TCRAP_Public/081029.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

            Wednesday, October 29, 2008, Vol. 11, No. 215

                            Headlines

A U S T R A L I A

ARPIE PTY: Final Meeting of Members & Creditors Set for Friday
BABAR INVESTMENTS: Commences Wind-Up Proceedings
BECTON PROPERTY: In Talks With Potential Buyers
BELL GROUP: Court Says Banks May Be Liable, Calls for Mediation
EASTLOCK INTERNATIONAL: Shareholder Appoints Liquidator

GRIFFIN COAL: S&P Hacks Ratings to B+ From BB- & Puts on WatchNeg
MIPO PTY: Creditors Appoint Jamieson Louttit as Liquidator
PALACEMUSIC PTY: Final Dividend to Be Declared on November 7
RAPAT AUSTRALASIA: Members Resolve to Liquidate Firm
SUPADU PTY: General Meeting of Members Set for November 10

* 25 Local Governments in New South Wales Exposed to Global Crisis
* AUSTRALIA: S&P Says Airports Unhurt by Global Crunch


C H I N A

BANK OF EAST ASIA: Books HK$3.5 Billion Loss on Disposed CDOs
CHINA PACIFIC: Records CNY1.64 Billion for Third Quarter 2008
PING AN: Posts CNY7.88 Billion Loss in Q3 on Fortis Investment


H O N G K O N G

ACE WORKSHOP: Appoints Wai and Fun as Liquidators
ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on November 12
ATLANTIC IMPORT: Court Enters Wind-Up Order
CALLA PLATFORM: Court Enters Wind-Up Order
COMMERCIAL ART: Court Enters Wind-Up Order

DARSUN LIMITED: Court Enters Wind-Up Order
EASTERN SOURCES: Court Enters Wind-Up Order
ESEL INTERNATIONAL: Court Enters Wind-Up Order
GRAND DYNASTY: Wind-Up Petition Hearing Slated for November 19
HONG KONG COPPER: Court Enters Wind-Up Order

KAM ON: Court to Hear Wind-Up Petition on November 12
KEROPY TRAVEL: Court Enters Wind-Up Order
LEHMAN BROTHERS: Appoints Provisional Liquidators
LUCK WELL: Court Enters Wind-Up Order
MANY LOGISTICS: Wind-Up Petition Hearing Set for November 19

NEW HAPPY: Court Enters Wind-Up Order
PERFECT COTTON: Creditors and Contributories to Meet on Nov. 7
PROMAIL INTERNATIONAL: To Pay Interim Dividend on April 1
SPARKO (FAR EAST): Court Enters Wind-Up Order
TOMEI SHOJI: Court to Hear Wind-Up Petition on November 19

VIEW POINT: Wind-Up Petition Hearing Set for November 19
* HONG KONG: HKMA Chief Urges Banks to Help Each Other


I N D I A

JET AIRWAYS: Posts Rs.3845.30MM Loss in Quarter Ended Sept. 30
SHRI S.K. PATIL: Insolvency Prompts RBI to Cancel License
TATA POWER: Earns Rs.261.93 Crores in FY 2009 Second Quarter


J A P A N

FORD MOTOR CREDIT: Moody's Cuts Sr. Unsecured Rating to B2
NOMURA HOLDINGS: Posts JPY72,872 Million Quarterly Loss
NOMURA HOLDINGS: Offers Retention Bonuses to Lehman India Staff
NOMURA HOLDINGS: S&P Changes Outlook to Negative on JPY73BB Losses
* JAPAN: Shares of Two Banks Drop Since Lehman's Bankruptcy

* JAPAN: Nine Insurers' Share Profits Vanish on Market Tumble


K O R E A

KT FREETEL: Records First Profit Increase in Three Years


M A L A Y S I A

HO HUP: Mustapha Steps Down as Chairman of Audit Committee


N E W  Z E A L A N D

COLOURPLUS EASTERN: High Court to Hear Wind-Up Petition on Nov. 14
DOMINION FINANCE: Creditors Meeting Held
GRAHAM & KEYS: Claims Filing Deadline Is November 14
KAHO CONSTRUCTION: Court to Hear Wind-Up Petition on November 7
NERINE NURSERIES: High Court Appoints Liquidator

SAYA LTD: High Court to Hear Wind-Up Petition on November 14
SOUTHERN MOTOR: Faces CIR's Wind-Up Petition
WEST END ROAD: Creditors Must File Claims by November 20
YSP SOLUTIONS: Creditors Must File Claims by November 25
* Dun & Bradstreet Downgrades New Zealand's Risk Rating

* NEW ZEALAND: S&P Says Airports Unhurt by Global Crunch


P H I L I P P I N E S

BENGUET CORP: Stockholders' Meeting Slated for December 17
BENGUET CORP: Offers Baguio City a Long-Term Use of Antamok Pit


S I N G A P O R E

MERIDIAN LIFE: Creditors' Meeting Slated for October 31
MOSTRANS PTE: Court Enters Wind-Up Order
SINGAPORE LEASING: To Pay Dividend on October 31
SUNRISE F &B: Contributories to Meet on October 31


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ARPIE PTY: Final Meeting of Members & Creditors Set for Friday
--------------------------------------------------------------
A Final Meeting of the Members and Creditors of Arpie Pty Limited
will be held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW
2000 on Friday, October 31, 2008, at 10:00 a.m.

AGENDA:

   1. To receive an account made up by the Liquidator showing how
      the winding up has been conducted, the property of the
      Company has been disposed of and to receive any explanation
      required thereof.

   2. To consider any other business brought before the meeting.

The liquidator is P. NGAN.


BABAR INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------
At a meeting of creditors of Babar Investments Pty Limited held on
September 9, 2008, it was resolved that the company be wound up
and David Anthony Hurst and Andrew Hugh Jenner Wily of Armstrong
Wily, Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 were appointed Liquidators.


BECTON PROPERTY: In Talks With Potential Buyers
-----------------------------------------------
Maurice Dunlevy of The Australian reported that Becton Property
Group Limited "would remain suspended from the [Australian Stock
Exchange] until negotiations with unnamed third parties were
completed."

The Troubled Company Reporter reported on Oct. 28, 2008 that
Becton Property Group sought temporary suspension from the
Australian Stock Exchange while it is in discussion with several
parties regarding its repayment of a AU$562 million debt.
According to The Australian, many in the market doubt whether the
company will emerge again as a listed vehicle or as a standalone
entity.

Natalie Craig, property reporter for The Age, reported that shares
in Becton Property Group increased "by as much as 56.67% [on
October 28, 2008], [from] 15 cents to 22.5 cents, after their
release from a trading halt imposed on Friday because of rumored
takeover proposals."

The company held its annual general meeting on Monday, October 27.
Shareholders approved these resolutions:

   -- Re-Election of Mr. Brian Pollock as a Director
   -- Re-Election of Mr. Robert Kerry Critchley as a Director
   -- Election of Mr. James Hazel as a Director
   -- Election of Mr. Peter Dempsey as a Director
   -- Adoption of Remuneration Report for Year Ended June 30, 2008
   -- Increase in Aggregate Cap on Non-Executive Directors' Fees
   -- Ratify the Previous Issue of Options

A full-text copy of the results of the company Annual General
Meeting is available for free at:

          http://researcharchives.com/t/s?344b

Mr. Dunlevy reported that the meeting was packed with shareholders
and that company founder and major individual shareholder Max Beck
was noticeably absent.

Ms. Craig related that shareholders bucked against the suggestion
of a takeover.  "I really don't want to dilute my equity at the
hands of a predator," one shareholder told Ms. Craig.  "I don't
want us to be bought out by others."

According to The Age, "Chairman Brian Pollock responded that the
company was simply considering its options, and wanted its share
price to better reflect its asset value and earnings potential."

"We're in very uncertain economic times, which are having a
significant impact upon the company's ability to execute it
business strategies," The Australian quoted Mr. Pollock as saying.
"In my 40 years in business and property, I have never experienced
such turmoil."

Mr. Pollock confirmed at the meeting that Becton had received
several confidential, incomplete and conditional proposals.

The Australian pointed out that "while there has been no hint of
cash flow problems, Becton concedes its capital-raising ability
has been seriously impaired by a series of raisings by the big
property companies."

Becton Property Group Limited is a listed Australian diversified
property group involved in property development and construction,
property funds management and retirement village ownership and
operation.  It was established in 1976.


BELL GROUP: Court Says Banks May Be Liable, Calls for Mediation
---------------------------------------------------------------
Supreme Court Justice Neville Owen of Western Australia released
its findings on October 28, 2008, that a syndicate of 20
Australian and international banks knew the Bell Group was almost
insolvent, the Australian Associated Press reported.

Justice Owen said that the banks did not engage in any "conscious
wrongdoing" or dishonesty in accepting loans to keep Bell Group
afloat but he also said that the banks may be liable under other
statutory claims, the AAP related.

The Court urged parties to mediate on any carve-up of the AU$1.7
billion being claimed by the liquidators otherwise, the legal saga
that stems from the 1991 collapse of the Bond Corporation
subsidiary could go on for years, the report noted.

According to the AAP, the liquidators of Bell Group argued that
the banks "took advantage of the Bell Group in its dying days by
securing lucrative assets in return for refinancing" because the
banks knew that Bell Group was close to insolvency.

The AAP related that liquidator Tony Woodings expressed
satisfaction in establishing their main claim.  As to the judge's
suggestion, Mr. Woodings said lawyers would have to study more
than 2,600 pages of findings to determine any carve-up of the
AU$1.7 billion being claimed by the plaintiffs, the report added.

                         About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


EASTLOCK INTERNATIONAL: Shareholder Appoints Liquidator
-------------------------------------------------------
It was resolved that Eastlock International Pty Ltd be wound up
voluntarily by a resolution from the company's sole shareholder on
September 17, 2008, and that Peter Hillig of Smith Hancock, at
Level 4, 88 Phillip Street, Parramatta NSW 2150, be appointed
Liquidator.


GRIFFIN COAL: S&P Hacks Ratings to B+ From BB- & Puts on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on The
Griffin Coal Mining Company Pty Ltd. to 'B+', from 'BB-', and
placed the ratings on CreditWatch with negative implications.  The
rating actions follow the release of Griffin's fiscal 2008
financial results, which were below S&P's expectations.

"EBITDA interest cover for fiscal 2008 was significantly below
expectations for the 'BB-' rating," S&P's credit analyst Brenda
Wardlaw said.  "While this was partly due to adverse weather
conditions, which affected operating costs, management fees to
related parties also remained high.  S&P also notes that Griffin's
earnings are significantly exposed to interest income from related
parties."

Resolution of the CreditWatch will follow a detailed review of the
likely pace of improvement in Griffin's financial profile, both
from its operating performance and from the inter-relationships
with related parties, including management fees and income from
related party loans.  However, S&P expects the rating to remain in
the 'B' category.


MIPO PTY: Creditors Appoint Jamieson Louttit as Liquidator
----------------------------------------------------------
At a September 16, 2008, meeting of creditors of Mipo Pty Limited
formerly Mobidata Pty Limited, it was resolved that the company be
placed into Liquidation and that Jamieson Louttit be appointed
liquidator.

The liquidator can be reached at:

     JAMIESON LOUTTIT
     c/o Jamieson Louttit & Associates
     Chartered Accountants
     88 Pitt Street, Suite 73, Level 15
     Sydney NSW 2000
     Telephone: (02) 9231 0505
     Facsimile: (02) 9231 0303


PALACEMUSIC PTY: Final Dividend to Be Declared on November 7
------------------------------------------------------------
A first and final dividend to unsecured creditors is to be
declared on November 7, 2008, for Palacemusic Pty Limited.

The claims filing deadline expired on October 23, 2008.  Creditors
whose debts or claims have not been admitted will be excluded from
the benefit of the dividend.

The liquidator is:

     M. F. COOPER
     Frasers Insolvency Advisory
     99 Elizabeth Street, Level 5
     Sydney NSW 2000
     Telephone: (02) 9223 2300
     Facsimile: (02) 9223 3855


RAPAT AUSTRALASIA: Members Resolve to Liquidate Firm
----------------------------------------------------
At an extraordinary general meeting of members of Rapat
Australasia Pty Ltd held on September 8, 2008, a Special
Resolution was passed that the Company be wound up voluntarily.

Alan Nicholls of Nicholls & Co, Chartered Accountants, at Suite 6,
459 Peel Street, Tamworth NSW 2340, was appointed Liquidator.


SUPADU PTY: General Meeting of Members Set for November 10
----------------------------------------------------------
A general meeting of members of Supadu Pty Limited will be held at
the offices of Arnold Stevens Finlay, Chartered Accountants at
Level 3, 46 Market Street, Sydney NSW 2000 on November 10, 2008,
at 10:00 a.m.  The purpose of the meeting is to receive the
liquidators account, showing the manner in which the winding up
has been conducted and the property of the company disposed of and
for hearing any explanation that may be given by the Liquidator.


* 25 Local Governments in New South Wales Exposed to Global Crisis
------------------------------------------------------------------
The Australian Associated Press reported that the Local Government
Association of Australia disclosed that "up to 25 [of the 152]
local governments in New South Wales are directly exposed to the
global financial crisis, with some rural councils facing the
possibility of bankruptcy."

According to the AAP, LGA President Genia McCaffery said both
metropolitan and rural councils have been exposed to the collapse
of US investment house Lehman Brothers.

"NSW Local Government Minister Barbara Perry has called on
councils to seek independent advice on their exposure to the
Lehman Brothers collapse and report their losses to the state
government," the AAP related.


* AUSTRALIA: S&P Says Airports Unhurt by Global Crunch
------------------------------------------------------
Despite the global economic woes and higher debt levels,
Australian and New Zealand airports should be able to weather a
slowdown in passenger traffic over the next few years, according
to a published report by Standard & Poor's Ratings Services,
titled "Traffic Growth Skids, But A Soft Landing Is Manageable For
Rated Australian And N.Z. Airports".

"The satisfactory liquidity positions of the region's rated
airports and their substantial flexibility to defer capital
projects in line with traffic trends underscore this view," S&P's
credit analyst Tammy Garay said.  "Also, some inherent level of
protection comes from the airports' diverse tourism markets,
revenue streams, and airline customers.  Even so, conservative
shareholder practices and internal funding of capital projects
will be vital in underpinning credit quality at airports across
Australia and New Zealand."

The report also examines the debt-maturity profile of the region's
rated airports and the implications of a global economic slowdown
for airport capacity and passenger travel.  It also discusses the
implications of debt-funded capital-spending projects on the
sector's credit profile.



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

BANK OF EAST ASIA: Books HK$3.5 Billion Loss on Disposed CDOs
-------------------------------------------------------------
The Bank of East Asia Limited has registered a further decrease in
the fair value of its collateralized debt obligation ("CDO")
portfolio since June 30, 2008, as a result of the continuing
turmoil in global financial markets, the bank said in a regulatory
filing.

The CDOs were related to American International Group Inc. and
Lehman Brothers Holdings Inc., The Wall Street Journal cited a
bank spokeswoman as saying.

With the assessment that the likely residual net value of the
portfolio would be further substantially eroded if held until
maturity, the bank's Board of Directors resolved to dispose of the
entire portfolio of CDOs with carrying value held by the
bank prior to maturity.  The bank completed the disposition of the
relevant CDOs on October 27.

The bank sees the one-off disposal to have a short-term, material
negative impact on its financial results for the financial year
ending December 31, 2008.

The bank recognized these investment losses upon the disposal of
the CDOs with
carrying value:

   1. Mark-to-market losses charged to
      the profit and loss account for
      the six months ended June 30, 2008
      and disclosed in the interim results
      announcement:                           HK$1.3 billion

   2. Losses charged to the profit and
      loss account in the second half of
      2008 on the entire CDO portfolio:       HK$2.2 billion

   3. Total losses charged to the profit
      and loss account for the year ending
      Dec. 31, 2008:                          HK$3.5 billion

As a result of the recognized losses, the bank says its profits
for the year ending 2008 are expected to fall substantially as
compared with that for the year ended 2007.

                      Shares Hit 6-Year Low

Bloomberg News reports that Bank of East Asia's shares fell to the
lowest since October 2002 on concern that losses on credit-linked
investments may wipe out profit for the entire year.

According to the report, shares in Bank of East Asia dropped 3.1%
to HK$12.96 at 10:50 a.m. local time on October 28, paring an
earlier 8.8% loss.  The report notes the bank's stock plunged 76%
this year.

"The sector is going through quite a tough time and it's been a
bad year for them," Wong Kwok Wai, an analyst at BOC International
Holdings Ltd. in Hong Kong, told Bloomberg News.

                             Bank Run

The Wall Street Journal recounts that Bank of East Asia suffered a
bank run last month based on rumors that the lender's finances
were in a precarious state after the bank said it had to revise
its first-half profit downward by HK$109 million.

The rumors spurred massive withdrawals causing the bank to lose 5%
of its deposit base in three days, a Citigroup report cited by the
Journal said.  Hong Kong officials moved quickly to reassure the
public that the bank was sound while city officials guaranteed
bank deposits, the Journal discloses.

According to the Journal, the bank had to revise its first-half
profit after it discovered an employee had falsified trading
records by manipulating the valuation of certain equity
derivatives held by the bank.  The employee had recorded a profit
of about HK$38 million in the first six months of 2008 when there
should have been a loss of HK$93 million, the Journal relates.

                     About Bank of East Asia

The Bank of East Asia Limited (BEA) -- http://www.hkbea.com/-- is
engaged in providing banking and financial services to its
customers in Hong Kong, Greater China, and overseas.  BEA serves
customers through a global network of over 200 outlets covering
Hong Kong and the rest of Greater China, the United States,
Canada, the United Kingdom, the British Virgin Islands, and
Southeast Asia.  BEA delivers retail and commercial banking
services through its Personal Banking, Corporate Banking, Wealth
Management, Investment Banking, China, and International
divisions.  The products and services include deposit-taking,
foreign currency savings, retail investment and wealth management
services, mortgage loans, consumer loans, credit
cards,Cyberbanking, bancassurance, Mandatory Provident Fund
services, trade finance, syndication loans, remittances, and
foreign exchange margin trading.

                         *     *     *

The Bank of East Asia Limited continues to carry a Standard &
Poor's "B" Bank Fundamental Strength rating and Moody's "C" Bank
Financial Strength rating.


CHINA PACIFIC: Records CNY1.64 Billion for Third Quarter 2008
-------------------------------------------------------------
China Pacific Insurance (Group) Co., Ltd. recorded a nearly 33%
decline year-on-year in profits in the first three quarters,
Xinhua News reports, citing a report released by the company.

Reuters relates that for the third quarter 2008, the company
posted a net loss of CNY1.64 billion (US$239 million) from a net
profit of CNY1.96 billion in the same period of last year.  The
company's report showed a loss of CNY1.51 billion on investments,
including on stocks, from an investment profit of CNY8.18 billion
in the same period of last year, the same report notes.

According to Xinhua News, the company garnered a net profit of
CNY3.876 billion from January to September, down 32.58% from the
same period of last year, while earnings per share was CNY0.51 for
the first three quarters, down 46.9% from the year-earlier level,
the report says.

The company's report, Xinhua News notes, attributed the grim
situation to lackluster capital markets at home.  Capital Pacific
realized CNY76.817 billion in revenue from insurance business in
the January-September period, up 41.77%, the same report posts.

Meanwhile, Reuters adds that China Pacific plan to float shares on
the Hong Kong stock exchange had expired on September 14, and
future plans must be submitted for shareholder's approval.

According to Reuters, the company's predicament was the latest in
a series of delays or cancellations of share offer plans due to a
weak market.  Both the Hong Kong .HSI and Chinese mainland stock
markets .SSEC have plunged over the past year, battered in part by
the global financial crisis and China's slowing economy, Reuters
adds.

                       About China Pacific

China Pacific Insurance (Group) Co., Ltd. --
https://www.cpic.com.cn/ --  is an integrated insurance service
provider.  The company offers life and property insurance products
and services through its subsidiaries, China Pacific Life
Insurance Co., Ltd and China Pacific Property Insurance Co., Ltd.,
respectively.  Through its subsidiary China Pacific Asset
Management Co., Ltd, the company is also involved in the
management and operation of insurance assets.  During the year
ended Dec. 31, 2007, the company obtained approximately 68% and
32% of its total premium revenue from its life insurance and
property insurance businesses, respectively.  As of Dec. 31, 2007,
the company had approximately 36.12 million of individual
customers and 2.2 million of corporate customers.


PING AN: Posts CNY7.88 Billion Loss in Q3 on Fortis Investment
--------------------------------------------------------------
Ping An Insurance (Group) Co of China, Limited posted a sharp
third quarter loss after an impairment charge from its investment
in Fortis NV and slumping stocks at in China, various reports say.

The reports relate that Ping An reported a net loss of
CNY7.88 billion (US$1.15 billion) for the quarter ended September,
against a profit of CNY5.28 billion a year ago, while investment
loss for the period was CNY12.4 billion from a gain of CNY17.1
billion a year ago.

The company in a statement said that, "under such complicated and
dire operating environment, the company saw a noticeable decrease
in its investment income, and the impairment provision for its
investment in Fortis shares exerted a significant impact on the
net profit of the company," Reuters notes.

On Oct. 8, 2008, the Troubled Company Reporter -Asia Pacific,
citing The Financial Times, reported that Ping An expects to post
a CNY15.7 billion (US$2.29 billion) loss in the third quarter on
its investment in Fortis, in effect wiping out the company's
profits for the first nine months and halting its overseas
expansion plans.  According to a Troubled Company Reporter-Europe
report, citing the The Wall Street Journal, major European bank
Fortis NV was bailed out by a trio of governments after its shares
slumped Thursday, September 25, followed by another 20% decline
the next day, amid concerns about the company's solvency.
Particularly, investors are concerned the firm would struggle to
raise the EUR8.3 billion (US$12.1 billion) it's seeking to bolster
reserves, the TCR-EUR report said.

According to Bloomberg News, China's benchmark CSI 300 Index
slumped more than 60% this year, eroding the value of other equity
holdings.

"Ping An may well post a full-year loss bigger than this should
all additional losses from the Fortis investment be reflected in
the financial results.  The losses will restrict the company's
expansion by denting the capital base, but won't hurt its overall
financial health,"  Bloomberg News cites a Shanghai-based analyst
at Guotai Junan Securities Co. as saying.

Reuters adds that Ping An's shares have lost 56% in the past three
months, slightly outperforming a 60% loss in the index for
mainland Chinese companies listed in Hong Kong .HSCE amid the
global financial crisis.

                      About Ping An Insurance

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The company conducts its insurance business through
Ping An Life, Ping An Annuity and Ping An Health.  The property
and casualty insurance business of the company is conducted
through Ping An Property & Casualty and Ping An Hong Kong.  The
company provides asset management services to the customers
through Ping An Trust.  In addition, Ping An Trust also provides
infrastructure investment and property investment services to
other subsidiaries.  The company conducts securities business
through Ping An Securities, and provide securities services to
customers through the PA18 Internet financial portal. During the
year ended Dec. 31, 2006, the company completed the acquisition of
Shenzhen Commercial Bank.



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

ACE WORKSHOP: Appoints Wai and Fun as Liquidators
-------------------------------------------------
Li Man Wai and Tsang Lai Fun were appointed as liquidators of Ace
Workshop Production Co., Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on November 12
-----------------------------------------------------------------
A petition to have Adrian Engineering Limited's operations wound
up will be heard before the High Court of Hong Kong on
November 12, 2008, at 9:30 a.m.

Luen Cheing Tai Construction Company Limited filed the petition
against the company on September 10, 2008.

Luen Cheing's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


ATLANTIC IMPORT: Court Enters Wind-Up Order
-------------------------------------------
On September 24, 2008, the High Court of Hong Kong entered an
order to have Atlantic Import and Export Limited's operations
wound up.

The company's liquidators are:

          Alan Chung Wah Tang
          Wong Kwok Man
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


CALLA PLATFORM: Court Enters Wind-Up Order
------------------------------------------
On October 4, 2008, the High Court of Hong Kong entered an order
to have Calla Platform Systems Limited's operations wound up.

The company's liquidators are:

          James Wardell
          Chan Wai Dune
          One Hysan Avenue, Causeway Bay
          Room 1601-1602, 16th Floor
          Hong Kong


COMMERCIAL ART: Court Enters Wind-Up Order
------------------------------------------
On July 23, 2008, the High Court of Hong Kong entered an order to
have Commercial Art Printing Press Company Limited's operations
wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


DARSUN LIMITED: Court Enters Wind-Up Order
------------------------------------------
On September 5, 2008, the High Court of Hong Kong entered an order
to have Darsun Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


EASTERN SOURCES: Court Enters Wind-Up Order
----------------------------------------------
On July 14, 2008, the High Court of Hong Kong entered an order to
have Eastern Sources (Brothers) Plastic Products Company Limited's
operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


ESEL INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
On July 14, 2008, the High Court of Hong Kong entered an order to
have Esel International Company Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


GRAND DYNASTY: Wind-Up Petition Hearing Slated for November 19
--------------------------------------------------------------
A petition to have Grand Dynasty Development Limited's operations
wound up will be heard before the High Court of Hong Kong on
November 19, 2008, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on September 16, 2008.

Standard Chartered Bank's solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


HONG KONG COPPER: Court Enters Wind-Up Order
--------------------------------------------
On September 23, 2008, the High Court of Hong Kong entered an
order to have Hong Kong Copper Mine Holding Limited's operations
wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


KAM ON: Court to Hear Wind-Up Petition on November 12
-----------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2008, at
9:30 a.m., a petition to have Kam On Torch Light Factory Limited's
operations wound up.

Dah Sing Bank, Limited filed the petition against the company on
September 9, 2008.

Dah Sing Bank's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


KEROPY TRAVEL: Court Enters Wind-Up Order
-----------------------------------------
On September 8, 2008, the High Court of Hong Kong entered an order
to have Keropy Travel Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


LEHMAN BROTHERS: Appoints Provisional Liquidators
-------------------------------------------------
On September 29, 2008, Paul Brough, Edward Middleton and Patrick
Cowley were appointed as provisional liquidators of Lehman
Brothers Asia Capital Company.

The provisional Liquidators can be reached at:

          Paul Brough
          Edward Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


LUCK WELL: Court Enters Wind-Up Order
-------------------------------------
On August 11, 2008, the High Court of Hong Kong entered an order
to have Luck Well Holdings Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


MANY LOGISTICS: Wind-Up Petition Hearing Set for November 19
------------------------------------------------------------
A petition to have Many Logistics Limited's operations wound up
will be heard before the High Court of Hong Kong on
November 19, 2008, at 9:30 a.m.

Pang Kwai Kwun filed the petition against the company on Sept. 17,
2008.


NEW HAPPY: Court Enters Wind-Up Order
-------------------------------------
On July 22, 2008, the High Court of Hong Kong entered an order to
have New Happy Metal Works Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


PERFECT COTTON: Creditors and Contributories to Meet on Nov. 7
--------------------------------------------------------------
The creditors and contributories of Perfect Cotton Yarn Company
Limited will meet on November 7, 2008, at 2:30 p.m. and 3:00 p.m.,
respectively at Unit 511, Tower 1, Silvercord, 30 Canton Road,
Tsim Sha Tsui, in Kowloon, Hong Kong.


PROMAIL INTERNATIONAL: To Pay Interim Dividend on April 1
---------------------------------------------------------
Promail International (Hong Kong) Limited will pay preferential
dividend on of after April 1, 2009.

The company will pay 100% on preferential claims while 15% to the
ordinary claims.

The company's liquidators are:

          Roderick John Sutton
          Desmond Chung Seng Chiong
          The Hong Kong Club Building, 14th Floor
          3A Chater Road Central
          Hong Kong


SPARKO (FAR EAST): Court Enters Wind-Up Order
---------------------------------------------
On September 5, 2008, the High Court of Hong Kong entered an order
to have Sparko (Far East) Limited's operations wound up.

Wong Sun Keung and Tsui Mei Yuk Janice are the company's
liquidators.


TOMEI SHOJI: Court to Hear Wind-Up Petition on November 19
----------------------------------------------------------
A petition to have Tomei Shoji (Hong Kong) Limited's operations
wound up will be heard before the High Court of Hong Kong on
November 19, 2008, at 9:30 a.m.

S H S Harness Manufacture Limited filed the petition against the
company on September 10, 2008.

S H S Harness' solicitors are:

          William Sin & So
          United Chinese Bank Building
          Room 401, 4th Floor
          31-37 Des Voeux Road, Central
          Hong Kong


VIEW POINT: Wind-Up Petition Hearing Set for November 19
--------------------------------------------------------
A petition to have View Point Shipping Company Limited's
operations wound up will be heard before the High Court of Hong
Kong on November 19, 2008, at 9:30 a.m.

Chan Wai Man filed the petition against the company on Sept. 17,
2008.


* HONG KONG: HKMA Chief Urges Banks to Help Each Other
------------------------------------------------------
Hong Kong banks need to "help each other out" as the worldwide
credit crisis causes tighter lending and slower economic growth,
according to the head of the Hong Kong Monetary Authority, Kelvin
Wong of Bloomberg News reports, citing  HKMA Chief Executive
Joseph Yam.

"We are all on the same boat.  The effect of our measures to relax
the interbank lending market will take time to penetrate the
system," Bloomberg News cited Mr. Yam as saying.

According to the report, Mr. Yam said that the "loose monetary
environment will persist and we expect central banks around the
world to keep reducing interest rates.  "These will provide
support to the economy and asset prices," he added.



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

JET AIRWAYS: Posts Rs.3845.30MM Loss in Quarter Ended Sept. 30
--------------------------------------------------------------
Jet Airways India Ltd posted a net loss from ordinary Activity
After Tax of Rs.3845.30 million for the quarter ended Sept. 30,
2008 as compared to net profit of Rs.283.60 million for the
quarter ended Sept. 30, 2007.  Total Income meanwhile has
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.

The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected.  For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 23, 2008, the Airports Authority of India (AAI) asked Jet
Airways to clear its dues or shift to cash and carry system.

Jet Airways also has outstanding bills to state-owned oil
companies.  According to The Wall Street Journal, Jet Airways is
behind on US$53.2 million in fuel payments.

                         Bleeding Unit

Jet Airways said it has equity and preference investments
aggregating to RS.164,500 lac in Jet Lite (India) Limited, a
wholly owned subsidiary, and an amount of Rs.42,472 lac advanced
on account of interest free loans as of Sept. 30, 2008.  Jet Lite
has accumulated losses exceeding its net worth and its financial
statements have been prepared on going concern basis, Jet Airways
added.

                   1,900 Employees Reinstated

On Oct. 20, 2008, the TCR-AP reported Jet Airways Chairman Naresh
Goyal reinstated all 1,900 employees who were handed pink slips
"to ensure the jobs of the remaining 11,100" at the airline.  Mr.
Goyal disclosed that although it was his mandate to cut costs, his
conscience did not allow him to do so based solely on economic
conditions in the industry, The Times of India related.  He noted
it was his personal decision and not due to any political
pressure.

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

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

                         Kingfisher Deal

The TCR-AP reported that Jet Airways has formed an alliance with
Kingfisher Airlines to reduce costs as the downturn in the world
economy severely impacted the world aviation industry.

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

                  About Jet Airways (India) Ltd

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

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


SHRI S.K. PATIL: Insolvency Prompts RBI to Cancel License
---------------------------------------------------------
The Reserve Bank of India has canceled the license of the Shri
S.K.Patil Co-operative Bank Ltd in Kurundwad, District Kolhapur,
Maharashtra, after the bank  ceased to be solvent.

According to RBI, all efforts to revive the bank in close
consultation with the Government of Maharashtra had failed and the
depositors of the bank were being inconvenienced by continued
uncertainty.  The Registrar of Co-operative Societies (RCS),
Maharashtra has also been requested to issue an order for winding
up the bank and appoint a liquidator for the bank.  It may be
highlighted that on liquidation, every depositor is entitled to
repayment of his/her deposits up to a monetary ceiling of Rs.
1,00,000/- (Rupees One lakh only) from the Deposit Insurance and
Credit Guarantee Corporation (DICGC) under usual terms and
conditions.

The bank was granted a license by Reserve Bank on March 22, 1996,
to commence banking business.  The statutory inspection of the
bank with respect to its position as on March 31, 2006, had
indicated that its financial position was impaired.  Based on the
findings of the inspection as on March 31, 2006, supervisory
action was initiated against the bank and it was advised to take
steps for improvement in its financial position.

The inspection findings with reference to its financial position
as on March 31, 2007, revealed further deterioration in bank's
financial position.  Next inspection of the bank with reference to
its position as on March 31, 2008, revealed that its financial
position was precarious.  The Reserve Bank of India issued
directions under Section 35 A of the Banking Regulation Act, 1949
(As applicable to Co-operative Societies) vide Directive dated
Aug. 6, 2008, restricting its operations, including placing a
ceiling on withdrawal of deposits at Rs. 1000/-.  A requisition
dated Aug. 6, 2008, was also issued to RCS to supersede Board of
Directors.

The Reserve Bank of India issued a notice to the bank on Aug. 7,
2008, asking it to show cause as to why the license granted to it
to conduct banking business should not be canceled.  The reply to
the show cause notice was examined.  The bank did not have a
viable plan of action for its revival.  In the absence of any
viable proposal for turn around the possibility of revival of the
bank was remote.  Accordingly, the Reserve Bank of India took the
extreme measure of canceling licence of the bank in the interest
of the bank's depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the depositors of
Shri S.K.Patil Co-operative Bank Ltd. will be set in motion
subject to the terms and conditions of the Deposit Insurance
Scheme.

Consequent to the cancellation of its license, the bank is
prohibited from carrying on 'banking business' as defined in
Section 5(b) of the Banking Regulation Act, 1949 (AACS) including
acceptance and repayment of deposits.

For any clarifications, depositors may approach:

          Shri P.K.Arora
          Deputy General Manager
          Urban Banks Department
          Reserve Bank of India
          Mumbai Regional Office
          Second Floor
          Garment House, Mumbai
          400 018
          Tel: (022) 2493 5348
          Fax: (022) 2493 5495


TATA POWER: Earns Rs.261.93 Crores in FY 2009 Second Quarter
-------------------------------------------------------------
Tata Power Company Ltd's revenues for the fiscal 2009 second
quarter ended Sept. 30, 2008, rose 45.04% to Rs.1958.88 crores as
against Rs.1350.56 crores in the same period last year primarily
due to rise in fuel price.

Profit after tax for the current quarter stood at Rs.261.93 crores
as against Rs.257.43 crores in the corresponding period last year
and was not comparable owing to the change in the accounting
method that the company undertook this year.

Revenues from license area were up by 42.18% to Rs.1666.38 crores
as compared to Rs.1172.00 crores in the corresponding period last
year.  During the current quarter, forex gain was Rs.76.60 crores
as compared to Rs.8.96 crores in the corresponding period last
year.  The gain on sale of Long term Investments was
Rs.0.17 crores as compared to Rs.85.13 crores in the corresponding
quarter last year.

                        Half-Year Results

During the half year ended Sept. 30, 2008, Tata Power's revenues
stood at Rs.3985.01 crores, an increase of 39.24% as compared to
Rs.2862.04 crores in the same period last year.

The company reported profit before tax of Rs.575.55 crores as
against Rs.517.33 crores in the corresponding last year.  Profit
after tax for the half year stood at Rs.452.48 crores as against
Rs.447.63 crores in the corresponding period last year and was not
comparable owing to the change in the accounting method that the
company undertook last quarter.  Regulatory adjustments which used
to be made on an annual basis in the fourth quarter are now being
made on a provisional basis every quarter.

Commenting on the company's performance, Mr. Prasad R. Menon,
Managing Director, Tata Power, said: "Our half yearly results
reiterate continued stability of company's operations thereby
enabling strong performance.  The company has organized loans for
all its key projects and that mitigates the effect of the recent
global financial crisis.  We continue our focus on sustainable and
renewable energy spanning wind power, hydro and geothermal.  Some
of our recent associations and growth plans have been focussed
around this effort."

                           Growth Plans

* Partnership with Royal Government of Bhutan:

During the quarter, the company announced its partnership with The
Royal Government of Bhutan (RGoB) to develop the 114 MW run-of-
the-river Hydro Electric Power Project over river Dagachhu through
Druk Green Power Corporation Limited (DGPC) and acquired a 26%
stake in the project.  As part of this strategic partnership,
Tata Power Trading has negotiated to purchase all the power
generated from the project and will off-take power from the
project for a period of 25 years.

* Acquisition of stake in Geodynamics Limited, Australia

The company acquired 29.4 million Ordinary Shares of Geodynamics
Limited, a listed Australia-based organization specializing in
geothermal energy and Enhanced Geothermal Systems (EGS),
representing 11.4% of the current issued Share Capital (equivalent
to 10% of the increased Share Capital after allotment by
Geodynamics).  The Shares were acquired at an issued price of
A$1.50 per share, entailing a total investment of A$44.1 million
(approx. INR 165 crores/INR=37.5) in absolute terms.

* 4000 MW, Mundra Ultra Mega Power Project

Tata Power said the Ultra Mega Power Project (UMPP) at Mundra,
Gujarat is progressing on schedule.  Civil work at site is
progressing fast and erection of the boiler structure has
commenced.  Piling work for TG areas, both Chimneys
and four units of Boiler island has been completed.  PGCIL has all
approvals to commence implementation of transmission lines.  The
first unit will be commissioned by September 2011.

* 1050 MW Maithon Power Project

For the 1050 MW Maithon project, Civil works are in full swing and
is progressing well.  Most of the orders have been placed and the
overall progress is 20% as planned.

* 250 MW Trombay Unit 8

For 250 MW Trombay expansion unit, boiler light-up was
successfully carried out on September 30, 2008.  The
synchronization is scheduled for November 2008.

* Wind Farm Projects

50 MW Khandke Project will be commissioned in third quarter.  Two
additional wind projects of 50.4 MW each are been developed in
Jamnagar district at Gujarat and Gadag district at Karnataka.

* 120 MW Power Project at Haldia

Unit 1 of 2 x 45 MW Phase of the Haldia Project was commissioned
in August 2008.  The synchronization of Unit 2 of 2 x 45 MW Phase
of Haldia Project with the grid was completed during the quarter.
The third unit of 30 MW is progressing well and will be
commissioned this financial year.

* Captive Power Projects for Tata Steel

The 120 MW Power House # 6 at Tata Steel Works, Jamshedpur and 120
MW Unit # 5 at Jojobera are progressing well.

The company said its investment in the Indonesian coal companies
KPC and Arutmin continued to display robust operating performance
supported by high coal prices as compared to last year.

                         About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these supply
power to the Mumbai licence area.  The company also has a plant
that supplies power to Tata Steel.  In addition, Tata Power has an
81-MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, Moody's Investors Service changed the outlook for
Tata Power Company's (TPC) Ba3 corporate family rating and B1
senior unsecured bond ratings to stable from negative.

On Aug. 8, 2008, the TCR-AP reported that Tata Power Ltd confirmed
it is bidding for Senoko Power Ltd., Singapore's largest power
utility.  "We confirm the development," Tata Power said in a
statement cited by Bloomberg News.  According to Bloomberg News,
Tata Power's confirmation came after the Business Standard
reported that Senoko Power may be sold for more than US$3 billion.

As reported in the TCR-AP on Aug. 28, 2008, Standard & Poor's
Ratings Services said Tata Power Ltd.'s (BB-/Stable/--) bid for
Senoko Power Ltd.'s generation facilities from its current owner
Temasek Holdings Pte. Ltd. (AAA/Stable/--) is likely to put
downward pressure on the Indian company's 'BB-' rating.



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

FORD MOTOR CREDIT: Moody's Cuts Sr. Unsecured Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of Ford Motor Credit LLC to B2 from B1 and placed the rating on
review for further possible downgrade. The downgrade is based upon
pressures on Ford Credit's stand-alone credit profile, while the
review for further possible downgrade reflects the review of Ford
Motor Company's ratings for possible downgrade.

Moody's said that Ford Credit's ownership by and business
concentrations with Ford expose it to Ford's operating challenges
and links its ratings. Consumer demand shifts away from large
vehicles have undermined the value of a large percentage of
collateral backing Ford Credit's consumer receivables.
Additionally, the decline in Ford's sales of trucks and SUV's has
weakened the financial health of the dealers Ford Credit finances.
These factors amplify negative delinquency, loan default, and
lease residual realization trends that normally accompany cyclical
economic weakness. Given the potential for a protracted economic
downturn, Moody's believes Ford Credit's loan provisioning and
depreciation costs are likely to be elevated in coming quarters,
pressuring the firm's finance margins.

Ford Credit is also contending with constraints to its financial
flexibility that Moody's expects will impact the firm's
profitability and operations. Ford Credit entered the third
quarter with a solid cash position and adequate third-party
liquidity commitments to fund its new business. However, recent
credit market turmoil could make more difficult the firm's efforts
to maintain a confident liquidity stance; as time progresses, new
funding sources and capabilities could become more challenging to
identify and execute. Ford Credit is expected to benefit from
access to the Fed's commercial paper funding facility as backstop
for its FCAR asset-backed commercial paper program. However, the
company will likely utilize cash balances and further shrink its
asset base to provide the cash necessary to meet upcoming debt
maturities, thus limiting financial flexibility. Additionally,
Moody's anticipates that Ford Credit's higher costs of funding
will, in addition to higher credit costs, contribute to margin
erosion in future periods.

Positively, Ford Credit has remained committed to a prudent
leverage posture in the current environment. Ford Credit suspended
its dividend to its parent as support for its liquidity and
capital positions. Moody's expects that the percentage decline in
Ford Credit's asset and debt balances over the intermediate term
will outpace any diminution of the firm's equity base. Moody's
notes, however, that Ford Credit's increased use of secured forms
of financing is leading to structural subordination of unsecured
creditors, as the level and quality of asset coverage of unsecured
debt declines. The one-notch difference between the Ford Credit
and Ford ratings reflects Moody's view that lenders to Ford Credit
would likely experience lower loss severity in default than would
the creditors of Ford.

During its review of Ford Credit's ratings, Moody's will analyze
the effects of Ford's operating challenges on Ford Credit's asset
quality and profitability. Moody's will also evaluate Ford
Credit's evolving liquidity profile, including the quality and
availability of its alternative liquidity sources and the
sustainability of its current liquidity cushion. In addition, the
review will incorporate trends in Ford Credit's asset quality and
its effect on the firm's profitability and liquidity.

The following ratings were affected by the rating action:

Ford Motor Credit LLC:

   -- Senior unsecured: from B1 to B2
   -- Subordinate shelf: from (P)B3 to (P)Caa1

FCE Bank Plc:

   -- Senior unsecured: from B1 to B2

Ford Credit Australia Ltd.:

   -- Backed senior unsecured: from B1 to B2

Ford Credit Canada Limited:

   -- Backed senior unsecured: from B1 to B2

Ford Motor Credit Co. of New Zealand Ltd.:

   -- Backed senior unsecured: from B1 to B2

Ford Credit Capital Trusts I, II, and III:

   -- Backed preferred shelf: from (P)B3 to (P)Caa1

Primus Financial Services, Inc.:

   -- Backed senior unsecured: from B1 to B2

Ford Motor Credit Company is a wholly owned subsidiary of Ford
Motor Company engaged in consumer and commercial auto finance. The
company reported total assets at June 30, 2008 of $164 billion.

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

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

                         *     *     *

As reported in the Trouble Company Reporter on Oct. 20, 2008,
Standard & Poor's Ratings Services placed the CCC ratings on nine
Ford Motor Co.-related transactions on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter-Latin America on
Oct. 13, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company by one notch
to 'CCC' from 'B-'.


NOMURA HOLDINGS: Posts JPY72,872 Million Quarterly Loss
-------------------------------------------------------
Nomura Holdings Inc. incurred a net loss of JPY72,872 million for
the three months ended Sept. 30, 2008, compared to a net loss of
JPY11,707 million in the three months ended Sept. 30, 2007.

Reuters notes that Nomura had said it may have to post losses on a
US$425 million position related to Iceland and further write down
its stake in Fortress Investment Group.  Nomura reported its third
consecutive quarterly net loss as financial market turmoil led to
deep trading losses and discouraged companies from issuing stock
or making deals, Reuters says.

Net revenue for the current quarter was JPY128,065 million, a
decrease of 5.2% from JPY176,700 million in the same period last
year.

Bloomberg News says the result compares with a median estimate of
a JPY9 billion loss by five analysts it surveyed.

For the six months ended Sept. 30, 2008, Nomura incurred a
JPY149.5 billion net loss compared with a net income of
JPY64.2 billion in the same period last year.  Loss before income
taxes was JPY153.6 billion for the six months ended Sept. 30,
2008.

Net revenue for the current six-month period is JPY263.2 billion,
down 49.5% from net revenue of JPY521.5 billion in the comparable
period last year.

Non-interest expenses declined 3.6% from the same period in the
prior year to JPY416.8 billion.

In business segment totals, which exclude unrealized gains
(losses) on investments in equity securities held for operating
purposes, net revenue for the six months ended Sept. 30, 2008, was
JPY270.8 billion, a decrease of 50.5% from the same period in the
prior year.  Non-interest expenses decreased 3.6% from the same
period last year to JPY416.8 billion.  Loss before income taxes
was JPY146.0 billion for the six months ended Sept. 30, 2008.

                        Financial Position

Total assets as of Sept. 30, 2008, were JPY24.8 trillion, a
decrease of JPY477.9 billion compared to March 31, 2008,
reflecting primarily a decrease in collateralized agreements.
Total liabilities as of Sept. 30, 2008, were JPY22.9 trillion, a
decrease of JPY300.0 billion compared to March 31, 2008, mainly
due to a decrease in collateralized financing.  Total
shareholders' equity as of Sept. 30, 2008, was JPY1.8 trillion, a
decrease of JPY178.0 billion compared to March 31, 2008, mainly
reflecting a decrease in retained earnings due to the recording of
net loss.

                     After the Lehman Buyout

Bloomberg News reports that Chief Executive Officer Kenichi
Watanabe is betting Nomura's acquisition of Lehman Brothers
Holdings Inc will boost revenue in a shrinking market, however,
analysts say the cost of adding the U.S. firm's workers may lead
to a record annual loss.

The Lehman acquisition may lead to a loss of as much as
US$2 billion for the full year ending March 31 as Nomura absorbs
the cost of benefits and compensation for the new employees,
according to five analysts surveyed by Bloomberg News.

Nomura, Bloomberg News notes, expects to spend about US$2 billion
to integrate 8,000 Lehman employees.

Reuters relates Nomura has exposure to Iceland and Fortress
Investment Group.

                       About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. --
http://www.nomura.com/-- is a securities and investment banking
firm in Japan and has worldwide operations.  Nomura is a holding
company.  The services it provides include trading, underwriting,
and offering securities, asset management services, and others. As
of March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The Company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.  In February 2007, Nomura acquired Instinet
Incorporated.  Effective Oct. 1, 2008, Nomura Holdings Inc.
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.


NOMURA HOLDINGS: Offers Retention Bonuses to Lehman India Staff
---------------------------------------------------------------
Nomura Holdings, Inc. has offered retention bonuses varying
between 40% to 130% of their annual basic salaries to the
employees at both the investment banking and back-office divisions
of the Lehman Brother's offices in India, The Economic Times
reports.

However, the report relates, all those employees who have signed
contracts with Nomura have been asked to adhere to one condition.
"To get these bonuses, employees need to work with the company for
a minimum of one year, failing which they would have to return the
money," a company source said.

On Oct. 6, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that Nomura Holdings has agreed to
acquire bankrupt Lehman Brothers's Indian operations that have
handled the U.S. company's global back-office operations and
information technology development.  According to the TCR-AP,
Nomura will acquire the Indian businesses for several billion yen
(tens of millions of dollars).

According to The Times, the company announcements have brought
back a sense of normalcy at the organisation and its "business as
usual.  "with the integration committee in place, businesses will
be reviewed and some cost-cutting could take place. Yet, we have
been assured that atleast 90% of the staff in India will be
retained," sources said.

Another TCR-AP report on October 2, citing Reuters, related that
Nomura Holdings plans to match last year's bonus pool for bankrupt
Lehman Brothers's Asia group, aimed to prevent Lehman bankers from
leaving. According to the TCR-AP, the exact size of the bonus pool
and exactly who is entitled to it is unclear, with top performers
expected to get first claim.  Lehman's Asia-based bankers will be
offered cash for their 2008 bonus, and in some cases, 2009 bonus
money will be guaranteed as well, the same report noted.

                      About Lehman Brothers

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

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

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

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

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

                 International Operations Collapse

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

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

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

                      About Nomura Holdings

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

                          *     *     *

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

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


NOMURA HOLDINGS: S&P Changes Outlook to Negative on JPY73BB Losses
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised to negative from
stable the outlooks on its 'A-' long-term counterparty credit
rating on Nomura Holdings Inc. and its 'A' long-term counterparty
credit ratings on Nomura Securities Co. Ltd., Nomura Trust &
Banking Co. Ltd., and Nomura Bank International PLC.  The outlook
revisions reflect concerns over the protracted slump in the
operating performance of the group.  This comes against the
backdrop of continued losses stemming from trading asset
deterioration and a stagnant earnings environment for investment
banking operations and retail businesses as a result of global
financial turmoil.  At the same time, S&P's affirmed its long-term
ratings on the four rated Nomura group companies, as well as its
'A-2' short-term rating on Nomura Holdings and its 'A-1' short-
term ratings on the other three group firms.

According to Nomura Holdings' second quarter results for fiscal
2008 (ending March 31, 2009), which were announced, the group
posted net losses of JPY73 billion, mainly related to trading.
This represented the institution's third consecutive quarterly
loss.  These losses were largely attributed to markdowns on the
group's exposure related to Lehman Brothers Holdings Inc. (NR/--
/NR), as well as losses on reserves due to the deterioration in
the credit quality of nonrecourse real estate loans.  Furthermore,
approximately US$425 million in losses are expected for the third
quarter due to markdowns on Iceland-related exposure.

Nomura group companies utilize derivatives instruments to hedge
against price fluctuation risks for a large portion of their
trading assets.  However, the disruption in the global financial
markets has led to a series of unexpected events that have
resulted in increasing losses for the group.  These include
hedging errors, the drastic fall in the value of the group's
securities portfolio, and deterioration in the credit quality of a
number of counterparties and the bankruptcy of others.  The
performance of Nomura's investment banking business remained
stagnant in areas such as underwriting, while its retail
operations recorded unfavorable results in sales of stocks,
investment trusts, and structured bonds.

Considering the ongoing turmoil in the global financial markets,
it is possible that the value of Nomura group's trading assets and
the credit quality of various counterparties could further
deteriorate, leading to additional losses from the group's diverse
exposure.  Nomura's investment banking and retail operations may
also be faced with prolonged stagnation.

Conversely, Nomura group companies maintain favorable
capitalization in terms of both volume and quality with a
consolidated leverage ratio (adjusted assets to total equity) of
9x as of Sept. 20, 2008.  The group's trading losses are small
relative to international peers and its exposure to the U.S. real
estate market is limited.  Nomura also maintains adequate
liquidity on a yen-denominated basis, as well as on a foreign
currency-denominated basis.

S&P may consider lowering its ratings on the four rated Nomura
group companies if they incur significant losses on their trading
assets or if the likelihood for protracted performance stagnation
increases due to prolonged pressure on their investment banking
and retail businesses as a result of the flagging domestic
securities market.  Conversely, S&P may revise upward the outlooks
on the companies if it sees concrete signs of a sustainable
recovery in their business performance upon the stabilization of
financial markets.

Ratings Affirmed; CreditWatch/Outlook Action:

                                      To                 From
                                      ---                ----
Nomura Holdings Inc.

  Counterparty Credit Rating      A-/Negative/A-2   A-/Stable/A-2

Nomura Bank International PLC
Nomura Trust & Banking Co. Ltd.
Nomura Securities Co. Ltd.

Counterparty Credit Rating       A/Negative/A-1    A/Stable/A-1


* JAPAN: Shares of Two Banks Drop Since Lehman's Bankruptcy
-----------------------------------------------------------
Shinsei Bank Ltd. and Aozora Bank Ltd.'s shares drop since
September 12, the last trading day before Lehman Brothers Holdings
Inc. filed for bankruptcy protection, The Wall Street Journal
reports.

Lehman Brothers filed a petition under Chapter 11 of the U.S.
Bankruptcy Code with the United States Bankruptcy Court for the
Southern District of New York on September 15.  None of the
broker-dealer subsidiaries or other subsidiaries of the were
included in the Chapter 11 filing and all of the broker-dealers
will continue to operate.

WSJ relates that Shinsei's shares have dropped 50% while those of
Aozora have fallen 54%.  That compares with the 29% decline in the
broader Topix Banks index, the same report notes.

On Sept. 24, 2008, the Troubled Company Reporter-Asia Pacific
reported that Shinsei Bank revised its forecasts for consolidated
earnings for the interim period ending Sept. 30, 2008; the fiscal
year ending March 31, 2009, and its non-consolidated earnings
forecast for the fiscal year ending March 31, 2009.

The company revised its full year consolidated forecast for net
income for the fiscal year ending March 31, 2009 from JPY62.0
billion to JPY12.0 billion due primarily to the impact on its
Institutional Group that included the expected losses to entities
of Lehman Brothers.

Shinsei Bank has approximately JPY38 billion exposure to Lehman,
largely comprised of an unsecured loan of JPY25 billion to a
Japanese entity guaranteed by Lehman Brothers, JPY9 billion in
bonds (notional amount), and market counterparty risk of JPY1
billion.

According to WSJ, Aozora had US$557 million of loans and bonds to
Lehman but said its net exposure was just US$25 million because of
hedges and collateral.  Another TCR-AP report on Sept. 1, 2008,
citing Bloomberg News, said that Aozora Bank may post a loss for
the fiscal first half ending September 30, on rising bad-loan
costs.

However, according to TCR-AP, Chief Executive Officer Federico
Sacasa reaffirmed the lender's full-year profit forecast of
JPY26.2 billion for the year ending March 31.  Moreover, The TCR-
AP recounted that the bank cut its full-year forecast on
Aug. 8, from JPY44 billion and revised its profit for the first
quarter ended June 30 to JPY2.88 billion from JPY9.33 billion; a
92% drop from last year's result; to reflect a US$62 million loss
on an investment in GMAC LLC.

Still, WSJ points out that investors were surprised at how large
the two banks' lending to Lehman was compared with their assets.
Shinsei has assets of JPY13 trillion and Aozora has JPY7 trillion.

WSJ adds that with the outlook remaining bleak, investors have
sold the banks' shares.


* JAPAN: Nine Insurers' Share Profits Vanish on Market Tumble
-------------------------------------------------------------
Some nine major Japanese life insurers' latent profits on their
holdings of domestic shares appear to have almost disappeared as
the benchmark Nikkei stock average tumbled to its worst level in
26 years on Monday, October 27, Jiji Press reports.

The nine insurers' latent profits, the report relates, totaled
over JPY5 trillion at the end of September.

According to the report, as of the end of last March, the Nikkei
average levels that would bring paper profits to zero stood at:

* Meiji Yasuda Life Insurance Co. -- 7,400
* Nippon Life Insurance Co. -- 7,600
* Daido Life Insurance Co. --  8,000

While the threshold stood at:

* Taiyo Life Insurance Co -- 8,270
* Dai-ichi Life Insurance Co -- 8,800
* Fukoku Mutual Life Insurance Co. -- 9,300
* Mitsui Life Insurance Co. -- 9,400
* Sumitomo Life Insurance Co. -- 10,400
* Asahi Mutual Life Insurance Co. -- 12,750

On the Tokyo Stock Exchange on October 27, the 225-issue Nikkei
average closed at 7,162.90, the lowest finish since Oct. 7, 1982,
the report notes.

The Press says that Nippon Life and Meiji Yasuda Life still appear
to have unrealized profits, while many other insurers are seen to
have incurred latent losses.

The yen's recent sharp appreciation has also hit the life insurers
hard by squeezing the yen-denominated value of foreign shares and
bonds they hold, the report adds.



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

KT FREETEL: Records First Profit Increase in Three Years
--------------------------------------------------------
KT Freetel Co., Limited's third-quarter net income rose 17% to
KRW73.6 billion (US$53 million, from KRW62.9 billion a year as
easing competition allowed the company to spend less on marketing
than analysts projected, By Kevin Cho of Bloomberg News reports.

The report relates that the company reported its first profit
increase in almost three years, with revenue advancing 13.5% to
KRW2.02 trillion.

According to Bloomberg, in April, the nation's three wireless
operators began locking new customers into contracts that last at
least a year, easing pressure for the carriers to offer handset
subsidies and incentives.  Marketing costs were 5% less than
analysts estimated, signaling SK Telecom Co. and LG Telecom Ltd.
also scaled back spending plans, Daewoo Securities Co. said, the
same report notes.

KT Freetel was expected to report third-quarter net income of
KRW84.3 billion and sales of KRW2.1 trillion, according to the
median estimate of 12 analysts surveyed by Bloomberg.

Operating profit, the report notes, rose 42% to KRW169.7 billion,
beating the KRW152 billion median estimate in the analyst survey
after marketing expenses were about 5%less than projected, while
marketing costs rose 7.7% to KRW415.8 billion, slowing from the
50% increase in the second quarter.

"We controlled our marketing expenses effectively as we avoided
competition to acquire subscribers," Bloomberg News cited Chief
Financial Officer Cho Wha Joon as saying.

                         About KT Freetel

KT Freetel Co., Ltd. -- http://www.ktf.com/-- is a Korea-based
mobile communication company.  The company's main activities
encompass the provision of code division multiple access (CDMA)
engineering consulting services, including the planning and design
of wired and wireless networks, network installation and testing,
and network maintenance and optimization; the provision of
wireless data telecommunication solutions, such as mobile data
services based on short message service (SMS), wired and wireless
integrated telecommunication services and multipack services based
on CDMA, and the provision of technology-related training and
consulting services.  The company also provides wideband CDMA
(WCDMA) services under the brand name SHOW.  During the year ended
Dec. 31, 2007, the sale of mobile telecommunication service
accounted for approximately 68% of total sales.



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

HO HUP: Mustapha Steps Down as Chairman of Audit Committee
----------------------------------------------------------
Mustapha Bin Mohamed stepped down as Chairman of Ho Hup
Construction Berhad's Audit Committee and as a non executive
director.  Moreover, the company disclosed the resignations of:

   -- Lee Chong Hoe as the company's member of Audit Committee and
      as a Non-Executive Director; and
   -- Zainal Abidin Bin Mohd Yusof as a non-executive director.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                         *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected;

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.



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

COLOURPLUS EASTERN: High Court to Hear Wind-Up Petition on Nov. 14
------------------------------------------------------------------
On June 26, 2008, an application to put Colourplus Eastern Hire
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 14, 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.


DOMINION FINANCE: Creditors Meeting Held
----------------------------------------
Fiona Robertson of The National Business Review reported that
administrators for Dominion Finance Holdings held their first
creditors’ meeting yesterday.

According to Ms. Robertson, creditors were asked to vote on
whether to appoint a committee or whether to remove the
administrators, John Cregten and Andrew McKay of Corporate
Finance.

The National Business Review related that creditors will vote on
the company’s future after administrators report on what they
think can be done.

Ms. Robertson explained that "voluntary administration is a
relatively new insolvency regime in New Zealand. It puts
independent administrators at the helm of a company to see if it
can be saved from receivership or liquidation."

                      About Dominion Finance

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

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
Dominion Finance Group.

According to The National Business Review: "Dominion went into
voluntary administration after it was fined NZ$65,000 by NZX
Discipline for filing its annual report late.  At that time,
directors said the holding company had little cash to its own
name.  Subsidiary Dominion Finance Group is in receivership while
directors are still pursuing a moratorium for North South Finance.
Dominion Finance Group owes 6,055 debenture holders NZ$224
million."


GRAHAM & KEYS: Claims Filing Deadline Is November 14
----------------------------------------------------
Shareholders of Graham & Keys Limited on October 10, 2008,
appointed Gerald Stanley Rea and Paul Graham Sargison, chartered
accountants of Auckland, as liquidators.

The deadline for creditors to file their proofs of claim is
November 14, 2008.

The liquidators can be reached at:

     Gerry Rea Partners
     PO Box 3015, Auckland
     Telephone: (09) 377 3099
     Facsimile: (09) 377 3098.


KAHO CONSTRUCTION: Court to Hear Wind-Up Petition on November 7
---------------------------------------------------------------
On June 27, 2008, an application to put Kaho Construction Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 7, 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.


NERINE NURSERIES: High Court Appoints Liquidator
------------------------------------------------
John Francis Managh, insolvency specialist of Napier, was
appointed as liquidator of Nerine Nurseries Limited by order of
the High Court, Palmerston North, on September 15, 2008.

The liquidator can be reached at:

     JOHN MANAGH
     50 Tennyson Street
     PO Box 1022, Napier
     Telephone/Facsimile: (06) 835 6280


SAYA LTD: High Court to Hear Wind-Up Petition on November 14
------------------------------------------------------------
On July 16, 2008, an application to put Saya Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
November 14, 2008, at 10:45 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.


SOUTHERN MOTOR: Faces CIR's Wind-Up Petition
--------------------------------------------
On June 26, 2008, an application to put Southern Motor Painters
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on November 7, 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.


WEST END ROAD: Creditors Must File Claims by November 20
--------------------------------------------------------
On October 1, 2008, the High Court at Auckland appointed Daran
Nair, chartered accountant, as liquidator of West End Road Nominee
Limited.

The liquidator has fixed November 20, 2008, as the day on or
before which the creditors of the company are required to prove
their debts or claims and to establish any priority their claims
may have, 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 the distribution.

Enquiries may be directed by a creditor or member:

     Nair & Associates Chartered Accountants Limited
     280 Great South Road
     Greenlane, Auckland 1051
     Telephone: (09) 522 5182
     Facsimile: (09) 522 5183

     Postal Address: PO Box 74322
                     Market Road
                     Auckland 1543


YSP SOLUTIONS: Creditors Must File Claims by November 25
--------------------------------------------------------
Peter Reginald Jollands, certified practicing accountant, and
Robin Trispin Jolliffe, chartered accountant, both of Auckland,
were appointed joint and several liquidators of YSP Solutions
Limited by a resolution of the shareholders in accordance with
section 241(2)(a) of the Companies Act 1993.

The liquidation commenced on October 10, 2008.

The deadline for creditors to file their proofs of claim is
November 25, 2008.

The liquidators can be reached at:

     Jollands Callander, Accountants and Insolvency Practitioners
     Administrator House, Level 8
     44 Anzac Avenue
     Auckland 1010

     Postal Address: PO Box 106141
                     Auckland City 1143

     Website: http://www.jollandscallander.co.nz/


* Dun & Bradstreet Downgrades New Zealand's Risk Rating
-------------------------------------------------------
Mitchell Hall of The National Business Review reported that "New
Zealand, Australia, the United Kingdom, the United States and
China have all had their country risk ratings downgraded in Dun &
Bradstreet's latest Economic & Risk Outlook Report."

According to the report, New Zealand's GDP growth forecast has
been revised down from 0.7% to 0.0%, and country risk rating has
been downgraded to DB2c (1 is highest creditworthiness, 2 is good,
7 is lowest).

Mr. Hall related that D&B New Zealand general manager John Scott
pointed to the financial turmoil as the cause for deteriorating
conditions across the globe.

"New Zealand has not escaped global financial market instability
and faces the risk of recent upsets in the global capital market
affecting external balances.  This risk, combined with a weakening
economic outlook, has forced a rating downgrade," The National
Business Review quoted Mr. Scott as saying.


* NEW ZEALAND: S&P Says Airports Unhurt by Global Crunch
------------------------------------------------------
Despite the global economic woes and higher debt levels,
Australian and New Zealand airports should be able to weather a
slowdown in passenger traffic over the next few years, according
to a published report by Standard & Poor's Ratings Services,
titled "Traffic Growth Skids, But A Soft Landing Is Manageable For
Rated Australian And N.Z. Airports".

"The satisfactory liquidity positions of the region's rated
airports and their substantial flexibility to defer capital
projects in line with traffic trends underscore this view," S&P's
credit analyst Tammy Garay said.  "Also, some inherent level of
protection comes from the airports' diverse tourism markets,
revenue streams, and airline customers.  Even so, conservative
shareholder practices and internal funding of capital projects
will be vital in underpinning credit quality at airports across
Australia and New Zealand."

The report also examines the debt-maturity profile of the region's
rated airports and the implications of a global economic slowdown
for airport capacity and passenger travel.  It also discusses the
implications of debt-funded capital-spending projects on the
sector's credit profile.



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

BENGUET CORP: Stockholders' Meeting Slated for December 17
----------------------------------------------------------
The stockholders of Benguet Corporation will hold their annual
meeting on December 17, 2008, at 3:00 p.m., at the Manila Golf and
Country Club, Inc., Harvard Road, in Forbes Park, Makati City.

The Board also fixed November 7, 2008, as the record date for
stockholders entitled to notice of and to vote at this meeting.
The company's stock and transfer books will not be closed.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 29,
2008, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of Php4.3 billion and Php4.6 billion in 2007
and 2006, respectively, which resulted to a capital deficiency of
Php1.3 billion and Php2.2 billion as of December 31, 2007, and
2006, respectively.  The Group’s current liabilities exceeded its
current assets by Php3.1 billion and Php3.6 billion as of Dec. 31,
2007 and 2006, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests.


BENGUET CORP: Offers Baguio City a Long-Term Use of Antamok Pit
---------------------------------------------------------------
Benguet Corporation has offered to Baguio City the long term use
of its Antamok mined-out open pit for engineered sanitary
landfill.  The company made the proposal after it learned the need
of Baguio City to find a permanent solution to its worsening
garbage problem resulting from closure of its open dumpsites.  If
accepted, the company will shift its mine rehabilitation plan for
the pit from the previous  conversion to water reservoir (bulk
water supply) to the landfill option.  The use of the pit is free
of cost to the City provided that all revenues generated from
operating the landfill will go to Itogon, the host municipality,
and the titled property is returned to the company at the end of
the useful life of the facility.  The landfill option meets the
standard of the DENR for a feasible and beneficial land use
consistent with its policy of sustainable management of resources.


Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 29,
2008, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of Php4.3 billion and Php4.6 billion in 2007
and 2006, respectively, which resulted to a capital deficiency of
Php1.3 billion and Php2.2 billion as of December 31, 2007, and
2006, respectively.  The Group’s current liabilities exceeded its
current assets by Php3.1 billion and Php3.6 billion as of Dec. 31,
2007 and 2006, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests.



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

MERIDIAN LIFE: Creditors' Meeting Slated for October 31
-------------------------------------------------------
Meridian Life International Pte. Ltd., which is in liquidation,
will hold a meeting for its creditors on October 31, 2008, at
3:00 p.m., at Preston Room, #02-13, Tower 4, in 167 Jalan Bukit
Merah, Singapore 150167.

At the meeting, the creditors will be asked to:

   -- consider the company’s Statement of Affairs and the progress
      of the liquidation;
   -- approve the joint liquidators' fees and disbursements;
   -- consider the mandate to be given to the joint liquidators,
      moving forward in the liquidation of the company, including
      funding the liquidation administration;
   -- consider the nomination of creditors to a Committee of
      Inspection; and
   -- consider any other matters.

The company's liquidators are:

          Yin Kum Choy
          Mok Wai Seng
          c/of K C Yin & Co CPA, Singapore
          100 Tras Street, #16-01 Amara Corporate Tower
          Singapore 079027
          Telephone: 6323 1613
          Facsimile: 6323 1763


MOSTRANS PTE: Court Enters Wind-Up Order
----------------------------------------
On October 10, 2008, the High Court of Singapore entered an order
to have Mostrans Pte Ltd's operations wound up.

Oversea-Chinese Banking Corporation filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Singapore of 45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


SINGAPORE LEASING: To Pay Dividend on October 31
------------------------------------------------
Singapore Leasing International Pte Ltd, which is in liquidation,
will pay the final dividend to its creditors on October 31, 2008.

The company will pay 1.44 cents to a dollar.  The dividend will be
paid at One Raffles Quay, North Tower, in Level 18, Singapore
048583.


SUNRISE F &B: Contributories to Meet on October 31
--------------------------------------------------
Sunrise F &B Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its contributories on October 31, 2008, at
10:00 a.m., at 6 Shenton Way, in #32-00 DBS Building Tower 2,
Singapore 068809.

At the meeting, the contributories will be asked to:

   -- receive a status update from the liquidator;
   -- appoint a Committee of Inspection pursuant to Section
      277(1) of the Companies Act (Cap. 50); and
   -- consider any other matters, which may properly be brought
      before the meeting.



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                   Featured Conference

           Oct. 30-31, 2008
           Physician Agreements & Ventures
           The Millennium Knickerbocker Hotel - Chicago
           Brochure will be available soon!

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

           More information and list of available titles at:
   http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *


Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/



                         *********

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 ***