TCRAP_Public/081105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, November 5, 2008, Vol. 11, No. 220

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Unit Sells 50% Interest in Powerco NZ to QIC
CIVIL CORP ET AL: Final Meeting Is Today
DENBUR CONSTRUCTIONS: First Dividend Declared
GCH REALISATIONS: To Declare Dividends
PURPLEJAY ET AL: Members & Creditors' Meeting Held

RAYOAK PTY LTD: Members & Creditors' Meeting Set for November 10
SILKMYTH PTY ET AL: Liquidators Appointed
STYLINE KITCHENS ET AL: To Declare Dividend Today
TERMINAL PROPERTIES: Creditors Must File Claims by November 18


C H I N A

CHINA MINSHENG: To Issue Up to CNY5 Bil. Hybrid Bonds
CITIC PACIFIC: Loan Deal with Parent May Involve an Equity Issue
CHINA RAILWAY: Nigerian Gov't. Halts US$8.3 Billion Project


H O N G K O N G

AETOS CAPITAL: Commences Liquidation Proceedings
AICHI ELECTRONICS: Yan and Haughey Cease to Act as Liquidators
CERTINO LIMITED: Placed Under Voluntary Liquidation
CRANEJOY LIMITED: Creditors' Proofs of Debt Due on December 1
FORTRESS HILL: Chiu and and Yin Step Down as Liquidators

FRANKLIN MINT: Chiu and Diana Step Down as Liquidators
GOLDBOND HUALU: Members' Final Meeting Set for November 25
GOOD FINANCE: Members' Final Meeting Set for December 5
HILL WEALTH: Seng and Lo Step Down as Liquidators
KAM HOUSE: Ho and Man Quit as Liquidators

KRISPY KREME: Creditors' Meeting Slated for November 12
MEGA CHAINS: Creditors to Hold Meeting
PB FINANCE: Ho and Man Quit as Liquidators
PERMTEK LIMITED: Seng and Lo Step Down as Liquidators
SKY FOX: Commences Liquidation Proceedings

WELLDLED COMPANY: Ng Kay Lam Steps Down as Liquidator
WELLDONE CONSULTANTS: Creditors' Proofs of Debt Due on December 1
WORLD GRADE: Creditors to Hold Meeting


I N D I A

BHARTI AIRTEL: Net Income Up 27% in Qtr. Ended Sept. 30, 2008
ICICI BANK: To Review Interest Rates in Next Few Days
LOTUS ASSET: May Sell Business to Religare Aegon


I N D O N E S I A

MEDCO ENERGI: Moody's Puts B1 CFR on Review for Possible Downgrade


J A P A N

DYNACITY CORP: Funding Problems Prompts Bankruptcy Filing
EXPOLAND: Files for Bankruptcy Protection
KOWA ESTATE: Files for Bankruptcy Due to Funding Problems
MITSUBISHI MOTORS: Posts JPY1.21 Bil. Net Sales in 1H 2008


K O R E A

HYNIX SEMICONDUCTOR: Moody's Cuts Ratings to Ba3; Outlook Negative
HYNIX SEMICONDUCTOR: Posts KRW1.67 Tril. Net Loss for 3Q 2008
HYUNDAI MOTOR: U.S. Sale Fell 31% in October 2008


N E W  Z E A L A N D

937628 LTD ET AL: Commences Liquidation Proceedings
ALLFIELDS BRICK: Faces Carters' Wind-Up Petition
BAYS LOGGING: High Court Appoints Joint Liquidators
D & M BUILDERS: Members Appoint M.G. Allott as Liquidator
FINKOHE LTD: Creditors Must File Claims by November 7

HEMI CONTRACTORS: Creditors Must File Claims by January 17
LONERLEY LIMITED: High Court Appoints Joint Liquidators
MARIE HARPER: Faces CIR's Wind-Up Petition
MR FINANCE: Claims Filing Deadline Ends on November 14
MULTIMARKETING DEVELOPMENTS: Commences Liquidation Proceedings

PHOENIX FORESTRY: Faces CIR's Wind-Up Petition
SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7
TREELINE LOGGING: Creditors Must File Claims by November 15
UMBRIA CAFE: Faces Olympic Commercial's Wind-Up Petition


S I N G A P O R E

BEXCOM PTE: Court Enters Wind-Up Order
HAMCO MARINE: Court to Hear Wind-Up Petition on November 14
HESLEY COCOA: Court to Hear Wind-Up Petition on November 14
NFS PTE: Court Enters Wind-Up Order
SIN BOONLY: To Pay First and Final Dividend


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BABCOCK & BROWN: Unit Sells 50% Interest in Powerco NZ to QIC
-------------------------------------------------------------
Babcock & Brown Infrastructure (BBI), one of Babcock & Brown
Limited's listed fund, disclosed that following a competitive
sales process, a Sale and Purchase Agreement for 50% of Powerco's
New Zealand operations has been signed with Funds managed by
Queensland Investment Corporation (QIC).

The transaction demonstrates the following key elements:

   -- The sale ascribes to an Enterprise Value (EV) of
      NZ$2.05 billion for Powerco's New Zealand business -
      Powerco's total business has an EV of NZ$2.25 billion
      including Powerco Tasmania.  The sale is for 50% of
      Powerco's New Zealand operations only.  BBI will
      retain 100% of Powerco's Tasmanian gas distribution
      business, which has a book EV of NZ$200 million1.
      This transaction represents a 25% premium over the
      original 2004 acquisition price of NZ$1.8 billion.

   -- NZ$400 million in capital raised - Net proceeds from
      the sale of Powerco's New Zealand operations are
      expected to total approximately NZ$400 million, with
      financial close expected in Q1 Calendar Year 2009.
      The capital raised will be applied to reduce corporate
      debt as well as fund organic growth opportunities
      across BBI's international portfolio of infrastructure
      assets.

   -- Asset valuation supported - The sale demonstrates
      the underlying value of BBI's portfolio and the
      valuation gap between asset valuations and the
      current BBI security price. The sale price implies
      an FY08 EV/EBITDA of 9.3x for Powerco's New Zealand
      business.

   -- Shared asset control - Post financial close, BBI
      and the Funds managed by QIC will share control of
      the asset. The transaction demonstrates BBI's
      intention to align with strategic partners in the
      ownership and management of assets.

   -- Other Core Asset Sales - The co-investment and
      partnering process of BBI Euroports and WestNet
      Rail, set out at the full-year results, remains
      underway. BBI will provide an update on the
      progress of these by the end of December 2008.

BBI Chief Executive Officer, Jeff Kendrew said "The Powerco New
Zealand sale validates our view of the value of the underlying
assets in BBI.  We look forward to working closely with QIC as a
partner in Powerco, particularly given its long term focus on the
infrastructure market."

QIC's Head of Global Infrastructure, Ross Israel, said "Powerco is
a strategic core regulated utility.  As a mature business, we
expect it to provide stable long term returns.  We look forward to
working with BBI to continue to provide strong service levels for
Powerco customers and further grow the business" Mr. Israel said.

The sale is conditional upon gaining requisite consents, including
New Zealand Overseas Investment Office consent and Powerco lender
consent.

                          About Powerco

Powerco is New Zealand's second largest electricity and gas
distribution business with over 400,000 connected customers across
service areas of over 39,000 square kilometres in the North Island
of New Zealand.  Powerco also has a gas network and retail
business in Tasmania, Australia, which has been excluded from the
sale process.

                          About QIC

QIC was established in 1991 and is a leading institutional
investment manager in Australia, with funds under management of
over AU$80 billion.  It has significant expertise across all the
major asset classes, including infrastructure.

                  About Babcock & Brown Infrastructure

Based in Sydney, Australia, Babcock & Brown Infrastructure Group
(BBI) --
http://www.bbinfrastructure.com/--provides investors access to a
diversified portfolio of quality infrastructure assets.  BBI's
investment focuses on acquiring, managing and operating quality
infrastructure assets in Australia and internationally.  BBI's
portfolio is diversified across two asset class segments: Energy
Transmission and Distribution, and Transport Infrastructure. The
Company comprises of Babcock & Brown Infrastructure Trust (BBIT)
and Babcock & Brown Infrastructure Limited (BBIL).  On July 12,
2007, Benelux Port Holdings S.A, which is a 75% subsidiary of
BBIL, acquired Manuport Group NV.  On August 2, 2007, Babcock &
Brown Italian Port Holdings S.r.l, a wholly owned subsidiary of
BBIL, acquired an 80% interest in the TRI (Estate) S.p.A group of
companies.  On October 11, 2007, BBI Finnish Ports Oy, a wholly
owned subsidiary of BBIL, acquired the companies Rauma Stevedoring
and Botnia Shipping.


CIVIL CORP ET AL: Final Meeting Is Today
----------------------------------------
A final meeting of creditors and members of five companies will be
held at the offices of Cor Cordis Chartered Accountants, Level 10,
76-80 Clarence Street, Sydney on November 5, 2008, at:

   Company                                 Time
   -------                                 ----
   CIVIL CORP (NSW) PTY LIMITED            10:00 a.m.
   CLARK JOINT INVESTMENTS PTY LIMITED     10:15 a.m.
   DONNA'S BEAUTY COTTAGE PTY LIMITED      10:30 a.m.
   GF GRAPHICS PTY LIMITED                 10:45 a.m.
   YOOSHIN FIRE SYSTEMS PTY LIMITED        11:00 a.m.

The purpose of the meetings are to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

The liquidator is:

     OZEM KASSEM
     Liquidator
     Telephone: (02) 8221 8433
     Facsimile: (02) 8221 8422


DENBUR CONSTRUCTIONS: First Dividend Declared
---------------------------------------------
A first dividend was declared on October 21, 2008, for DENBUR
CONSTRUCTIONS PTY LTD.

The liquidator is:

     DANNY VRKIC
     Jirsch Sutherland
     Chartered Accountants
     PO Box 573
     Wollongong NSW 2500


GCH REALISATIONS: To Declare Dividends
--------------------------------------
GCH REALISATIONS PTY LIMITED formerly known as GULF CONVEYOR
HOLDINGS PTY LIMITED will declare a dividend to priority creditors
on November 28, 2008.

The liquidator is:

     MARTIN J. GREEN
     Ferrier Green Krejci Silvia
     1 Castlereagh Street, Level 13
     Sydney NSW 2000


PURPLEJAY ET AL: Members & Creditors' Meeting Held
--------------------------------------------------
Meetings of the members and creditors of these companies were
held:

Company                  Meeting Date & Place
-------                  --------------------
PURPLEJAY PTY LIMITED    October 30, 2008
                         Offices of Ferrier Green Krejci Silvia,
                         Level 13, 1 Castlereagh Street
                         Sydney NSW
  Liquidator:
  PETER P. KREJCI

SHARE-TECH SOFTWARE      October 31, 2008
PTY LIMITED; JAAMA       Offices of Cor Cordis
BUILDING CONSTRUCTIONS   Chartered Accountants
PTY LIMITED; K-LINK      76-80 Clarence Street, Level 10
TELECOM PTY LIMITED;     Sydney
M.K.M. INDUSTRIES
PTY LIMITED

  Liquidator:
  OZEM KASSEM


PAL EQUITY PTY LIMITED   October 30, 2008
                         Offices of Ferrier Green Krejci Silvia
                         1 Castlereagh Street, Level 13
                         Sydney NSW

   Liquidator:
   PETER P. KREJCI

HEART CHECK AUSTRALIA    October 30, 2008
PTY LIMITED              Offices of Ferrier Green Krejci Silvia
                         1 Castlereagh Street, Level 13
                         Sydney NSW

   Liquidator:
   PETER P. KREJCI

ARMSTRONG CARROLL        October 30, 2008
PTY LIMITED              Offices of Ferrier Green Krejci Silvia
                         1 Castlereagh Street, Level 13
                         Sydney NSW

   Liquidator:
   PETER P. KREJCI

MARKETING EVENTS &       October 30, 2008
MANAGEMENT SOLUTIONS     Offices of Ferrier Green Krejci Silvia
PTY LIMITED              1 Castlereagh Street, Level 13
                         Sydney NSW

   Liquidator:
   PETER P. KREJCI

UNITED FIRESERVICES      October 30, 2008
PTY LIMITED              Offices of Lawler Partners
                         763 Hunter Street
                         Newcastle West NSW 2302

   Liquidator:
   R. G. TOLCHER

GRADON CORPORATION       October 24, 2008
PTY LIMITED              21 Bolton Street, 4th Floor
                         Newcastle

   Liquidator:
   G. J. DONNELLY

WP PERKS PTY LIMITED     October 21, 2008
                         Office of Peter Woods and Associates
                         86 Currajong Street
                         Parkes 2870

   Joint Liquidators:
   PETER WOODS
   SAMANTHA BENNETT

The purpose of the meetings was to consider:

   (i) the Liquidator's account of his acts and dealings and the
       conduct of the winding up and the property of the Company
       disposed of; and

  (ii) any other matter properly brought before the meeting.


RAYOAK PTY LTD: Members & Creditors' Meeting Set for November 10
----------------------------------------------------------------
A joint meeting of the members and creditors of RAYOAK PTY LTD
will be held at the offices of Lawler Partners, Level 9, 1
O'Connell Street Sydney NSW on November 10, 2008, at 9:30 a.m.,
for the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the property
of the company disposed of and of hearing any explanations that
may be given by the Liquidator.

The liquidator is:

     C. WYKES
     Liquidator
     Lawler Partners
     Chartered Accountants
     1 O'Connell Street, Level 9
     Sydney NSW 2000


SILKMYTH PTY ET AL: Liquidators Appointed
-----------------------------------------
At a general meeting of members of these companies, it was
resolved that the company be wound up voluntarily and for that
purpose, these liquidators be appointed:

Company                    Liquidator                    Date
-------                    ----------                    ----
SILKMYTH PTY LIMITED       David Morgan                  08/28/08
                           Clout & Associates
                           144-148 West High Street, Level 1
                           Coffs Harbour NSW 2450
                           Telephone: (02) 6652 3288
                           Facsimile: (02) 6651 9393

LIFE & BALANCE PTY         Andrew Barnden and            09/17/08
LIMITED                    Ozem Kassem

VARSITY APARTMENTS         SULE ARNAUTOVIC               09/15/08
PTY LIMITED and            Jirsch Sutherland
VARSITY MANAGEMENT         GPO Box 4256
PTY LIMITED as trustee     Sydney NSW 2001
for VARSITY                Telephone (02) 9236 8333
MANAGEMENT UNIT TRUST      Facsimile (02) 9236 8334
                           E-mail: admin@jirschsutherland.com.au

* Claims Filing Deadline: November 11, 2008

DUAL DEVELOPMENTS          DAVID LEVI                    09/17/08
PTY LIMITED                c/o Levi Consulting
                           151 Macquarie Street, Level 4
                           Sydney NSW 2000

M.B.F. BUILDING            OZEM KASSEM                   09/18/08
SERVICES PTY LIMITED       BRUNO ANTHONY SECATORE
                           Cor Cordis
                           Chartered Accountants
                           76-80 Clarence St., Level 10
                           Sydney NSW 2000
                           Telephone: (02) 8221 8433
                           Facsimile: (02) 8221 8422

HOUSE NUMBERS NO.2         R. M. SUTHERLAND              09/22/08
PTY LIMITED                Jirsch Sutherland
                           GPO Box 4256
                           Sydney NSW 2001
                           Telephone: (02) 9236 8333
                           Facsimile: (02) 9236 8334
                           Email: admin@jirschsutherland.com.au

MULGUTHRIE PASTORAL        Paul Hermon Slade             09/24/08
COMPANY PTY LIMITED        304 Coonawarra Road
                           Terry Hills NSW 2084

                           John Russell Slade
                           2 Coolabah Drive
                           Orange NSW 2800

DESSIM PTY LIMITED         PHILLIP JOHN JONES            09/15/08
                           379-383 Pitt Street
                           Suite 503, Level 5
                           Sydney NSW 2000

THE MEANJIN COMPANY        CLYDE PETER WHITE             09/04/08
LIMITED                    PHILIP NEWMAN
                           HLB Mann Judd
                           Chartered Accountants
                           160 Queen Street, Level 1
                           Melbourne, VIC 3000


STYLINE KITCHENS ET AL: To Declare Dividend Today
-------------------------------------------------
A final dividend is to be declared today, November 5, 2008, for:

   -- STYLINE KITCHENS PTY LIMITED
   -- WALKER GOLF PTY LIMITED
   -- HOPE ISLAND RESORT HOLDINGS PTY LIMITED

Creditors had until October 22, 2008, to file their proofs of
claim.

The liquidator for Styline Kitchens Pty Limited is:

     MARK ROUFEIL
     31 Market Street, Level 9
     Sydney NSW 2000

The liquidators for Walker Golf Pty Limited and Hope Island Resort
Holdings Pty Limited are:

     JOHN RAYMOND GIBBONS
     KEIRAN HUTCHISON
     Ernst & Young
     680 George Street, Level 37
     Sydney NSW 2000
     Telephone: (02) 8295 6590


TERMINAL PROPERTIES: Creditors Must File Claims by November 18
--------------------------------------------------------------
At a general meeting of members of TERMINAL PROPERTIES OF
AUSTRALIA PTY LIMITED held on September 19, 2008, it was resolved
that the company be wound up voluntarily and that for that purpose
RODERICK MACKAY SUTHERLAND was appointed as Liquidator of the
company.

The deadline for creditors to file their proofs of claim is
November 18, 2008.

The liquidator can be reached at:

     Jirsch Sutherland
     GPO Box 4256
     Sydney NSW 2001
     Telephone: (02) 9236 8333
     Facsimile: (02) 9236 8334
     Email: admin@jirschsutherland.com.au



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

CHINA MINSHENG: To Issue Up to CNY5 Bil. Hybrid Bonds
-----------------------------------------------------
China Minsheng Banking Corp. said on Tuesday, October 28, 2008, it
would issue up to CNY5 billion (US$730 million) in 15-year fixed-
and floating-rate hybrid bonds to supplement its capital, Reuters
reports.

As reported in Troubled Company Reporter-Asia Pacific on September
23, 2008, citing Luo Jun of Bloomberg News, China Minsheng
received regulatory approval to raise as much as CNY15 billion
(US$2.2 billion) selling bonds after expansion in the U.S. pushed
its capital close to the regulatory minimum.

The China Banking Regulatory Commission, Bloomberg News related,
approved the sale of the 10-year bonds with call warrants to buy
shares.

                      About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s mainly provides
commercial banking services that include absorbing public
deposits, providing short term, medium term, and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


CITIC PACIFIC: Loan Deal with Parent May Involve an Equity Issue
----------------------------------------------------------------
In a regulatory filing with The Stock Exchange of Hong Kong, Citic
Pacific Limited said it is in the process of negotiating with
CITIC Group in relation to the arrangements for the standby loan
facility of US$1.5 billion which arrangements may involve an
equity issue.

The company said an announcement setting out details of the
standby loan facility (and the possible equity issue, if agreed)
will be published as and when appropriate.

The company added that trading in its shares will remain suspended
pending publication of such announcement.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct.  22, 2008, various reports said Citic Pacific may post a
nearly US$2 billion losses from unauthorized currency trade by two
of its executives.

The Wall Street Journal reported that company's group Finance
Director Leslie Chang and Chi Yin Chau, group financial
controller, were fired from their post for neglecting to provide
proper oversight.  It was "regrettable that policies and
procedures on risk management were not followed," the same report
cited Citic Pacific Chairman Larry Yung, as saying.

Citic Pacific's bet that the Australian dollar would rise incurred
losses as the currency tumbled about 30% against its U.S.
counterpart from a 25-year high reached in July, Bloomberg News
reported.  According to the WSJ, the hit to the company's bottom
line could reach HK$14.7 billion (US$1.89 billion), which is
roughly a third more than the company earned in 2007.

Moreover, Agence France-Presse said that the company also said it
had incurred loses of HK$808 million Hong Kong dollars (US104
million) in terminating leveraged foreign exchange contracts.
The size of the loss won't be known until December 31, when Citic
Pacific plans to mark to market its positions in currency-
derivative contracts, the WSJ said.

Citic Pacific's state-owned parent, Citic Group, has agreed to
step in with a standing loan of US$1.5 billion.  Citic Group holds
29% of Citic Pacific.

                      About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

                          *     *     *

As reported by Troubled Company Reporter - Asia pacific Oct. 23,
2008,  Standard & Poor's Ratings Services lowered its corporate
credit rating on CITIC Pacific Ltd. to 'BB' from 'BB+', and placed
it on CreditWatch with negative implications.  This follows CITIC
Pacific's announcement that it has incurred HK$15.5 billion losses
from various leveraged foreign exchange contracts.  At the same
time, S&P lowered its issue rating to 'BB' from 'BB+' on the
senior unsecured notes issued by CITIC Pacific Finance (2001) Ltd.
and guaranteed by CITIC Pacific.

In addition, the TCR-AP reported that Moody's Investors Service on
Oct. 23, 2008, downgraded the Ba1 corporate family rating of CITIC
Pacific Ltd and the Ba1 rating of CITIC Pacific Finance (2001)
Ltd's US$450 million bonds to Ba2.  The ratings continue
to be on review for possible downgrade.


CHINA RAILWAY: Nigerian Gov't. Halts US$8.3 Billion Project
-----------------------------------------------------------
The Nigerian government suspended work on a US$8.3 billion Lagos-
Kano railway project it entered into with China Railway
Construction Corp to redefine the contract scope, Xiao Yu of
Bloomberg News reports.

The project accounts for nearly 14 percent of China Railway's
orders value, according to the report.

News of the project suspension sent the company's shares down by
18 percent to HK$8.07 at 12:29 p.m. local time yesterday, November
4.

Li Pan, analyst at BOC International said in a research note cited
by Bloomberg News that there is "a high probability that the
project will shrink in size"
adding that the company's earnings may drop by 5 percent next year
and 8 percent in 2010 should the project not restart in 2009.

Bloomberg News says the suspension adds to China Railway's woes
after last month reporting a CNY320 million (US$47 million) loss
from wrong-way foreign currency bets.

Headquartered in Beijing, China, China Railway Construction
Corporation Limited
-- http://www.crcc.cn/-- is an integrated construction company.
It operates in four segments.  The construction operations segment
engages in the construction of infrastructures, such as railways,
highways, bridges, tunnels, metropolitan railways, airports and
ports, water conservancy and hydropower facilities, real estate
and municipal projects.  The survey, design and consultancy
operations segment engages in the provision of survey, design and
consultancy services, as well as technology and equipment research
and development services, for the construction of railways,
highways, metropolitan railways, bridges, tunnels, municipal and
power projects, airports and ports.  The manufacturing operations
segment engages in the design, research and development,
production and sale of maintenance machinery, as well as the
manufacturing of components for railway construction.  The other
business operations segment comprises real estate development and
logistics businesses.



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

AETOS CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On October 17, 2008, the members of Aetos Capital Management
(Asia) Limited passed a resolution to winding up the company's
operations.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          1401, Level 14, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


AICHI ELECTRONICS: Yan and Haughey Cease to Act as Liquidators
--------------------------------------------------------------
On October 22, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of Aichi Electronics (HK) Limited.

The company's former Liquidators can be reached at:

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


CERTINO LIMITED: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 24, 2008, the
members of Certino Limited agreed to voluntarily wind up the
company's operations.

The company's liquidator is:

          Au Wing Ip
          6B, Cameron Plaza
          23 Cameron Road, Tsimshatsui
          Kowloon, Hong Kong


CRANEJOY LIMITED: Creditors' Proofs of Debt Due on December 1
-------------------------------------------------------------
The creditors of Cranejoy Limited are required to file their
proofs of debt by December 1, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Pun Chun Sun, Bernard
          Sun Hung Kai Centre, 45th Floor
          30 Harbour Road, Hong Kong


FORTRESS HILL: Chiu and and Yin Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana stepped down as
liquidators of Fortress Hill Development Company Limited.

The company's former Liquidators can be reached at:

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


FRANKLIN MINT: Chiu and Diana Step Down as Liquidators
------------------------------------------------------
On October 27, 2008, Ying Chiu and Chung Miu Yin, Diana stepped
down as liquidators of Franklin Mint Limited.

The company's former Liquidators can be reached at:

          Ying Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GOLDBOND HUALU: Members' Final Meeting Set for November 25
----------------------------------------------------------
The members of Goldbond Hualu Investment Consultants Limited will
hold their final general meeting on November 25, 2008, at
10:00 a.m., at Room 1102, 11th Floor of Henan Building, 23 Jaffe
Road, in Wanchai, Hong Kong.

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


GOOD FINANCE: Members' Final Meeting Set for December 5
-------------------------------------------------------
The members of Gold Finance Limited will hold their final general
meeting on December 5, 2008, at 10:00 a.m., at Flat A, 16th Floor
of United Centre, in 95 Queensway, Hong Kong.

At the meeting, Tam Kwok Ming Banny, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HILL WEALTH: Seng and Lo Step Down as Liquidators
-------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Hill Wealth Investment Limited.

The company's former Liquidators can be reached at:

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


KAM HOUSE: Ho and Man Quit as Liquidators
-----------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Kam House
Limited on October 27, 2008.

The company's former Liquidators can be reached at:

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


KRISPY KREME: Creditors' Meeting Slated for November 12
-------------------------------------------------------
The creditors of Krispy Kreme Hong Kong Limited will hold their
meeting on November 12, 2008, at 11:00 a.m., for the purposes set
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.


MEGA CHAINS: Creditors to Hold Meeting
--------------------------------------
The creditors of Mega Chains (China) Limited will hold their
meeting on November 7, 2008, at 11:00 a.m., for the purposes set
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.


PB FINANCE: Ho and Man Quit as Liquidators
------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of PB
Finance Limited on October 27, 2008.

The company's former Liquidators can be reached at:

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


PERMTEK LIMITED: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
On October 25, 2008, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of Permtek Limited.

The company's former Liquidators can be reached at:

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


SKY FOX: Commences Liquidation Proceedings
------------------------------------------
On October 24, 2008, Sky Fox Investment Limited was wound up by
the delivery to the Registrar of Companies of the wind-up
statement made by the company's director.

The company's liquidators are:

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


WELLDLED COMPANY: Ng Kay Lam Steps Down as Liquidator
-----------------------------------------------------
Ng Kay Lam stepped down as liquidator of Welldled Company Limited
on October 27, 2008.

The company's former Liquidator can be reached at:

          Ng Kay Lam
          Kai Wong Commercial Building, Room 1106
          222-226 Queen's Road Central
          Hong Kong


WELLDONE CONSULTANTS: Creditors' Proofs of Debt Due on December 1
-----------------------------------------------------------------
The creditors of Welldone Consultants Limited are required to file
their proofs of debt by December 1, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 23, 2008.

The company's liquidator is:

          Lo Wa On
          Park-In Comm. Centre, Room 1901-2
          56 Dundas Street, Mongkok
          Kowloon, Hong Kong


WORLD GRADE: Creditors to Hold Meeting
--------------------------------------
The creditors of World Grade Industries Limited will hold their
meeting on November 7, 2008, at 11:00 a.m., for the purposes set
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.



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

BHARTI AIRTEL: Net Income Up 27% in Qtr. Ended Sept. 30, 2008
-------------------------------------------------------------
Bharti Airtel Limited disclosed its audited US GAAP results for
the second quarter and half year ended September 30, 2008.

The consolidated total revenues for the quarter ended
September 30, 2008, of Rs.9,020 crore grew by 42% and EBITDA of
Rs.3,699 crore grew by 37% on a year on year basis.  The net
income for the quarter ended September 30, 2008 was Rs.2,046
crore, a growth of 27% over last year.

Bharti had 7.99 crore subscribers, as on September 30, 2008, an
increase in the total subscriber base of 57% over the
corresponding period last year and maintained its leadership
position through an improved market share of all India wireless
subscribers at 24.6% as on September 30, 2008, up from 23.4%
corresponding to the same period of last year.

Commenting on the results and performance, Mr. Sunil Bharti
Mittal, Chairman & Managing Director, Bharti Airtel Limited, said
"With record customer additions every month, Airtel continues to
consolidate its leadership position in the market. The successful
launch of DTH service has provided another opportunity to the
brand to strengthen it's connect with the customers, while
generating a new revenue stream."

                 About Bharti Airtel Limited

Bharti Airtel Limited -- http://www.bhartiairtel.in/-- a group
company of Bharti Enterprises, is an integrated telecom services
provider with an aggregate of over 69.15 million customers as of
end of May 2008, consisting of 66.82 million mobile customers.
Bharti Airtel has been rated among the best performing companies
in the world in the BusinessWeek IT 100 list 2007.

Bharti Airtel is structured into three strategic business units
-- Mobile services, Telemedia services and Enterprise services.
The mobile business provides mobile & fixed wireless services
using GSM technology across 23 telecom circles.  The Telemedia
business provides broadband & telephone services in 94 cities
and is foraying into the IPTV and DTH segments.  The Enterprise
business provides end-to-end telecom solutions to corporate
customers and national & international long distance services to
carriers.  All these services are provided under the Airtel
brand.  Airtel's high-speed optic fibre network currently spans
over 73,787 kms covering all the major cities in the country.
The company has two international landing stations in Chennai
that connects two submarine cable systems -- i2i to
Singapore and SEA- ME-WE-4 to Europe.

                          *     *     *

As of June 6, 2008, Bharti Airtel continues to carry a "BB+"
Long Term Issuer Default Rating placed by Fitch on Nov. 19, 2007
with a Stable outlook.


ICICI BANK: To Review Interest Rates in Next Few Days
-----------------------------------------------------
After seeing the impact of the Reserve Bank of India's decision on
liquidity, ICICI Bank Limited managing director K V Kamath said
the bank will review interest rate in the next few days, The Times
of India reports.

Reuters India relates that the Reserve Bank on Saturday, Nov. 1,
2008, unexpectedly cut its key lending rate by 50 basis points to
7.5 percent and banks' cash reserve requirements by 100 basis
points to 5.5 percent, to infuse liquidity into the system.

                    About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

ICICI Bank Limited continues to carry a "C" Bank Fundamental
Strength Rating placed by Standard & Poor's on July 10, 2005.  The
bank's Proposed Hybrid Tier I notes (US$5 billion MTN program) and
Proposed Lower Tier II sub notes (US$5 billion MTN program) also
carry a "BB" and "BB+" rating respectively.


LOTUS ASSET: May Sell Business to Religare Aegon
------------------------------------------------
Sanat Vallikappen and Satish John at livemint.com reported that
Lotus India Asset Management Co. Pvt. Ltd may become the first
casualty of the liquidity crisis that has hit most asset
management companies in India with discussions regarding its sale
to a rival continuing late on Monday night, November 3, 2008.

Citing four people familiar with the development, livemint
said that promoted by a subsidiary of Temasek Holdings Pte Ltd and
Sabre Capital, Lotus India is being sold to Religare Aegon Asset
Management Co. Pvt. Ltd.

All four of livemint's sources labeled it a distress sale and said
the fund would not fetch a good price.  Under normal
circumstances, livemint noted, promoters of asset management
companies are paid 6% for equity assets under management and 3%
for debt assets.

In the face of heavy redemptions, livemint related, Lotus India
has seen a 31% fall in the average assets under management—from
Rs7,937 crore at the end of September to Rs5,457.7 crore in
October.

Lotus India's top management is unlikely to be retained by
Religare Aegon, but that some of them had negotiated good exit
packages for themselves, one of the four people familiar with the
situation told livemint.

According to Business Standard, Lotus India was launched only in
2005 and has not had a great track record so far.

Lotus India made a net loss of Rs 32.26 crore in 2007 and Rs 21.95
crore in 2008.  From January to September 2008, its equity funds
have made losses of 40.07 per cent, the Business Standard relates
citing Value Research Online.

Business Standard notes that Lotus India shareholders include
Temasek-promoted Alexandra Fund Management Pte Ltd (AFM), which
holds about 43 per cent, and Rana Talwar-promoted Sabre Capital
Investment Holdings that own about 32 per cent.  Employees own
another 25 per cent.



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

MEDCO ENERGI: Moody's Puts B1 CFR on Review for Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed PT Medco Energi Internasional
Tbk's B1 corporate family rating and B2 senior unsecured rating
(Senior 8.75% bonds due 2010 issued by MEI Euro Finance Limited)
on review for possible downgrade.  The review follows Medco's
announcement that the Technical Assistance Contract with PT
Pertamina EP has expired.  The TAC relates to its Tarakan, Singa-
Sanga, and Somboja Working Areas in East Kalimantan and were
formally operated and held under "PT Medco E&P Kalimantan".

"The loss of the Kalimantan TAC and its resulting cash flows,
together with the recent material decline in energy prices would
further pressure Medco's already tight liquidity profile over the
coming 12 months," says Tony Tsai, Senior Vice President at
Moody's.

"In addition, ongoing turmoil in the financial markets may
constrain Medco's access to sources of funding," says Mr. Tsai,
adding, "The Company's alternative liquidity plans, consisting of
asset divestment program, could also face prolonged negotiations
process as a result of recent volatile market conditions."

Moody's recognizes that Medco's current liquidity profile has been
bolstered by successful asset divestitures, however, these are
countered by sizeable debt maturities capital expenditure, and
dividend needs over the next twelve months.

The review will focus on measures taken by Medco to improve its
liquidity profile and its capex plan to cope with reinvestment
risk given that its depleting reserves are undergoing long-term
natural decline. Moody's notes the company needs to secure
committed long-term financing to fund its upcoming 2009
maturities, amounting to over $400 million, and capital
expenditure requirements, estimated to cost approximately $350-
$400 million over the next 12 months.  In addition, Moody's will
monitor the company's ability to monetize its non-core assets as
part of the asset enhancement divestiture program.

The rating could be subject to downward pressure in the event that
Medco is unable to maintain liquidity and operational profiles
consistent with our previous expectations.

Headquartered in Jakarta, PT Medco Energi Internasional Tbk is
predominantly an oil and gas exploration and production (E&P)
company with additional operations in drilling, downstream oil &
gas activities and power generation.  Through its acquisition of
Novus Petroleum of Australia in 2004, Medco gained a platform to
expand overseas, to the US, Middle East, Libya, Tunisia, Oman,
Cambodia and Yemen.  Its international assets, which are mostly in
the exploration stages, remains small, accounting for 3% of proved
reserves and 2% of annual production as at December 31, 2007.  Its
annual production capacity is approximately 17 million barrels of
oil equivalent ("mmboe") and 40 million cubic feet of gas ("bcf").
The company reported sales of $1,313 million for the trailing
twelve months ending September 30, 2008.



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

DYNACITY CORP: Funding Problems Prompts Bankruptcy Filing
---------------------------------------------------------
Dynacity Corp. has collapsed due mainly to funding problems amid a
quickly deteriorating business environment for the industry, Jiji
Press reports.

According to the report, the Japanese condominium developer filed
for bankruptcy protection with JPY52 billion in debts and will be
delisted from the Jasdaq Securities Exchange on December 1, 2008.

In 2005, the report recalls, Dynacity saw its creditworthiness
hurt by a drug scandal involving its president.  It then formed an
alliance with Livedoor Co., but the relationship quickly collapsed
following the arrest of Livedoor executives in early 2006.

Jiji Press relates that the company has recently had been seeking
rehabilitation under the help of billing service company Invoice
Inc.


EXPOLAND: Files for Bankruptcy Protection
-----------------------------------------
Japan Today reports that the Expoland amusement park in Suita,
Osaka Prefecture, filed for bankruptcy protection with the Osaka
District Court on Wednesday, October 29, 2008.

Japan Today relates that the park operator has liabilities of
JPY1.6 billion due to a falling number of visitors following last
year’s fatal roller coaster accident.

According to The Yomiuri Shimbun, Expoland president Tadakazu
Shimizu said it had asked seven firms to support its
reconstruction.

"We couldn't overcome the negative image caused by the fatal
accident," the Shimbun quoted Mr. Shimizu as saying.  "The firms
didn't believe they could profit from supporting us because of the
unexpectedly large decrease in visitors."

The Shimbum recounts that Expoland suspended its operations in May
2007, shortly after the fatal accident.  It reopened the following
August but again suspended operations in December of the same year
as the number of visitors was down 80 percent from the same period
the previous year.

Expoland --
http://www.themeparkreview.com/photos/expoland/expoland.htm--
was opened as the amusement zone at the International Exposition
in 1970 (Expo '70) and thrived over 30 years as an amusement park.
There are more than 40 rides and attractions, 19 restaurants and
shops.


KOWA ESTATE: Files for Bankruptcy Due to Funding Problems
---------------------------------------------------------
Kowa Estate Inc. has collapsed due mainly to funding problems amid
a quickly deteriorating business environment for the industry,
Jiji Press reports.

The report says the Japanese condominium developer had debts of
JPY14.3 billion.


MITSUBISHI MOTORS: Posts JPY1.21 Bil. Net Sales in 1H 2008
----------------------------------------------------------
Mitsubishi Motors Corporation disclosed its sales and financial
results for the first half of the 2008 fiscal year ending
March 31, 2009, and outlined its forecast for the full year.

1. 1H 2008 results

  (1) Performance overview

      Mitsubishi Motors posted consolidated net sales of
      1,214 billion yen for the first half of fiscal year
      2008 (April 1 through September 30, 2008), an eight
      percent decrease of 99.4 billion yen over the same
      period last year (1,313.4 billion yen). The drop in
      net sales, resulting from lower unit sales and the
      impact of the stronger yen, was partly countered by
      increased revenues stemming from a more profitable
      model mix as well as other factors.

      Mitsubishi Motors posted operating income of 25.4
      billion yen, a 35 percent increase of 6.6 billion
      yen over the same period last year despite sharp
      increases in the cost of raw materials and the
      impact of the stronger yen. Factors contributing to
      the improvement include a more profitable model mix
      as well as reductions in selling and marketing as
      well as other costs.  The company posted ordinary
      income of 20.9 billion yen, a year-on-year increase
      of 14.3 billion yen. This was due to a higher
      operating income, favorable changes in the balance
      of interest paid and received and improved gains in
      foreign exchange transactions.

      Mitsubishi Motors posted a net profit of 12.8 billion
      yen, a year-on-year improvement of 18.4 billion yen
      and the first profit for the first half since FY2002.
      This improvement was due to an increase in ordinary
      income and to the elimination of such extraordinary
      losses as reorganization costs incurred in the
      integration of domestic consolidated sales companies,
      which were booked in the previous fiscal year.

  (2) Unit sales

      Mitsubishi Motors' global retail unit sales for the
      first half of fiscal 2008 totaled 602,000 vehicles,
      a 13 percent decrease of 89,000 units compared to
      691,000 for the same period last year.

      In Japan, where overall demand remained at virtually
      the same level as last year, Mitsubishi Motors posted
      unit sales of 83,000 vehicles, a 17 percent decline
      of 18,000 units year on year. This was primarily due
      to the fact that, amid intensifying competition, the
      company did not bring its new models to market until
      September.

      In North America Mitsubishi Motors posted unit sales
      of 71,000 vehicles, a 22 percent decrease of 21,000
      units over the same period last year. While unit
      sales increased in Canada and Mexico, the fall in
      total unit sales is attributed to a deterioration in
      consumer confidence and to the credit crunch brought
      about by financial instability in the United States.

      In Europe Mitsubishi Motors potsed unit sales of
      168,000 vehicles. This slight increase over the
      previous year was due mainly to higher sales in Russia
      and Ukraine which offset lower sales in the countries
      of Western Europe.

      In its Asia & Other regions, Mitsubishi Motors posted
      unit sales of 280,000 vehicles, a 15 percent decrease
      of 51,000 units compared to the previous year. Despite
      firm sales in Indonesia, the Philippines and Brazil,
      sales fell due to the ending of the supply of parts
      for local vehicle assembly to Proton Holdings Berhad
      in Malaysia and to the impact of slower sales in other
      markets.

2. 2008 full-year forecast

   In the light of its first half results and of the current
   sales climate, Mitsubishi Motors has revised the full-year
   forecasts announced on April 25 2008.

   Mitsubishi Motors has revised its full-year global unit
   sales (retail) forecast in anticipation of significantly
   slower sales in all markets due to the impact of the
   world-wide financial turmoil and slowdown in the global
   economy. The company has lowered its full-year unit sales
   forecast to 1,228,000 vehicles, a six percent reduction
   of 81,000 units compared to the previous forecast.

   Mitsubishi Motors has lowered its net sales forecast to
   2,360 billion yen, an 11 percent decrease of 290 billion
   yen on the previous forecast. This is in line with the
   company's revision of its unit sales forecast and a
   review of exchange rates expected for the second half.
   The company has revised its operating income forecast
   to 50 billion yen, a 17 percent decrease of 10 billion
   yen, factoring in comprehensive cost reductions to
   counter the impact of reduced unit sales. The company
   has revised its ordinary income forecast to 43 billion
   yen, a 10 percent decrease of 5 billion yen, factoring
   in an improvement in the balance of interest paid and
   received.  The company leaves its original full-year
   net income forecast of 20 billion yen unchanged due to
   favorable changes in extraordinary income and loss items
   and in corporate taxes in the first half of fiscal 2008.

3. Strategic mid-term tactics (by region)

   The global financial crisis is impacting the automobile
   industry as seen in a weakening of consumer confidence
   and in the effects of the credit crunch. It is clear
   that there will be a significant drop in overall demand
   in the mature economies of Europe and North America
   and also that there will be a slowdown in the economies
   of many of the emerging nations that have until recently
   been relatively buoyant.

   Mitsubishi Motors will focus all its efforts on reviewing
   its work processes and renew its efforts to reduce costs.
   At the same time the company will, from a mid- to long-
   term perspective, accelerate promotion of its "building
   on our strengths" and "revise work processes" policies.

   Starting in the second-half of fiscal 2008, Mitsubishi
   Motors will introduce the Lancer series and the new
   Pajero Sport model into many world markets and, at the
   same time, will implement the regional mid-term
   initiatives outlined below.

  (1) Initiatives in mature markets

      - Japan

        Strengthen after-sales services business and
        maximize efficiencies in sales network.

      - USA

        Meet shift in demand to smaller cars; streamlining
        and cost reduction at Illinois plant.

      - Europe

        Add more low-CO2 emission models to the lineup;
        raise capacity utilization at European production hub.

   (2) Initiatives in emerging markets

       - Russia, Ukraine

         Introduce new Pajero Sport; expand sales network

       - China

         Establish new sales company to boost built-up
         imports business

       - Middle East

         Introduce new Pajero Sport; establish new Controlling
         company to strengthen support structure for sales,
         parts and after-sales service operations

       - Brazil

         Introduce new Pajero Sport; expand range of "green"
         flexible fuel vehicles (FFV)

   (3) Entry into new markets and other initiatives

       - Korea
         Start vehicle sales through sole distributor MMSK
         Corporation.

        - Thailand

          Start production of new Pajero Sport SUV

        - India

          Strengthen presence in SUV segment with introduction
          of locally-produced Outlander model.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, JCR affirmed the BB/Stable, J-3 and BB- ratings
on senior debts, CP program and Euro Medium Term Note Programme of
the issuer, respectively.

On May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.



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

HYNIX SEMICONDUCTOR: Moody's Cuts Ratings to Ba3; Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 Hynix
Semiconductor, Inc.'s corporate family rating and senior unsecured
bond rating.  The outlook for the ratings remains negative.

"This rating action reflects Hynix's weakened credit profile and
operating performance as a result of the weaker-than-expected
state of the memory industry, including severe drops in prices for
global dynamic random access memory (DRAM) products," says Ken
Chan, a Moody's Vice President.

"The company's operating losses in 3Q08 widened as compared to
2Q08, resulting in a high likelihood that it could breach certain
loan covenants by end-2008," says Mr. Chan.

On the other hand, Moody's draws certain comfort from the support
Hynix receives from most of its creditors, which are also
shareholders.

In terms of memory market trends, overall visibility remains low.
Current global financial turmoil injects uncertainties and is
delaying the pick-up in demand with PC shipment growth slowing to
mid-single digits in 3Q08.

Although memory-per-box continues to increase, market recovery
requires sustainable and stronger PC shipment growth.  Given the
sluggish outlook for the economy and corporate IT spending, we are
cautiously expecting a recovery by 2H09.

Despite current market condition, Hynix maintains relative
competitiveness -- in both processing geometry and scale -- as the
second largest DRAM maker globally.

The negative outlook reflects the challenging operating
environment and the potential breach of financial covenants.

The rating outlook could return to stable if Hynix improves its
operating performance and liquidity profile, such that there will
not be any potential breach of the financial covenants of its
loans and, at the same time, maintains Total Debt/Capitalization
below 45-50% and EBITDA to interest coverage above 4-6x on a
sustained basis.

On the other hand, Hynix's ratings could be downgraded if: 1) the
company is not granted a waiver from its creditors on the
potential breach of financial covenants for its FY08 results ; 2)
the industry and memory prices continue to trend downwards which
affects Hynix's access to capital markets, such that its balance
sheet liquidity deteriorates further; 3) there are material delays
in its technology migration process, and which negatively affects
its competitiveness against its peers; and 4) Total
Debt/Capitalization exceeds 50% and EBITDA to interest coverage
falls below 3.5-4.0x over the cycle.

Hynix Semiconductor Inc, headquartered in Kyongki-do, Korea, is
the world's second largest dynamic random access memory
manufacturer.


HYNIX SEMICONDUCTOR: Posts KRW1.67 Tril. Net Loss for 3Q 2008
-------------------------------------------------------------
Hynix Semiconductor Inc. disclosed results for third quarter ended
September 30, 2008.  The company recorded the consolidated
revenues of KRW1.84 trillion which is slightly lower than KRW1.86
trillion in the previous quarter.

Revenues from DRAM increased with 20% bit growth and 11% drop in
ASP.  However, NAND flash price declined 23% with negative 14% bit
growth.  The company said although it attempted to cut the losses
by closing down inefficient 200mm fabs, total operating costs
increased due to cost related to inventory write-offs.  Thus, the
operating loss increased to 465 billion won from 172 billion won
in the previous quarter, resulting in negative 25% operating
margin.

Net loss for the quarter amounted to KRW1.67 trillion with
negative 91% of margin.  The big difference between the operating
loss and net loss is primarily due to the net foreign currency
transaction and translation loss that incurred as a result of
weakened Korean won against US dollar, and valuation loss of PP&E
related to shut down of two 200mm fabs, M7 and M9, during the
quarter.

On the balance sheet, the company's consolidated cash and short-
term financial instruments decreased by KRW188 billion
sequentially to KRW1.23 trillion.  The interest-bearing debts
increased by KRW881 billion to KRW7.84 trillion at the end of the
third quarter, largely due to substantial exposure of its foreign
currency denominated debt that was affected by the weak Korean
won.  Consequently, debt to equity ratio went up to 109% and net
debt to equity ratio to 92% from previous quarter's 83% and 66%,
respectively.

                      About Hynix Semiconductor

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on Nov. 3,
2008, Standard & Poor's Ratings Services 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.


HYUNDAI MOTOR: U.S. Sale Fell 31% in October 2008
-------------------------------------------------
Yonhap News Agency reported that Hyundai Motor Co. said its
October sales in the U.S. fell 31 percent from a year ago, amid
tight auto finance credit and signs of an economic recession in
the world's largest economy.

"We are experiencing one of the most challenging times in recent
automotive history," Yonhap News quoted Dave Zuchowski, vice
president of Hyundai's U.S. Subsidiary, as saying.

According to the Associated Press, Hyundai said volumes fell
across all of its models, including its top-selling sedans.  Sales
of its Sonata car slumped 16.5 percent to 7,943, while Accent
sales fell at a similar rate.

AP says sales of the company's sport utility vehicles fell even
more sharply.  Its best-selling SUV, the Santa Fe, tumbled 36.1
percent to 3,794, while sales of the Tucson plunged by two-thirds
to 988.

Hyundai, AP notes, has sold 358,484 vehicles in the U.S. this
year, compared with 388,639 a year earlier.

Meanwhile, English.chosun.com reported that Hyundai Motor will
stop making its large Equus sedan next month.

English.chosun.com recounts that the Equus was launched in Korea
in April 1999.  But after Hyundai’s first rear-wheel-drive luxury
sedan Genesis was launched in January this year, Equus sales
plummeted, and only 374 were sold in September.

                     About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
U.S. since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.



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

937628 LTD ET AL: Commences Liquidation Proceedings
---------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of 937628 Limited by the High Court
on October 17, 2008.

The deadline for creditors to file their proofs of claim is
January 17, 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


ALLFIELDS BRICK: Faces Carters' Wind-Up Petition
------------------------------------------------
On September 24, 2008, an application to put Allfields Brick &
Block Specialists Limited into liquidation was filed in the High
Court at Wellington.

The application was heard before the High Court at Wellington on
November 4, 2008.

The plaintiff is Carters, a division of Carter Holt Harvey
Limited, a supplier of building materials, whose address for
service is at the offices of Edmund Lawler & Associates, PO Box
25931, St Heliers, Auckland.

The plaintiff's solicitor is EDMUND LAWLER.


BAYS LOGGING: High Court Appoints Joint Liquidators
---------------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered accountants
of HFK Limited, were appointed liquidators of Bays Logging Limited
by order of the High Court on October 15, 2008.

The liquidators fixed November 15, 2008, as the last day for
creditors to file their proofs of claim.

Inquiries may be directed during normal business hours to:

     Marie Inch
     HFK Limited
     567 Wairakei Road
     PO Box 39100
     Christchurch
     Telephone: (03) 352 9189


D & M BUILDERS: Members Appoint M.G. Allott as Liquidator
---------------------------------------------------------
The liquidation of D & M Builders Queenstown Limited commenced on
October 10, 2008, when the members appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidator by the passing
of a special resolution by entry in the company minute book.

The liquidator will dispense with a meeting of creditors in order
to keep costs to a minimum and maximize returns to creditors.

The liquidator fixes November 19, 2008, as the last day for
creditors to make their claims and establish any priority their
claims may have.

The liquidator can be reached at:

     Murray G. Allott
     111 Bealey Avenue
     Christchurch 8013
     Postal Address: PO Box 29432, Christchurch 8540
     Telephone: (03) 365 1028
     Facsimile: (03) 365 6400
     Email: murray@profitco.co.nz


FINKOHE LTD: Creditors Must File Claims by November 7
-----------------------------------------------------
Richard Burge and Edward Jansen were appointed joint and several
liquidators of Finkohe Limited.  The liquidation commenced on
October 6, 2008, at 9:00 a.m.

The liquidators fixed Friday, November 7, 2008, as the day on or
before which the creditors of the company are to make their claims
and to establish any priority their claims may have.

Inquiries may be directed by a creditor or shareholder of the
company during normal business hours to:

     Richard Burge
     WHK Sherwin Chan & Walshe
     PO Box 30568
     Lower Hutt
     Telephone: (04) 569 9069


HEMI CONTRACTORS: Creditors Must File Claims by January 17
----------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Hemi Contractors Limited by the
High Court on October 17, 2008.

The deadline for creditors to file their proofs of claim is
January 17, 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


LONERLEY LIMITED: High Court Appoints Joint Liquidators
-------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Lonerley Limited by the High
Court on October 17, 2008.

The deadline for creditors to file their proofs of claim is
January 17, 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


MARIE HARPER: Faces CIR's Wind-Up Petition
------------------------------------------
On September 26, 2008, an application to put Marie Harper 2007
Limited into liquidation was filed in the High Court at Whangarei.
The application was heard before the High Court at Whangarei on
November 3, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries
to: R. E. Harvey on telephone (09) 336 7556).

The plaintiff's solicitor is S. J. EISDELL MOORE.


MR FINANCE: Claims Filing Deadline Ends on November 14
------------------------------------------------------
By special resolution of shareholders, Michael Roy Graham Batey,
of Hastings, was appointed as liquidator of Mr Finance Limited on
October 15, 2008.

Creditors should file claims with the liquidators by November 14,
2008.

For enquiries contact:

     Michael R. G. Batey
     PO Box 44
     Hastings
     Telephone: (06) 872 7700
     Facsimile: (06) 872 7781


MULTIMARKETING DEVELOPMENTS: Commences Liquidation Proceedings
--------------------------------------------------------------
Multimarketing Developments Limited resolved on October 16, 2008,
to be put into liquidation.  Iain Andrew Nellies and Paul William
Gerrard Jenkins were appointed liquidators jointly and severally.

The liquidators can be reached at:

     Insolvency Management Limited
     Burns House, Level 3
     10 George Street
     PO Box 1058
     Dunedin


PHOENIX FORESTRY: Faces CIR's Wind-Up Petition
----------------------------------------------
On September 3, 2008, an application to put Phoenix Forestry
Contractors Limited into liquidation was filed in the High Court
at Whangarei.

The application was heard before the High Court at Whangarei on
November 3, 2008.

The plaintiff is the Commissioner of Inland Revenue, whose address
for service is Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland; Enquiries
to: R. E. Harvey on telephone (09) 336 7556.

The plaintiff's solicitor is S. J. EISDELL MOORE.


SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7
-------------------------------------------------------------
On July 11, 2008, an application to put Southland Stone and Marble
Co 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 Simon John Eisdell Moore, Crown Solicitor, at the
offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65
Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries
to: R. E. Harvey on telephone (09) 336 7556).

The plaintiff's solicitor is S. J. EISDELL MOORE.


TREELINE LOGGING: Creditors Must File Claims by November 15
-----------------------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered accountants
of HFK Limited, were appointed liquidators of Treeline Logging
(Nelson) Limited by order of the High Court on October 15, 2008.

The liquidators fixed November 15, 2008, as the last day for
creditors to file their proofs of claim.

Enquiries may be directed during normal business hours to:

     Marie Inch
     HFK Limited
     567 Wairakei Road
     PO Box 39100
     Christchurch
     Telephone: (03) 352 9189


UMBRIA CAFE: Faces Olympic Commercial's Wind-Up Petition
--------------------------------------------------------
On September 24, 2008, an application to put Umbria Cafe Limited
into liquidation was filed in the High Court at Auckland.  The
application is to be heard before the High Court at Auckland on
December 15, 2008, at 10:00 a.m.

The plaintiff is Olympic Commercial Launderers Limited, whose
address for service is at the offices of Whitlock & Co., c/o Level
2, Baycorp House, 15 Hopetoun Street, Auckland.

The plaintiff's solicitor is MALCOLM DAVID WHITLOCK.



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

BEXCOM PTE: Court Enters Wind-Up Order
--------------------------------------
On October 24, 2008, the High Court of Singapore entered an order
to have Bexcom Pte Ltd's operations wound up.

The company's liquidators are:

          Aaron Loh Cheng Lee
          Seshadri Rajagopalan
          c/o M/s Ernst & Young Solutions LLP
          One Raffles Quay
          Level 18, North Tower
          Singapore 048583


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

PT. Marcopolo shipyard filed the petition against the company on
October 23, 2008.

PT. Marcopolo's solicitors are:

           Messrs. Ang & Partners
           79 Robinson Road, #22-00 CPF Building
           Singapore 068897


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

Jurong Town Corporation filed the petition against the company on
October 21, 2008.

Jurong Town's solicitors are:

           Ramdas & Wong
           30 Robinson Road
           #10-01 City House
           Singapore 068877


NFS PTE: Court Enters Wind-Up Order
-----------------------------------
On October 24, 2008, the High Court of Singapore entered an order
to have NFS Pte Ltd's operations wound up.

The company's liquidator is:

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


SIN BOONLY: To Pay First and Final Dividend
-------------------------------------------
Sin Boonly Electrical Pte Ltd, which is in compulsory liquidation,
will pays first and final dividend to its creditors on Nov. 7,
2008.

The company will pay 100% of dividend to preferential creditors,
while 14.995% to unsecured creditors.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive #08-11
          Orchard Towers Rear Block
          Singapore 229594



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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

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

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

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





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