TCRAP_Public/081111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, November 11, 2008, Vol. 11, No. 224

                            Headlines

A U S T R A L I A

ABC LEARNING: Gets AU$22 Mil. Gov't. Aid to Stay Open Until Dec.
ADVANCED BUILDING: Members Agree on Voluntary Liquidation
BABCOCK & BROWN: Sells Management Rights in BCM for AU$32.5 Mil
FORD CREDIT AUSTRALIA: Moody's Cuts Sr. Unsecured Rating to B3
FORTESCUE METALS: 10-Day Plant Shutdown to Start on Nov. 17

GANJULE PTY: Members Receive Wind-Up Report
HARLEQUIN TRADING: Appoints Kugel and Warner as Liquidators
JETSTAR ET AL: Placed Under Voluntary Liquidation
LOLLBACK NOMINEES: Members Hear Wind-Up Report
MOUNT GIBSON: Customer Defaults Prompt AU$162.5 Mil. Rights Issue

NSW LEATHER: Members Hear Wind-Up Report
PIRIE PTY: Placed Under Voluntary Liquidation
REDSCAPE PTY: Members Agree on Voluntary Liquidation
REMBRANDT AUSTRALIA: S&P Withdraws D Ratings on AUD90 Mil. Notes
SELMON OYSTERS: Members Receive Wind-Up Report

* 28 Companies Declare Final Dividends


C H I N A

SINOPEC CORP: Nine Months Ended Sept. 30 Net Profit Drops 63.7%


H O N G K O N G

AMERICAN INTERNATIONAL: Considers Changes in Gov't Loan Pact
BEST WESTERN: Placed Into Voluntary Liquidation
BILLION UP: Creditors to Meet on November 21
HING CITY: Placed Into Voluntary Liquidation
KONGSONIC ELECTRONICS: Creditors to Meet on November 21

LOIREY INVESTMENTS: Members' Final Meeting Slated for December 12
NEW ASIA: Creditors' Meeting Set for November 19
PAK LEE: Members' Final Meeting Scheduled on December 12
PLATINUM TECHNOLOGY: Sole Member to Hear Wind-Up Report on Dec. 8
SKY FOX: Creditors' Meeting Set for November 19

VIVITAR (ASIA): Creditors' Proofs of Debt Due on November 28


I N D I A

GENERAL MOTORS: Poor Liquidity Cues Fitch's Negative Watch Posting
NUTAN SAHAKARI: Reserve Bank Cancels License Due to Insolvency
RANBAXY LAB: Completes Sell of Equity Shares to Daiichie Sankyo
RANBAXY LABORATORIES: RBI Rejects Early Redemption of Bonds
TATA MOTORS: Shuts Two Plants for Six Days Due to Lower Demand

TATA MOTORS: Jaguar Land Rover to Eliminate 400 UK Jobs
TATA STEEL: Extends Production Cuts Beyond December 2008


I N D O N E S I A

BANK RAKYAT: Posts IDR654 Bil. Loss on Indover Liquidation
EXCELCOMINDO PRATAMA: Taps US$140 Mil. Offshore Loan
* S&P Affirms Indonesia's Low-B Ratings With Stable Outlook


J A P A N

GMAC LLC: JCR Lowers Long Term Senior Debt Rating to 'B-'
JAPAN INTERPRETERS: Cancels Scheduled Examinations
SUMITOMO REALTY: S&P Puts Stable Outlook on 'BB+' Corp. Rating
TR PREFERRED: JCR Affirms Preferred Securities Rating at 'BB+'


N E W  Z E A L A N D

AUBERGINE HOLDINGS: Fixes November 21 as Last Day to File Claims
BAR AND BISTRO: Proofs of Claim Filing Deadline is November 20
CONCOURS CAR: Creditors' Proofs of Debt Due on November 20
DELTA SPECIALISED: Fixes November 20 as Last Day to File Claims
DSP GROUP: Proofs of Claim Filing Deadline is November 20

FORD MOTOR CREDIT NZ: Moody's Cuts Sr. Unsecured Rating to B3
GOTTY & SONS: Fixes November 21 as Last Day to File Claims
GOVERNORS BAY: Fixes November 20 as Last Day to File Claims
HARAHEMERA LTD: Creditors' Proofs of Debt Due on November 21
INSTALL SOLUTIONS: Fixes November 20 as Last Day to File Claims

LINING SERVICES: Liquidation Hearing Scheduled on November 19
MICHAEL HOWARD: Fixes November 21 as Last Day to File Claims
NZ HOTEL ET AL: Commences Liquidation Proceedings
PALAZZO NATURAL: Requires Creditors to File Claims by November 20
REMBRANDT NEW ZEALAND: S&P Withdraws D Rating on NZD70 Mil. Notes

STANDARD SIXTY: Requires Creditors to File Claims by November 20
RENAISSANCE HOMES: Fixes November 20 as Last Day to File Claims
STYLE PROPERTIES: Fixes November 21 as Last Day to File Claims
SUBWAY SOUTH: Fixes November 20 as Last Day to File Claims
THE MARIN: Fixes November 21 as Last Day to File Claims


P H I L I P P I N E S

WATERFRONT PHILIPPINES: Lender Puts Two Cebu Hotels for Sale
* PHILIPPINES: GIR Stood at US$35.7 Bil. as of end-October 2008
* PHILIPPINES: Inflation Drops Further in October to 11.2 Percent


S I N G A P O R E

FRASERS COMMERCIAL: Moody's Withdraws Ba2 Corp. Family Rating
KATONG EMPORIUM: Court Enters Wind-Up Order
ORIENTAL RESTAURANT: Court Enters Wind-Up Order
QNITY NETWORKS: Pays First and Final Dividend
SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS

SEA CONTAINERS: Can Access $150MM DIP Funding from Fortis Bank
SPORTS STOP: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week November 3 to November 7, 2008


                         - - - - -


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

ABC LEARNING: Gets AU$22 Mil. Gov't. Aid to Stay Open Until Dec.
----------------------------------------------------------------
The Australian Associated Press reported that the Federal
Government will commit up to AU$22 million to ensure ABC Learning
Centres Limited will stay open until the end of the year.

The AAP relates that the rescue funding was announced by Deputy
Prime Minister Julia Gillard as she revealed that a preliminary
analysis had found 40% of ABC's 1,040 centers are not profitable.

According to the report, the funding will be used to keep the
centres open for the next two months.  However, Ms. Gillard said
the government would not step in to buy or operate the centers.

                  About ABC Learning Centres

ABC 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 ABC Developmental Learning Centres Pty Ltd, ABC
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, ABC  Developmental Learning Centres (NZ) Ltd.,
ABC New Ideas Pty. Ltd., ABC 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
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of ABC and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


ADVANCED BUILDING: Members Agree on Voluntary Liquidation
---------------------------------------------------------
The members of Advanced Building & Administration Services Pty
Limited met on September 12, 2008, and agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

          Neil Robert Cussen
          Paul Weston
          Deloitte Touche Tohmatsu
          Grosvenor Place, 225 George Street
          Sydney NSW 2000


BABCOCK & BROWN: Sells Management Rights in BCM for AU$32.5 Mil
---------------------------------------------------------------
Babcock & Brown Limited disclosed that it has agreed to sell its
rights to manage Babcock & Brown Capital (BCM) under the
Management Agreement between Babcock & Brown and BCM, subject to
BCM shareholder approval.

Pursuant to the agreement, Babcock & Brown said it will also
support the Board of BCM in conducting a review of its portfolio
of assets which may lead to a change of control of BCM or its
underlying assets and which will also involve responses to
expressions of interest already received in relation to BCM.

Michael Larkin, CEO of Babcock & Brown said, "Today's agreement
with BCM is in line with Babcock & Brown's commitment in June 2008
that as part of our strategic review we would work with our listed
funds to remove the gap between the underlying asset values and
their respective trading prices.  This initiative is also
consistent with our objective of narrowing the focus of Babcock &
Brown's activities, including our funds management activities."

                      Details of Agreement

Babcock & Brown has entered into an agreement with BCM for the
termination of the Management Agreement on the following terms:

   * Payment of cash consideration to Babcock & Brown
     of AU$32.5 million payable upon termination of the
     existing Management Agreement (which would occur
     following shareholder approval);

   * Payment of AU$12.5 million for the termination of
     the Babcock & Brown preferred advisory mandate,
     conditional upon a change of control occurring
     in BCM (or eircom) prior to April 30, 2010; and

   * Payment of AU$5 million to Babcock & Brown for
     advisory services related to BCM's sale review
     process, conditional upon a change of control
     occurring in BCM (or eircom) prior to April 30,
     2010.

BCM Directors intend to put the resolution to terminate the
Management  Agreement to a vote of BCM shareholders at an
Extraordinary General Meeting to be held no later than
February 28, 2009, Babcock & Brown said.

Pursuant to the termination agreement, Babcock & Brown will be
entitled to nominate one director for appointment to the BCM
Board, until the earlier of April 30, 2010, and the date when
Babcock & Brown ceases to hold at least 10 million shares in BCM.
Babcock & Brown and UBS are jointly advising BCM in the Review
process.

Until shareholder approval is received the existing BCM management
team will continue to manage the fund's portfolio of assets, the
Babcock & Brown added.

                   About Babcock & Brown Capital

Babcock & Brown Capital Limited (ASX:BCM)--
http://www.babcockbrowncapital.com/-- is an Australia-based
investment company that focuses on building a portfolio of
investments with a flexible investment time horizon.  In August
2006, the company completed the acquisition of a 57.1% stake in
eircom Group plc, a telecommunications company.  The company has
two business segments: telecommunications, whose principal
investments and investment management activities are in the
telecommunications sector, and corporate, which includes
management of the funds in the company that remain uninvested in
the entities outside of the company.  BCM principally operates in
Australia and Ireland.  On Aug. 1, 2007, BCM announced the
acquisition of G.P.M. Classified Directories (Management &
Marketing) Ltd, also referred to as Golden Pages Israel.

                      About Babcock & Brown

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

                          *     *     *

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


FORD CREDIT AUSTRALIA: Moody's Cuts Sr. Unsecured Rating to B3
--------------------------------------------------------------
Moody's Investors Service lowered the debt ratings of Ford Motor
Company, Corporate Family and Probability of Default Ratings to
Caa1 from B3.  The company's Speculative Grade Liquidity rating
remains at SGL-3 and the rating outlook is negative.  In a related
action Moody's also lowered the long-term rating of Ford Motor
Credit Company to B3 from B2.  The outlook for Ford Credit is
negative.

The downgrade of Ford's ratings reflects Moody's expectation that
the severity and duration of the erosion in the US automotive
sector will limit the company's ability to stem its pace of
operating cash consumption.  Declining consumer confidence, a
depressed housing market, and contracting availability of credit
to fund retail purchases of vehicles are likely to result in
annual light vehicle shipments of under 12.5 million units during
2009, down from a seasonally adjusted annual level of 14 million
units through September 2008, and more that 16 million units
during 2007.  Moreover, Moody's remains concerned that the ongoing
fragility in the overall economy and financial markets could
contribute to annual shipments materially below 12.5 million units
during 2009.

Bruce Clark, senior vice president with Moody's said, "There will
be a considerable degree of downside risk in the US auto sector
through 2009.  The problem is that despite Ford's building its
plan on reasonably conservative expectations for US shipments,
things could easily be worse than the company plans."  Clark went
on to note that, "This ongoing downside risk and volatility
surrounding automotive demand could further constrain the company
liquidity profile, and is a major contributor to the Caa1 rating
and negative outlook."

Beyond the challenges in the US market, Ford will also have to
contend with softening demand in other markets, particularly
Europe which contributed $1.6 billion in pre-tax profits for the
twelve month through September 2008.  Recently, the pace of
decline in European markets has accelerated, and could contribute
to further erosion of Ford's earnings and cash flow.

Moody's also noted that Ford's key credit metrics are all solidly
consistent with the Caa rating category.  For the twelve months
through September 2008 operating cash flow was a negative
$13.5 billion, which included a significant cash outflow related
to working capital.  Moreover, EBIT was negative and consequently
did not cover interest expense, and the ratio of balance sheet
debt to reported EBITDA exceeded 6 times.  Moody's believes that
even if Ford were to receive some assistance in the form of
government loans, these and other fundamental credit metrics would
remain reflective of a Caa rating.

Mr. Clark said that, "Government loans could certainly bolster
Ford's liquidity position."  This would provide the company with
more time to shift its US portfolio toward smaller vehicles and
position it to take advantage of the saving that will occur in
2010 when the UAW is scheduled to take responsibility for retiree
health care obligations.  He noted, however, that "Even with the
benefit that might come from such loans, and with US demand in the
12 to 13 million unit range during 2009, Ford's overall credit
profile and metrics would likely remain fairly stressed well into
2010."

Ford's SGL-3 Speculative Grade Liquidity rating recognizes the
adequacy of the company's current $29.6 billion liquidity position
(consisting of $18.9 billion of cash and $10.7 billion in
committed credit facilities) to cover expected requirements
through 2009.  However, the margin of the company's liquidity
resources over liquidity requirements has narrowed significantly
through 2008 as a result of its sizable rate of cash burn.
Moody's ascribes a high likelihood of success to certain elements
of the company's initiatives to bolster its liquidity position and
takes them into consideration in its view that Ford's liquidity
position will be adequate through 2009.  Other elements,
particularly in the operating area, may be more difficult to
achieve and are given less significant consideration in Moody's
current liquidity assessment.

Ford Credit's downgrade is based on the downgrade of Ford, given
the business and ownership ties between the two firms.  As Ford's
sales have declined due to consumer demand shifts and economic
weakness, Ford Credit has witnessed volume declines and challenges
to asset quality.  Ford Credit is also contending with significant
contractions in the debt capital markets and higher costs of
funding.  Moody's expects Ford Credit's future earnings and
margins will erode as a result of these factors.  However, Moody's
believes Ford Credit has sufficient cash resources to support
near-term operating and debt repayment requirements, when
considering the firm's cash balances, operating cash flow, and
cash generated by expected further declines in earning asset
levels.  Moody's expects Ford Credit's leverage profile to remain
adequately positioned.

The one-notch difference between the Ford Credit and Ford ratings
reflects Moody's view that lenders to Ford Credit would likely
experience lower loss severity in default than would the creditors
of Ford.  The negative outlook is based upon continuing operating
uncertainties in the auto sector.
The rating actions include:

                         Downgrades

Issuer: Ford Capital B.V.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Holdings, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Motor Company

  -- Issuer Rating, Downgraded to Caa2 from Caa1

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Secured Bank Credit Facility, Downgraded to a range
     of B1, LGD2, 15% from a range of Ba3, LGD2, 19%

  -- Senior Unsecured Bond/Debenture and IRB's, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Motor Company Capital Trust II

  -- Preferred Stock Preferred Stock, Downgraded to a range of
     Caa3, LGD6, 94% from a range of Caa2, LGD6, 93%

Issuer: Ford Motor Company Capital Trust III

  -- Preferred Stock Shelf, Downgraded to a range of (P)Caa3,
     LGD6, 94% from a range of (P)Caa2, LGD6, 93%

Issuer: Ford Motor Company Capital Trust IV

  -- Preferred Stock Shelf, Downgraded to a range of (P)Caa3,
     LGD6, 94% from a range of (P)Caa2, LGD6, 93%

Issuer: Ford Motor Credit LLC:

  -- Senior unsecured: to B3 from B2, Subordinate shelf: to
     (P)Caa2 from (P)Caa1

Issuer: FCE Bank Plc:

  -- Senior unsecured: to B3 from B2

Issuer: Ford Credit Australia Ltd.:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Credit Canada Limited:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Motor Credit Co. of New Zealand Ltd.:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Credit Capital Trusts I, II, and III:

  -- Backed preferred shelf: to (P)Caa2 from (P)Caa1

                         Confirmations

Issuer: Ford Motor Company

  -- Speculative Grade Liquidity Rating, Confirmed at SGL-3

The last rating action was on Oct. 27, 2008, when the ratings of
Ford Motor Company were placed under review for possible
downgrade.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer.


FORTESCUE METALS: 10-Day Plant Shutdown to Start on Nov. 17
-----------------------------------------------------------
Fortescue Metals Group Limited said that it is taking the
opportunity to bring forward a planned shut down of the port and
mine processing plant as part of its optimization program to
increase infrastructure capacity to 55 million tonnes per annum
"Mta" and also to refine the company's product offering to
best meet Chinese demand for "value in use" material.

The schedule is for an approximate 10 day shut of the wharf and
processing plant to commence from November 17.  During this time
mining and stockpiling will continue at full production
capability.

The key objectives for the shut down are:

   -- To upgrade the wharf to commission the 2nd loading
      deck.  This will enable the ship loader to traverse
      the two decks thereby optimizing the load out
      capacity;

   -- To upgrade the mine processing plant to prepare for
      the commissioning of the de-sand plant which will
      beneficiate the ultra fine portion of the run of
      mine "ROM" fines; and

   -- To commission the lump circuit which will come on
      stream progressively over the following months.

The short term impact of the shut will be for lower tonnages over
the immediate term which will impact the overall performance for
calendar year 2008.  Going forward the medium term outcome will be
higher production and loading volumes and efficiencies to be timed
for a return to more normal market demand conditions expected for
2009 and beyond, the company said.

The current market conditions in China are highlighting the
increasing focus steel mills are making on the "value in use"
proposition for different product types.  Fortescue's Rocket fines
product is recognized as high value in use material given its
attractive chemical and metallurgical properties and its high
calcined (*1) iron "Fe" content.

  *1- The measure of calcined Fe is the iron content of
      the ore after it has been processed through the
      sinter plant and the molecular moisture "LOI" has
      been subjected to intense heat and burnt off.

The commissioning of the de-sand plant will further enhance
Fortescue's product offering as in-pit sections of material
containing higher than normal impurities such as Alumina can now
be mined and beneficiated into product by the de-sand plant.  To
date the company's mining and processing activities have been
constrained in some sections of the ore body by the inability to
mine certain areas due to above specification alumina levels.

In addition, the absence of a lump circuit has placed an
abnormally high throughput load on the ore processing facility
"OPF".  These constraints have challenged Fortescue's target to
mine 22 million tonnes "Mt" to end December 2008 with a -10%
reduction now likely, noting that some of the mined material will
be stockpiled at the OPF and not processed into product until
2009.

As advised in the September report, Fortescue remains in ramp up
mode and expects to hit the initial targeted run rate of 45 Mta by
the end of 2008.  The step up to the optimized rate of 55 Mta is
then scheduled for the end of Q1 2009, subject to market
conditions, as the lump circuit and de-sand plant come into full
operation.

As at end October, Fortescue said it had shipped 10.416 Mt across
a customer base of 27 Chinese mills.  Once the second berth
becomes active following the shut down, the loading rate capacity
out to the end of the calendar year and beyond will be increased
to accommodate the 45 Mta production rate.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


GANJULE PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Ganjule Pty Ltd met on September 26, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kurt Russell Clifton
          c/o Clifton Doherty & Harwood Pty Ltd
          Bowral NSW


HARLEQUIN TRADING: Appoints Kugel and Warner as Liquidators
-----------------------------------------------------------
On September 19, 2008, Steven Kugel and Anthony Warner were
appointed liquidators of Harlequin Trading Pty Limited.


JETSTAR ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------
On September 10, 11 and 16, the Supreme Court of New South Wales
entered an order to have these companies' operations wound up:

   -- Jetstar Transport Pty Ltd;
   -- HJM Australia Pty Ltd;
   -- Buildspec Solutions Pty Ltd;
   -- Interline Interior (Aust) Pty Ltd;
   -- Floating Point Music Pty Ltd;
   -- DASC Enterprises Pty Ltd;
   -- Gutterpro Pty Ltd; and
   -- Xpress Formwork Australia Pty Ltd

The companies' liquidator is:

          Steven Nicols
          350 Kent Street, Level 2
          Sydney NSW 2000
          Website: http://www.bankrupt.com.au


LOLLBACK NOMINEES: Members Hear Wind-Up Report
----------------------------------------------
The members of Lollback Nominees Pty Limited met on November 7,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Geoffrey McDonald
          Hall Chadwick Chartered Accountants
          Level 29, 31 Market Street
          Sydney, New South Wales 2000


MOUNT GIBSON: Customer Defaults Prompt AU$162.5 Mil. Rights Issue
-----------------------------------------------------------------
Mount Gibson Iron Limited raised AU$162.5 million in additional
equity finance after signing binding heads of agreement with its
major shareholders APAC Resources Limited and Shougang Concord
International Enterprises Company Limited.  The transactions are
in response to delays to iron ore shipments scheduled for the
quarter commencing October 2008 as customers default on their
binding offtake agreements, the company said in a statement.

Under the agreements:

   -- APAC and Shougang Concord will purchase available
      production from Mount Gibson's operations:

      ** During November and December, 2008 (Short Term Offtake);
      ** Between January and June 2009 (Medium Term Offtake); and
      ** From July 1, 2009 (Long Term Offtake).

   -- APAC and Shougang Concord will underwrite a 1 for 5
      renounceable rights issue at AU$0.60 per share to
      raise gross proceeds of AU$96.5 million (Rights Issue
      & Underwriting); and

   -- Shougang Concord will subscribe for a placement of
      110 million ordinary shares at AU$0.60 per share to
      raise an additional AU$66 million (Placement).

The offtake, subscription and underwriting agreements to effect
the transactions are expected to be executed middle of this month.

The Placement and the Underwriting are conditional upon approval
by the Foreign Investment Review Board.  The Medium Term Offtake
and Long Term Offtake, together with the Underwriting and the
Placement, will be subject to Mount Gibson shareholder approval at
an extraordinary general meeting planned for late December 2008.
The Short Term Offtake does not require Mount Gibson shareholder
approval and is expected to commence immediately on completion of
a definitive Short Term Offtake Agreement.

Mount Gibson said the Short and Medium Term Offtake Agreements
serve to contribute to pro-rata production costs during the next
eight months while the Long Term Offtake will provide the company
with Hamersley benchmark prices less a discount to reflect product
specification and relative freight differential particularly from
the Geraldton Port.

Based on current discussions with customers, Mount Gibson said
100% of future production from existing operations will be sold
under long term contract of which 55%, 58% and 70% will be covered
by the Short Term, Medium Term and Long Term Offtake agreements
respectively with APAC and Shougang Concord.

                       Customer Defaults

According to the Australian mining company, three of its customers
have defaulted on their binding offtake agreements while
acceptable accommodation has been reached with a further two
customers.

The company said it will be pursuing those customers who
materially breached their offtake agreements to recover from them
any losses arising from volume and price differences between the
customers' existing offtake agreements and the new offtake
agreements.

Mount Gibson Chairman, Neil Hamilton, commented "We are very
disappointed that a number of our customers have defaulted on
their binding obligations given the substantial investment Mount
Gibson has made in the business based on executed legally binding
long term ore purchase contracts and further representations made
by these customers.  Having said that, we acknowledge the support
of our major shareholder, APAC, and Shougang Concord during this
difficult time which allows Mount Gibson the opportunity to
present a viable solution to shareholders that provides long term
security for their company during the current volatility in the
iron ore and financial markets."

James Regan of Reuters reported November 3 that the customer
defaults on iron-ore purchases prompted the mining company to
temporarily cut a third of its work force and cut its sales target
in the 2008-09 business year to 5 million tons from 7.2 million
tons.

                           About APAC

APAC Resources Limited is principally engaged in trading.  It
trades both metals and metal inputs as well as fabrics, fabric
products and other related goods.  It also has investments in a
variety of assets in resources and related industries as well as
listed securities.  APAC is listed on the Hong Kong Stock Exchange
and has a market capitalization as of October 31, 2008 of
approximately HK$1277 million.  It operates in Hong Kong, People's
Republic of China, Australia and South East Asia.

                         About Shougang

Shougang Corporation owns 100% of Shougang Holding (Hong Kong)
Limited (SHHKL) which in turn owns 18.95% of the shares in APAC.

                       About Mount Gibson

Mount Gibson Iron Limited -- http://www.mtgibsoniron.com.au/-- is
an Australian company engaged in the mining of hematite deposits
at Tallering Peak and Koolan Island; construction and development
of hematite mining operations at Extension Hill, and exploration
and development of hematite deposits at Koolan Island and in the
Mid-West region of Western Australia.  The Company's subsidiaries
include Mount Gibson Mining Limited, WHTK Pty Ltd, Geraldton Bulk
Handling Pty Ltd and Aztec Resources Limited.


NSW LEATHER: Members Hear Wind-Up Report
----------------------------------------
The members of NSW Leather Holdings (No. 1) Pty Limited and NSW
Leather Holdings (No 2) Pty Limited met on November 10, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000


PIRIE PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 25, 2008, the members
of Pirie Pty Limited agreed to voluntarily liquidate the company's
business.

The company's liquidators are:

          Atle Crowe-Maxwell
          John Frederick Lord
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney, NSW 2000


REDSCAPE PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
The members of Redscape Pty Limited met on October 27, 2008, and
agreed to voluntarily liquidate the company's business.

The company's liquidator is:

          Matthew Malcolm Duggan
          Level 10, 50 Berry Street
          North Sydney, NSW 2060


REMBRANDT AUSTRALIA: S&P Withdraws D Ratings on AUD90 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and withdrawn its
ratings on five constant proportion debt obligation transactions.

These rating actions follow widening and increasing volatility in
credit default swap spreads, which have led the net asset value of
these CPDOs to fall below 10%.

The 10% trigger is referred to as the "cash-out" trigger.  Once
the NAV falls below 10%, the transaction is unwound.  The low NAV
on the transactions means that noteholders will suffer principal
losses, and therefore S&P have lowered the ratings to 'D'.

                           Ratings List
                  Ratings Lowered and Withdrawn

                       Castle Finance I Ltd.
    EUR325 Million Surf Constant Proportion Debt Obligation Notes
                              Series 7

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D


                          Chess II Ltd.
     EUR100 Million Surf Constant Proportion Debt Obligation
                       Floating-Rate Notes
                            Series 25

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

              Rembrandt New Zealand Trust No. 2006-1
                NZD70 Million Floating-Rate Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

               Rembrandt Australia Trust No. 2006-2
                AUD50 Million Floating-Rate Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

                Rembrandt Australia Trust No. 2006-3
     AUD40 Million Community Income Constant Proportion Debt
                          Obligation Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D


SELMON OYSTERS: Members Receive Wind-Up Report
----------------------------------------------
The members of Selmon Oysters Pty Ltd met on October 31, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidatos is:

          Philip A. Bonny
          Powe Partners Pty Ltd
          1/1095 Old Princess Highway
          Engadine NSW 2233
          Telephone:(02) 9520 2655


* 28 Companies Declare Final Dividends
--------------------------------------
About 28 companies have declared or will declare final dividends.
The deadlines for filing proofs of claim have already passed.

Company                       Date       Liquidator
-------                       ----       ----------
CLUB DECOR PTY LTD            10/22/08   G. J. KEITH
                                         Grant Thornton
                                         215 Spring St., Level 2
                                         Melbourne VIC 3000
                                         Telephone: (03) 8663 6000

KUFFERATH AUSTRALIA PTY LTD   10/23/08   MARTIN JONES
                                         Ferrier Hodgson
                                         BankWest Tower, Level 26
                                         108 St Georges Terrace
                                         Perth WA 6000

MCCALL PERSONNEL PTY. LTD.    10/23/08   RICHARD JUDSON
SIGTEC INCENTIVE PLAN LTD                Members Voluntarys
SHANOW PTY LTD                           Pty Ltd
TREIGHTER PARK PTY LTD                   10 Park Road, 1st Floor
DELECTONIS PTY. LTD.                     Cheltenham VIC 3192
A.C.N. 079 160 866 PTY LTD
A.C.N. 078 734 111 PTY LTD
L.R. HERMAN PTY. LTD.
MEL INVESTMENTS PTY. LTD.

BAN HOCK PROPERTIES PTY LTD   10/28/08   G. A. CRISP
                                         RSM Bird Cameron Partners
                                         Rialto South Tower
                                         525 Collins St., 8th Fl
                                         Melbourne VIC 3000

PREMPAK PTY LTD               10/28/08   G. A. CRISP
                                         RSM Bird Cameron Partners
                                         Rialto South Tower
                                         525 Collins St., 8th Fl
                                         Melbourne VIC 3000

CHICAGO INVESTMENTS PTY LTD   10/29/08   SUSAN CARTER
                                         Worrells Solvency &
                                         Forensic Accountants
                                         50 Cavill Avenue, Level 6
                                         Surfers Paradise QLD 4217
                                         Telephone: (07) 5553 3411
                                         Facsimile: (07) 5570 1884

NUCROSS (WA) PTY LTD          11/03/08   G. A. LOPEZ
trading as PERKINS
PLUMBING CONTRACTORS

MALORHITA PTY LTD             11/03/08   LOKE CHING WONG
                                         c/o APL Insolvency
                                         150 Albert Road, Level 5
                                         South Melbourne VIC 3205
                                         Telephone: (03) 9696 2885

BIONIC DATA PTY LTD           11/05/08   DAVID JAMES HAMBLETON
                                         46 Edward Street, Level 9
                                         Brisbane QLD 4000

RUSHMORE (AUSTRALIA)          11/05/08   E. R. VERGE
PTY LTD


SEAVANE (QLD) PTY LTD         11/06/08   RAJ KHATRI
                                         Worrells
                                         Solvency & Forensic
                                         Accountants
                                         102 Adelaide St., 8th Fl
                                         Brisbane QLD 4000
                                         Telephone: (07) 3225 4372
                                         Facsimile: (07) 3225 4311
                                         www.worrells.net.au

ASTERANCH PTY LTD             11/07/08   K. WALLMAN
formerly trading as                      PO Box 263
CLEANSWEEP                               West Perth WA 6872
                                         Telephone: (08) 9481 0977



KELLOHEAL PTY LIMITED         11/11/08   M. F. COOPER
                                         Frasers Insolvency
                                         Advisory
                                         99 Elizabeth St., Level 5
                                         Sydney NSW 2000
                                         Telephone: (02) 9223 2300
                                         Facsimile: (02) 9223 3855

C D S FRAMES PTY LTD          11/12/08   GINETTE MULLER
                                         KordaMentha (Qld)
                                         22 Market Street
                                         Brisbane QLD 4000
                                         Telephone: (07) 3225 4000
                                         Facsimile: (07) 3225 4999

WISE DISTRIBUTORS PTY LTD     11/14/08   PAUL JOHN COOK
                                         105 Macquarie Street
                                         Hobart TAS 7000
                                         Telephone: (03) 6223 2555
                                         Facsimile: (03) 6223 2556
                                         E-mail: info@pjc.com.au

ACN 118 451 148 PTY LTD       11/17/08   TERRY GRANT VAN DER VELDE
formerly O2B PROPERTIES                  PAUL DESMOND SWEENEY
PTY LTD                                  SV House
                                         138 Mary Street
                                         Brisbane QLD 4000




POSSUM RIDGE CLOTHING         11/18/08   PAUL BRAKE
& CAPS PTY LTD                           ACP Insolvency
                                         PO Box 8341
                                         GCMC QLD 9726


SCHOLZ MOTOR GROUP PTY LTD    11/21/08   JULIE WILLIAMS
formerly trading as GOLD      (interim   Insolvency & Turnaround
COAST EUROPEAN AUTOMOBILES    dividend)  Solutions
                                         360 Queen Street, Level 4
                                         Brisbane QLD 4000
                                         Telephone: (07) 3221 7433
                                         Facsimile: (07) 3221 7433

CENTRIDE PTY LTD              11/24/08   D. A. TURNER
                                         PKF
                                         140 William St., Level 14
                                         Melbourne VIC 3000

CAHL PTY LTD                  (no date)  Michael Peldan
                                         Morgan Lane
                                         Worrells
                                         Solvency & Forensic
                                         Accountants
                                         102 Adelaide St., 8th Fl
                                         Brisbane Qld 4000



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

SINOPEC CORP: Nine Months Ended Sept. 30 Net Profit Drops 63.7%
---------------------------------------------------------------
China Petroleum and Chemical Corporation (Sinopec) saw its net
profit in the first three quarters fall 63.7 percent over the same
period last year, pushed down by fuel price caps, the China Daily
reports citing Xinhua.

For the nine-month period ended September 30, 2008, the company
reported a net profit of CNY17.642 billion, compared with a net
profit of CNY48.650 billion in the same period last year.

The company reported a net profit of CNY8.303 billion for the
three-month period ended September 30, 2008, compared with a net
profit of CNY13.540 billion in the three-month period ended
September 30, 2007.

The China Daily says that Sinopec produced 31.33 million tonnes of
crude oil in the first nine months, up 2.09 percent over the same
period last year.  Natural gas production hit 6.11 billion cubic
meters in the first three quarters, up 2.16 percent year on year.

                    Review of Operating Results
       
The first three quarters of 2008 saw vehement wobbles of the crude
oil prices in the world market, which plunged dramatically after
reaching a new record high.  Meanwhile, the domestic prices of
refined oil products were kept under tight control, and those of
chemical products also slid down after an upsurge.  Having faced
with such complicated market environment, the company improved its
production and operational practices, intensified its lean
management efforts, strove for an increase in its production
outputs of both oil and gas products, and put into force multiple
measures with an aim at ensuring its supply of refined oil
products to the domestic market.  Oil and gas production outputs,
crude oil processing volume and sales volume of refined oil
products each maintained a stable growth due to these efforts.
   
                 Exploration & Production Segment

New progress was made in terms of the petroleum exploration in
western China, natural gas exploration in the northeastern part of
Sichuan Province and the hidden oil and gas exploration in certain
time-honored industrial zones in East China.  As to its production
and development aspects, the company intensified its input in
overall adjustments within certain time-honored industrial zones,
scaled up its endeavors in developing and utilizing the reserves
of lower grade resources, while quickening its pace in increasing
the recovery ratios of oil and gas resources and increasing its
efforts in building up production capacities in newly established
zones.  Apart from that, the Sichuan-to-East China gas project has
fared rather well.  In the first three quarters, the production
output of crude oil and natural gas of the Company rose by 2.09%
and 2.16%, respectively, compared to those recorded in the same
period of last year.
   
                        Refining Segment

The company managed to keep its oil refining facilities operating
at full load in a safe way, and thus enhanced its production
output of refined oil products.  It also rearranged its crude oil
resources, endeavored to reduce the crude oil purchasing costs,
made greater efforts in re-adjusting its product mix, and
increased the production output of those products with higher
added values such as gasoline of higher octene levels.  Having
been recognized as a partner of the Beijing Olympic Games 2008,
the company took a nationwide lead to supply clean oil products
which met the National Standard IV, and satisfied the demands for
refined oil products of major cities hosting Olympic events in the
country.  In the first three quarters, the company's crude oil
processing volume grew by 7.25%, and its production output of
refined oil products rose by 11.76%, compared to those recorded in
the same period of last year.

               Marketing and Distribution Segment

While South China was hit by a rare snow disaster, Wenchuan of
Sichuan Province sustained a devastating earthquake, and the
domestic prices of refined oil products failed to co-relate with
the changes of crude oil prices in the world market over a long
period of time, the company still exerted itself to pool up
resources and ensured its stable supply of refined oil products to
disaster-hit regions, especially during the Olympic Games.
Meanwhile, it continued to improve its distribution network and
increased its employees' service awareness, skills and quality, as
well as improving its allocation and transportation of refined oil
products and reducing transportation costs.  In the first three
quarters of 2008, the company´s domestic sales and retail volume
of refined oil products increased by 7.05% and 13.94%,
respectively, compared to those recorded in the same period last
year.
  
                        Chemicals Segment

The company improved its raw materials, product mix and operating
performance of its facilities.  It also strengthen the linkage
among production, sales and research, and timely adjusted the
production capacities of its chemical facilities in line with the
market demands.  It also made greater efforts in implementing
energy saving and waste reduction measures, implemented new
techniques on its own initiative, and strove for an increase in
its production outputs of products with higher added values.  In
the first three quarters of 2008, the output of ethylene and
synthetic resins reached 4.85 million and 7.29 million tonnes,
respectively.

                       Capital Expenditure

In the first three quarters of 2008, the company's accumulative
capital expenditure was CNY58.812 billion, of which the capital
expenditure of Exploration and Production Segment was CNY32.059
billion.  As to its oil and gas prospecting and exploration work,
the company continued to intensify its exploration efforts in the
northeastern part of Sichuan Province and other key zones as Ta
He, and took proactive measures to emancipate the potentialities
and further increase the recovery ratios of its developed oil and
gas fields.

Newly-built production capacity of crude oil reached 3.68 million
tonnes/year, and newly-built production capacity of natural gas
reached 0.699 billion cubic meters per year. The capital
expenditure of the Refining Segment was CNY5.503 billion.  A
galaxy of oil refining projects, which are located in Qingdao,
Wuhan, Luoyang (with regard to improvement and upgrading of oil
quality) and the Crude Oil Wharf at Caofeidian were all put into
operation without a hitch.

Capital expenditure of the Chemical Segment was CNY12.36 billion.
Yangtze Petrochemical's butadiene project with an annual
production capacity of 100,000 tonnes also commenced operation
successfully.  The ethylene projects located in Tianjin and
Zhenhai, each with an annual production capacity of 1 million
tonnes, are under construction according to schedule.  The capital
expenditure of the Marketing & Distribution Segment was CNY7.535
billion.  Progress was made in the construction and acquisition of
petrol stations in, inter alia, urban areas and key spots such as
expressways. 369 new petrol stations were erected which further
extended the distribution network of the company.  Capital
expenditure of headquarters and others was CNY1.355 billion.

              Interim distribution of dividends for
             the six-month period ended June 30, 2008

Pursuant to the authorization of the 2007 Annual General Meeting
and approved by the third session of the board of directors at its
23rd meeting, the dividends for the first half of 2008 ended
June 30, 2008, were distributed in cash.  Calculated on the basis
of 86,702,439,000 shares as of June 30, 2008, the dividends were
approximately CNY2.601 billion in total, and CNY 0.03 (inclusive
of tax) per share.  The dividends for the first half of 2008 were
distributed on September 29, 2008, to the shareholders whose names
appeared on the Sinopec Corp.'s register of shareholders as of
September 19, 2008.

                             Subsidies
       
In recent years, the international crude oil prices rose sharply
and the prices of domestic oil products were tightly controlled.
This caused oil products and crude oil prices to be inverted.  To
ensure stable supply to the oil products market, the company pro-
actively adopted various measures to increase the supply of oil
products in the market, which has achieved remarkable effect but
has led to the significant loss in the company's refining segment.
In March 2008, the company received subsidies of CNY12.3 billion,
of which CNY4.9 billion was recorded as income of 2007, and
CNY7.4 billion was recorded in the income of the first quarter of
2008.

From April 1, 2008, the government began to subsidize the company
for losses suffered from processing of imported crude oil, and put
into effect the VAT refund policy for the company for imported
refined oil products.  In the second quarter, the company received
a total subsidy of CNY22.93 billion, and CNY3.07 billion of VAT
refund for imported refined oil products.  In the third quarter,
the company was confirmed a total subsidy of CNY11.7 billion.

                Reorganization of Wuhan Petroleum
   
Pursuant to the Shares Transfer Agreement signed on December 27,
2006, and the Supplemental Agreement on January 29, 2008, between
Sinopec Corp. and Shengshida Investment Co., Ltd., as well as the
Assets Sales Agreement signed on January 19, 2008, between
Sinopec Corp. and its affiliates and Sinopec Wuhan Petroleum Co.,
Ltd., (currently renamed as Rongfeng Holding Group Co., Ltd),
Sinopec Corp. transferred 67,912,000 state-owned legal person
shares to Shengshida, and purchased back the entire assets of
Wuhan Petroleum.  The reorganization of Wuhan Petroleum was
approved at the 2008 2nd extraordinary general meeting of Wuhan
Petroleum held on May 12, 2008, and was also approved by
securities authorities.  In September 2008, Sinopec Corp.
completed the transfer registration and the handover of the Wuhan
Petroleum's assets.

                        About Sinopec Corp.

Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai.  The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations.  The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.

Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China.  The company is one of the largest crude oil
and petrochemical companies in China and Asia.  It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.

                        *     *     *

The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.

The Company had RMB185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.



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

AMERICAN INTERNATIONAL: Considers Changes in Gov't Loan Pact
------------------------------------------------------------
American International Group's board is considering changes in its
$85 billion rescue plan from the U.S. government Matthew
karnitschnig, Liam Pleven and Serena Ng at The Wall Street Journal
reports.

WSJ says that the original rescue plan, which would have required
AIG to quickly sell assets into a declining market while also
paying steep interest rates on its loans, failed to adequately
address AIG's main problem -- how it was losing billions of
dollars on credit default swaps and other financial instruments --
as it posted collateral to nervous counterparties.

According to WSJ, the revised plan is designed to boost AIG's
ability to sell assets for a decent price and the taxpayer's
ability to recoup the money that has been injected into the
company.  Citing people familiar with the matter, WSJ relates that
on Sunday, the board is in the final stages of approving the
"large overhaul" of the rescue plan.

WSJ states that the U.S. government, as part of the plan, will:

    -- roll back the length and interest rate of its existing
       loan to AIG,

    -- purchase $40 billion in preferred AIG shares through
       the U.S. Treasury's Troubled Asset Relief Program, and

    -- cancel the bulk of its credit default swap agreements
       via a massive purchase of their underlying real estate
       assets.

According to WSJ, there is also a plan to backstop AIG's
securities lending portfolio and in all, the government will have
total exposure of $150 billion in investments.

The government, under the plan, will replace its two-year
$85 billion loan with a $60 billion loan with a five year
duration, and interest on the loan would drop to 3% plus Libor
interest-rate benchmark, from 8.5% plus three-month Libor
interest-rate benchmark, WSJ reports.  The government, accoridng
to WSJ, would tap the $700 billion Troubled Asset Recovery Program
to inject some $40 billion into AIG in return for preferred
shares, which would carry 10% yearly interest payments.  The
report says that the government's equity interest in AIG would
still be at 79.9% after the changes.

The new plan, states WSJ, transfers to the government many of the
risks absorbed by AIG, potentially exposing the government to
billions of dollars in future losses.  WSJ relates that AIG would
transfer its troubled holdings into these two separate entities
that would be capitalized by the government:

    -- the first entity would be capitalized with $30 billion
       from the government and $5 billion from AIG.  The money
       would be used in buying the underlying securities with
       a face value of $70 billion that AIG agreed to insure
       with the credit default swaps.  The securities --
       collateralized debt obligations -- are thinly traded
       investments that include pools of loans.  AIG would
       buy the securities from their counterparties on the
       credit default swap contracts for 50 cents on the
       dollar.

    -- the second entity would be set up to solve the
       liquidity problems in AIG's securities lending
       business, which involves lending out to short sellers
       or others and investing the collateral for gains.  AIG
       tried unloading illiquid assets to give back the
       collateral it accepted.

WSJ reports that the government would inject $20 billion into the
securities lending vehicle and AIG would give the vehicle
$1 billion.  The vehicle would then purchase the illiquid
securities -- residential mortgage-backed securities -- that the
AIG unit holds, according to the report.  AIG, says the report,
would use the proceeds to close the $37.8 billion lending facility
that it hasn't yet fully tapped.

                About American International

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to $85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

                      *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of $5.36 billion compared to 2007 second quarter net income
of $4.28 billion.  Second quarter 2008 adjusted net loss was $1.32
billion, compared to adjusted net income of
$4.63 billion for the second quarter of 2007.  The continuation of
the weak U.S. housing market and disruption in the credit markets,
as well as global equity market volatility, had a substantial
adverse effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was $13.16 billion,
compared to net income of $8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
$4.88 billion, compared to adjusted net income of
$9.02 billion in the first six months of 2007.


BEST WESTERN: Placed Into Voluntary Liquidation
-----------------------------------------------
The members of Best Western (Hong Kong) Limited decided to have
the company wound up and appointed Messrs. Lai Kar Yan, Derek and
Darach Eoghan Haughney as joint liquidators.

The liquidators can be reached at:

          35th Floor
          One Pacific Place
          88 Queensway
          Hong Kong

David Tat-Wai Kong represents shareholders B-W International
Licensing Inc. and BWI Latin America Reservations Co.


BILLION UP: Creditors to Meet on November 21
--------------------------------------------
The creditors of Billion Up Limited will meet on November 21,
2008, for the purposes provided for in sections 288A, 241, 242,
243, 244 and 251 of the Companies Ordinance.


HING CITY: Placed Into Voluntary Liquidation
--------------------------------------------
The members of Hing City (Chiu Chow) Restaurant Limited decided to
have the company wound up and appointed Chui Sze Hung as
liquidator.

The liquidator can be reached at:

          1102 Unicorn Trade Center
          127-131 Des Voeux Road Central
          Hong Kong


KONGSONIC ELECTRONICS: Creditors to Meet on November 21
-------------------------------------------------------
The creditors of Kongsonic Electronics Company Limited will meet
on November 21, 2008, for the purposes provided for in sections
288A, 241, 242, 243, 244 and 251 of the Companies Ordinance.


LOIREY INVESTMENTS: Members' Final Meeting Slated for December 12
-----------------------------------------------------------------
The members of Loirey Investments Limited will meet on Dec. 12,
2008, at 10:00 a.m. to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sun Yiu Wai, Sylvia
          1401, Hutchison House, 10
          Harcourt Road, Hong Kong


NEW ASIA: Creditors' Meeting Set for November 19
-----------------------------------------------
The creditors of New Asia Associates (HK) Limited will meet on
Nov. 19, 2008, at 11:30 a.m., for the purpose mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


PAK LEE: Members' Final Meeting Scheduled on December 12
--------------------------------------------------------
A final meeting of Pak Lee Stock Company Limited's members has
been scheduled at 10:00 a.m. on December 12, 2008, at:

          Suite 1807
          The Gateway
          Tower II
          25 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong

David Lam Chung Wah serves as the company's liquidator.


PLATINUM TECHNOLOGY: Sole Member to Hear Wind-Up Report on Dec. 8
-----------------------------------------------------------------
The sole member of Platinum Technology Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on December 8, 2008, at 10:00 a.m.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, 15 Queen's Road Central, in Central, Hong Kong.


SKY FOX: Creditors' Meeting Set for November 19
-----------------------------------------------
The creditors of Sky Fox Investment Limited will meet on Nov. 19,
2008, at 10:30 a.m., for the purpose mentioned in Sections 241,
242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


VIVITAR (ASIA): Creditors' Proofs of Debt Due on November 28
------------------------------------------------------------
The creditors of Vivitar (Asia) 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:

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



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

GENERAL MOTORS: Poor Liquidity Cues Fitch's Negative Watch Posting
------------------------------------------------------------------
Fitch Ratings placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of $16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.

GM remains dependent on the capacity and willingness of its
suppliers to continue extending trade credit, as the company does
not have sufficient resources to finance ongoing operations in the
event that trade credit is curtailed.  Over the intermediate term,
GM's expanded debt load and debt service costs, when combined with
significantly reduced earnings capacity, indicate that material
improvement in the balance sheet is unlikely absent a
restructuring of the balance sheet.  This could eventually take
place through a distressed debt exchange.

Fitch believes that direct federal aid is highly likely to be
forthcoming, although the amount, timing, structure and term
remain uncertain.  Without material federal assistance in the
short term, Fitch would review the rating for a potential
downgrade to 'CC', which indicates that default is probable.
Given the extended cash drains expected through at least 2009 and
the need for balance sheet restructuring, provision of federal
assistance may not preclude a downgrade to 'CC'.

Deteriorating macroeconomic conditions and the effects of the
credit crisis continue to ratchet down retail sales volumes and to
expand negative cash flows. Restructuring costs, other one-off
items, and working capital outflows have exacerbated operating
losses, factors that will continue to hamper any recovery in the
near term.  The rationing of retail financing highlights the
tremendous capital advantage held by transplant manufacturers,
further impairing near-term volume and pricing potential.

In addition, Fitch placed these on Rating Watch Negative:

     -- Senior secured at 'B/RR1';
     -- Senior unsecured at 'CCC-/RR5'.

General Motors of Canada Ltd.

    -- Long term IDR 'CCC';
    -- Senior unsecured at 'CCC-/RR5'.


NUTAN SAHAKARI: Reserve Bank Cancels License Due to Insolvency
--------------------------------------------------------------
The Reserve Bank of India cancelled the license Nutan Sahakari
Bank Ltd., located in Vadodra, Gujarat, after the close of
business on November 05, 2008.

The Reserve Bank also stated that it cancelled Nutan Sahakari's
license because it has ceased to be solvent, and all efforts to
revive it in close consultation with the Government of Gujarat had
failed.  In addition, Nutan Sahakari's depositors were being
inconvenienced by continued uncertainty given the bank's status.

The Registrar of Co-operative Societies, Gujarat has also been
requested to issue an order for winding up the bank and appoint a
liquidator for the bank.

The bank was granted a license by Reserve Bank on December 16,
1986, to commence banking business.  However, the statutory
inspection of the bank conducted on December 31, 2002, had
indicated that its financial position was impaired.  Based on the
findings of the inspection as on March 31, 2005, it was prohibited
from acceptance of fresh deposits, allowing premature withdrawals
and granting fresh advances vide letter dated August 18, 2005.

Subsequently, as the bank's financial position deteriorated
further, it was issued directions under Section 35 A of the
Banking Regulation Act, 1949 (As applicable to Co-operative
Societies) vide Directive dated August 08, 2007, restricting its
operations, including placing a ceiling on withdrawal of deposits
at Rs. 1000/-.

The statutory inspection of the bank with respect to its position
as on March 31, 2007, revealed that its financial position was
precarious.  The Reserve Bank of India issued a show cause notice
to the bank on September 05, 2007, asking it to show cause as to
why the license granted to it to conduct banking business should
not be cancelled.  The reply to the show cause notice was
examined.  The bank did not have a viable plan of action for its
revival and/or merger with another bank.  Therefore, the Reserve
Bank of India took the extreme measure of cancelling license of
the bank in the interest of the bank's depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the depositors of
Nutan Sahakari Bank Ltd., Vadodra, Gujarat will be set in motion
subject to the terms and conditions of the Deposit Insurance
Scheme.

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


RANBAXY LAB: Completes Sell of Equity Shares to Daiichie Sankyo
---------------------------------------------------------------
Ranbaxy Laboratories Limited disclosed the successful closure of
its transformational deal with the execution of the final transfer
of the remaining equity shares of the Singh family, in Ranbaxy to
Daiichi Sankyo Company Limited.  Pursuant to this, Daiichi Sankyo
has now acquired 63.92% of the equity share capital of Ranbaxy
comprising 268,711,323 shares as under:

   Particulars                        Number of Shares

   Acquisition of Shares              92,519,126
   under Open Offer

   Allotment of Shares                46,258,063
   on Preferential basis

   Acquisition of Shares              129,934,134
   from the Singh family

Mr. Takashi Shoda, President & CEO of Daiichi Sankyo said, "We are
pleased to announce that all the planned transactions of this
landmark deal have been successfully completed.  We are determined
to work with Ranbaxy to realize sustainable growth."

Mr. Malvinder Mohan Singh, CEO & MD, Ranbaxy, said, "We are
pleased that the deal has been closed successfully.  This puts us
well on the path to create a hybrid business model that will
unlock the strengths of both companies to bring unprecedented
value to all stakeholders."

Ranbaxy said it earlier had received an amount of Rs. 3,585 crores
(US$736 Million) from Daiichi Sankyo for the preferential issue of
equity shares and warrants.  This will be used to further drive
the company's growth through organic and inorganic means while
also retiring some debt at an appropriate time.

Continuing to operate as an independent & autonomous company,
Ranbaxy said it will work closely with Daiichi Sankyo to explore
and optimise the growth opportunities across the pharmaceutical
value chain.

As reported in the Troubled Company Reported-Asia Pacific on
September 26, 2008, citing Bloomberg News, the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided US$8.9
million for Ranbaxy's AIDS drugs last fiscal year, said it won't
use funds to support new orders.

As related actions pile up against Ranbaxy's drug manufacturing
practices, its share price suffers, and a further fall could
affect a US$4.6 billion takeover deal with Japan's Daiichi Sankyo.

According to the Economic Times, Daiichi Sankyo, which is in the
process of buying Ranbaxy, said the acquisition remains on track
although the company's share price has fallen to one-third of the
June 11 offer.  "The price of Rs.737 is fixed.  If the share price
of Ranbaxy continues to move this way, we will follow accounting
standards and consult our accountants to determine the valuation
losses", agencies quoted Daiichi Sankyo CEO Takashi Shoda as
saying.  "Of course, we were aware of the issue and included it in
the due diligence process.  But we thought that Ranbaxy could
handle the issue before receiving the FDA's warning letter," he
added.

            About Daiichi Sankyo Company, Limited

Daiichi Sankyo Company, Limited, is a Japan-based holding company.
The company is engaged in the administration and management of its
subsidiaries and associated companies.  Through its subsidiaries,
the company is mainly engaged in the pharmaceutical business,
which encompasses the manufacture and sale of pharmaceuticals.
Additionally, the company is involved in the manufacture and sale
of agrochemicals and fine chemicals, the real estate leasing
business, as well as the insurance agency business and others.
The company has various operations in Japan, the United States,
Germany, the United Kingdom, Spain, Italy and others.  In
October 2008, DAIICHI SANKYO CO., LTD. acquired a 52.5% voting
rights in Ranbaxy Laboratories Limited.

               About Ranbaxy Laboratories Limited

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


RANBAXY LABORATORIES: RBI Rejects Early Redemption of Bonds
-----------------------------------------------------------
Ranbaxy Laboratories Ltd  disclosed in a regulatory filing with
Bombay Stock Exchange that the Reserve Bank of India has rejected
its application for early redemption of the Bonds.

The company said it has issued a communication dated November 4,
2008, to the Trustees of the Bondholders informing about the
response of the RBI.

The company has also submitted a copy of "Notice of Change of
Control" issued by the company to the Trustees of Foreign Currency
Convertible Bondholders.

               About Ranbaxy Laboratories Limited

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


TATA MOTORS: Shuts Two Plants for Six Days Due to Lower Demand
--------------------------------------------------------------
The Times of India reported that Tata Motors Limited on Friday,
November 7, announced it would shut commercial vehicle production
at its Pune and Lucknow factories for six days this month to avoid
inventory build-up.

According to the report, a spokesperson said the Pune plant will
be shut from November 21 to 26, while production will be halted at
Lucknow from November 10 to 15.

Unavailability of finance, coupled with high interest rates was
forcing customers to postpone purchases, the company said in a
press statement.

The company stated "This will call for appropriate action from
Tata Motors, from time to time, to match production with demand
and avoid unnecessary build-up of inventory in the company or with
the company's dealers."

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA MOTORS: Jaguar Land Rover to Eliminate 400 UK Jobs
-------------------------------------------------------
Jon Swaine at the Daily Telegraph reports that Jaguar Land Rover,
owned by Indian company Tata Motors Limited, is inviting
volunteers for redundancy among manufacturing workers after sales
dropped amid challenging trading conditions.

According to the report, Jaguar Land Rover will eliminate 400 jobs
at its sites in Birmingham, Solihull and Merseyside, including at
its engineering centers in Coventry and Warwickshire.  The
company, which has 16,000 staff, axed 198 jobs earlier this year,
the report relates.

The company will also suspend production at its Merseyside
Halewood plant, which makes the Jaguar X Type and the Land Rover
Freelander, for a week next month, in an attempt to match output
to lower demand, the report notes.

In the first nine months of the year combined sales by the two
brands fell by 4.7 per cent to 214,480 vehicles, the report
discloses.  Jaguar sales, the report states, grew by 12.9 per cent
but Land Rover lost 9.7 per cent.

"While regrettable, this is a necessary action to manage our
business through a very challenging period," David Smith, the
company's chief executive was quoted by the Daily Telegraph as
saying.

A spokesman for the company, as cited by the report, noted trading
conditions is expected to remain volatile in the near future.

Tata Motors' recent Rs.4,200-crore twin rights issue to refinance
its US$2.4 billion acquisition of Ford's Jaguar and Land Rover
marques failed to get investors' interest amid drastic fall in the
company's stock price.

Tata Group of India had to cover about Rs 30 billion (US$607
million) of the Rs 41.5 billion rights issued by Tata Motors after
investors shunned the offering, The Financial Times reported.

A TCR-AP report on Aug. 21, 2008, said Tata Motors reduced its
long-term financing plan for the Jaguar-Land Rover acquisition
from three to two simultaneous but unlinked securities citing the
current situation in the capital market and the change in the
level of prices in the stock markets since May 2008.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA STEEL: Extends Production Cuts Beyond December 2008
--------------------------------------------------------
Tata Steel Limited said its Corus subsidiary has now decided to
extend the production cuts beyond December.  Corus expects to
produce about 30% less crude steel than planned during the two
quarters to the end of March 2009.

Consequently, the company said, Corus will temporarily idle one
blast furnace at each of its Scunthorpe, IJmuiden and Port Talbot
works and will also adjust output levels on its downstream
production units to suit market conditions in their respective
regions and end-use sectors.

"The current slowdown requires us to adapt our operations to the
changing environment with maximum speed," said Corus CEO
Philippe Varin.  "We are adopting proactive and responsible
measures in the areas of production and costs to optimize our
results.  Meanwhile, our strategy for long-term growth remains
unchanged."

As reported in the Troubled Company Reporter-Asia Pacific on
October 21, 2008,  Tata Steel's Corus will reduce its crude steel
production over the next three months by up to 20%, i.e. by around
1 million metric tonnes, amid softening steel demand outlook.

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

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

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

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

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

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

                    About Tata Steel Limited

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

                          *     *     *

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

As reported in the Troubled Company Reporter-Asia Pacific on
October 24, 2008, Moody's Investors Service changed Tata Steel
Ltd's outlook on its Ba1 corporate family rating to negative from
stable.  This reflects the change in outlook for Tata Steel UK's
rating (formerly Corus) from stable to negative and the close
linkages between the credit profiles of the two entities.

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



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

BANK RAKYAT: Posts IDR654 Bil. Loss on Indover Liquidation
----------------------------------------------------------
The Jakarta Post reported that PT Bank Rakyat Indonesia had lost
US$60 million, or IDR654 billion, in the Netherlands-based
Indonesische Overzeese Bank N.V. (Indover) liquidation.

BRI was currently waiting for the Dutch court to settle the
liquidation case, the report relates citing CBRI president
director Sofyan Basyir.

According to the report, the bank had anticipated losses for the
liquidation of Indover, a unit of Bank Indonesia which had
recently succumbed to the global financial crisis.

                          About BRI

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The company carries Moody's Investors Service subordinated debt
ratings of Ba1 and bank financial strength rating of D+.

It also continues to carry Fitch Ratings bank individual rating of
'C/D' and Short-term rating 'B'.

    
EXCELCOMINDO PRATAMA: Taps US$140 Mil. Offshore Loan
----------------------------------------------------
PT Excelcomindo Pratama Tbk has signed a US$140 million syndicated
loan agreement with a group of four banks to provide working
capital and help finance expansion, The Jakarta Post reports.

According to the report, DBS Bank Ltd., Economic Development
Canada, Bank of Tokyo-Mitsubishi UJF, and Chinatrust Commercial
Bank Ltd. gave Excelcomindo the three-year dollar-denominated loan
facility.

The Post relates that in the midst of the global credit crunch and
recession fears, the company has emerged as one of the very few
local firms that have been able to tap the offshore loan market
for funding.

                   About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
September 2, 2008, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long-term foreign currency and local currency Issuer
Default Ratings at 'BB-'.  The Outlook on the ratings is Stable.
At the same time, Fitch has affirmed the rating on XL's
outstanding senior unsecured notes programme at 'BB-'.

On June 6, 2008, that Moody's Investors Service affirmed PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
senior unsecured foreign currency rating.  Concurrently, PT
Moody's Indonesia has affirmed the company's national scale rating
of Aa1.id.  The outlook for all ratings is stable.


* S&P Affirms Indonesia's Low-B Ratings With Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term foreign currency sovereign credit rating and 'BB+' long-term
local currency rating on the Republic of Indonesia. The outlook
remains stable. The 'B' short-term sovereign credit rating and all
senior unsecured debt ratings on Indonesia have also been
affirmed.

The stable outlook reflects Standard & Poor's view that debt
reduction in recent years and an improved policy environment,
particularly the flexible exchange rate regime, will enable the
government to sustain an adequate external liquidity cushion in
the face of ongoing negative external shocks.

"Indonesia is facing elevated vulnerability to the unfolding
global financial crisis, given its still relatively high external
debt," said Standard & Poor's credit analyst Agost Benard.  "There
is potential for portfolio equity to become a net outflow, thus
triggering sudden and adverse exchange rate movements, in turn
putting pressure on debt service capacity and fiscal balances. In
the current environment, that would also exacerbate domestic
liquidity pressures," Mr. Benard said.

However, despite a 15% decline in foreign reserves since its July
peak due to foreign portfolio outflows and central bank support of
the currency, the current reserve cushion at US$51 billion is
adequate to cover short-term  debt and amortization about 1.1x.
This buffer may be boosted by securing access to additional
foreign currency liquidity, most notably through a swap facility
with Asian central banks worth US$12 billion. Any sudden
deterioration in confidence, heightened capital outflows, and loss
of reserves could put pressure on credit quality.

The outlook and the ratings could come under downward pressure if
external shocks intensify and the government is unable to counter
these shocks with adequate and timely policy measures.



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

GMAC LLC: JCR Lowers Long Term Senior Debt Rating to 'B-'
---------------------------------------------------------
JCR has downgraded GMAC LLC's foreign currency long term senior
debts rating to #B-/Negative from #B/Negative.  The rating remains
under Credit Monitor (Negative).  The downgrade reflects its third
quarter financial results, very rigorous business environment and
difficult liquidity situation shown in the statement, which was
disclosed on November 5, 2008.

   1. GMAC's 2008 third quarter consolidated net loss was
      US$2.5billion (its fifth consecutive quarterly net
      loss: a net loss of US$1.6 billion in the third
      quarter of 2007).

   2. In its global automotive finance (a net loss of
      US$294 million), credit costs have also been increasing
      in addition to a sharp vehicle sales decline and a
      fall in used vehicle prices in the North American
      market.  Although GMAC laid out new initiatives
      including its tighter underwriting standards and
      ceasing retail and wholesale originations in Australia
      and New Zealand by the end of the year (it also ceased
      retail originations in seven European markets as of
      Nov. 1, 2008.), its business environment becomes more
      rigorous with the worldwide economy deteriorating.

   3. The business environment of GMAC's wholly owned
      subsidiary, Residential Capital, LLC. (ResCap) which
      deals in real estate finance business is also harsh.
      ResCap's third quarter net loss was US$1.9 billion,
      and GMAC mentions in the above statement that absent
      economic support from GMAC, substantial doubt exists
      regarding ResCap's ability to continue as a going
      concern.

Continuation of Credit Monitor (Negative) reflects possibility of
additional downgrades going forward in the near future.  In case
of further deterioration of the profitability in GMAC hereafter or
continuing difficult liquidity situation, the rating could be
further downgraded.

GMAC is facing difficulty in securing funds and is engaging in
discussions with regulatory authorities regarding bank holding
company status.  In relation to this, GMAC states that it intends
to commence a private offer to exchange a significant amount of
outstanding indebtedness for a reduced principal amount of new
indebtedness.

JCR said it will closely monitor the relevant factors including
the above and incorporate them in the rating.


JAPAN INTERPRETERS: Cancels Scheduled Examinations
--------------------------------------------------
The Japan Interpreters' Association has suspended activities due
to an inability to cover its running expenses, The Mainichi Daily
News reports, citing a company statement.

The Mainichi Daily relates that the association has cancelled the
interpretation proficiency examinations scheduled to be held
across the country last Sunday, November 9, as well as those
scheduled for December 14, 2008 and February 1, 2009.

According to The Yomiuri Shimbun, Kenjiro Mukai, head of Japan
Interpreters' Association, said it canceled the exam because it
was unable to secure financial support to maintain company
operations.

The association is negotiating to raise money to pay back
examination fees already paid, Mainichi Daily adds.

The Japan Interpreters' Association was established in 1973.
Approximately 130,000 people have taken its interpretation
proficiency examinations, and about 38,000 people who passed the
tests have been certified as interpreters, according to The
Mainichi Daily.


SUMITOMO REALTY: S&P Puts Stable Outlook on 'BB+' Corp. Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from positive
the outlook on its 'BB+' long-term corporate credit rating on
Sumitomo Realty & Development Co. Ltd.  The outlook revision
reflects S&P's view that Sumitomo Realty's financial profile may
face pressure from increasing inventory levels and concerns over
the prompt collection of funds amid severe market conditions.  At
the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate and 'BBB-' long-term senior unsecured debt ratings on
the company.

As of Sept. 30, 2008, inventory levels in Sumitomo Realty's real
estate sales segment were up by 19.5% from a year earlier, or by
10.8% from March 2008, which is high even accounting for seasonal
factors.  Inventory of completed condominiums that remain unsold
was high at 1,239 units at the end of September 2008, rising from
the roughly 1,000-unit level it has maintained since March 2007.
Considering the increasingly bleak prospects for the Japanese real
estate market as well as the broader economy, the possibility of
Sumitomo Realty recovering its funds promptly and decreasing its
debt levels in the next six months is low.  However, S&P expects
the company's solid real estate leasing business, which should
continue generating stable earnings and cash flow mainly from
office buildings, to mitigate the impact on the company's overall
profitability and cash flow generation.  In addition, S&P does not
expect a substantial deterioration in Sumitomo Realty's capital
structure at this point, considering the improving quality of the
company's leasing assets and the likelihood that earnings from its
leasing business may contribute to an accumulation of capital.

Standard & Poor's will consider revising the ratings or outlook
downward if Sumitomo Realty's financial profile deteriorates
significantly due to persistently high inventory levels, prominent
signs of delay in the collection of funds, a decline in
profitability, or the recognition of revaluation losses.
Conversely, the ratings could be raised if the company enhances
its risk management capabilities in its real estate sales business
and secures adequate profitability and cash flow while improving
its overall debt and cash flow balance.  However, S&P believes
that the possibility of an upgrade is low for the time being given
the current market environment.

The rating on Sumitomo Realty's long-term senior unsecured bonds
is one notch higher than the corporate credit rating.  This
reflects the lower default risk of the company's bonds compared
with its obligations to banks, based on the expectation of debt
forgiveness by creditor banks in case of default.  In determining
the long-term senior unsecured debt rating, Standard & Poor's
takes into account the company's business profile, reliance on
bank loans, and relationships with its main creditor banks.


TR PREFERRED: JCR Affirms Preferred Securities Rating at 'BB+'
--------------------------------------------------------------
JCR has affirmed the BBB/Stable and the BBB ratings on senior
debts and bonds of Tobu Railway Co., Ltd., respectively.  JCR has
also affirmed the BB+ rating on the preferred securities of TR
Preferred Capital limited.

TR Preferred Capital Limited

Issue Amount (bn) Issue Date Maturity Date Dividend Rate Rating
Y80,000,000,000 Exchangeable
Perpetual Preferred Securities
JPY80 Oct. 14, 2008 No Maturity See below BB+
Dividend Rate: Yen 6M Libor + 1.4% till January 19, 2014
Yen 6M Libor + 2.4% on and after January 20, 2014

Tobu Railway Co., Ltd.

Issues Amount(bn)  Issue Date     Due Date        Coupon   Rating
----------------   ----------     --------        ------   ------
bonds no.52 Y10    Apr. 23, 2001  Apr. 23, 2009   2.130%   BBB
bonds no.46 Y10    June 3, 1999   June 3, 2009    2.440%   BBB


Tobu Railway issued hybrid securities in October 2008 to
strengthen the financial structure.  The company has
Narihirabashi/Oshiage Redevelopment project in contemplation.  It
is highly likely that the balance between the cash flow and the
financial figures will deteriorate temporarily during the
construction period.  The risk from the construction of the New
Tower has been already reduced by third party investments and
stable utility usage revenue from broadcasters.  However, steps to
reduce the business risk of and the effective investments in the
commercial facilities in the vicinity of the Tower are required.


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

AUBERGINE HOLDINGS: Fixes November 21 as Last Day to File Claims
----------------------------------------------------------------
Aubergine Holdings Ltd. requires its creditors to file their
proofs of debt by November 21, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         c/o Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


BAR AND BISTRO: Proofs of Claim Filing Deadline is November 20
--------------------------------------------------------------
Creditors of Bar and Bistro Limited have until November 20, 2008,
to prove their debts or claims and to establish any title they may
have to priority, under Section 312 of the Companies Act 1993.

Bar and Bistro was placed into liquidation on October 20, 2008.

Grant Bruce Reynolds, liquidator, can be reached at:

          Reynolds and Associates Limited
          PO Box 259059
          Greenmount
          Auckland, New Zealand
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


CONCOURS CAR: Creditors' Proofs of Debt Due on November 20
----------------------------------------------------------
The creditors of Concours Car Wash Cafe Ltd. are required to file
their proofs' of debt by November 20, 2008, to be included  in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


DELTA SPECIALISED: Fixes November 20 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Delta Specialised Logistics NZ Ltd. are required
to file their proofs' of debt by November 20, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 20, 2008.

The company's liquidator is:

          John Gilbert
          c/o C & C Strategic Limited
          Private Bag 47927, Ponsonby, Auckland
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


DSP GROUP: Proofs of Claim Filing Deadline is November 20
---------------------------------------------------------
Creditors of DSP Group Limited (in liquidation) have until
November 20, 2008, to make their claims and to establish any
priority their claims may have, under Section 312 of the Companies
Act 1993.

Karen Betty Mason and Jeffrey Phillip Meltzer, insolvency
practitioners, serve as
joint and several liquidators of the company.

For inquiries, contact:

          Rachel Mason
          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          1141 Auckland, New Zealand
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


FORD MOTOR CREDIT NZ: Moody's Cuts Sr. Unsecured Rating to B3
-------------------------------------------------------------
Moody's Investors Service lowered the debt ratings of Ford Motor
Company, Corporate Family and Probability of Default Ratings to
Caa1 from B3.  The company's Speculative Grade Liquidity rating
remains at SGL-3 and the rating outlook is negative.  In a related
action Moody's also lowered the long-term rating of Ford Motor
Credit Company to B3 from B2.  The outlook for Ford Credit is
negative.

The downgrade of Ford's ratings reflects Moody's expectation that
the severity and duration of the erosion in the US automotive
sector will limit the company's ability to stem its pace of
operating cash consumption.  Declining consumer confidence, a
depressed housing market, and contracting availability of credit
to fund retail purchases of vehicles are likely to result in
annual light vehicle shipments of under 12.5 million units during
2009, down from a seasonally adjusted annual level of 14 million
units through September 2008, and more that 16 million units
during 2007.  Moreover, Moody's remains concerned that the ongoing
fragility in the overall economy and financial markets could
contribute to annual shipments materially below 12.5 million units
during 2009.

Bruce Clark, senior vice president with Moody's said, "There will
be a considerable degree of downside risk in the US auto sector
through 2009.  The problem is that despite Ford's building its
plan on reasonably conservative expectations for US shipments,
things could easily be worse than the company plans."  Clark went
on to note that, "This ongoing downside risk and volatility
surrounding automotive demand could further constrain the company
liquidity profile, and is a major contributor to the Caa1 rating
and negative outlook."

Beyond the challenges in the US market, Ford will also have to
contend with softening demand in other markets, particularly
Europe which contributed $1.6 billion in pre-tax profits for the
twelve month through September 2008.  Recently, the pace of
decline in European markets has accelerated, and could contribute
to further erosion of Ford's earnings and cash flow.

Moody's also noted that Ford's key credit metrics are all solidly
consistent with the Caa rating category.  For the twelve months
through September 2008 operating cash flow was a negative
$13.5 billion, which included a significant cash outflow related
to working capital.  Moreover, EBIT was negative and consequently
did not cover interest expense, and the ratio of balance sheet
debt to reported EBITDA exceeded 6 times.  Moody's believes that
even if Ford were to receive some assistance in the form of
government loans, these and other fundamental credit metrics would
remain reflective of a Caa rating.

Mr. Clark said that, "Government loans could certainly bolster
Ford's liquidity position."  This would provide the company with
more time to shift its US portfolio toward smaller vehicles and
position it to take advantage of the saving that will occur in
2010 when the UAW is scheduled to take responsibility for retiree
health care obligations.  He noted, however, that "Even with the
benefit that might come from such loans, and with US demand in the
12 to 13 million unit range during 2009, Ford's overall credit
profile and metrics would likely remain fairly stressed well into
2010."

Ford's SGL-3 Speculative Grade Liquidity rating recognizes the
adequacy of the company's current $29.6 billion liquidity position
(consisting of $18.9 billion of cash and $10.7 billion in
committed credit facilities) to cover expected requirements
through 2009.  However, the margin of the company's liquidity
resources over liquidity requirements has narrowed significantly
through 2008 as a result of its sizable rate of cash burn.
Moody's ascribes a high likelihood of success to certain elements
of the company's initiatives to bolster its liquidity position and
takes them into consideration in its view that Ford's liquidity
position will be adequate through 2009.  Other elements,
particularly in the operating area, may be more difficult to
achieve and are given less significant consideration in Moody's
current liquidity assessment.

Ford Credit's downgrade is based on the downgrade of Ford, given
the business and ownership ties between the two firms.  As Ford's
sales have declined due to consumer demand shifts and economic
weakness, Ford Credit has witnessed volume declines and challenges
to asset quality.  Ford Credit is also contending with significant
contractions in the debt capital markets and higher costs of
funding.  Moody's expects Ford Credit's future earnings and
margins will erode as a result of these factors.  However, Moody's
believes Ford Credit has sufficient cash resources to support
near-term operating and debt repayment requirements, when
considering the firm's cash balances, operating cash flow, and
cash generated by expected further declines in earning asset
levels.  Moody's expects Ford Credit's leverage profile to remain
adequately positioned.

The one-notch difference between the Ford Credit and Ford ratings
reflects Moody's view that lenders to Ford Credit would likely
experience lower loss severity in default than would the creditors
of Ford.  The negative outlook is based upon continuing operating
uncertainties in the auto sector.
The rating actions include:

                         Downgrades

Issuer: Ford Capital B.V.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Holdings, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Motor Company

  -- Issuer Rating, Downgraded to Caa2 from Caa1

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Secured Bank Credit Facility, Downgraded to a range
     of B1, LGD2, 15% from a range of Ba3, LGD2, 19%

  -- Senior Unsecured Bond/Debenture and IRB's, Downgraded to a
     range of Caa2, LGD4, 65% from a range of Caa1, LGD4, 62%

  -- Senior Unsecured Shelf, Downgraded to a range of (P)Caa2,
     LGD4, 65% from a range of (P)Caa1, LGD4, 62%

Issuer: Ford Motor Company Capital Trust II

  -- Preferred Stock Preferred Stock, Downgraded to a range of
     Caa3, LGD6, 94% from a range of Caa2, LGD6, 93%

Issuer: Ford Motor Company Capital Trust III

  -- Preferred Stock Shelf, Downgraded to a range of (P)Caa3,
     LGD6, 94% from a range of (P)Caa2, LGD6, 93%

Issuer: Ford Motor Company Capital Trust IV

  -- Preferred Stock Shelf, Downgraded to a range of (P)Caa3,
     LGD6, 94% from a range of (P)Caa2, LGD6, 93%

Issuer: Ford Motor Credit LLC:

  -- Senior unsecured: to B3 from B2, Subordinate shelf: to
     (P)Caa2 from (P)Caa1

Issuer: FCE Bank Plc:

  -- Senior unsecured: to B3 from B2

Issuer: Ford Credit Australia Ltd.:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Credit Canada Limited:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Motor Credit Co. of New Zealand Ltd.:

  -- Backed senior unsecured: to B3 from B2

Issuer: Ford Credit Capital Trusts I, II, and III:

  -- Backed preferred shelf: to (P)Caa2 from (P)Caa1

                         Confirmations

Issuer: Ford Motor Company

  -- Speculative Grade Liquidity Rating, Confirmed at SGL-3

The last rating action was on Oct. 27, 2008, when the ratings of
Ford Motor Company were placed under review for possible
downgrade.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer.


GOTTY & SONS: Fixes November 21 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Gotty & Sons Builders Limited are required to
file their proofs' of debt by November 21, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

         Vivien Judith Madsen-Ries
         David Stuart Vance
         Deloitte
         Deloitte House, Level 8
         8 Nelson Street, Auckland 1010
         Telephone:(09) 309 4944
         Facsimile:(09) 309 4947


GOVERNORS BAY: Fixes November 20 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Governors Bay Transport Ltd. are required to file
their proofs' of debt by November 20, 2008, to be included  in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


HARAHEMERA LTD: Creditors' Proofs of Debt Due on November 21
------------------------------------------------------------
The creditors of Harahemera Ltd are required to file their proofs'
of debt by November 21, 2008, to be included  in the company's
dividend distribution.

The company's liquidators are:

         Vivien Judith Madsen-Ries
         David Stuart Vance
         Deloitte
         Deloitte House, Level 8
         8 Nelson Street, Auckland 1010
         Telephone:(09) 309 4944
         Facsimile:(09) 309 4947


INSTALL SOLUTIONS: Fixes November 20 as Last Day to File Claims
---------------------------------------------------------------
Install Solutions Ltd. requires its creditors to file their proofs
of debt by November 20, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


LINING SERVICES: Liquidation Hearing Scheduled on November 19
-------------------------------------------------------------
An application putting Lining Services (2007) Limited (formerly
Auckland Lining Services (2007) Limited and Auckland Services
Limited) into liquidation is to be heard before the High Court at
Auckland on November 19, 2008, at 10:45 a.m.

The application was filed on August 7, 2008, by Asten Building
Limited (in liquidation).

The plaintiff can be reached at:

          Hucker & Associates
          Ground Floor
          Hobson Towers West
          26-28 Hobson Street
          Auckland, New Zealand
          Telephone: (09) 368 1810
          Facsimile: (09) 368 1814

Any person, other than the defendant company, who wishes to appear
on the hearing of the application must file an appearance not
later than the second working day before that date.

R. B. HUCKER is the plaintiff's solicitor.


MICHAEL HOWARD: Fixes November 21 as Last Day to File Claims
------------------------------------------------------------
Michael Howard Haircare (Meadowbank) Ltd. requires its creditors
to file their proofs of debt by November 21, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

         John Trevor Whittfield
         Kevin Warwick Bromwich
         McDonald Vague
         PO Box 6092, Wellesley Street
         Auckland 1141
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


NZ HOTEL ET AL: Commences Liquidation Proceedings
-------------------------------------------------
On October 20, 2008, the shareholders commenced liquidation
proceedings on these companies:

   -- NZ Hotel Holdings Ltd;
   -- Guam Hotel (NZ) Limited;
   -- Henderson Hotel Developments Limited; and
   -- Rotorua Hotel Developments Limited.

Creditors are required to file their proofs of debt by Nov. 21,
2008, to be included in the companies' dividend distribution.

The companies' liquidator is:

          Shaun Neil Adams
          BDO Spicers
          Rifleman Tower, Level 8
          120 Albert Street
          Auckland 1010
          Telephone:(09) 373 9053
          Facsimile:(09) 303 2830
          e-mail: shaun.adams@akl.bdospicers.com


PALAZZO NATURAL: Requires Creditors to File Claims by November 20
-----------------------------------------------------------------
Palazzo Natural Stone Carpet (NZ) Ltd. requires its creditors to
file their proofs of debt by November 20, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


REMBRANDT NEW ZEALAND: S&P Withdraws D Rating on NZD70 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and withdrawn its
ratings on five constant proportion debt obligation transactions.

These rating actions follow widening and increasing volatility in
credit default swap spreads, which have led the net asset value of
these CPDOs to fall below 10%.

The 10% trigger is referred to as the "cash-out" trigger.  Once
the NAV falls below 10%, the transaction is unwound.  The low NAV
on the transactions means that noteholders will suffer principal
losses, and therefore S&P have lowered the ratings to 'D'.

                           Ratings List
                  Ratings Lowered and Withdrawn

                       Castle Finance I Ltd.
    EUR325 Million Surf Constant Proportion Debt Obligation Notes
                              Series 7

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D


                          Chess II Ltd.
     EUR100 Million Surf Constant Proportion Debt Obligation
                       Floating-Rate Notes
                            Series 25

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

              Rembrandt New Zealand Trust No. 2006-1
                NZD70 Million Floating-Rate Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

               Rembrandt Australia Trust No. 2006-2
                AUD50 Million Floating-Rate Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D

                Rembrandt Australia Trust No. 2006-3
     AUD40 Million Community Income Constant Proportion Debt
                          Obligation Notes

                              Rating
                              ------
                  To                        From
                  --                        ----
                  D                         CC
                  NR                        D


STANDARD SIXTY: Requires Creditors to File Claims by November 20
----------------------------------------------------------------
Standard Sixty Two Ltd. requires its creditors to file their
proofs of debt by November 20, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


RENAISSANCE HOMES: Fixes November 20 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Renaissance Homes Ltd. are required to file their
proofs' of debt by November 20, 2008, to be included  in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189


STYLE PROPERTIES: Fixes November 21 as Last Day to File Claims
--------------------------------------------------------------
Style Properties (2005) Ltd. requires its creditors to file their
proofs of debt by November 21, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         c/o Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SUBWAY SOUTH: Fixes November 20 as Last Day to File Claims
----------------------------------------------------------
The creditors of Subway South City Ltd. are required to file their
proofs' of debt by November 20, 2008, to be included  in the
company's dividend distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          c/o Marie Inch at HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          New Zealand
          Telephone:(03) 352 9189


THE MARIN: Fixes November 21 as Last Day to File Claims
-------------------------------------------------------
The creditors of The Marin Group Ltd. are required to file their
proofs' of debt by November 21, 2008, to be included  in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at HFK Limited
         567 Wairakei Road
         PO Box 39100, Christchurch
         New Zealand
         Telephone:(03) 352 9189



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

WATERFRONT PHILIPPINES: Lender Puts Two Cebu Hotels for Sale
------------------------------------------------------------
Two of Waterfront Philippines Incorporated's hotels in Cebu,
Philippines, have been foreclosed by Philippine National Bank and
are being placed on the auction block next month, Manila Standard
reports citing undisclosed sources.

The report relates that the Mactan, Cebu, airport hotel and casino
is set for extrajudicial sale on December 5, while the auction
date for the Lahug, Cebu, hotel will be determined by a court
raffle in Cebu.

According to Manila Standard's sources, the two Cebu hotels
stopped paying the monthly installment of Php6 million to PNB
beginning 2008, even if the original loan of US$30 million
borrowed way back in March 1997 had been restructured three times
and had already been converted into pesos.

Standard Today relates that as of end-2007, the PNB loan, which
carried an interest rate equivalent to the 91-day Treasury bill
plus 4 percent, still amounted to Php740 million.

Based in Philippines, Waterfront Philippines Incorporated (WPI),
engages in hotel and marketing operations.  The company is 46%-
owned by The Wellex Group, Inc. (TWGI).  It holds equity interests
in hotels and resorts, a fitness gym, entities engaged in the
international marketing and promotion of casinos, manufacturing of
pastries, hotel management and operations.  Its wholly owned
subsidiaries include Waterfront Cebu City Casino Hotel,
Incorporated (WCCCHI) and Waterfront Mactan Casino Hotel,
Incorporated (WMCHI).


* PHILIPPINES: GIR Stood at US$35.7 Bil. as of end-October 2008
---------------------------------------------------------------
The country's gross international reserves (GIR) stood at US$35.7
billion as of end-October 2008, lower by US$1.0 billion compared
to the previous month's level of US$36.7 billion, Bangko Sentral
ng Pilipinas said.

BSP said the decrease in the GIR was due mainly to downward
revaluation adjustments in the BSP's gold holdings on account of
the lower price of gold in the international market in October
2008, payments of maturing foreign exchange obligations of the
National Government and the BSP, and withdrawal by a government
corporation from its foreign currency deposit with the BSP.

The current GIR level can cover 5.6 months of imports of goods and
payments of services and income.  It was also equivalent to 3.6
times the country's short-term external debt based on original
maturity and 2.5 times based on residual maturity.  Short-term
debt based on residual maturity refers to the sum of short-term
external debt and medium- and long-term loan repayments falling
due within the next 12 months.

The level of net international reserves (NIR) as of end-October
2008, which includes revaluation of reserve assets and reserve-
related liabilities, amounted to US$34.2 billion compared to the
previous month's level of US$35.8 billion.  NIR refers to the
difference between the BSP's GIR and total short-term liabilities.


* PHILIPPINES: Inflation Drops Further in October to 11.2 Percent
-----------------------------------------------------------------
Bangko Sentral ng Pilipinas said that the country's headline
inflation dropped further in October to 11.2 percent year-on-year
from 11.8 percent (revised) in September.  This brings the year-
to-date average inflation to 9.4 percent.

As in the previous month, BSP said, slower price increases of food
and fuel, as well as transportation and communication services
accounted for the slowdown of inflation in October.  Month-on-
month headline inflation was negative 0.4 percent, the same as the
previous month's rate.

Slower year-on-year increases in the prices of rice, corn, fruits
and vegetables, and meat brought down food inflation, while the
four rounds of rollbacks in the pump prices of petroleum products
in October led to lower year-on-year inflation rates of gasoline
products, diesel, and kerosene.  Core inflation, meanwhile, was
higher in October at 7.8 percent compared to 7.5 percent in the
previous month.  This was because the items that experienced the
most marked deceleration in price increases were mostly those
excluded from the core inflation measure.

Governor Amando M. Tetangco, Jr. said that the recent pullback in
oil and non-oil commodity prices has diminished the upside risks
to price stability and gives monetary authorities more elbow room
to review the current monetary policy stance with sufficient
confidence that inflation will be on a declining path.  He
stressed that the BSP will continue to watch closely for further
signs of easing inflationary pressures as well as for price
pressures that may still be in the pipeline.



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

FRASERS COMMERCIAL: Moody's Withdraws Ba2 Corp. Family Rating
-------------------------------------------------------------
Moody's Investor Service has withdrawn the Ba2 corporate family
rating of Frasers Commercial Trust (ex-Allco Commercial Real
Estate Investment Trust).

Moody's has withdrawn this rating for business reasons.

Frasers Commercial Trust is a Singapore based real estate
investment trust managed by Frasers Centrepoint Asset Management
(Commercial) Ltd.  Listed in March 2006, it focuses on office and
retail properties investment and related activities in Singapore,
Australia, and other parts of Asia.


KATONG EMPORIUM: Court Enters Wind-Up Order
-------------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Katong Emporium & Supermarket (Pte) Ltd's operations wound
up.

Chew Kia Ngee, Rramasamy Subramaniam Iyer @ Rajendran and Goh
Thien Phong were appointed as liquidators.

The company's liquidators are:

          Goh Thien Phong
          Chan Kheng Tek
          M/s PricewaterhouseCoopers
          c/o 8 Cross Street
          #17-00 PWC Building
          Singapore 048424


ORIENTAL RESTAURANT: Court Enters Wind-Up Order
-----------------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Oriental Restaurant (Pte) Ltd's operations wound up.

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

The company's liquidators are:

          Goh Thien Phong
          Chan Kheng Tek
          M/s PricewaterhouseCoopers
          c/o 8 Cross Street
          #17-00 PWC Building
          Singapore 048424


QNITY NETWORKS: Pays First and Final Dividend
---------------------------------------------
Qnity Networks Pte Ltd, which is in voluntary liquidation, has
paid the first and final dividend on November 6, 2008.

The company paid 7 percent to all admitted ordinary claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd Member
          RSM International
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware 18 documents as
additional supplement to their Second Amended Disclosure Statement
explaining their Second Amended Joint Plan of Reorganization:

   (1) Constitutional and organizational documents of Newco;

   (2) Newco transfer agreement;

   (3) Section 1129(a)(5) disclosures with respect to directors
       and officers;

   (4) U.K. Scheme of Arrangement of Sea Containers Services
       Ltd.;

   (5) GE SeaCo definitive settlement documents;

   (6) Executory contracts and unexpired leases to be assumed;

   (7) Executory contracts and unexpired leases to be assumed as
       amended;

   (8) Executory contracts and unexpired leases to be rejected;

   (9) Causes of action to be transferred to Newco;

  (10) Causes of action to be retained by the Reorganized
       Debtors;

  (11) Equalization escrow agreement;

  (12) Non-Debtor subsidiary trust deed;

  (13) Equalization-related employee claim trust deed;

  (14) Newco repatriation note;

  (15) No objection letter;

  (16) Agreement with respect to pension protection fund
       eligibility procedures;

  (17) Newco director and officer equity incentive plan; and

  (18) Plan administrator agreement.

The Debtors note that pursuant to the Plan, counterparties to
assumed or rejected contracts and leases may file an objection to
a cure amount by filing a proof of claim 30 days after the earlier
of the (i) date of any assumption, and (ii) the Plan's effective
date.  Failure to file an objection by the deadline will be deemed
an acceptance of the cure amounts proposed by the Debtors.

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083.

(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Can Access $150MM DIP Funding from Fortis Bank
--------------------------------------------------------------
To successfully emerge from bankruptcy and consummate the
transactions contemplated under their Second Amended Joint Plan of
Reorganization, Sea Containers Ltd. and its debtor-affiliates need
to secure exit financing, relates Robert S. Brady, Esq., at Young
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware.

For this reason, the Debtors seek authority from the United States
Bankruptcy Court for the District of Delaware to enter into a
$150,000,000 exit financing with Fortis Bank (Nederland) N.V. and
DVB Bank S.E. pursuant to a commitment letter.

In addition to repaying the DIP loan, the Plan provides that the
Debtors use Exit Financing proceeds to fund certain payments
under the Plan, and provide working capital for SeaCo Finance
Ltd., the entity to which Sea Containers Ltd.'s container
interests will be transferred.

A copy of the Commitment Letter is available for free at:

              http://ResearchArchives.com/t/s?34b6

                     The Exit Facility

Under the Commitment Letter, the Exit Lenders will provide SCL
with exit financing consisting of a term loan facility of up to
$150,000,000.

Borrower          SeaCo Finance Ltd.

Guarantors        Sea Containers SPC Ltd, Quota Holdings Ltd.
                  and Newco America

Administrative    Fortis Bank
Agent

Term Loan         Aggregate principal amount of up to
Facility          $150,000,000 will be available pursuant to a
                  five-year term loan facility.

Maturity          The fifth anniversary after the Funding Date.
                  The Funding Date is expected to occur on or
                  prior to January 31, 2009.

Fees              * Upfront fee of 1.75% of the initial
                    principal amount under the Term Loan
                    Facility;

                  * Administrative Agent fee of $75,000 fixed
                    annual fee;

                  * Commitment fee of 3% per annum of the
                    facility amount;

                  * Work fee of $250,000; and

                  * Termination fee equal to (i) 75% of the
                    Upfront Fee, minus (ii) the Work Fee.

Events of         The usual and customary events in transaction
Default           of this type, including nonpayment of
                  principal, interest and fees, and failure to
                  perform covenants, and subject to carveout,
                  materiality and knowledge qualifiers, and cure
                  provisions.

Remedies upon an   Upon an Event of Default, the Exit Lenders
Event of Default   will be entitled to (i) accelerate the payment
                  of all obligations owing under the Facility,
                  and (ii) instruct the Borrower to sell or
                  liquidate the owned containers, any finance
                  leases, and repatriation note with any
                  proceeds received being applied first to
                  satisfy the obligations owing under the
                  Facility.

Mr. Brady declares that a limited purpose entity, currently named
Topco, may be formed on or prior to the loan's funding date to
acquire the shares of the Borrower.  Topco will be an additional
guarantor, and will pledge its shares in the Borrower.

To secure the Loan, the Borrower and Sea Containers SPC Ltd. will
grant the Administrative Agent valid and perfected first priority
liens and security interests in all of their present and future
property and assets, subject to customary and negotiated
exceptions.

The terms of the Facility are reasonable, and the best one
available to the Debtors, Mr. Brady tells the Court.  He adds
that terms were finalized after lengthy negotiations and thorough
consideration of numerous financing arrangements.  Absent the
Court's approval, the Debtors will be hard-pressed to maintain
their exit timetable, he continues.

To recall, the Debtors' voting and plan objection deadline is on
Nov. 10, 2008.  The plan confirmation hearing will commence
on Nov. 24.

                          *     *     *

Judge Kevin J. Carey authorized the Debtors to enter into the
$150,000,000 exit financing with Fortis Bank and DVB Bank.  The
Court also approved the Commitment Letter, and directed the
Debtors to make payments of obligations pursuant to the Commitment
Letter as administrative claims under Sections 503(b) and
507(a)(1) of the Bankruptcy Code.

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083.

(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SPORTS STOP: Court Enters Wind-Up Order
---------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Sports Stop Boutique Pte Ltd's operations wound up.

Chew Kia Ngee, Rramasamy Subramaniam Iyer @ Rajendran and Goh
Thien Phong were appointed as liquidators.

The company's liquidators are:

          Goh Thien Phong
          Chan Kheng Tek
          M/s PricewaterhouseCoopers
          c/o 8 Cross Street
          #17-00 PWC Building
          Singapore 048424



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

* BOND PRICING: For the Week November 3 to November 7, 2008
-----------------------------------------------------------

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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.65
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.65
Allco Hit Ltd                  9.000%  08/17/09     AUD    24.10
Alumna Finance                 2.000%  05/16/13     USD    54.77
Antares Energy                10.000%  10/31/13     AUD     0.75
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    44.69
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    30.00
Becton Property Group          9.500%  06/30/10     AUD     0.35
Bounty Industries Limited     10.000%  06/30/10     AUD     0.04
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    13.50
Carpal Aluminum               10.000%  03/29/12     AUD    65.10
China Century                 12.000%  09/30/10     AUD     0.70
Cit Group Au Limited           6.000%  03/03/11     NZD    55.23
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.96
FBG  Finance Limited           5.875%  06/15/35     USD    72.53
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.40
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.50
Ge Cap Australia               6.000%  04/15/15     AUD    73.06
Ge Cap Australia               6.000%  03/15/19     AUD    60.08
Gpt Management                 6.500%  08/22/13     AUD    73.97
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.20
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.50
Insurance Australia            5.625%  12/21/26     GBP    73.44
Jpm Au Enf Nom 1               3.500%  06/30/10     USD     1.41
Lane Cove Tunnel               6.800%  12/09/15     AUD    60.76
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.11
Macquarie Bank                 6.500%  05/31/17     AUD    42.65
Macquarie Comm                 2.500%  08/23/13     USD    69.63
Marac Finance                 10.500%  07/15/13     NZD     1.02
Metal Storm Ltd               10.000%  09/01/09     AUD     0.09
Minerals Corp                 10.500%  03/31/09     AUD     0.20
Paladin Energy                 4.500%  12/15/11     USD    46.81
Paladin Energy                 5.000%  03/11/13     USD    44.51
Publ & Broad Fin               6.280%  05/06/11     AUD     8.59
South Canterbury              10.430%  12/15/12     NZD     1.01
St. Laurence Prop              9.250%  07/15/01     NZD    72.93
Suncorp Metway I               6.750%  09/23/24     AUD    72.47
Suncorp Metway I               6.750%  10/06/26     AUD    71.90
Sun Resources NL              12.000%  06/30/11     AUD     0.25
TrustPower Ltd                 8.300%  12/15/08     NZD    10.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.36
TrustPower Ltd                 8.500%  03/15/14     NZD     8.50
Westfield Fin                  5.500%  06/27/17     GBP    72.12

   CHINA
   -----
China Govt Bond                4.860%  08/10/14     CNY     0.00
Jianxi Copper                  1.000%  09/22/16     CNY    69.13

   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    73.52
Noble Group Ltd                6.625%  03/17/15     USD    39.80
Noble Group Ltd                6.625%  03/17/15     USD    72.62
Respacrcs Funding              8.000%  12/29/49     USD    26.95
Treasure Source                2.000%  05/23/11     HKD    66.57

   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    71.20
Astrazeneca Phar               8.000%  01/11/09     INR    25.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
JCT Limited                    2.500%  04/08/11     USD    69.25
State Bank India               6.439%  02/28/49     USD    45.77
Tata Motors                    1.000%  04/27/11     USD    73.45
Tata Steel Limited             1.000%  09/05/12     USD    67.36
UTI Bank Limited               7.250%  08/12/21     USD    62.10
Videocon Industry              4.500%  07/25/11     USD    54.75

   INDONESIA
   ---------
Indonesia (Rep)                6.625   02/17/37     USD    43.50
Indonesia (Rep)                6.750   03/10/14     USD    66.50
Indonesia (Rep)                6.875   01/17/18     USD    58.58
Indonesia (Rep)                7.750   01/17/18     USD    56.00
Indonesia (Rep)                7.250   04/20/15     USD    65.00
Indonesia (Rep)                7.500   01/15/16     USD    69.28
Indonesia (Rep)                7.750   01/17/38     USD    58.50
Indonesia (Rep)                8.500   10/12/35     USD    53.85
Indonesia (Rep)                8.500   10/12/35     USD    54.57
Indonesia Government           9.000%  09/15/13     IDR    74.78
Indonesia Government           9.000%  09/15/18     IDR    62.52
Indonesia Government           9.500%  06/15/15     IDR    71.32
Indonesia Government           9.500%  07/15/23     IDR    60.20
Indonesia Government           9.750%  05/15/37     IDR    57.49
Indonesia Government          10.000%  07/15/17     IDR    68.75
Indonesia Government          10.000%  09/15/24     IDR    61.90
Indonesia Government          10.000%  02/15/28     IDR    65.58
Indonesia Government          10.250%  07/15/22     IDR    64.83
Indonesia Government          10.250%  07/15/27     IDR    62.57
Indonesia Government          10.500%  07/15/38     IDR    60.60
Indonesia Government          10.750%  05/15/16     IDR    74.79
Indonesia Government          11.000%  11/15/20     IDR    69.89
Indonesia Government          11.000%  09/15/25     IDR    67.15
Indonesia Government          11.500%  09/15/19     IDR    73.58
Indonesia Government          11.600%  08/15/18     IDR    74.61
Indonesia Government          11.750%  08/15/23     IDR    71.67
Indonesia Government          12.000%  09/15/26     IDR    72.56


   JAPAN
   -----
Belluna Co Limited             1.100%  03/31/12     JPY    72.62
Chuo Mitsui                    5.506%  12/29/49     USD    69.79
Csk Corporation                0.250%  09/3013      JPY    75.00
ES-Con Japan Limited           3.260%  05/10/10     JPY    45.12
Fukoku Mutual                  4.500%  09/28/25     EUR    70.23
Hiroshima Bank                 1.890   09/20/17     JPY    67.73
Resona Bank                    4.125%  09/29/49     EUR    73.16
Resona Bank                    5.850%  09/29/49     EUR    61.70
Shinsei Bank Ltd.              2.010%  10/20/17     JPY    67.73
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    48.75
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    30.24
Sumitomo Mitsui                4.375%  07/29/49     EUR    62.87
Sumitomo Mitsui                5.625%  07/29/49     EUR    65.91

   KOREA
   -----
Exp-Imp Bk Korea               5.375%  10/04/16     USD    72.65
GS Caltex Corp                 5.500%  04/24/17     KRW    70.75
GS Caltex Corp                 5.500%  10/15/15     KRW    70.76
GS Caltex Corp                 5.500%  04/24/17     KRW    72.03
Korea Dev. Bank                7.310%  11/08/21     KRW    43.30
Korea Dev. Bank                7.350%  10/27/21     KRW    43.40
Korea Dev. Bank                7.400%  10/27/21     KRW    43.40
Korea Dev. Bank                7.400%  11/02/21     KRW    43.35
Korea Dev. Bank                7.450%  10/31/21     KRW    43.37
Korea Dev. Bank                8.450%  12/15/26     KRW    70.22
Hanarotelecom                  7.000%  02/01/12     USD    57.52
Hynix Semi Inc.                7.875%  06/27/17     USD    46.38
Rep of Korea                   5.625%  11/03/25     USD    64.71
Woori Bank                     6.208%  05/02/37     USD    56.57

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.03
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.87
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.50
Cagamas Berhad                 3.640%  05/05/09     MYR     4.07
Cheating Capital               2.000%  07/05/12     USD    71.00
Eastern & Orient               8.000%  07/25/11     MYR     0.65
EG Industries                  5.000%  06/16/10     MYR     0.16
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Huat Lai Resources             5.000%  03/28/10     MYR     0.45
Insas Berhad                   8.000%  04/19/09     MYR     0.28
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.70
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.23
Mithril Bhd                    3.000%  04/05/12     MYR     0.50
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.10
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.08
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.31
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.32
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.69
Wah Seong Corp.                3.000%  05/21/12     MYR     2.01
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.33
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.10

   PHILIPPINES
   -----------

First Gen Corp                 2.500%  02/11/13     USD    53.75
Philippines (Rep)              6.375%  01/15/32     USD    59.00
Philippines (Rep)              7.500%  09/25/24     USD    67.50
Philippines (Rep)              7.750%  01/14/31     USD    65.50
National Power Corporation     6.875%  11/02/16     USD    73.81
National Power Corporation     6.875%  11/02/16     USD    71.09

   SINGAPORE
   ---------
Capitaland Ltd.                2.100%  11/15/16     SGD    57.87
Capitaland Ltd.                2.950%  06/20/22     SGD    51.81
Capitaland Trust               1.000%  07/14/31     SGD    65.50
Flextronics International      6.250%  11/15/14     USD    74.09
Hynix Semiconductor Inc.       4.500%  12/14/12     USD    36.75
ICICI Bank Limited             5.875%  10/20/11     USD    74.28
Olam International Limited     1.000%  07/03/13     SGD    48.81
Sengkang Mall                  8.000%  11/20/12     SGD     1.65
Wah Hai S Pte                  5.000%  06/29/15     USD    69.13


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     64.72
Sri Lanka Govt                7.500%  08/15/18     LKR     54.89
Sri Lanka Govt                7.500%  11/01/13     LKR     64.00
Sri Lanka Govt                6.850%  04/15/12     LKR     68.84
Sri Lanka Govt                6.850%  10/15/12     LKR     65.91
Sri Lanka Govt                7.000%  08/01/11     LKR     73.87
Sri Lanka Govt                7.000%  10/15/11     LKR     72.43
Sri Lanka Govt                7.000%  10/01/23     LKR     47.08
Sri Lanka Govt                8.500%  01/15/13     LKR     69.37
Sri Lanka Govt                8.500%  02/01/18     LKR     60.08
Sri Lanka Govt                8.500%  07/15/13     LKR     67.86
Sri Lanka Govt                8.500%  07/15/18     LKR     59.48
Sri Lanka Govt               10.500%  04/01/13     LKR     74.46


   TAIWAN
   ------
Cathay United                 5.500%  10/05/20     USD     72.99


  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     44.50
Ptt Pcl                       5.875%  08/03/35     USD     71.71


   VIETNAM
   -------
Vietnam (Rep of)              6.875%  01/15/16     USD     67.25



                         *********

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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