TCRAP_Public/081103.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

           Monday, November 3, 2008, Vol. 11, No. 218

                            Headlines

A U S T R A L I A

ABC LEARNING: Delays Releasing Fiscal 2008 Annual Results
CITY PACIFIC: Gets February 2009 Extension on Debt Payment
GMAC AUSTRALIA: Moody's Junks Backed Senior Unsecured Rating
CITY PACIFIC: Annual General Meeting Set for November 28


C H I N A

BANK OF COMM: Third Quarter 2008 Net Profit Up 21.7% to CNY7.21BB


H O N G K O N G

ALPS PRECISION: Placed Under Voluntary Liquidation
BASIC & MORE: Members and Creditors to Meet on November 25
CHINA METALLURGIC: Members and Creditors to Meet on November 24
CHINA TRADING: Members' Meeting Set for November 18
CORGI INTERNATIONAL: Auditor Raises Going Concern Doubt

CORGI INTERNATIONAL: Two UK Units Placed Into Administration
DRAGONAGA.COM: Members to Meet on November 24
FOXCONN EDUCATION: Placed Under Voluntary Liquidation
HOPSON DEVELOPMENT: S&P Affirms BB-/B+ Ratings; Off Watch Negative
MASTERWELL WORLDWIDE: Final General Meeting Slated for November 28

MING YU: Members' Final Meeting Set for November 30
NGEI CHEONG: Creditors' Proofs of Debt Due on November 30
SKY BILLION: Creditors' Proofs of Debt Due on November 28
SPEED HONG KONG: Members to Hold Final Meeting on November 24
SPEEDMAX INVESTMENTS: Creditors' Proofs of Debt Due on November 28

VISTAMARINE LIMITED: Members and Creditors to Meet on November 25
VIVITAR (ASIA): Creditors Appoint Hang and Chun as Liquidators
WEALTH CONCEPT: Commences Liquidation Proceedings
YUE HING: Final Meeting Set for November 26


I N D I A

BALRAMPUR CHINI: May Incur Losses Amid High Sugar Prices
GENERAL MOTORS: Some Merger Issues Solved; Financing Woe Remains
GENERAL MOTORS: Merger Could Mean Major Plant Closures & Layoffs
SCANIA STEELS: CRISIL Rates RS.100 Mil. Term Loan at D
SUZLON ENERGY: Posts Rs. 1.3BB Qtly Loss on Currency Fluctuations

* INDIA: S&P Affirms BBB-/Stable Long-Term Sovereign Credit Rating
* INDIA: RBI to Monitor Domestic Economy Amid Global Crisis


I N D O N E S I A

CSM CORPORATAMA: Moody's Lowers Bond Ratings to Ba3.id


J A P A N

KOOKMIN BANK: To Cut Deposit Rates by 75 Basis Points  
MAZDA MOTOR: Shares Fall After 29% Full-Year Forecast Cut
NOMURA: Appoints New Regional Heads in Global Investment Banking
NOMURA HOLDINGS: Taps Shaheryar Chishty to Head Asia Industrials
SOFTBANK CORP: S&P's Ratings Unhurt By Unit's JPY75 billion Losses

* JAPAN: S&P Downgrades Ratings on 66 Synthetic CDO Transactions
* JAPAN: S&P Publishes Report About JGAAP-Eligible Defeasance
* JAPAN: S&P Issues Update on Auto Loan ABS Performance Review


K O R E A

HYNIX SEMICONDUCTOR: S&P Changes Outlook Neg.; Holds BB- Ratings
* SOUTH KOREA: RAM Reaffirms Ratings with Stable Outlook


M A L A Y S I A

LITYAN HOLDINGS: SKGSB Ceases To Be Direct Subsidiary
PUTERA CAPITAL: Aug. 31 Balance Sheet Upside Down by MYR31.32 Mil.
SUNWAY: Obtains CCM's Approval for Change of Company Name

N E W  Z E A L A N D

ACP LTD: Court to Hear Wind-Up Petition Tomorrow
ALL GAS SOLUTIONS: Faces Tubman Heating's Wind-Up Petition
COPITA LIMITED: Commences Liquidation Proceedings
CRUICKSHANK PROPERTIES: Court to Hear Wind-Up Petition Tomorrow
D H & C F HOLDINGS: High Court Appoints Joint Liquidators

DENNY'S CORPORATION Sept. 24 Balance Sheet Upside-Down by $160Mln
EMPIRE TRUST: Shareholders Appoint Joint Liquidators
GOLF.COM LTD: Court to Hear Wind-Up Petition on November 17
HO SUN MANAGEMENT: High Court Appoints Joint Liquidators
KEITH SPENCE: Commences Liquidation Proceedings

KOWI (LAKES): High Court Appoints Joint Liquidators
LITTY HOLDINGS: High Court Appoints Joint Liquidators
MAMS ENTERPRISES: Shareholders Appoint Joint Liquidators
METRO GOURMET: Commences Liquidation Proceedings
OPTIMA VIDEO: Commences Liquidation Proceedings

PAEKAKARIKI DEVELOPMENTS: Court to Hear Wind-Up Petition Tomorrow
REID WRAY & ASSOCIATES: Faces CIR's Wind-Up Petition
RHUBARB LTD: Court to Hear Wind-Up Petition on November 7
SAFE SITE: Court to Hear Wind-Up Petition on December 15
T & I NEW ZEALAND: High Court Appoints Joint Liquidators

YIP & HE PROPERTY: High Court Appoints Joint Liquidators


P H I L I P P I N E S

PHIL BANK OF COMMS: PDIC Tells Shareholders to Divest Stakes
* PHILIPPINES: Finance Sec. Says Crisis to be Felt in 1H 2009


S I N G A P O R E

DAWN AIRFREIGHT: Requires Creditors to File Claims by November 7
GOLDEN MANDIRI: Court to Hear Wind-Up Petition on November 14
MENTOR PRINTERS: Creditors' Proofs of Debt Due on November 7
PRIMEPOWER SYSTEMS: Placed Under Voluntary Liquidation
THOR HYDRAULICS: Court to Hear Wind-Up Petition on November 14


                         - - - - -


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

ABC LEARNING: Delays Releasing Fiscal 2008 Annual Results
---------------------------------------------------------
A.B.C. Learning Centres Limited confirmed Friday that it will not
be in a position to announce its full year financial results for
the year ended June 30, 2008.  Work continues on finalizing the
full year result and prior period adjustments arising out of a re-
assessment of accounting treatments.

The company is working to conclude the final outstanding matters
as soon as possible, which will enable the release of the full
audited statutory accounts with the Appendix 4E and the resumption
of trading on the ASX.

ABC childcare centres throughout Australia and New Zealand
continue to operate as usual.

As always, ABC will keep the market updated periodically.

The AAP noted that it is the third time this year that ABC delayed
releasing its annual results.  The financial statements were
originally due in August, the report noted.

                  About A.B.C. Learning Centres

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

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

                          *     *     *

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

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

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

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

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

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


CITY PACIFIC: Gets February 2009 Extension on Debt Payment
----------------------------------------------------------
City Pacific Limited confirmed that it has negotiated an extension
of its finance facilities to February 27, 2009. The facilities
which total $114 million were due on October 31, 2008.  
It also negotiated an extension of City Pacific First Mortgage
Fund's finance facility to February 27, 2009.  The extended
facility for $121.5 million was due on October 31, 2008.  

The Fund’s facility was for $240 million; however, the Fund has
repaid its financier $118.5 million since March 2008 thereby
reducing the facility to $121.5 million.  

The extended facilities will enable City Pacific and the Fund to
continue financing their existing commitments to developer
borrowers to enable them to complete their projects. This
is crucial in protecting the value of the Fund’s assets.

City Pacific remains confident of the strength of the Fund’s loan
portfolio which comprises quality projects in prime locations
where the population growth figures remain strong.  

City Pacific Chief Executive and Managing Director, Phil Sullivan
said: "This is an important step for both City Pacific and the
Fund as we manage the Fund’s loan portfolio in an extremely
difficult market climate. We are working hard to protect the
Fund’s underlying assets. Our primary objective remains to protect
the value of unitholders’ investments in the Fund."

                        About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from previous year's operating profit of
AU$133.42 million.


GMAC AUSTRALIA: Moody's Junks Backed Senior Unsecured Rating
------------------------------------------------------------
Moody's Investors Service downgraded the long-term ratings of GMAC
LLC (senior unsecured to Caa1 from B3) and continued the review
for possible further downgrade.

This action follows GMAC's announcement that it intends to
commence an offering to exchange much of its debt for a lower
principal amount of new debt. GMAC indicated that the offering is
in connection with its efforts to raise capital to levels
necessary to meet regulatory requirements related to its potential
conversion to bank holding company status. Moody's believes there
is a possibility that GMAC's offering will be a distressed
exchange. Distressed exchanges have default-like implications for
affected creditors because changes to principal amount, tenor,
coupon, and/or priority can cause debt-holders to recognize
economic loss. The downgrade reflects Moody's view that GMAC's
unsecured creditors have a heightened risk of loss as a
consequence of GMAC's plans.

GMAC's ratings also incorporate operating and financial risks
relating to GMAC's business connections with GM, its support of
and exposures to Residential Capital LLC, and its constrained
financial flexibility.

During its review of GMAC's ratings, Moody's will consider the
effect of GMAC's exchange offering on its creditors' repayment
expectations versus original contracted terms. Additionally,
Moody's will examine the implications of GMAC's potential banking
strategy on its long-term operating stability, capital position,
liquidity, and profitability. Moody's will also analyze the
effects of GM's operating prospects and general economic
conditions on GMAC's financial performance, particularly in terms
of asset quality and profitability trends.

The ratings affected by Moody's action, all of which remain on
review for further possible downgrade, are:

   GMAC LLC:

   -- Senior Unsecured: to Caa1 from B3
   -- Preferred Stock: to Ca from Caa3

   GMAC Australia LLC:

   -- Backed Senior Unsecured: to Caa1 from B3

   GMAC Bank GMBH:

   -- Backed Senior Unsecured: to Caa1 from B3

   GMAC International Finance B.V.:

   -- Backed Senior Unsecured: to Caa1 from B3

   GMAC, Australia (Finance) Limited:

   -- Backed Senior Unsecured: to Caa1 from B3

   General Motors Acceptance Corp. (N.Z.) Limited:

   -- Backed Senior Unsecured: to Caa1 from B3

   General Motors Acceptance Corp. of Canada Ltd.:

   -- Backed Senior Unsecured: to Caa1 from B3

GMAC LLC is a global financial services company operating in the
automotive finance, dealer and personal line insurance, and
residential real estate finance sectors. Total assets at June 30,
2008, equaled $228 billion.


CITY PACIFIC: Annual General Meeting Set for November 28
--------------------------------------------------------
The Annual General Meeting of City Pacific Limited will be held at
Gold Coast Convention Centre, Cnr Gold Coast Highway and TE Peters
Drive, Broadbeach, Qld 4218, on November 28, 2008, at 2:30 p.m.
QLD time.

AGENDA

   * Financial statements and reports  

     To receive and consider the Company’s financial reports and
     the report of the Directors and the auditor for the
     financial year ended June 30, 2008.

     A full-text copy of the Annual Report is available for free
     at http://researcharchives.com/t/s?3472

   * Resolution 1 -– Directors’ Remuneration Report

     To consider and if thought fit, to pass an ordinary
     resolution in accordance with section 250R(2) of the
     Corporations Act: "That the section of the report of the
     Directors dealing with the remuneration of the Company’s
     Directors, Company Secretary and Senior Executives
     (Remuneration Report) be adopted."

     This resolution will be determined as if it were an ordinary
     (majority) resolution, but under section 250R(3) of the
     Corporations Act, the vote does not bind the Directors of
     the Company.

   * Resolution 2 -– Election of Phillip Graeme Downie as a
     director

     To consider and if thought fit, to pass an ordinary
     resolution: "That Phillip Graeme Downie who was appointed to
     the Board on September 29, 2008, being eligible, be elected
     as a new director of the Company in accordance with Rule
     13.2 of the Company’s Constitution."

   * Resolution 3 -– Election of Stephen Anthony McCormick as a
     Director

     To consider and if thought fit, to pass an ordinary
     resolution: "That Stephen Anthony McCormick who was
     appointed to the Board on June 20, 2008 to fill the vacancy
     left by the retirement of Peter Charles Trathen, being
     eligible, be elected as a director of the Company in
     accordance with rule 13.2 of the Company’s Constitution."

   * Resolution 4 -– Election of John Michael Ellis as a director

     To consider and if thought fit, to pass an ordinary
     resolution: "That John Michael Ellis who was appointed to
     the Board on September 29, 2008, being eligible, be elected
     as a new director of the Company in accordance with rule
     13.2 of the Company’s Constitution."

                        About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from previous year's operating profit of
AU$133.42 million.



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

BANK OF COMM: Third Quarter 2008 Net Profit Up 21.7% to CNY7.21BB
-----------------------------------------------------------------
Bank of Communications Co, Limited's third quarter net profit rose
21.7% to CNY7.21 billion on strong loan demand and higher fee
income, the China Daily reports.

According to the report, the profit growth shrank sharply from the
81% recorded in the first half of this year due to the global
financial crisis.  So far about a dozen listed banks have released
their third-quarter results, showing diminished growth because of
mounting economic uncertainty, a narrowing interest margin and
rising loan defaults, the same report notes.

The bank's shares fell 7.9% to HK$4.30 as of 10:06 a.m., Friday,
in Hong Kong and dropped 3.1% to CNY4.38 in Shanghai, Bloomberg
News reports on October 31.

"Net income during third quarter of '08 was slightly below
expectation.   While operating trends were in line with bigger
peers, the only major disadvantage relative to bigger peers is
funding costs," Bloomberg News cited JPMorgan Chase & Co. analysts
Samuel Chen, Sunil Garg and Miao Ling Sun as saying.

The analysts lowered BoCom's earnings estimates for 2008 and 2009
by 4% and 11% respectively and cut the target price to HK$9,
Bloomberg News notes.

Chief Financial Officer Yu Yali, Bloomberg News notes, said that
the bank wrote down CNY1.06 billion on overseas credit
investments, including debt issued by Morgan Stanley and the
collapsed Lehman Brothers Holdings Inc.  

Meanwhile, the Daily says that so far about a dozen listed banks
have released their third-quarter results, showing diminished
growth because of mounting economic uncertainty, a narrowing
interest margin and rising loan defaults.  "Except for Pudong
bank, nearly all financial institutions have suffered a slowdown
in their profit growth.  Several of them also revealed a rise in
non-performing loans," the Daily cited Everbright Securities
analyst Jin Lin as saying.

To deal with the slowdown, Bank of Communications said it will
keep diversifying its business scope and accelerate its strategic
transformation, the Daily points out.

The Daily adds that Bank VP & CEO Yu Yali said the bank will
strengthen its support for small- and medium-sized enterprises.

               About Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is  
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

                          *     *     *

Bank of Communications Co Ltd. continues to carry a 'D' individual
rating from Fitch Ratings.

The bank also carries a 'D' Bank Financial Strength Rating from
Moody's Investors Service.



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

ALPS PRECISION: Placed Under Voluntary Liquidation
--------------------------------------------------
Alps Precision Company Limited commenced liquidation proceedings
on October 17, 2008.

The company's liquidators are:

          Lui Wan Ho
          To Chi Man
          Olympia Plaza, Room 1701
          255 King's Road
          North Point, Hong Kong


BASIC & MORE: Members and Creditors to Meet on November 25
----------------------------------------------------------
The members and creditors of Basic & More Manufacturing Limited
will meet on November 25, 2008, at 10:00 a.m. and 10:30 a.m.,
respectively, at the 34th Floor of Lee Gardens, 33 Hysan Avenue,
in Causeway Bay, Hong Kong.

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


CHINA METALLURGIC: Members and Creditors to Meet on November 24
---------------------------------------------------------------
The members and creditors of China Metallurgic (Hong Kong) Company
Limited will meet on November 24, 2008, at 2:30 p.m., at Room 203,
2nd Floor of Duke of Windsor Social Service Building, 15 Hennessy
Road, in Wanchai, Hong Kong.

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


CHINA TRADING: Members' Meeting Set for November 18
---------------------------------------------------
The members of China Trading International Limited will hold their
final meeting on November 18, 2008, at 11:00 a.m., at Room 3502,
35th Floor of China Online Centre, 333 Lockhart Road, in Wanchai,
Hong Kong.

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


CORGI INTERNATIONAL: Auditor Raises Going Concern Doubt
-------------------------------------------------------
Corgi International Limited (Nasdaq GM:CRGI) disclosed that the
Company’s Annual Report on Form 20-F was accepted by the U.S.
Securities and Exchange Commission on October 15, 2008, and filed
on October 16, 2008.

Corgi's Independent Registered Accounting Firm, Burr, Pilger &
Mayer, LLP, noted in their report with respect to its consolidated
financial statements for the year ended March 31, 2008, that the
Company has suffered reoccurring losses from operations, has a
working capital deficiency, an accumulated deficit and negative
cash flows, which raise substantial doubt about the Company’s
ability to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.

A full-text copy of Corgi's Annual Report is available for free at
http://researcharchives.com/t/s?3477

The Company also received a letter on October 13, 2008, from the
Staff of The Nasdaq Stock Market, LLC indicating that the Company
was no longer in compliance with Nasdaq’s Marketplace Rules
4350(c)(1) and 4350(d)(2)(A). These rules require, respectively,
that the Company have a majority of independent directors on the
board of directors and at least three independent directors on the
audit committee. Due to the resignation of John Clough from the
Company’s board of directors and audit committee, effective
October 6, 2008, the Company is not in compliance with these
rules.

According to Nasdaq Rules 4350(c)(1) and 4350(d)(4), the Company
has until April 6, 2009, to comply with these rules. If the
Company does not regain compliance by this date, Nasdaq Staff will
provide written notification to the Company that its securities
will be delisted. At that time, the Company may appeal the
delisting determination to a Listing Qualifications Panel.  Corgi
also does not meet the continued listing requirements under Nasdaq
Marketplace Rule 4450(a)(5) relating to the minimum bid price of
the Company’s ADSs and Nasdaq Marketplace Rule 4450(a)(2) relating
to the minimum market value of publicly held shares of the
Company’s ADSs. The Company may be delisted by December 15, 2008
for its failure to maintain compliance with the Minimum Bid Price
Rule and by December 29, 2008 for its failure to maintain
compliance with the Minimum Market Value Rule.

Suspension of Minimum Market Value Rule

In a separate press release, Corgi disclosed that it received
notice on October 22, 2008 from the staff of The Nasdaq Stock
Market, Inc. indicating that given these extraordinary market
conditions, NASDAQ has determined to suspend enforcement of the
bid price and market value of publicly held shares requirements
through Friday, January 16, 2009. In that regard, on October 16,
2008, NASDAQ filed an immediately effective rule change with the
Securities and Exchange Commission to implement the suspension. As
a result, all companies presently in a bid price or market value
of publicly held shares compliance period will remain at that same
stage of the process and will not be subject to being delisted for
these concerns.

These rules will be reinstated on Monday, January 19, 2009 and the
first relevant trade date will be Tuesday, January 20, 2009.
However, if a company is presently subject to being delisted for
concerns not related to the bid price or market value of publicly
held shares requirements, it will continue in that process with
respect to those other concerns. Since the company had 59 calendar
days remaining in its compliance period as of October 16 , it
will, upon reinstatement of the rules, still have this number of
days, or until March 19, 2009, to regain compliance. The company
can regain compliance, either during the suspension or during the
compliance period resuming after the suspension, by achieving a $1
closing bid price for a minimum of 10 consecutive trading days.

In the event that Corgi receives notice that its ADSs are to be
delisted, Nasdaq rules permit Corgi to appeal any delisting
determination by Nasdaq staff to a Nasdaq Listings Qualifications
Panel. In addition, the Nasdaq Marketplace Rules may permit the
Company to transfer its ADSs to the Nasdaq Capital Market if the
Company satisfies the continued inclusion requirements for that
market. If Corgi submits a transfer application and pays the
applicable listing fees by March 29, 2009 the initiation of the
delisting proceedings will be stayed pending the staff’s review of
the application. If the Nasdaq staff does not approve Corgi’s
transfer application, the Nasdaq staff will provide written
notification that its securities will be delisted.

Suspension of Minimum Bid Price and Market Value Rule

In a separate press release, Corgi said it received notice on
October 22, 2008 from the staff of The Nasdaq Stock Market, LLC
indicating that given these extraordinary market conditions,
Nasdaq has determined to suspend enforcement of the bid price and
market value of publicly held shares requirements through Friday,
January 16, 2009. In that regard, on October 16, 2008, Nasdaq
filed an immediately effective rule change with the Securities and
Exchange Commission to implement the suspension. As a result, all
companies presently in a bid price or market value of publicly
held shares compliance period will remain at that same stage of
the process and will not be subject to being delisted for these
concerns.

These rules will be reinstated on Monday, January 19, 2009 and the
first relevant trade date will be Tuesday, January 20, 2009.
However, if a company is presently subject to being delisted for
concerns not related to the bid price or market value of publicly
held shares requirements, it will continue in that process with
respect to those other concerns. Since the company had 75 calendar
days remaining in its compliance period as of October 16 , it
will, upon reinstatement of the rules, still have this number of
days, or until April 6, 2009, to regain compliance. The company
can regain compliance, either during the suspension or during the
compliance period resuming after the suspension, by maintaining
$5,000,000 in market value of publicly held shares for 10
consecutive trading days.

In the event that Corgi receives notice that its ADSs are to be
delisted, Nasdaq rules permit Corgi to appeal any delisting
determination by Nasdaq staff to a Nasdaq Listings Qualifications
Panel. In addition, the Nasdaq Marketplace Rules may permit the
Company to transfer its ADSs to the Nasdaq Capital Market if the
Company satisfies the continued inclusion requirements for that
market. If Corgi submits a transfer application and pays the
applicable listing fees by April 16, 2009 the initiation of the
delisting proceedings will be stayed pending the staff’s review of
the application. If the Nasdaq staff does not approve Corgi’s
transfer application, the Nasdaq staff will provide written
notification that its securities will be delisted.

Noncompliance With Minimum Stockholder’s Equity Requirement

In a separate press release, Corgi said it received notice on
October 20, 2008 from the staff of The Nasdaq Stock Market, LLC
(Staff) indicating that based on the Form 20-F for the period
ended March 31, 2008, Staff determined that the Company’s
stockholders’ equity was $(8,289,789). Accordingly, the Company
does not comply with the minimum $10,000,000 stockholders’ equity
requirement for continued listing on The Nasdaq Global Market set
forth in Marketplace Rule 4450(a)(3). Given the Company’s failure
to satisfy the minimum stockholders’ equity standard, Staff is
reviewing the Company’s eligibility for continued listing on The
Nasdaq Global Market.

To facilitate this review, the Company will provide Nasdaq on or
before November 4, 2008, a specific plan to achieve and sustain
compliance with all Nasdaq Global Market listing requirements,
including the minimum stockholders’ equity standard. The Company
will also indicate the Company’s time frame to complete its plan.

                     About Corgi International

Corgi International Limited is a global Pop Culture company, which
develops and markets innovative and high-quality licensed and non-
licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide.
Marketed under the brand names Master Replicas, PopCo and H2go,
the Company’s line of products range from premium entertainment
prop replicas and limited edition memorabilia to traditional toys
and gift merchandise.

The Company holds varying licenses for many of entertainment’s
highest grossing franchises including Disney Classics, Harry
Potter, James Bond, Star Trek, Nintendo, Halo and The Beatles,
amongst others. Corgi International Limited also has partnerships
with cutting edge technology innovators around the world.

The Company is headquartered in Hong Kong, with operations in
Walnut Creek, California, USA and in Watford and Leicester, UK.


CORGI INTERNATIONAL: Two UK Units Placed Into Administration
------------------------------------------------------------
Corgi International Limited (Nasdaq GM:CRGI) disclosed that two of
its wholly owned subsidiaries, Popco Entertainment (UK) Limited
(formerly Corgi Classics Limited) and Popco Distribution Limited
(formerly Cards Inc.) both United Kingdom (UK) corporations, have
been placed into administration, which is the rough equivalent to
Chapter 11 reorganization in the United States.

BDO Stoy Hayward LLP, Prospect Place, 85 Great North Road,
Hatfield, Hertfordshire, AL9 5BS, have been appointed Joint
Administrators of PopCo Entertainment (UK) Limited and of PopCo
Distribution Limited. The business and assets of the UK companies
are now managed by the Joint Administrators who act as agents of
the companies.

Corgi International Limited will continue to sell its products
worldwide through their operations in Hong Kong and the United
States.

                    About Corgi International

Corgi International Limited is a global Pop Culture company, which
develops and markets innovative and high-quality licensed and non-
licensed toys, gifts and collectables distributed via direct,
specialty, hobby, collector and mass retail channels worldwide.
Marketed under the brand names Master Replicas, PopCo and H2go,
the Company’s line of products range from premium entertainment
prop replicas and limited edition memorabilia to traditional toys
and gift merchandise.

The Company holds varying licenses for many of entertainment’s
highest grossing franchises including Disney Classics, Harry
Potter, James Bond, Star Trek, Nintendo, Halo and The Beatles,
amongst others. Corgi International Limited also has partnerships
with cutting edge technology innovators around the world.

The Company is headquartered in Hong Kong, with operations in
Walnut Creek, California, USA and in Watford and Leicester, UK.

Corgi's Independent Registered Accounting Firm, Burr, Pilger &
Mayer, LLP, noted in their report with respect to its consolidated
financial statements for the year ended March 31, 2008, that the
Company has suffered reoccurring losses from operations, has a
working capital deficiency, an accumulated deficit and negative
cash flows, which raise substantial doubt about the Company’s
ability to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.


DRAGONAGA.COM: Members to Meet on November 24
---------------------------------------------
The members of Dragonaga.com Limited will hold their final meeting
on November 24, 2008, at 10:00 a.m., at the 16th Floor of
Robinsons Summit Center, 6783 Ayala Avenue, in Makati City,
Philippines.

At the meeting, Paul Marinus Van Eyl, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FOXCONN EDUCATION: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on October 17, 2008, the
members of Foxconn Education & Cultural Foundation Limited agreed
to voluntarily liquidate the company's business.

The company's liquidators are:

          Lau Kwok Hung
          Chang Lai Ying
          Island Place Tower, Suites 2205-06
          510 King's Road
          North Point, Hong Kong


HOPSON DEVELOPMENT: S&P Affirms BB-/B+ Ratings; Off Watch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on China-based property developer
Hopson Development Holdings Ltd.  The outlook is negative.  At the
same time, S&P affirmed the 'B+' issue rating on Hopson's senior
unsecured notes.  All the ratings were removed from CreditWatch,
where they had been placed with negative implications on Sept. 17,
2008.
     
"The negative outlook reflects Hopson's continued tight liquidity
position and weakening financial metrics.  The company's revenue
and EBITDA growth have come under significant pressure in 2008,
due to the continuing slowdown in the Chinese real estate market.
Despite the challenging conditions, the growth in Hopson's debt
level hasn't slowed down in tandem," said S&P's credit analyst Bei
Fu.
     
The company continued to acquire land in the first six months of
2008 and its construction area continues to grow.  As a result,
its debt totaled HK$15 billion at the end of June 2008 to reach an
annualized ratio of debt to EBITDA of 5.1x, which is weak for the
rating.  This ratio could improve, however, as the company doesn't
plan to materially increase its debt in the second half 2008, when
10 new projects are scheduled to launch, including high-end
projects.  Hopson's EBITDA interest coverage ratio stood at 2.7x
in the first six months of 2008, an improvement from the same
period a year earlier.  Although Hopson's operating margin
improved to 42.2% in the first six months from 32.3% in 2007, S&P
is aware that many sales were booked as contracted sales in 2007
when the market was at its peak.
     
The ratings reflect Hopson's escalating financial and liquidity
pressure.  This pressure is attributable to the company's
continued aggressive spending on land acquisitions, despite
slower-than-expected cash generation this year, and increasing
debt.  The ratings also reflect the cyclical and competitive
nature of the Chinese real estate market, with an evolving
regulatory environment.  These risks are counterbalanced by
Hopson's market position and diversification, which are above
average among its rated peers'.  Hopson had a sizable land bank of
more than 23 million square meters in saleable gross floor area at
the end of June 2008.  The company has a proven track record of
residential development in first-tier cities, such as Guangzhou,
Beijing, and Shanghai; and a well-known brand name, particularly
in Guangdong.


MASTERWELL WORLDWIDE: Final General Meeting Slated for November 28
------------------------------------------------------------------
A final general meeting of Masterwell Worldwide Investments
Limited will be held on November 28, 2008, at 10:00 a.m., at
Unit 2605 of Island Place Tower, 510 King's Road, in North Point,
Hong Kong.

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


MING YU: Members' Final Meeting Set for November 30
---------------------------------------------------
The members of Ming Yu Investment Company Limited will meet on
November 30, 2008, at 11:00 a.m., at Unit 4407, 44th Floor of
Hopewell Centre, 183 Queen's Road East, in Wanchai, Hong Kong.

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


NGEI CHEONG: Creditors' Proofs of Debt Due on November 30
---------------------------------------------------------
The creditors of Ngei Cheong Hong International Limited are
required to file their proofs of debt by November 30, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lau Wing Ling
          Chinaweal Centre, No. C, 16th Floor
          414-424 Jaffe Road
          Wanchai, Hong Kong


SKY BILLION: Creditors' Proofs of Debt Due on November 28
---------------------------------------------------------
The creditors of Sky Billion International Limited are required to
file their proofs of debt by November 28, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Cheng Faat Ting Gary
          Lau Stanley Po Shing
          Gary Cheng & Co.,
          Richmond Commercial Building, 8th Floor
          109 Argyle Street, Mongkok
          Kowloon, Hong Kong


SPEED HONG KONG: Members to Hold Final Meeting on November 24
-------------------------------------------------------------
The members of Speed Hong Kong Limited will hold their final
meeting on November 24, 2008, at 9:00 a.m., at BPI Head Office,
Ayala Ave. cor. Paseo de Roxas, in Makati City, Philippines.

At the meeting, Charius Voltaire B. Medina and Gary C. Flores, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SPEEDMAX INVESTMENTS: Creditors' Proofs of Debt Due on November 28
------------------------------------------------------------------
The creditors of Speedmax Investments Limited are required to file
their proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Cheng Faat Ting Gary
          Lau Stanley Po Shing
          Gary Cheng & Co.,
          Richmond Commercial Building, 8th Floor
          109 Argyle Street, Mongkok
          Kowloon, Hong Kong


VISTAMARINE LIMITED: Members and Creditors to Meet on November 25
-----------------------------------------------------------------
The members and creditors of Vistamarine Limited will meet on
November 25, 2008, at 11:00 a.m. and 11:30 a.m., respectively, at
the 20th Floor of Prince's Building, in Central, Hong Kong.

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


VIVITAR (ASIA): Creditors Appoint Hang and Chun as Liquidators
--------------------------------------------------------------
On October 13, 2008, the creditors of Vivitar (Asia) Limited
appointed Kennic Lai Hang Lui and Yuen Tsz Chun, Frank as the
company's liquidators.

The Liquidators can be reached at:

          Kennic Lai Hang Lui
          Yuen Tsz Chun, Frank
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


WEALTH CONCEPT: Commences Liquidation Proceedings
-------------------------------------------------
On October 17, 2008, a special resolution was passed to
voluntarily wind up the company's operations.

The company's liquidators are:

          Lui Wan Ho
          To Chi Man
          Olympia Plaza, Room 1701
          255 King's Road
          North Point, Hong Kong


YUE HING: Final Meeting Set for November 26
-------------------------------------------
The members of Yue Hing Property Management Limited will hold
their final meeting on November 26, 2008, at 12:00 noon, at
Room 1903 of New World Tower, in 18 Queen's Road Central,
Hong Kong.

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



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

BALRAMPUR CHINI: May Incur Losses Amid High Sugar Prices
--------------------------------------------------------
Balrampur Chini Mills Ltd and other sugar milling companies may
return to losses after Uttar Pradesh, India's biggest producing
state, forced them to buy cane at above market prices, Bloomberg
News reports.

According to the report, Uttar Pradesh ordered mills to pay
farmers 140 rupees (US$2.8) for 100 kilograms (220 pounds) of
cane, up from 125 rupees a year ago.

Balrampur will have to sell sugar at 20 rupees a kilogram, from 17
rupees now, just to break-even, Chief Financial Officer Kishor
Shah told Bloomberg News.  He added
the company expects to lose at least 3 rupees on every kilogram of
sugar produced in Uttar Pradesh state.

The report relates Balrampur lost half its market value this month
and had a loss in three quarters and a profit decline in three
quarters in the same period.

Producers plan to challenge the order in court today, Nov. 3, the
report says.  The mills will delay crushing cane until a court
rules on the state- government's
Oct. 18 price directive, an industry group was cited by Bloomberg
News as saying.

"There is no assurance and certainty for investors" in sugar
producers, Bloomberg News cited Vinit Birla, an analyst at Mumbai-
based Pranav Securities Ltd as saying.  "We are not recommending
sugar makers unless the cane pricing issue is resolved."

Headquartered in Kolkata, India, Balarampur Chini Mills Limited --
http://www.chini.com/-- is a sugar manufacturing company.  The  
Company has nine mills with an aggregate sugarcane crushing
capacity of 73,000 tons crushed per day (TCD).  The Company’s
allied business consists of manufacturing and marketing of ethyl
alcohol and ethanol, generation and selling of power and
manufacturing and marketing of organic manure.  As of August 30,
2007, Indo Gulf Industries Ltd (IGIL) became the wholly owned
subsidiary of the Company. IGIL has a sugar cane crushing capacity
of 3000 TCD.  During the fiscal year ended September 30, 2007
(fiscal 2007), the Company generated 6,768.06 lakh units of power;
4,926.17 lakh units were marketed the state electricity grid.  The
Company produced 10,177.78 kiloliters of ethanol, which was sold
to oil companies for onward blending with petrol.  Subsequently,
the Company manufactured 25,460 metric tons of organic manure.


GENERAL MOTORS: Some Merger Issues Solved; Financing Woe Remains
----------------------------------------------------------------
Some problems in the General Motors Corp.-Chrysler LLC merger have
been resolved, except for issues including the financing of the
deal, Tom Krisher at The Associated Press reports, citing two
people familiar with the talks.

The AP relates that financing for the merger is complex and will
likely involve the federal government.  The report says that GM is
asking the Bush administration and some members of Congress for
$10 billion to $15 billion in aid to help keep the company going
and to possibly make the Chrysler deal work.

John D. Stoll and Jeff Bennett at The Wall Street Journal report
that a group of six governors -- Michigan, Delaware, Kentucky, New
York, Ohio and South Dakota -- sent a letter to Treasury Secretary
Henry Paulson and Federal Reserve Chairperson Ben Bernanke on
Wednesday, asking government officials to work under the
provisions of the Emergency Economic Stabilization Act to aid the
auto industry.

According to WSJ, Michigan Gov. Jennifer Granholm, is willing to
support a request for federal assistance for the GM-Chrysler
merger, if the companies ask for it.  The report says that Gov.
Granholm said, "We are in touch with GM and Chrysler all the time
and we want to be partners in these discussions we are having."

The AP quoted a source as saying, "There are issues besides
financing."

According to The AP, the sources said that GM would keep its
management should the company push through the merger, because the
firm would run the combined company.  

Citing industry analysts, The AP states that at GM's cash burn
rate, it could reach the minimum cash levels required to operate
the company of $11 billion to $14 billion in 2009.  According to
the report, GM has launched a program to save $10 billion with
internal cuts and raise some $5 billion through asset sales and
borrowing, although tight credit is likely getting in the way of
those efforts.

GM is also postponing the launching of several models and engines,
The AP says, citing a person familiar with GM's product plans.  
According to trade publication Automotive News, the delays are
aimed at saving money.

The AP reports that GM also extended its Nov. 1 deadline for
white-collar workers to accept buyout and early retirement
packages.  GM's spokesperson Tom Wilkinson said that the company
is hoping that more employees will take the offers and lessen the
number of involuntary cuts, according to The AP.

The Kyodo news agency in Japan relates that GM is asking Toyota
for help turning itself around.

A merger between Chrysler and GM could force Ford Motor Co. to
also look for a partner for an alliance or a merger, WSJ reports.

                     About General Motors

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

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

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


GENERAL MOTORS: Merger Could Mean Major Plant Closures & Layoffs
----------------------------------------------------------------
Neal E. Boudette and John D. Stoll at The Wall Street Journal
report that Grant Thornton LLP auto-industry consultant, Kimberly
Rodriguez, said that much of Chrysler LLC would disappear in a
merger with General Motors Corp.  Chrysler could close seven of
its 14 asembly plants and eliminate 19 of its 26 car and truck
lines due to the merger, WSJ says, citing a study released
Thursday by Grant Thornton.  The study indicates that about 30,000
to 40,000 of Chrysler's 66,000 workers would be laid off, and an
additional 50,000 jobs at suppliers and other companies would be
affected.

According to WSJ, Ms. Rodriguez warned that the impact on jobs and
the economy would be worse without a deal.  A merger would be "in
the interest of the shareholders, the workers, the U.S.
government, all the stakeholders.  The alternative would be
bankruptcy for Chrysler," the report says, citing Patrick Anderson
-- a consultant and founder of Anderson Economic Group.

Cerberus Capital Management LP and General Motors Corp. are in
talks of a possible merger between the two automakers.  According
to published reports, in that deal, GM would take over Chrysler,
which is majority-owned by Cerberus, and Cerberus would have a
much larger stake in GM's GMAC LLC.  Cerberus currently owns 51%
of GMAC.

Mr. Stoll and Jeff Bennett at The Wall Street Journal report that
a group of six governors -- Michigan, Delaware, Kentucky, New
York, Ohio and South Dakota -- sent a letter to Treasury Secretary
Henry Paulson and Federal Reserve Chairperson Ben Bernanke on
Wednesday, asking government officials to work under the
provisions of the Emergency Economic Stabilization Act to aid the
auto industry.

According to WSJ, Michigan Gov. Jennifer Granholm, is willing to
support a request for federal assistance for the GM-Chrysler
merger, if the companies ask for it.  The report says that Gov.
Granholm said, "We are in touch with GM and Chrysler all the time
and we want to be partners in these discussions we are having."

                       About Chrysler LLC

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

                          *     *     *

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

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

                       About General Motors

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

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

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


SCANIA STEELS: CRISIL Rates RS.100 Mil. Term Loan at D
------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'D/P5' to the various
bank facilities of Scania Steels and Powers Ltd.  The company is
in default on its debt repayments.

   Rs.70 Million Cash Credit    D (Assigned)

   Rs.100 Million Term Loan*    D (Assigned)

   Rs.10 Million Letter of      P5 (Assigned)
   Credit/Bank Guarantee#      

                      About Scania Steels

Scania Steels and Powers Ltd. was promoted by the New Delhi-based
Mr. Satish Garg and family in 1995.  The company owns and operates
a sponge iron manufacturing unit, with a capacity of 60,000 tonnes
per annum, at Raipur in Chhattisgarh.  In 2006-07 (refers to
financial year, April 1 to March 31), the company was acquired by
Mr. Sanjay Gadodia, who is based in Rourkela.

For 2007-08, Scania reported a profit after tax (PAT) of Rs.17
million on an operating income of Rs.741 million, as against a PAT
of Rs.4 million on an operating income of Rs.193 million in the
previous year.


SUZLON ENERGY: Posts Rs. 1.3BB Qtly Loss on Currency Fluctuations
-----------------------------------------------------------------
Suzlon Energy Ltd incurred a Rs. 1.3 billion loss in the three
months ended Sept. 30, compared with a profit of Rs. 3.74 billion
a year earlier hurt by foreign exchange losses and provisions
related to problems with some of its blades cracking in the U.S.,
Bloomberg News and The Wall Street Journal reported.  Sales
meanwhile increased 33 percent to Rs. 41.8 billion.

According to the Journal, Suzlon's foreign exchange losses, due to
a weakening Indian rupee, amounted to Rs. 2.3 billion compared
with a small gain in the year-ago quarter.  The company also set
aside Rs. 477.7 million to cover potential compensation it may
have to pay customers in the U.S. because of a series of blade
failures, the Journal added.

The Journal related about 90% of Suzlon's current order book is
from markets outside India, largely the U.S., South America and
China.  However, the Journal said the company is facing mounting
scrutiny after it announced a plan earlier this year to strengthen
1,251 blades, almost the entire amount it has sold in the U.S.,
after a number of them began to crack.  Bloomberg News said a unit
of Southern California's Edison International canceled an order
for 150 turbines in June.

The company's shares declined 1.4 percent to 45.5 at 12:07 p.m. on
October 31 in Mumbai trading.  The stock has lost 88 percent this
year, Bloomberg News said.

The industry may be entering a "transitional period" because of
the global financial crisis, an Ernst & Young LLP analysis cited
by Bloomberg News said.

Bloomberg News recalled Suzlon has suspended a rights offer to
raise Rs. 18 billion to buy an additional stake in Repower Systems
AG after a slump in stock markets across the world.  According to
the news agency, Suzlon planned to raise the money to fund the
EUR270 million (US$334 million) purchase of a 22 percent stake
held by Martifer SGPS SA in Repower.  The Indian company already
owns 66 percent of Repower and 89 percent of the voting rights in
the German company, including those of Martifer, Bloomberg News
noted.

REpower Systems -- http://www.repower.de/-- is a Germany-based  
technology company engaged in the development, licensing,
production and sale of turbines for the German wind energy sector.  
Its product range comprises several types of turbines with rated
outputs of between 2 to 6 megawatts.  In the fiscal year 2007, 625
turbines were produced in the Company’s two production plants of
Husum and Trampe, Germany.

Headquartered in Pune, India, Suzlon Energy Ltd --
http://www.suzlon.com/-- is an integrated wind power company.   
Its operations include to manufacturing, designing, developing and
selling of wind turbine generators (WTGs) and gear box.  Its other
operations include sale/sub-lease of land, infrastructure
development income and power generation income.  The Company's
main manufacturing plants at Daman, Pondicherry, Bhuj, Chhadvel
(Dhule) and Vadodara.  Its subsidiaries include AE-Rotor Holding
B.V., AE-Rotor Techniek B.V., Cannon Ball Wind Energy Park- 1,
LLC, Eve Holding NV, Hansen Drives Limited, Hansen Transmissions
Inc., Hansen Transmissions International NV, Hansen Transmissions
Limited , Hansen Transmissions Pty. Limited,Hansen Transmissions
South Africa Pty. Limited and Hansen Transmissions Tianjin
Industrial Gearbox Co Limited.  The Company operates in India,
Europe, United States and China.  On October 9, 2007, the
Company's wholly owned subsidiary Hansen Transmissions
International N.V. acquired Lommelpark N.V., Belgium.


* INDIA: S&P Affirms BBB-/Stable Long-Term Sovereign Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB-' long-
term and 'A-3' short-term sovereign credit ratings on the Republic
of India.  The outlook on the long-term rating remains stable.
     
The ratings on India reflect the country's strong economic growth
prospects and its deep government debt market, which helps
accommodate its weak fiscal position.
     
"India's economic prospects remain strong with growth likely to
average more than 7.0% in the medium term," said S&P's credit
analyst Takahira Ogawa.  "Underpinning that growth is the gradual
deregulation of the industrial sector, continued trade
liberalization, a dynamic service sector, and modest improvements
in infrastructure."
     
Given the buoyant private and public investments with some
progress in economic reforms, India's business environment is
likely to improve in the years ahead, notwithstanding the current
dislocations in global credit markets.  Its economic growth has
benefited from higher consumption and private investment, due to a
growing middle class and favorable demographics.
     
Monetary and financial reforms, coupled with strict fiscal
financing regulations, have led to more robust financial and
government securities markets.  This has allowed the government to
increasingly move toward more market-oriented deficit financing
away from funding from the largely state-owned banking sector,
thus reinforcing fiscal discipline.  On the other hand, heavy
funding programs of the public sector are still crowding out the
private sector's opportunity for funding.
     
"The ratings on India remain constrained by a weak fiscal profile,
especially the high government debt burden and deficit, which are
still among the largest for rated sovereigns," Mr. Ogawa said.
Commitment to fiscal consolidation across all levels of government
has been one of the supporting factors for the sovereign credit
rating in the past several years.  However, higher oil prices and
populist measures for the coming general election have weakened
the government's efforts in fiscal consolidation.

The stable rating outlook balances India's good external liquidity
and growth prospects with its weak fiscal flexibility.  An
improvement in the sovereign ratings will depend on resumed fiscal
consolidation that leads to a materially lower debt and interest
burden, and additional reforms that lift the country's growth
prospects and income levels.  On the other hand, further fiscal
slippage, a marked decline in external liquidity indicators, or
policy measures that weaken economic growth prospects, could lead
to downward pressure on the ratings.
     
The consolidated debt of India's central and state (general)
governments is projected at 82% of 2008 GDP, while interest
payments are likely to consume about 30% of general government
revenue.  India's contingent liabilities are also high.
Government-guaranteed debt alone amounts to nearly 9% of 2007 GDP.
     
The sovereign ratings are also constrained by the low per capita
income of the country, which points to the challenges of poverty
alleviation.  Infrastructure needs remain high in both the huge
agricultural sector and the industrial sector.


* INDIA: RBI to Monitor Domestic Economy Amid Global Crisis
-----------------------------------------------------------
In its Mid-Term Review of the Annual Policy Statement for 2008-09,
the Reserve Bank of India indicated that in the context of the
uncertain and unsettled global situation and its indirect impact
on domestic economy and financial markets, it would closely and
continuously monitor the situation and respond swiftly and
effectively to developments.  

In doing so, the Reserve Bank said it will employ both
conventional and unconventional measures.  Global financial
conditions continue to remain uncertain and unsettled, and early
signs of a global recession are becoming evident.  These
developments are being reflected in sharp declines in stock
markets across the world and heightened volatility in currency
movements.  International money markets are yet to regain calm and
confidence and return to normal functioning.

It was also indicated in the Mid-Term Review that the current
challenge for the conduct of monetary policy is to strike an
optimal balance between preserving financial stability,
maintaining price stability and sustaining the growth momentum.
Inflation, in terms of the wholesale price index (WPI), has been
softening steadily since August 9, 2008 and has declined to 10.68
per cent for the week ended October 18, 2008.

Globally, pressures from commodity prices, including crude, appear
to be abating.  The moderation in key global commodity prices, if
sustained, would further reduce inflationary pressures.  On the
growth front, it is important to ensure that credit requirements
for productive purposes are adequately met so as to support the
growth momentum of the economy.  Domestic financial markets have
been functioning normally.  Prudent regulatory surveillance and
effective supervision have ensured that our financial sector has
been and continues to be robust.  

However, the global financial turmoil has had knock-on effects on
the financial markets; this has reinforced the importance of
focusing on preserving financial stability, The Reserve Bank has
reviewed the current and evolving macroeconomic situation and
liquidity conditions in the global and domestic financial markets.  
Based on this review, it has decided to take the following further
measures:

   (i) On October 20, 2008, the Reserve Bank announced a
       reduction in the repo rate under the Liquidity
       Adjustment Facility (LAF) by 100 basis points from
       9.0 to 8.0 per cent.  In view of the ebbing of upside
       inflation risks as also to address concerns relating
       to the moderation in the growth momentum, it has been
       decided to reduce the repo rate under the LAF by 50
       basis points to 7.5 per cent with effect from
       November 3, 2008.

  (ii) The cash reserve ratio (CRR) of scheduled banks is
       reduced by 100 basis points from 6.5 per cent to
       5.5 percent of net demand and time liabilities.
       This will be effected in two stages: by 50 basis
       points retrospectively with effect from the fortnight
       beginning October 25, and by a further 50 basis
       points prospectively with effect from the fortnight
       beginning November 8, 2008.  This measure is expected
       to release around Rs.40,000 crore into the system.

(iii) On September 16, 2008, the Reserve Bank had announced,
       as a temporary and ad hoc measure, that scheduled
       banks could avail additional liquidity support under
       the LAF to the extent of up to one per cent of their
       NDTL and seek waiver of penal interest.  It has now
       been decided to make this reduction permanent.
       Accordingly, the Statutory Liquidity Ratio (SLR)
       will stand reduced to 24 per cent of NDTL with effect
       from the fortnight beginning November 8, 2008.

(iv) In order to provide further comfort on liquidity and
      to impart flexibility in liquidity management to banks,
      it has been decided to introduce a special refinance
      facility under Section 17(3B) of the Reserve bank of
      India Act, 1934. Under this facility, all scheduled
      commercial banks (excluding RRBs) will be provided
      refinance from the Reserve Bank equivalent to up to
      1.0 per cent of each bank's NDTL as on October 24, 2008
      at the LAF repo rate up to a maximum period of 90 days.
      During this period, refinance can be flexibly drawn and
      repaid.

   (v) On October 15, 2008 the Reserve Bank announced,
       purely as a temporary measure, that banks may avail
       of additional liquidity support exclusively for the
       purpose of meeting the liquidity requirements of
       mutual funds (MFs) to the extent of up to 0.5 per
       cent of their NDTL.  A similar facility of liquidity
       support for non-banking financial companies (NBFCs)
       is also found to be necessary to enable them to
       manage their funding requirements.  Accordingly, it
       has now been decided, on a purely temporary and
       ad hoc basis, subject to review, to extend this
       facility and allow banks to avail liquidity support
       under the LAF through relaxation in the maintenance
       of SLR to the extent of up to 1.5 per cent of their
       NDTL.  This relaxation in SLR is to be used exclusively
       for the purpose of meeting the funding requirements
       of NBFCs and MFs. Banks can apportion the total
       accommodation allowed above between MFs and NBFCs
       flexibly as per their business needs.

  (vi) As indicated in the Reserve Bank's press release of
       September 16, 2008, as on some previous occasions,
       the Reserve Bank will continue to sell foreign
       exchange (US dollar) through agent banks to augment
       supply in the domestic foreign exchange market or
       intervene directly to meet any demand-supply gaps.
       The Reserve Bank would either sell the foreign
       exchange directly or advise the bank concerned to
       buy it in the market.  All the transactions by the
       Reserve Bank will be at the prevailing market rates
       and as per market practice.  Entities with bulk
       forex requirements can approach the Reserve Bank
       through their banks for this purpose.

(vii) It has been decided, as a temporary measure, to
       permit Systemically Important Non-Deposit taking
       Non-Banking Financial Companies (NBFCs-ND-SI) to
       raise short- term foreign currency borrowings
       under the approval route, subject to their complying
       with the prudential norms on capital adequacy and
       exposure norms.  Details in this regard have been
       notified separately and are available on the Reserve
       Bank's web site.

(viii) Under the Market Stabilization Scheme (MSS),
        Government Securities (treasury bills and dated
        securities) have been issued to sterilize the
        expansionary effects of forex inflows. In the
        context of forex outflows in the recent period,
        it has been decided to conduct buy-back of MSS
        dated securities so as to provide another avenue
        for injecting liquidity of a more durable nature
        into the system. This will be calibrated with the
        market borrowing programme of the Government of
        India.  The securities proposed to be bought back
        and the timing and modalities of these operations
        are being notified separately.

The Reserve Bank said it will continue to closely monitor the
developments in the global and domestic financial markets and will
take swift and effective action as appropriate.



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

CSM CORPORATAMA: Moody's Lowers Bond Ratings to Ba3.id
------------------------------------------------------
PT Moody's Indonesia has downgraded PT CSM Corporatama's (RENT)
national scale issuer and bond ratings to Ba3.id from Ba1.id. The
ratings are on review for possible further downgrade.

"The ratings action mainly reflects the heightened refinancing
risk with regard to RENT's IDR 100 billion Series-B and IDR 100
billion Syariah Ijarah bonds due November 11, 2008," says Joko
Widodo, Moody's lead analyst for the company, adding, "The company
has been in discussions with its major domestic banks for a
refinancing arrangement, but progress has been limited, given
unfavorable financial market conditions."

"As such, Moody's has concerns over whether sufficient funding can
be put in place prior to the very close maturity date," says Mr.
Widodo.

In addition, RENT's bond trustee has scheduled a bondholders'
meeting (RUPO) on 3 November 2008. At the RUPO, the possibility of
an extension of the maturity date from the original 11 November
2008 will be discussed.

If the bondholders agree, Moody's will consider this development
as a default as an event of this type would change the
relationship between the bondholders and the issuer from the one
originally contracted.

The ratings would be further downgraded if 1) RENT is not able to
put in place new credit facilities before November 11 to meet the
upcoming maturity, or 2) the bond maturity is extended from that
originally contracted.

Headquartered in Jakarta, PT CSM Corporatama's main businesses are
car rentals, new & used car sales, and fuel & gas station
services. RENT is 99.86% owned by PT Hamfred Pte Ltd Singapore,
0.07% by PT Indomobil Sukses International Tbk and the remaining
0.07% by PT Unicor Prima Motor.

The company is also the holder of Europcar's exclusive network for
Indonesia. Europcar is a leading global rental company
headquartered in France.

Moody's National Scale Ratings are not intended to be globally
comparable. Moody's also emphasizes that its National Scale
Ratings are not opinions on absolute default risk. In this
respect, they are different to the Moody's global scale ratings
which have been assigned to Indonesian or other national
institutions, and which do not carry the ".id" suffix.



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

KOOKMIN BANK: To Cut Deposit Rates by 75 Basis Points  
-----------------------------------------------------
Kookmin Bank will cut retail deposit rates by up to 75 basis
points from next week following a series of liquidity support
measures from the government and the central bank, Kim Yeon-hee of
Reuters reports.

"This rate cut follows a benchmark rate reduction and financial
market-stabilization measures such as eased rules over won-
currency liquidity ratios," Reuters cited the bank as saying.

According to the report, the Bank of Korea unexpectedly delivered
its biggest ever policy rate cut of 75 basis points on October 27,
bringing its total rate cut to 100 basis points this month.

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides   
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service, as part of the application
of its refined joint default analysis and updated bank financial
strength rating methodologies, revised Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.

As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2007, Kookmin Bank told Korea Exchange that it had
submitted a letter of Intent to buy KGI Securities, as it seeks
to beef up its brokerage business to counter weaker lending
margins.


MAZDA MOTOR: Shares Fall After 29% Full-Year Forecast Cut
---------------------------------------------------------
Mazda Motor Corporation's shares drop as much as JPY26, or 11%, to
JPY221 and traded at JPY222 as of 9:44 a.m., Friday, October 31,
on the Tokyo Stock Exchange, after the company cut its profit
forecast by 29% as falling U.S. sales and higher raw materials
costs squeeze earnings,  Bloomberg News reports.

According to the report, the company expects net income of
JPY50 billion for the year ending March 31, from the previous
estimate of JPY70 billion.  It cut its operating profit forecast
by 22% to JPY90 billion, the report says.

On September 17, 2008, the Troubled Company Reporter - Asia
Pacific, citing Jiji Press, reported that Mazda Motor will
increase the prices of some of its commercial vehicles in Japan
due to increasing raw material costs.  According to the TCR-AP,
Japanese car makers raised prices in some overseas markets this
year as higher prices of steel and other raw materials needed to
build cars are squeezing their profitability.  However, the TCR-AP
said, the auto firms had been cautious that Japanese customers
wouldn't easily accept price increases as Japanese companies
usually raises domestic prices only when they redesign existing
models.

                       About Mazda Motor

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

                          *     *     *

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


NOMURA: Appoints New Regional Heads in Global Investment Banking
----------------------------------------------------------------
Nomura Holdings, Inc. disclosed the appointment of new regional
line heads in its Global Investment Banking operations in Europe,
Middle East and Africa, and Asia-Pacific.

In Europe, Middle East and Africa, Christian Meissner and William
Vereker will be appointed Heads of Investment Banking and
Yoshiyuki Numano will take on the position of Co-Head of
Investment Banking.  In Asia-Pacific ex-Japan, Glenn H. Schiffman
will be appointed Head of Asia-Pacific Investment Banking and
Toshiyasu Iiyama will be appointed Co-Head of Asia-Pacific
Investment Banking based in Hong Kong.

The new senior managers will play an integral role in combining
the respective strengths of Nomura and the former Lehman Brothers
to create a world-class investment banking platform.

Nomura has maintained a leading market share in Japan-related
mergers and acquisitions and equity capital markets for several
years, while Lehman more recently held leading M&A positions in
Asia and Europe with a broad client base.  The integration of
these businesses will continue Nomura's evolution into a global
investment banking power house.

Nomura continues to work quickly to combine other parts of the
acquired Lehman Brothers businesses with its existing operations
and will make further announcements on progress in due course.

                      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 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: Taps Shaheryar Chishty to Head Asia Industrials
----------------------------------------------------------------
Nomura Holdings Inc. hired Shaheryar Chishty from Citigroup Inc.
to head the industrials group in the region, Cathy Chan of
Bloomberg News reports.

The report relates that Mr. Chishty, 37, resigned from Citigroup
and plans to join the company in January.

According to the report, Nomura looked to fill the position after
Anthony Steains, head of the Asian industrials group at Lehman,
chose to join Blackstone Group LP last month.  At least a dozen
Lehman bankers in Asia opted to join rivals including Merrill
Lynch & Co. and UBS AG last month, the report says.

On Oct. 2, 2008, the Troubled Company Reporter - Asia Pacific,
citing Reuters, Nomura Holdings plans to match last year's bonus
pool for bankrupt Lehman Brothers Holdings Inc.'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 said.

The TCR-AP related that media and trader reports indicated that
Nomura would also keep Lehman's Europe and the Middle East 2008
bonus pool the same as 2007.

Bloomberg News notes that Lehman managing directors Johan van
Jaarsveld and Dong Hyun Lee also joined Blackstone to help the
manager of the buyout fund build its Asian mergers advisory
business.  James Chapman joined Merrill as head of the Asian power
investment banking team last month, taking with him five other
Lehman bankers.  

Jorge Martinez, former Asian head of natural resources, joined UBS
AG this month as head of oil and gas in Asia, bringing him with
Tony Carango and two other junior bankers, Bloomberg News relates.

Moreover, the report adds that Nomura also is losing about 100 of
the 170 employees in Lehman's Japan equity research, sales and
electric- trading unit to Barclays Plc and Mizuho Financial Group
Inc.

Another TCR-AP report on October 29, 2008 related that Nomura
Holdings incurred a net loss of JPY72,872 million for the three
months ended Sept. 30, 2008, from a net loss of JPY11,707 million
in the same period last year.  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, the same report said.

                      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 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.


SOFTBANK CORP: S&P's Ratings Unhurt By Unit's JPY75 billion Losses
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Softbank Corp. (BB/Stable/--), the whole business securitization
(WBS) deal that its subsidiary Softbank Mobile Corp. (not rated)
implemented in 2006, and other WBS-related transactions, would not
be affected by the company's announcement that Softbank Mobile
could incur extraordinary losses of up to JPY75 billion by
September 2010.
     
On Oct. 29, 2008, Softbank Corp. announced that Softbank Mobile
might suffer extraordinary losses of up to JPY75 billion due to a
deterioration in the quality of entrusted assets managed through
Collateralized Debt Obligations (CDOs), in a trust debt assumption
executed by Softbank Mobile in 2006.  S&P believes that such
losses, if they materialize, should be covered by profits from
solid business performance at the Softbank group and should not
lead to a substantial deterioration in the Softbank group's
financial profile.  

Accordingly, no rating actions are being considered at this point
with respect to Softbank Corp., the WBS transaction executed by
Softbank Mobile, and the other WBS-related transactions.
     
The specter of losses has arisen because, as of Oct. 29, 2008,
credit events considered to be defaults under the terms of the
CDOs have occurred in six reference entities in the reference
portfolios of each CDO held by the trust (whose purpose is the
repayment of JPY75 billion in bonds issued by Softbank Mobile).  
Under the terms of the CDOs, if such credit events occur in seven
reference entities, the total value of the CDOs would decline by
about JPY45.7 billion.  Furthermore, the entire investment of
JPY75 billion would be lost if such credit events were to occur in
more than eight reference entities.  As Softbank Mobile continues
to be legally responsible for repayments of the bonds, such
impairment of the CDOs would cause Softbank Mobile to bear costs
equivalent to the potential losses.
     
Concerns over negative impact on the aforementioned WBS and other
transactions are minimal, however, given the existence of credit
support facilities provided by Mizuho Corporate Bank Ltd.
(A+/Stable/A-1), and Softbank Corp. relating to the redemption of
Softbank Mobile corporate bonds.  In addition, even if such losses
are actually incurred, they should not lead to a substantial
deterioration in Softbank Corp.'s financial profile or any
liquidity problems, due to the following factors:

  -- All the core businesses of the Softbank group have continued
     to enjoy operating profits since the three-month period ended
     September 2007, and consolidated operating profit grew 7.3%
     year on year to a record high of JPY180 billion in the six-
     month period ended September 2008.

  -- As of Sept. 30, 2008, Softbank Corp. has cash and deposits of
     JPY419 billion, as well as a recently renewed and expanded
     committed line of credit totaling JPY201 billion.

Related Ratings:

WBS Funding Co.; J-WBS Funding KK

  -- JPY1,450 billion limited recourse loans and notes backed by
     mobile telecommunication business securitization

Tranche                       Rating
A1 Funding Loan                 A
A2 Funding Loan                 A
A Funding Note                  A
B1 Funding Loan                 BBB
B2 Funding Note                 BBB

Softbank Mobile Lease And Loan Receivables Securitization

  -- Series 1 JPY25 billion pass-through beneficial interests due
     2014

Tranche                      Rating
Class 1                        A
Class 2                        A


  -- Series 2 JPY24.9 billion pass-through beneficial interests
due
     2014

Tranche                    Rating
Class 1                      A

  -- Series 3 JPY20 billion beneficial interests due 2013

Tranche                         Rating
Investor Beneficial Interest    A

DW Finance Ltd.

  -- JPY61.4 billion series 1 unsecured notes

Tranche                         Rating
Class A Note                    A
Class B Note                    A
Class C Note                    A

ORIX-SBM Trust 1

  -- JPY17.88 billion class A beneficial interests and ABLs

Tranche                        Rating
Class A Beneficial Interest    A
ABL                            A

Softbank Mobile Lease And Loan Receivables Securitization Trust
Certificates and ABL Series 1

  -- JPY4.1 billion trust certificates and ABL due February 2013

Tranche                           Rating
Class A Beneficial Interest       A
Class C Beneficial Interest       A

Softbank Mobile Lease And Loan Receivables Securitization Trust
Certificates and ABL Series 2

  -- JPY7.9 billion trust certificates and ABL due February 2013

Tranche                           Rating
Class A Beneficial Interest       A


* JAPAN: S&P Downgrades Ratings on 66 Synthetic CDO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 93
tranches relating to 66 Japanese synthetic CDO transactions.  At
the same time, Standard & Poor's placed its ratings on 13 tranches
relating to 12 Japanese synthetic CDO transactions on CreditWatch
with negative implications.
     
The downgrades and CreditWatch placements reflect S&P's view of
the impact of several events that have occurred since the previous
rating actions on the relevant portfolios.  These events are: (1)
Washington Mutual Inc.'s (WaMu; D/--/D) Chapter 11 bankruptcy
filing; (2) the appointment of receivership committees for three
Iceland-based banks (Kaupthing Bank, Landsbanki Islands, and
Glitnir Bank); (3) the auction results of International Swaps and
Derivatives Association. Inc.'s protocol being taken into
consideration for the evaluation of Fannie Mae (NR), Freddie Mac
(NR), Lehman Brothers Holdings Inc. (NR), and WaMu; and (4) the
downward rating actions on the reference entities.
     
The rating actions reflect revisions that S&P has adopted in
certain assumptions, including (but not limited to) revisions of
industry classifications and correlation assumptions applied in
the financial services sector for rating collateralized debt
obligations (CDOs) and credit default swaps.

Ratings Lowered:

Andante Ltd.

Credit-linked secured notes series 2

Class   To     From   Issue Amount
A-1     CCC+   B+     JPY1.7 bil.
A-2     CCC+   B+     JPY1.3 bil.

Credit-linked secured notes series 3
Class   To     From   Issue Amount
A-1     B-     A      JPY700 mil.
A-2     B-     A      JPY300 mil.
B       CCC    BBB    JPY3 bil.
C       CCC+   BBB    US$10 mil.

Credit linked secured notes series 4
Class   To               From             Issue Amount
A-1     CCC-/Watch Neg   A-/Watch Neg     JPY4.1 bil.
A-2     CCC-/Watch Neg   A-/Watch Neg     JPY500 mil.
B       CCC-/Watch Neg   BBB/Watch Neg    JPY500 mil.
C       CCC-/Watch Neg   BBB/Watch Neg    US$10 mil.
D-1     CCC-/Watch Neg   BBB-/Watch Neg   JPY3.3 bil.
D-2     CCC-/Watch Neg   BBB-/Watch Neg   JPY300 mil.
E-1     CCC-/Watch Neg   BB+/Watch Neg    JPY500 mil.
E-2     CCC-/Watch Neg   BB+/Watch Neg    JPY300 mil.
F       CCC/Watch Neg    BBB+/Watch Neg   JPY300 mil.
G       CCC-/Watch Neg   BBB-/Watch Neg   JPY1.2 bil.

Astra Alpha Ltd.

Multi-issuer obligation programme series 2005-01 credit-linked
notes
To               From   Issue Amount
BBB-/Watch Neg   A      JPY15 bil.

Corsair (Jersey) No. 2 Ltd.

Floating rate secured portfolio credit-linked notes series 38
To              From            Issue Amount
AA-/Watch Neg   AAA/Watch Neg   JPY5.6 bil.

Fixed rate secured portfolio credit-linked loan series 45
To              From           Issue Amount
BBB/Watch Neg   AA/Watch Neg   JPY3 bil.

Fixed rate secured portfolio credit-linked loan series 46
To     From           Issue Amount
BBB-   AA/Watch Neg   JPY3 bil.

Floating rate secured portfolio credit-linked notes series 47
To             From            Issue Amount
A-/Watch Neg   AAA/Watch Neg   JPY1 bil.

Floating rate secured portfolio credit-linked series 52 (Portfolio
F360)
To              From            Issue Amount
BBB/Watch Neg   AAA/Watch Neg   JPY1 bil.

Fixed rate secured portfolio credit-linked loan series 53
To   From   Issue Amount
AA   AAA    JPY3 bil.

Floating-rate credit-linked notes series 56
To    From             Issue Amount
BB+   BBB+/Watch Neg   JPY2.2 bil.

Fixed rate credit-linked loan series 58
To   From   Issue Amount
A+   AA     JPY3 bil.

Floating rate credit-linked notes series 63
To              From             Issue Amount
BB+/Watch Neg   BBB-/Watch Neg   JPY3.1 bil.

Fixed rate credit-linked notes series 64
To              From            Issue Amount
BB+/Watch Neg   BBB/Watch Neg   US$50 mil.

Floating-rate secured portfolio credit-linked notes series 76
To               From            Issue Amount
BBB-/Watch Neg   BBB/Watch Neg   US$20 mil.

Floating-rate secured portfolio credit-linked notes series 78
To     From            Issue Amount
BBB-   BBB/Watch Neg   JPY3 bil

Floating rate secured portfolio credit-linked notes series 81
To   From   Issue Amount
B-   BBB-   JPY1 bil.

Floating rate secured portfolio credit-linked notes series 86
To     From           Issue Amount
CCC+   BB/Watch Neg   US$10 mil.

Eirles Two Ltd.
Portfolio credit linked secured notes series 310
Class   To               From   Issue Amount                 
A       A-               AA     JPY5 bil.
B       BBB-/Watch Neg   BBB    JPY1 bil.

ELM B.V.

Elysium class B secured credit linked notes series 95
To                From           Issue Amount
CCC+/Watch Neg    A-/Watch Neg   US$40 mil.

Elysium class B secured credit linked notes series 97
To             From            Issue Amount
B+/Watch Neg   AA-/Watch Neg   US$20 mil.

Ethical CDO I (Jersey No. 1) Ltd.

Floating-rate extendible maturity secured portfolio credit-linked
notes series
2
To            From             Issue Amount
B/Watch Neg   BBB-/Watch Neg   AU$50 mil.

Helium Capital Ltd.

Series 49 limited recourse secured synthetic CDO notes
To              From             Issue Amount
BB+/Watch Neg   BBB+/Watch Neg   US$40 mil.

Asset backed securities and collateralized debt obligation limited
credit
linked notes series 51
To               From           Issue Amount
BBB-/Watch Neg   A-/Watch Neg   JPY1 bil.

Limited recourse secured callable fixed rate credit-linked notes
series 56
To              From             Issue Amount
BB+/Watch Neg   BBB-/Watch Neg   JPY3 bil.

Limited recourse secured floating rate credit-linked notes series
57
To              From             Issue Amount
BB+/Watch Neg   BBB+/Watch Neg   US$10 mil.

Corporate basket limited recourse secured credit-linked extendable
notes
(Scarborough) series 64
To     From   Issue Amount
CCC+   BB-    AU$100 mil.

Series 79 limited recourse secured floating rate credit-linked
notes
To             From           Issue Amount
B-/Watch Neg   BB/Watch Neg   US$20 mil.

Hummingbird Securitisation Ltd.
Series 2 loan
Class     To               From           Issue Amount
#2 Loan   BBB+/Watch Neg   AA/Watch Neg   JPY3 bil.

J-Bear Funding Ltd.
Limited recourse secured floating rate portfolio credit-linked
notes series 36
To              From             Issue Amount
BBB/Watch Neg   BBB+/Watch Neg   US$10 mil.

Momentum CDO (Europe) Ltd.

Secured credit-linked notes (Louvre CDO) series 2005-1
Class   To               From            Issue Amount
AF      BBB+/Watch Neg   AA-/Watch Neg   JPY1 bil.
AX      BBB+/Watch Neg   AA-/Watch Neg   JPY1.5 bil.

Secured credit-linked notes Louvre II CDO series 2005-2

Class   To              From            Issue Amount
AX      AA/Watch Neg    AA+/Watch Neg   JPY700 mil.
BF      AA-/Watch Neg   AA/Watch Neg    JPY1.5 bil.
BX      AA-/Watch Neg   AA/Watch Neg    JPY2.2 bil.

Secured credit-linked loan Louvre CDO II series 2005-3

To             From            Issue Amount
AA/Watch Neg   AA+/Watch Neg   JPY3 bil.

SONATA floating rate notes series 2006-5

Class   To               From           Issue Amount
AF      BBB+/Watch Neg   A+/Watch Neg   EUR5 mil.

SONATA floating rate notes series 2006-11

Class   To               From   Issue Amount
AF      BBB+/Watch Neg   A-     US$6 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

Class   To     From   Issue Amount
AF      BBB-   BBB    JPY1 bil.
AX      BBB-   BBB    JPY600 mil.

Floating-rate credit-linked notes series 2006-20
To     From           Issue Amount
CCC+   BB/Watch Neg   JPY1 bil.

SONATA 4 floating rate notes series 2006-21
To     From           Issue Amount
CCC+   BB/Watch Neg   US$20 mil.

SONATA 5 floating rate notes series 2006-22
To             From            Issue Amount
B+/Watch Neg   BB+/Watch Neg   US$10 mil.


Omega Capital Investments PLC

Class A series 10 secured floating rate notes
To               From           Issue Amount
BBB+/Watch Neg   A-/Watch Neg   JPY2 bil.

Secured multi rate notes series 21
Class   To     From   Issue Amount
A1      BBB-   BBB    US$20 mil.
A2      BBB-   BBB    JPY300 mil.

Series 29 secured fixed rate notes
Class   To               From   Issue Amount
A1      CCC+             BBB+   JPY2.3 bil.
B       CCC-/Watch Neg   BBB-   JPY1 bil.

Secured multi rate notes series 32
Class   To             From             Issue Amount
A1      BB/Watch Neg   BBB+/Watch Neg   JPY500 mil.
A2      BB/Watch Neg   BBB+/Watch Neg   JPY300 mil.

Series 48 secured notes
Class   To             From            Issue Amount
5Y-A1   BB             A-/Watch Neg    JPY1.3 bil.
5Y-A2   BB             A-/Watch Neg    JPY1.2 bil.
5Y-B    B-             BBB/Watch Neg   JPY1 bil.
7Y-B1   B+/Watch Neg   BBB/Watch Neg   JPY300 mil.

Orpheus II Ltd.

Secured credit link notes
Class   To               From            Issue Amount
AF      AA/Watch Neg     AAA/Watch Neg   JPY1.1 bil.
AX      AA/Watch Neg     AAA/Watch Neg   JPY1.2 bil.
BF      BBB+/Watch Neg   A/Watch Neg     JPY2.3 bil.
BX      BBB+/Watch Neg   A/Watch Neg     JPY400 mil.

Signum Vanguard Ltd.

Class A secured floating rate credit-linked notes series 2004-09
To               From           Issue Amount
BBB-/Watch Neg   A-/Watch Neg   JPY1 bil.

Class A secured fixed rate credit-linked loan series 2005-04
To               From            Issue Amount
BBB+/Watch Neg   AA-/Watch Neg   JPY4 bil.

Class A secured floating rate credit-linked notes series 2005-06
To                  From     Issue Amount
A-pNRi/Watch Neg    A+pNRi   JPY3 bil.

Secured floating rate credit-linked notes series 2005-07
To     From             Issue Amount
BBB-   BBB+/Watch Neg   JPY3 bil.

Series 2005-10 secured floating rate credit-linked notes
To             From            Issue Amount
B-/Watch Neg   BB-/Watch Neg   JPY2 bil.

Series 2006-04 secured floating rate credit-linked notes
To             From   Issue Amount
B-/Watch Neg   A-     JPY1 bil.

Series 2006-05 secured floating rate credit-linked notes
To    From           Issue Amount
BB+   A+/Watch Neg   JPY600 mil.

Series 2006-06 secured fixed rate credit-linked notes
To              From           Issue Amount
BB+/Watch Neg   A-/Watch Neg   JPY500 mil.

Series 2006-07 secured fixed rate credit-linked notes
To    From           Issue Amount
BB-   A+/Watch Neg   JPY500 mil.

Secured floating rate credit-linked notes series 2006-08
To     From   Issue Amount
CCC+   BBB-   JPY1 bil.

Series secured floating rate credit-linked 2006-09 notes
To             From   Issue Amount
BB/Watch Neg   BBB    JPY2 bil.

Secured floating rate credit-linked notes series 2006-10
To   From             Issue Amount
BB   BBB+/Watch Neg   JPY300 mil.

Secured floating rate credit-linked notes series 2006-11
To   From             Issue Amount
B-   BBB+/Watch Neg   JPY2 bil.

Series 2007-01 secured floating rate credit-linked notes
To     From             Issue Amount
CCC+   BBB+/Watch Neg   JPY500 mil.

Series 2007-02 secured fixed rate credit-linked notes
To   From   Issue Amount
B-   BBB-   JPY1 bil.

Silk Road Plus PLC

Limited-recourse secured floating-rate credit-linked notes series
2 class B1-U
To              From   Issue Amount
AA-/Watch Neg   AA     US$70 mil.

Limited-recourse secured variable return combination credit-linked
notes series
6 class B3-U
To                  From     Issue Amount
AA-pNRi/Watch Neg   AApNRi   US$14 mil.

Series 13 limited recourse secured fixed rate credit-linked notes
To     From   Issue Amount
BBB+   AA     SUS$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes
To     From   Issue Amount
BBB+   AA     SUS$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes
To     From           Issue Amount
BBB+   AA/Watch Neg   SUS$8 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes
To     From   Issue Amount
BBB+   AA     SUS$9 mil.

Ratings Placed on CreditWatch Negative:

Helium Capital Ltd.

Limited recourse secured floating rate credit-linked notes series
58
To             From   Issue Amount
A-/Watch Neg   A-     JPY2 bil.

Corporate basket credit-linked note series 60 (Esperance)
To               From   Issue Amount
BBB-/Watch Neg   BBB-   AU$85 mil.

Momentum CDO (Europe) Ltd.

Secured credit-linked notes (Louvre CDO) series 2005-1
Class   To               From   Issue Amount
BF      BBB-/Watch Neg   BBB-   JPY1 bil.
BX      BBB-/Watch Neg   BBB-   JPY200 mil.

Omega Capital Investments PLC

Class A1 series 11 secured 1.5% notes
To              From   Issue Amount
AA+/Watch Neg   AA+    JPY2.2 bil.

Series 16 secured floating rate notes
Class   To              From   Issue Amount
A       AAA/Watch Neg   AAA    JPY2 bil.

Signum Vanguard Ltd.

Secured credit-linked loan series 2004-6
To              From   Issue Amount
AAA/Watch Neg   AAA    JPY4 bil.

Class A secured floating rate credit-linked notes series 2004-08
To              From   Issue Amount
AAA/Watch Neg   AAA    JPY1 bil.

Secured floating rate credit-linked notes series 2006-03
To               From   Issue Amount
BBB+/Watch Neg   BBB+   US$10 mil.

Silk Road Plus PLC

Limited recourse secured fixed-rate credit-linked notes series 3
class C2-J
To            From   Issue Amount
A/Watch Neg   A      JPY2 bil.

Limited recourse secured floating-rate credit-linked notes series
5 class C1-J
To            From   Issue Amount
A/Watch Neg   A      JPY1 bil.

Limited recourse secured floating rate credit-linked notes series
7 class A1-U
To              From   Issue Amount
AAA/Watch Neg   AAA    US$0.1 mil.

Limited recourse secured floating-rate credit-linked notes series
10 class
A1-E
To              From   Issue Amount
AAA/Watch Neg   AAA    EUR10 mil.


* JAPAN: S&P Publishes Report About JGAAP-Eligible Defeasance
-------------------------------------------------------------
Standard & Poor's Ratings Services has published a Japanese-
language report discussing a particular type of defeasance that
has been used by corporations in Japan since 2000, when the
Accounting Standards Board of Japan (ASBJ) codified this
procedure.
     
This type of defeasance, referred to hereafter as JGAAP-Eligible
Defeasance, can be implemented as an off-balance-sheet
transaction.  In recent years, there has been considerable market
interest in JGAAP-Eligible Defeasance due to a number of factors.
These include the lack of information regarding this procedure's
similarity, or otherwise, with defeasance practices in other
markets (notably the United States), and more specifically, a lack
of understanding in the market regarding what would happen if the
assets included in a JGAAP-Eligible Defeasance transaction were to
deteriorate or if the issuer was to go bankrupt.  In fact, there
seems to be no established view as to whether a JGAAP-Eligible
Defeasance bond is insulated from an issuer bankruptcy.
     
In some other countries, it is common to differentiate between
legal defeasance and economic (or "in-substance") defeasance.  In
Japan, almost all recent defeasance transactions have been JGAAP-
Eligible Defeasance, which is also referred to as Jisshitsuteki
defeasance or trust-type debt assumption defeasance.  Although
Jisshitsuteki technically means "in-substance", Japanese market
participants seldom use the term Jisshitsuteki defeasance to refer
to economic defeasance in other countries, but often use it to
refer to JGAAP-Eligible Defeasance in Japan.  Accordingly, there
is a lack of debate and understanding in the market over the
similarities and differences between JGAAP-Eligible Defeasance and
legal defeasance and economic defeasance in other countries.  The
published report explains the key similarities and differences
between these practices.


* JAPAN: S&P Issues Update on Auto Loan ABS Performance Review
--------------------------------------------------------------
Standard & Poor's Ratings Services has published a Japanese-
language report titled "Auto Loan ABS Performance Review: Update
For October 2008".
     
On Jan. 31, 2008, S&P released a Japanese-language Performance
Watch report on auto loan-backed ABS deals.  In that report, S&P
analyzed the performance of auto loan-backed ABS transactions by
examining the surveillance data of rated deals, and outlined the
characteristics, recent trends, and prospects of the underlying
asset pools.
     
The October 2008 version provides an update on the core variables
at the time of origination used in the January report, based on
surveillance data for the last three months from the July version
(the English version of which was published in August).  This is
the third update following the April report (the English version
of which was published in June) and the aforementioned July
report.  These data include the cumulative default rate, default
rate, delinquency rate, prepayment rate, and default index.



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

HYNIX SEMICONDUCTOR: S&P Changes Outlook Neg.; Holds BB- Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised to negative from
stable the outlook on its long-term corporate credit rating on
Korea-based Hynix Semiconductor Inc.,  reflecting the current
challenging market situation and increasing uncertainty in the
memory semiconductor market.  At the same time, S&P affirmed its
'BB-' long-term corporate credit rating and long-term senior
unsecured debt ratings on the company.
     
The revision of the outlook to negative reflects the company's
weak operating performance and the increasing uncertainty over its
prospects for a future earnings recovery.  Industry conditions in
the DRAM and NAND flash markets, where the company generated 77 %
and 23 %, respectively, of its revenue during the third quarter of
2008, are extremely challenging.  Indeed, current markets are
already experiencing excess capacity and falling average selling
prices (ASPs), and are expected to see weaker demand over the next
few quarters.  In the third quarter ended September 2008, Hynix
posted an operating loss of Korean won (KRW) 465 billion, which
was considerably larger than its second quarter operating loss of
KRW172 billion.  This was attributable to a further drop in ASPs
in the memory semiconductor market over the last two to three
months.
     
While S&P believes that Hynix will continue to remain cost
competitive and thus outperform most of its major competitors,
except for Samsung Electronics Co. Ltd. (A/Stable/A-1), S&P
believes it will be difficult for the company to turn its
performance around over the next few quarters given the global
economic slowdown.  On the supply side, it seems that competition
is starting to drop off as memory chip makers reduce production
and trim capital expenditure plans.  In addition, consolidation
between memory chip makers has begun to occur.  However, the
slowdown in the global economy has the potential to further weaken
demand.  This would, in turn, place additional downward pressure
on the overall profitability of the memory semiconductor market.
     
The rating could be lowered if the market situation does not
improve in the next few quarters and if concerns over further
deterioration in the company's financial profile arise due to weak
profitability and an increased debt ratio.  Conversely, the
outlook could be revised to stable if the company's prospects for
an earnings improvement strengthen over the next 12 months due to
a recovery in market conditions or if there is significant
improvement in the company's debt ratio.
     
Ratings Affirmed; CreditWatch/Outlook Action:

Hynix Semiconductor Inc.               To             From
                                       --             ----
Corporate Credit Rating         BB-/Negative/--   BB-/Stable/--
Senior Unsecured (4 issues)            BB-                


* SOUTH KOREA: RAM Reaffirms Ratings with Stable Outlook
--------------------------------------------------------
RAM Ratings' senior financial institution analysts had a series of
face-to-face meetings with key officials from the Financial
Services Commission and the Bank of Korea, as well as management
from our Korean rating portfolio, encompassing Industrial Bank of
Korea, National Agricultural Cooperative Federation, Hyundai
Capital Services, Inc and Standard Chartered First Bank Korea
Limited.  Following this fact-finding mission and RAM Ratings
recent assessment of issuer specific and Korean banking sector
fundamentals, RAM Ratings has reaffirmed all the four Korean
credits with a stable outlook.

"Given the recent spate of negative news, it was imperative to
find out the situation on the ground in South Korea," says Liza
Mohd Noor, RAM Ratings' Chief Operating Officer.

In our dialogues with the regulators, RAM Ratings sought views on
the various macroeconomic issues surfacing in South Korea, which
include the large external short-term debt, tight foreign currency
liquidity, high loans-to-deposits ratio, the weakening Won and the
impact of the slowing domestic growth.  These problems have a
direct bearing on RAM Ratings' country risk assessment on Korea,
which is part and parcel of the rating process for each of our
Korean issuer ratings.  While the country risks have heightened
since the beginning of 2008, recent government measures announced
on October 19, 2008, in RAM Ratings's opinion, have arrested the
pace and magnitude of deterioration.

Part of the reason for the current build-up in foreign debt was
predominantly due to South Korean exporters' demand for foreign
exchange hedging (especially by shipbuilders), and individual
banks' carry-trade activities.  Given that shipbuilding is a major
industry, hedging U.S. dollar payments for shipbuilding contracts
is structurally inherent.  Banks that have provided the foreign
exchange hedges would then borrow U.S. dollar to match their own
currency exposure.  As U.S. dollar payments for shipbuilding
orders are received, the corresponding currency hedges are
unwound.

The current scenario also stands in stark contrast -- and
therefore should be differentiated -- from the 97/98 episode when
the banking sector raised foreign currency borrowings to fund
highly indebted large corporates that eventually went bust.  What
is more important is the fact that South Korean companies as a
whole have significantly improved their financial soundness by
reducing their gearing from 4.2 times as at end-1997 to the
current 0.9 times as end-March 2008.

On October 19, 2008, the South Korean government announced
targeted measures to bolster the financial system.  At the heart
of the financial support package is a three-year guarantee of up
to US$100 billion on new foreign debts taken by South Korean banks
from October 20, 2008, to June 30, 2009.  Concurrently, the
government will provide a US$30 billion liquidity injection out of
its US$239.7 billion foreign reserves, which represents the
world's 6th largest.

"These are clear antidotes to boost confidence and ease the
pressure on liquidity," says Promod Dass, RAM Ratings’ Head of
Financial Institution Ratings.



===============
M A L A Y S I A
===============
   
LITYAN HOLDINGS: SKGSB Ceases To Be Direct Subsidiary
-----------------------------------------------------
Lityan Holdings Berhad disclosed that its wholly owned subsidiary,
Sistem Komunikasi Gelombang Sdn. Bhd. (SKGSB) had increased its
issued and paid up share capital to MYR1,126,782.00 divided into
1,126,782 ordinary shares of MYR1.00 each by the allotment of
1,126,780 new ordinary shares of MYR1.00 each to Impianas Sdn.
Bhd. (Impianas), another wholly owned subsidiary of Lityan.  The
consideration for the shares was settled by the capitalization of
the debt owned by SKGSB to Impianas.  With this event, SKGSB
ceases to be a direct subsidiary of Lityan and instead an indirect
subsidiary via Impianas.

This do not have any material effect on the earnings and net
assets of the company for the financial year ending Dec. 31, 2008.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

The company announced a New Proposed Restructuring Scheme on
December 6, 2007.  The company submitted the Proposed
Restructuring Scheme (PRS) to the Securities Commission on
April 4, 2008.  The Group requested the Securities Commission to
defer its review process of the application for two months until
end of August 2008.


PUTERA CAPITAL: Aug. 31 Balance Sheet Upside Down by MYR31.32 Mil.
------------------------------------------------------------------
Putera Capital Berhad's balance sheet as of August 31, 2008,
went upside-down by MYR31.32 million, with MYR37.71 million of
total assets and MYR69.02 million of total liabilities.

The company recorded MYR452,000 net profit on MYR7.2 million of
revenues in the first quarter ended August 31, 2008, as compared
with MYR715,000 net loss in the same quarter of 2007.  Putera did
not record revenues in the same quarter of the previous year.

The group's turnover for the current quarter increased by
approximately MYR5.0 million or 222% to MYR7.2 million as compared
to approximately MYR2.2 million recorded in the corresponding
quarter for the preceding year.  The increase was due to the
recognition of construction income.

                       About Putera Capital

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

                          *     *     *

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

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

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

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

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


SUNWAY: Obtains CCM's Approval for Change of Company Name
---------------------------------------------------------
Sunway Infrastructure Berhad has obtained approval from the
Companies Commission of Malaysia (CCM) for the change of its
company name to Silk Holdings Berhad.

The proposed name change will be effective from the date of
issuance of the Certificate of Incorporation on Change of Name of
Company by the CCM.

Moreover, the company disclosed that all resolutions tabled during
the 11th Annual General Meeting and Extraordinary General Meeting
were duly passed.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.



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

ACP LTD: Court to Hear Wind-Up Petition Tomorrow
------------------------------------------------
On September 18, 2008, an application to put ACP Limited into
liquidation by the High Court was filed in the High Court at
Wellington.  The application is to be heard before the High Court
at Wellington on November 4, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington. Telephone:
(04) 890 1028. Facsimile: (04) 890 0009.

The plaintiff's solicitor is Philip Hugh Brian Latimer.


ALL GAS SOLUTIONS: Faces Tubman Heating's Wind-Up Petition
----------------------------------------------------------
On September 30, 2008, an application to put All Gas Solutions
Limited into liquidation was filed in the High Court at Auckland.
The application is to be heard before the High Court at Auckland
on December 15, 2008, at 10:45 a.m.

The plaintiff is Tubman Heating & Gas Fitting Limited, whose
address for service is at the offices of Carlile Dowling,
Solicitors, Raffles Street, Napier 4142. Telephone: (06) 835 7394.
Facsimile: (06) 835 1338.

The plaintiff's solicitor is Carol Denise Hall.


COPITA LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Copita Limited, trading as
Copita Eatery and Winebar pursuant to a special resolution of
shareholders on October 15, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748
          Postal Address for Service: PO Box 11793, Wellington
          For enquiries contact: Jessica Redican


CRUICKSHANK PROPERTIES: Court to Hear Wind-Up Petition Tomorrow
---------------------------------------------------------------
On September 18, 2008, an application to put Cruickshank
Properties Limited into liquidation was filed in the High Court at
Wellington.  The application is to be heard before the High Court
at Wellington on November 4, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington. Telephone:
(04) 890 1028. Facsimile: (04) 890 0009.

The plaintiff’s solicitor is Philip Hugh Brian Latimer.


D H & C F HOLDINGS: High Court Appoints Joint Liquidators
---------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of D H & C F Holdings Limited by the High Court on
October 15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito


DENNY'S CORPORATION Sept. 24 Balance Sheet Upside-Down by $160Mln
-----------------------------------------------------------------
Denny's Corporation's consolidated balance sheet as of
Sept. 24, 2008, showed $357.68 million in total assets,
$517.36 million in total liabilities, resulting to $159.68 million
in shareholders' deficit.

At Sept. 24, 2008, the company's consolidated balance sheet also
showed strained liquidity with $54.17 million in total current
assets available to pay $112.435 million in total current
liabilities.

The company posted $10.56 million in net profit on $189.28 billion
in net revenues for the third quarter ended Sept. 24, 2008,
compared with $4.95 million in net profit on $241.4 billion in net
revenues for same period ended Sept. 27, 2007.

Full-text copy of Denny's Corporation's third quarter results is
available free of charge at: http://researcharchives.com/t/s?3460

                      About Denny's Corp.

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


EMPIRE TRUST: Shareholders Appoint Joint Liquidators
----------------------------------------------------
On October 16, 2008, it was resolved by special resolution of
shareholders that Empire Trust Management Limited be liquidated
and that Stephen Mark Lawrence and Anthony John McCullagh,
insolvency practitioners of PKF Corporate Recovery & Insolvency
(Auckland) Limited, be appointed joint and several liquidators for
that purpose.

The liquidators have fixed November 21, 2008, as the day on or
before which the creditors are to make their claims and to
establish any priority their claims may have, or be excluded from
the benefit of any distribution made before the claims are made
or, as the case may be, from objecting to the distribution.

The liquidators can be reached at:

          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140
          Telephone: (09) 306 7421
          Facsimile: (09) 302 0536
          Attention: Stephen M. Lawrence


GOLF.COM LTD: Court to Hear Wind-Up Petition on November 17
-----------------------------------------------------------
On September 11, 2008, an application to put Golf.Com Limited into
liquidation was filed in the High Court at Christchurch.
The application is to be heard before the High Court at
Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807.  Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


HO SUN MANAGEMENT: High Court Appoints Joint Liquidators
--------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of Ho Sun Management Limited by the High Court on
October 15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito


KEITH SPENCE: Commences Liquidation Proceedings
-----------------------------------------------
John Allan Berry, consultant of Auckland, was appointed liquidator
of Keith Spence Limited on October 15, 2008, at 10:00 a.m.

According to the liquidator, he does not consider that a meeting
of creditors should be called because there are no known creditors
of the company.  No creditors' meeting will therefore be called
unless a creditor gives timely notice in writing to the
liquidator.

The liquidator can be reached at:

          Vision Consulting Group Limited
          PO Box 25076
          St Heliers, Auckland 1740
          Telephone: (09) 529 7733
          Facsimile: (09) 529 7734


KOWI (LAKES): High Court Appoints Joint Liquidators
---------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of Kowi (Lakes) Limited by the High Court on
October 15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito


LITTY HOLDINGS: High Court Appoints Joint Liquidators
-----------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of Litty Holdings Limited by the High Court on October
15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito


MAMS ENTERPRISES: Shareholders Appoint Joint Liquidators
--------------------------------------------------------
Shareholders of Mams Enterprises Limited, trading as Stewart's
Restaurant & Lounge, appointed on October 14, 2008, Peri Micaela
Finnigan and John Trevor Whittfield, insolvency practitioners of
Auckland, jointly and severally as liquidators.

The deadline for creditors to file their proofs of claim is
November 28, 2008.

The liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street, Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: http://www.mvp.co.nz/
          Enquiries to: Peri Finnigan
          Telephone: (09) 303 9519


METRO GOURMET: Commences Liquidation Proceedings
------------------------------------------------
Andrew James Brady, chartered accountant of Christchurch, was
appointed liquidator of Metro Gourmet & Wine Limited by a special
resolution of the shareholders on October 8, 2008.

The deadline for creditors to file their proofs of claim is
November 13, 2008.

The liquidator can be reached at:

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


OPTIMA VIDEO: Commences Liquidation Proceedings
-----------------------------------------------
John Allan Berry, consultant of Auckland, was appointed liquidator
of Optima Video Limited on October 15, 2008, at 10:00 a.m.

The liquidator does not consider that a meeting of creditors
should be called because there are no known creditors of the
company.  No creditors' meeting will therefore be called unless a
creditor gives timely notice in writing to the liquidator.

The liquidator can be reached at:

          Vision Consulting Group Limited
          PO Box 25076
          St Heliers, Auckland 1740
          Telephone: (09) 529 7733
          Facsimile: (09) 529 7734


PAEKAKARIKI DEVELOPMENTS: Court to Hear Wind-Up Petition Tomorrow
-----------------------------------------------------------------
On September 18, 2008, an application to put Paekakariki
Developments Limited into liquidation was filed in the High Court
at Wellington.

The application is to be heard before the High Court at Wellington
on November 4, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Inland Revenue Department, Legal and Technical
Services, 7-27 Waterloo Quay (PO Box 1462), Wellington. Telephone:
(04) 890 1028. Facsimile: (04) 890 0009.

The plaintiff’s solicitor is Philip Hugh Brian Latimer.


REID WRAY & ASSOCIATES: Faces CIR's Wind-Up Petition
----------------------------------------------------
On September 12, 2008, an application to put Reid Wray &
Associates Limited into liquidation was filed in the High Court at
Christchurch.  The application is to be heard before the High
Court at Christchurch on November 17, 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, 1st Floor Reception, 224 Cashel Street (PO Box 1782),
Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977
9853.

The plaintiff's solicitor is Julie Newton.


RHUBARB LTD: Court to Hear Wind-Up Petition on November 7
---------------------------------------------------------
On July 16, 2008, an application to put Rhubarb Limited into
liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
Friday, November 7, 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.


SAFE SITE: Court to Hear Wind-Up Petition on December 15
--------------------------------------------------------
On October 1, 2008, an application to put Safe Site Systems
Limited into liquidation was filed in the High Court at Auckland.  
The application is to be heard before the High Court at Auckland
on December 15, 2008, at 10:45 a.m.

The plaintiff is MSA (AUST) PTY Limited, whose address for service
is at the offices of Martelli McKegg Wells & Cormack, Level 20,
PricewaterhouseCoopers Tower, 188 Quay Street, Auckland 1010.

The plaintiff’s solicitor is A. W. Johnson.


T & I NEW ZEALAND: High Court Appoints Joint Liquidators
--------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of T & I New Zealand Limited by the High Court on
October 15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito


YIP & HE PROPERTY: High Court Appoints Joint Liquidators
--------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, chartered
accountants of Auckland, were appointed joint and several
liquidators of Yip & He Property Investment Limited by the High
Court on October 15, 2008.

The deadline for creditors to file proofs of claim is January 15,
2009.

The liquidators can be reached at:

          PricewaterhouseCoopers
          Private Bag 92162
          Victoria Street West, Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013
          Attention: Vivian Fatupaito



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

PHIL BANK OF COMMS: PDIC Tells Shareholders to Divest Stakes
------------------------------------------------------------
BusinessWorld reports that the Philippine Deposit Insurance Corp.
(PDIC) sent a letter to Philippine Bank of Communications's
(PBCom) major shareholders -- the Luy, Chung and Nubla families --
ordering them to divest at least 67% of their holdings by March
2009, otherwise, PDIC will be forced to sell the mid-sized bank.

"All three families received a letter from the PDIC telling us we
have to proceed with the sale and to better start going through
the process because there is a deadline," PBCom Director Edwin L.
Luy was quoted by BusinessWorld as saying.

According to the report, the disposal of at least 67% of PBCOm's
shares was one of the conditions incorporated by the PDIC when it
granted Php7.64-billion financial assistance package to the bank
in 2004, during the time it was encumbered with some Php10 billion
worth of soured assets.

BusinessWorld recounts the full disposal of the bank's majority
shares has been hindered for years by a long-standing feud between
the bank's two warring factions: the Nublas and Chungs on one side
and the Luys on the other.  In November 2006, the Nubla-Chung bloc
agreed to sell their combined 58.26% holdings in PBCom to
Philtrust Bank of newspaper magnate Emilio Yap, leaving the Luy
family, which has a 39.022% stake in the bank, out in the cold,
the report said.

The PDIC, however, under the helm of the late banker Michael A.
Osmena, had ruled that PBCom's controlling shares must be sold as
a block, citing conditions in the 2004 financial assistance
agreement, BusinessWorld relates.

The report says the internal squabble has been hurting the bank,
which was supposed to profit annually by about Php200 million to
Php1 billion a year through the lifeline PDIC extended.  PBCom
posted a net loss of Php139.508 million in June, the report noted.

                           About PBCom

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different   
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

                          *     *     *

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


* PHILIPPINES: Finance Sec. Says Crisis to be Felt in 1H 2009
-------------------------------------------------------------
Citing Finance Secretary Margarito B. Teves, BusinessWorld reports
that the economy will feel the full effect of the global financial
crisis in the first half of 2009 and this may shift more borrowing
to the local debt market because overseas credit conditions are
tight.

Mr. Teves said that the Philippines, once Asia's biggest sovereign
debt issuer after Japan, was still likely to tap international
debt markets next year but the amount would be less than its
previously set target of US$1.5 billion, the report states.

The report adds that Mr. Teves said that countries around the
world, led by United States, have been cutting interest rates to
cushion the blow of the worst financial crisis in decades and to
support growth, a move that the Bangko Sentral ng Pilipinas (BSP)
should consider.

BusinessWorld notes that with the economy slowing, the government
aims to step up spending on infrastructure, social services and
cash subsidies for the country's poor, comprising about a third of
the 90 million population, to prevent a sharp economic downturn.

The government aims to fund additional spending by pursuing tax
reforms, including a simplified cigarette tax structure and
streamlined incentives for new businesses, to raise as much as
Php40 billion in new revenues, the report relates.

However, despite the additional income from the new measures, a
slowing economy and the scheduled decline in corporate income tax
next year to 30% from 35% now would pressure the government's
fiscal shortfall in 2009, BusinessWorld says.



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

DAWN AIRFREIGHT: Requires Creditors to File Claims by November 7
----------------------------------------------------------------
Dawn Airfreight International Pte Ltd requires its creditors to
file their proofs of debt by November 7, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

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


GOLDEN MANDIRI: Court to Hear Wind-Up Petition on November 14
-------------------------------------------------------------
A petition to have Golden Mandiri Pte Ltd's operations wound up
will be heard before the High Court of Singapore on November 14,
2008, at 10:00 a.m.

Maggie Meilanie Halim filed the petition against the company on
October 21, 2008.

Maggie Meilanie's solicitors are:

          Drew & Napier LLC
          20 Raffles Place
          #17-00 Ocean Towers
          Singapore 048620


MENTOR PRINTERS: Creditors' Proofs of Debt Due on November 7
------------------------------------------------------------
The creditors of Mentor Printers Pte Ltd are required to file
their proofs of debt by November 7, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


PRIMEPOWER SYSTEMS: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on October 31, 2008, the
members of Primepower Systems Pte. Ltd. resolved to voluntarily
wind up the company's operations.

Creditors are required to file their proofs of debt by Nov. 29,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Tay Joo Soon, Certified Public Accountants
          1 North Bridge Road
          #13-03 High Street Centre
          Singapore 179094


THOR HYDRAULICS: Court to Hear Wind-Up Petition on November 14
-------------------------------------------------------------
A petition to have Thor Hydraulics & Engineering Private Limited's
operations wound up will be heard before the High Court of
Singapore on November 14, 2008, at 10:00 a.m.

S T Lam & Tan BPO Pte Ltd filed the petition against the company
on October 21, 2008.

The Plaintiff's solicitors are:

          Jacob Mansur & Pillai
          49A Cantonment Road
          Singapore 089750

                         *********

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
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Information contained herein is obtained from sources believed
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