telephone:
(04) 890 1067; Facsimile: (04) 890 0009.  The plaintiff's
solicitor is Mary Kate Crimp.


JAWA LIMITED: Liquidator Fixes Nov. 3 as Claims Filing Deadline
---------------------------------------------------------------
Andrew James Brady, chartered accountant of Christchurch, was
appointed liquidator of Jawa Limited by a special resolution of
the shareholders on September 26, 2008.

The liquidator fixed November 3, 2008, as the day on or before
which the creditors of the company are to make their claims and to
establish any priority their claims may have, under section 312 of
the Companies Act 1993 (as amended), or to be excluded from the
benefit of any distribution made before the debts are claimed or,
as the case may be, from objecting to the distribution.

The liquidator can be reached at: Andrew Brady, Markhams, Level 5,
144 Kilmore Street, Christchurch. Postal Address: PO Box 13104,
Christchurch 8141. Telephone: (03) 379 6710. Facsimile: (03) 379
6754. Email: andrew.brady@markhams.co.nz


JOHN PAUL RAYMOND: Liquidators Fix Oct. 30 as Claims Deadline
-------------------------------------------------------------
John Paul Raymond Limited, formerly Mahony Trendall & Jack
Limited, and JPR Finance Limited, formerly Balfour Premium Funding
Limited, were placed into liquidation by special resolutions of
shareholders dated September 30, 2008.

Gareth Russel Hoole and Kevin David Pitfield were appointed joint
and several liquidators pursuant to section 241(2)(a).  The
liquidators fixed October 30, 2008, as the day on or before which
creditors of the companies are to make their claims and to
establish any priority their claims may have, under section 312 of
the Companies Act 1993, or to be excluded from the benefit of any
distribution made before their claims are made or, as the case may
be, from objecting to any distribution.

The liquidators can be reached at:

     Staples Rodway Limited, Chartered Accountants
     PO Box 3899, Auckland
     Telephone: (09) 309 0463


LOWER NORTHLAND: High Court to Hear Wind-Up Petition on Oct. 31
---------------------------------------------------------------
On July 9, 2008, an application to put Lower Northland Haulage
Limited, formerly Wintour Transport Limited, into liquidation was
filed in the High Court at Auckland.

The application is to be heard before the High Court at Auckland
on Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 17 Putney Way (PO Box 76198), Manukau, Auckland 2241.
Telephone: (09) 985 7274. Facsimile: (09) 985 9473.

The plaintiff's solicitor is Sandra Joy North.


MORGANIC LTD: High Court to Hear Wind-Up Petition on Oct. 31
------------------------------------------------------------
On July 8, 2008, an application to put Morganic Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, October 31, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 17 Putney Way (PO Box 76198), Manukau, Auckland 2241.
Telephone: (09) 985 7274. Facsimile: (09) 985 9473.

The plaintiff's solicitor is Sandra Joy North.


PACIFIC GREETINGS: Claims Filing Deadline Is October 31
-------------------------------------------------------
On October 6, 2008, it was resolved by special resolution of
shareholders, pursuant to section 241(2)(a) of the Companies Act
1993, that Pacific Greetings Limited be liquidated and that
Michael Crawford, of Deloitte, Chartered Accountants, be appointed
liquidator.

The liquidator has fixed October 31, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.  Creditors who have not made a claim at the date
a distribution is declared will be excluded from the benefit of
that distribution.

The liquidator can be reached at:

     PO Box 17, Hamilton 3240
     Telephone: (07) 838 4800
     Facsimile: (07) 838 4810


REXON LTD: Faces Steel & Tube Holdings' Wind-Up Petition
--------------------------------------------------------
On August 28, 2008, an application to put Rexon Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
January 22, 2009, at 10:45 a.m.

The plaintiff is Steel & Tube Holdings Limited, whose address for
service is c/o Keil & Associates, Barristers & Solicitors, Level
1, 6-8 Edward Waite Place (off Khyber Pass), Grafton, Auckland.
Enquiries should be directed to counsel for the plaintiff, Merran
Chisholm. Telephone: (09) 445 4510. Email:
erran.chisholm@xtra.co.nz


SMACKTHECAT LIMITED: High Court Appoints Joint Liquidators
----------------------------------------------------------
Craig Alexander Sanson, insolvency practitioner, and John Howard
Ross Fisk, chartered accountant, both of Wellington, were
appointed joint and several liquidators of Smackthecat Limited by
the High Court, pursuant to section 241(2)(c) of the Companies Act
1993, on October 6, 2008.

The liquidators fixed January 30, 2009, as the day on or before
which the creditors of the company are to make their claims and to
establish any priority their claims may have, under section 312 of
the Companies Act 1993, or to be excluded from the benefit of any
distribution made before the debts are claimed or, as the case may
be, from objecting to the distribution.

Claims are to be forwarded and creditors and shareholders may
direct enquiries to: Smackthecat Limited (in liquidation), c/o
PricewaterhouseCoopers, 113-119 The Terrace (PO Box 243),
Wellington. Telephone: (04) 462 7015. Facsimile: (04) 462 7492
(Attention: Russell Fildes).


ST. GEORGE: Federal Treasury Okays Westpac Merger
-------------------------------------------------
Sarah McDonald of The National Business Review reported that the
Treasury has approved the merger between Westpac and St. George on
these conditions set by Treasurer Wayne Swan:

   -- Westpac will have to maintain the existing number of Westpac
      and St George branches and ATMs, including those in
      non-urban areas;

   -- Westpac must also keep all Westpac and St George retail
      banking brands, including Bank SA;

   -- Westpac must maintain dedicated management teams for St
      George and Westpac retail banking distribution;

   -- Westpac must retain a corporate presence in the southern
      Sydney suburb of Kogarah; and

   -- Foreign ATM fees for Westpac customers using St George ATMs
      and vice-versa must be removed.

The report noted that together Westpac and St George would have
over 1,200 branches and 2,700 ATMs in Australia, and 10 million
customers.

Ms. McDonald recounts that the Australian Competition and Commerce
Commission has already approved the $AU17 billion deal.

St. George shareholders will vote to approve or reject the merger
on November 13.


TEXAS RADIO: G.R. Hoole and K.D. Pitfield Named Joint Liquidators
-----------------------------------------------------------------
Texas Radio & The Big Beat Limited was placed into liquidation by
a special resolution of shareholders dated October 1, 2008, and
Gareth Russel Hoole and Kevin David Pitfield were appointed joint
and several liquidators pursuant to section 241(2)(a).

A meeting of creditors was held at the registered office at Level
9, 45 Queen Street, Auckland, on October 21, 2008, at 10:00 a.m.,
for the purpose of:

   (a) confirming the appointment of liquidators; and

   (b) determining whether the creditors wish to pass any
       resolutions for the purposes of section 258(1)(b) of the
       Companies Act 1993, in relation to the liquidators’
       proposal for the conduct of the liquidation.

The liquidators fixed October 31, 2008, as the day on or before
which creditors of the company are to make their claims and to
establish any priority their claims may have, under section 312 of
the Companies Act 1993, or to be excluded from the benefit of any
distribution made before their claims are made or, as the case may
be, from objecting to any distribution.

The liquidators can be reached at:

     Staples Rodway Limited, Chartered Accountants
     PO Box 3899, Auckland
     Telephone: (09) 309 0463


TRADING HOLDINGS: High Court to Hear Wind-Up Petition on Oct. 28
----------------------------------------------------------------
On September 3, 2008, an application to put Trading Holdings
Limited into liquidation was filed in the High Court at
Wellington.
The application is to be heard before the High Court at Wellington
on October 28, 2008, at 10:00 a.m.

The plaintiffs are:

   Peter Jeremy Dawson Goodson -- (first plaintiff)

   Peter Jeremy Dawson Goodson, Patricia Frances Goodson and
   Martin William Allardice -- (second plaintiffs) and

   Peter Jeremy Dawson Goodson, Patricia Frances Goodson and David
   Allan Porter -- (third plaintiffs)

P. D. Barrett is the solicitor for the Plaintiffs.  Mr. Barrett
can be reached at the offices of Luke, Cunningham & Clere,
Solicitors, Level 10, 89 The Terrace, Wellington.


TRISTYLE INT'L: High Court to Hear Wind-Up Petition on Nov. 19
--------------------------------------------------------------
On July 21, 2008, an application to put Tristyle International
Limited (in receivership) into liquidation was filed in the High
Court at Auckland.  The application is to be heard before the High
Court at Auckland on November 19, 2008, at 10:00 a.m.

The plaintiff is Furnz Limited, whose address for service is at
the offices of Kevin McDonald & Associates, Solicitors, Level 11,
Takapuna Towers, 19-21 Como Street (PO Box 331065 or DX BP 66086),
Takapuna, Auckland; Telephone: (09) 486 6827; Facsimile: (09) 486
5082.

The plaintiff's solicitor is Kevin Patrick McDonald.


UMBRIA DEVELOPMENTS: Liquidators Fix Nov. 14 as Claims Deadline
---------------------------------------------------------------
Malcolm Grant Hollis, chartered accountant, and Rhys James Cain,
insolvency practitioner, both of Christchurch, were appointed
joint and several liquidators of Umbria Developments Limited by
the High Court, pursuant to section 241(2)(c) of the Companies Act
1993, on October 6, 2008, at 10:58 a.m.

The liquidators fixed November 14, 2008, as the day on or before
which creditors of the company are to make claims and to establish
any priority their claims may have, under section 312 of the Act,
or to be excluded from the benefit of any distribution made before
the debts are claimed or, as the case may be, from objecting to
the distribution.

Claims are to be forwarded and creditors and shareholders may
direct enquiries to: Umbria Developments Limited (in liquidation),
c/o PricewaterhouseCoopers, 119 Armagh Street (PO Box 13244),
Christchurch. Telephone: (03) 374 3000. Facsimile: (03) 374 3001
(Attention: Lisa Shatford).


* New Zealand Legislations to Help Utilities Industry, S&P Says
---------------------------------------------------------------
A flurry of recent legislative activity has helped reduce the
regulatory uncertainty clouding New Zealand's network utilities,
according to a report published by Standard & Poor's Ratings
Services titled "Industry Report Card: When It Rains, It Powers,
For New Zealand Utilities".

The report also discusses other issues affecting the nine New
Zealand-based electricity, gas, port, and water companies rated by
S&P: the much-improved hydrology, the near-term refinancing risks
facing the rated utilities, the government's emissions trading
scheme, and ongoing M&A activity.  The report concludes that
ratings activity has been minimal in the past six months,
underlining the mainly stable outlook for the country's utilities
sector.

"Recent amendments to New Zealand's Commerce Act should assist in
improving regulatory transparency and predictability, and
therefore are likely to be positive for the credit quality of New
Zealand's regulated entities," said S&P's credit analyst Chris
Cudsi.  "The most immediate benefit will be the rollover of
existing electricity distribution price thresholds to mid-2010,
which has significantly reduced any near term prospect of a
heavily negative reset of prices."



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

ANGERONA SHIPPING: Creditors' Proofs of Debt Due on November 17
---------------------------------------------------------------
The creditors of Angerona Shipping Pte Ltd are required to file
their proofs of debt by November 17, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


BODENHEIM: Requires Creditors to File Claims by Nov. 17
-------------------------------------------------------
Bodenheim Investments Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Nov. 17,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


DBS GROUP: To Pay SGD80 Million to Lehman-Linked Investors
----------------------------------------------------------
DBS Group said that it will compensate as much as SGD80 million
(US$53.4 million) to some investors who bought structured products
linked to collapsed bank Lehman Brothers, Reuters reports.

According to the report, DBS has agreed with the central bank on
the need to give priority to "vulnerable" customers and is fast-
tracking such cases.

Reuters relates that DBS sold SGD360 million worth of structured
products linked to Lehman to 4,700 investors in Hong Kong and
Singapore and will announce a final decision next week about the
fate of other investors.

The Singapore banks' decision follows a deal reached in Hong Kong
last week whereby the territory's banks will buy back Lehman-
linked structured products from holders at market value, as
proposed by the government there, Reuters notes.


DBS GROUP: Shares Fell 4.9% Wednesday on Lehman-Related Concerns
----------------------------------------------------------------
Reuters reports that shares of DBS Group Holdings Ltd fell as much
as 4.9% at SGD12.08 with 2,000,000 shares traded on Wednesday,
over concerns that it may be forced to compensate customers in
Singapore and Hong Kong who bought its Lehman Brothers-linked
investments.

"In case of an adverse outcome, DBS could witness a 8% to 10%
impact on 2008 earnings and about 1% book value impact," Reuters
quoted JPMorgan as saying.

According to the report, DBS is currently facing hundreds of
complaints from customers who claimed they were not aware of the
risks when they purchased structured notes that are now worth just
a small fraction of the original investment.

Traders were also worried by a report in Singapore's Straits Times
newspaper that said investors who bought Lehman-linked notes from
DBS and other financial institutions were considering lawsuits and
had approached a local law firm, Reuters relates.

DBS Group Holdings Ltd is an investment holding company that
operates through its main subsidiary, DBS Bank Ltd.  The Bank is
engaged in the provision of retail, small and medium-sized
enterprise, corporate, and investment banking services.  The
company's financial businesses are organized into the Consumer
Banking and Wholesale Banking Business Groups and Central
Operations.  Wholesale Banking Business Group is segregated into
Enterprise Banking, Corporate and Investment Banking, Global
Financial Markets and Central Treasury Unit.  In total, the
company has six business segments.


DELONG HOLDINGS: Shut Down Several Furnaces, Workers Put on Leave
-----------------------------------------------------------------
Reuters reports that Delong Holdings had put a few hundred workers
on leave and shut several furnaces in China's northern Hebei
province, because of weak demand.

"The workers have been put on extended leave," a company spokesman
was quoted by Reuters as saying.

Delong Holdings Limited is principally engaged in the manufacture
and sale of hot-rolled steel coils with the People's Republic of
China as its principal market.  The company's subsidiaries include
Asia Paragon International Limited and Dexin Steel Pte Ltd.
During the year ended December 31, 2007, the company incorporated
four subsidiaries: Xingtai Xinlong Coal-Gas Limited, engaged in
coal gas recycling; Xingtai Delong Machinery and Mill Roll Co.,
Ltd, engaged in the design, development, manufacturing and sale of
large diameter steel mill rollers and large cast steel articles;
Tianjin Detong Leasing Co., Ltd, engaged in financial leasing
activities, and DL Resources (Australia) Pty Ltd, an investment
holding company.  With effect from January 1, 2007, the company
ceased its trading business.


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

Asia Passion filed the petition against the company on Oct. 7,
2008.

Asia Passion's solicitor is:

          Infinitus Law Corporation
          No. 77 Robinson Road, #16-00 Robinson 77
          Singapore 068896



LEHMAN: DBS To Pay SGD80 Mil. to Investors of Structured Products
-----------------------------------------------------------------
DBS Group said that it will compensate as much as SGD80 million
(US$53.4 million) to some investors who bought structured products
linked to collapsed bank Lehman Brothers, Reuters reports.

According to the report, DBS has agreed with the central bank on
the need to give priority to "vulnerable" customers and is fast-
tracking such cases.

Reuters relates that DBS sold SGD360 million worth of structured
products linked to Lehman to 4,700 investors in Hong Kong and
Singapore and will announce a final decision next week about the
fate of other investors.

The Singapore banks' decision follows a deal reached in Hong Kong
last week whereby the territory's banks will buy back Lehman-
linked structured products from holders at market value, as
proposed by the government there, Reuters notes.

                 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.

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

             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 has 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.


LEHMAN BROTHERS: Gets Restructuring Proposals for Minibonds Notes
-----------------------------------------------------------------
Channel NewsAsia reports that the Monetary Authority of Singapore
(MAS) says that two international financial institutions licensed
to operate in Singapore have submitted proposals to restructure
the Lehman minibonds notes so that they can run till maturity.

According to the report, the two proposals are still confidential
at this stage and the financial institutions are still finalizing
details and still seeking the necessary agreements but investors
will be kept informed of the review process and notified once the
proposals are finalized.  This is expected to go some way in
helping investors recover some of their capital, the report says.

The report adds that any commercially viable proposal should also
provide an exit option for investors who do not wish to hold on to
the notes.

The report discloses over 8,000 investors have sunk more than
US$500 million into the minibonds program.  It is unknown at this
point how much money they could recover, the report states.

Meanwhile, The Associated Press, citing the MAS, reveals that if
another bank did not assume obligations on the bonds, the notes'
underlying assets would be liquidated, exposing investors to huge
losses.

                  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.

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

             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 has 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.


LEHMAN: Hong Leong Offers to Buy Back Notes From Elderly Investors
------------------------------------------------------------------
Hong Leong Finance Limited (HLF), a Singapore-based finance
company is proposing to buy back Lehman Minibond Programme notes
from its elderly and less well—educated customers, Channel
NewsAsia reports.

However, ChannelNewsAsia says, there are two conditions attached
-- the main account holder must be 62 years or older at the time
of investment, with not higher than a primary school education.
The joint account holder, if any, must also not have higher than a
primary school education, the report adds.

According to the report, Hong Leong will pay the total original
investment, minus all interest paid to date.

Hong Leong will also continue to review and deal with all
remaining cases in a fair and equitable manner, and as
expeditiously as possible, the report said.

Meanwhile, the Monetary Authority of Singapore has urged financial
institutions to give priority to vulnerable customers, which
include those over 55 years old, less educated and first—time
investors, the report relates.

              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.


SIEMENS IT: Requires Creditors to File Claims by November 17
------------------------------------------------------------
The creditors of Siemens IT Solutions and Services Pte Ltd are
required to file their proofs of debt by November 17, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce &
          Industry Building
          Singapore 179365



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

* TAIWAN: Memory-Chip Makers Post 3Q Losses on Weak Demands
-----------------------------------------------------------
Taiwanese memory-chip makers Nanya Technology Corp. and Inotera
Memories Inc. posted steep third-quarter losses on weak demands
due to the global financial crisis, The Wall Street Journal
reports.

The two companies, the report relates, warned that chip prices may
fall further in the fourth quarter, while shipments will likely
remain flat compared to the third quarter.  Nanya holds a 35.6%
stake in Inotera.

According to The WSJ, Nanya posted a wider net loss of NT8.77
billion (US$268.4 million), or NT$1.88 a share, compared with a
loss of NT$1.66 billion, or 35 New Taiwan cents a share, a year
earlier, while revenue fell 14% to NT$11.5 billion.

To save costs, Nanya and Inotera have encouraged employees to take
unpaid leave, or work four days a week, and implemented a hiring
freeze in the third quarter, the report notes.

The WSJ relates Nanya expects fourth-quarter DRAM shipments to be
flat compared with the July-September period in part because of
weak demand.  It plans to reduce its monthly output by 50% in
January or February because of a planned technology conversion for
part of its chip production, the same report notes.

The company, The WSJ points out, kept its forecast for bit growth
-- a measure of shipment growth -- for 2008 at 50%, slightly lower
than 53% in 2007.

Meanwhile, Inotera Memories turned in a net loss of NT$4.05
billion, or NT$1.21 a share, compared with a year-earlier net
profit of NT$443 million, or NT$0.13 a share, while revenue rose
7.3% to NT$10.79 billion, The WSJ writes.

The report adds that Inotera said it recently cut production by
20%, and bit growth will likely amount to 10% in the fourth
quarter, compared to 28% in the third quarter.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77     -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

PLUS HOLDINGS LT           1013      12375426.81    -14214914.84
SUNCORP TECH LTD           1063      31944355.16    -35066608.61
FE GOLDEN RES              1188      52489776.63     -9923969.41
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
CHINA BEST GROUP            370      55535608.77     -1836399.75
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     110825056.12     -6778639.60
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1 0    -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4 0    -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10

INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI     213324027.68   -148203718.30
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
ELQUE POLYESTERS           ELQP      13797591.24    -25632664.31
GANESH BENZOPLST            GBP      82155278.28    -38246154.67
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8 0  -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6 0   -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MODI RUBBER LTD             MDR      39758628.95    -24301869.31
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEXMACO JAYA TBK           TEJA      41578519.04   -181199542.46
TEIJIN INDONESIA           TFCO     259683568.00    -37288400.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      16604792.52     -3120876.13
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      53710078.88     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
L CREATE CO LTD            3247      42344509.56     -9146496.90
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       26805091.68   -36744813.91
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56

CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82    -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***