TCRAP_Public/081112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, November 12, 2008, Vol. 11, No. 225

                            Headlines

A U S T R A L I A

A & S PAINTING: Placed Under Voluntary Liquidation
ACN 108 445 923: To Declare Final Dividend
ACN 108 445 923: Members Receive Wind-Up Report
AZZURRA CONSULTANTS: Commences Liquidation Proceedings
BABCOCK & BROWN: S&P Cuts Long-Term Issuer Credit Rating to 'BB-'

BUKOVINA DEVELOPMENTS: Placed Under Voluntary Liquidation
CAREFUL CONSTRUCTIONS: Placed Under Voluntary Liquidation
DAVID SMITH: Members and Creditors Receive Wind-Up Report
DUPAINE PTY: Inability to Pay Debts Prompts Wind-Up
FIRST NETCOM: Members and Creditors Receive Wind-Up Report

GLOUCESTER PARK: Members and Creditors Receive Wind-Up Report
HIJAZI & ASSOCIATES: Members and Creditors Receive Wind-Up Report
HOMESTEAD GRAZING: Members and Creditors Receive Wind-Up Report
KILLENEEN PTY: Members Receive Wind-Up Report
KMT PROJECTS: Members Receive Wind-Up Report

MIZIL MULTI: Members and Creditors Receive Wind-Up Report
* SCRIPT SECURITISATION: S&P Cuts Series 2007-1 Notes to 'D'


C H I N A

CHINA EASTERN: Grounds More Than 20 Planes Amid Financial Crisis
* CHINA: Unveils US$586 Bil. Economic Stimulus Plan


H O N G K O N G

BACK IN TIME: Appoints Paul as Liquidator
GRANDSUIT MACHINERY: Commences Liquidation Proceedings
HANG WO: Commences Liquidation Proceedings
JAPAN COSMO: Placed Under Voluntary Liquidation
M & T INTERNATIONAL: Members and Creditors to Meet on November 27

MAJORANK INTERNATIONAL: Placed Under Voluntary Liquidation
MAXWILL LIMITED: Creditors' Meeting Set for November 18
MEDISON GREATER: Members and Creditors to Meet on December 9
MTB HK: Members' Final Meeting Set for December 8
RYODEN FIRE: Creditors' Proofs of Debt Due on December 6

XIN MA: Appoints Ng Kwok Cheung as Liquidator
* Corp. Finance Partner Matthew Puhar Joins Bingham's HK Office


I N D I A

ARYA VAIDYA: CRISIL Rates Rs.50 Mil. Cash Credit Limits at 'BB+'
KINGFISHER AIRLINES: Plans to Encash RS60-70 Crore Bank Guarantee
TATA STEEL: Fitch Affirms UK Unit's 'BB' LT Foreign Currency IDR
* INDIA: Exports Decline Over 15% for the First Time in 15 Years


J A P A N

SANYO ELECTRIC: Panasonic Merger Prompts S&P's Negative Watch


M A L A Y S I A

APL INDUSTRIES: Court Serves Writ of Seizure and Sale
PECD BERHAD: Court Extends Restraining Order Until December 12


N E W  Z E A L A N D

COVENANT TRUSTEE: Sale of Business Unlikely to Proceed
DORCHESTER: Unit's Deferred Repayment Plan is Up for Votation
EBAN NORMAN: Court to Hear Wind-Up Petition on November 28
EDMUND (NO 2) ET AL: Commences Liquidation Proceedings
EDMONDS WELLINGTON: Subject to Edmonds' Wind-Up Petition

FORESTECH ET AL: Appoints Parsons and Kenealy as Liquidators
IMPRESSIONS DENTAL: Shareholders Agree on Voluntary Liquidation
KERVAN HOLDINGS: Creditors' Proofs of Debt Due on November 24
NADETWA CLOTHING: Commences Liquidation Proceedings
POSITIVE REAL ET AL: Fixes November 25 as Last Day to File Claims

PRN SERVICES: Court to Hear Wind-Up Petition on November 28
ST LAURENCE: Registers Recapitalization Plan Prospectus
RICOCHET HAIR: Court Hears Wind-Up Petition
STAR CURRY: Subject to Coq Au Vin's Wind-Up Petition
STRATEGIC FINANCE: Assesses Impact of Parent's Administration

TE WHEKE: Fixes November 28 as Last Day to File Claims
UNITED VIDEO ET AL: Fixes November 24 as Last Day to File Claims
VISION ALUMINIUM: Appoints Hollis and Cain as Liquidators
WHISPER COVE: Receivers Sue Six Reluctant Buyers


P H I L I P P I N E S

SAN MIGUEL CORP: Plans to Buy At Least 51% Stake in PT Bumi


S I N G A P O R E

DEMAG DELAVAL: Creditors' Proofs of Debt Due on December 7
JK INTERIORS: Court Enters Wind-Up Order
STAMP CRAFTS: Court Enters Wind-Up Order
SZU MING: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

A & S PAINTING: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 24, 2008, the members
of A & S Painting Pty Limited agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          Peter Charles Hicks
          Forsythes Chartered Accountants
          Level 5, 175 Scott Street
          Newcastle


ACN 108 445 923: To Declare Final Dividend
------------------------------------------
ACN 108 445 923 Pty Limited will declare final dividend.

Only creditors who were able to file their proofs of debt by
October 29, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Shannon Cavanagh
          c/o Bacchus Associates Pty Limited
          Suite 9, Level 2
          The Cooperage, 56 Bowman Street
          Pyrmont NSW 2009


ACN 108 445 923: Members Receive Wind-Up Report
-----------------------------------------------
The members of ACN 108 445 923 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:

          Shannon Cavanagh
          c/o Bacchus Associates Pty Limited
          Suite 9, Level 2
          The Cooperage, 56 Bowman Street
          Pyrmont NSW 2009


AZZURRA CONSULTANTS: Commences Liquidation Proceedings
------------------------------------------------------
During a general meeting held on September 22, 2008, the members
of Azzurra Consultants Pty Ltd agreed to voluntarily liquidate the
company's business.

The company's liquidators are:

          Terry Grant van der Velde
          Stephen Wesley Hathway
          SV Partners
          Insolvency Accountants and Business Solutions
          Suite 6.03, Level 6 135, King Street
          Sydney NSW 2000


BABCOCK & BROWN: S&P Cuts Long-Term Issuer Credit Rating to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Australia-based Babcock & Brown International Pty
Ltd. to 'BB-' from 'BB', reflecting the impact of the financial
market dislocation on the pace of asset sales required for BBIPL's
debt reduction plans.  At the same time, the 'BB-' long-term and
'B' short-term ratings were placed on CreditWatch with negative
implications.

"The CreditWatch reflects S&P's opinion that BBIPL has limited
financial flexibility to meet any adverse impacts flowing from
market issues and the slower pace of the debt reduction than what
S&P expected.  The debt reduction, in S&P's view, is required to
maintain the confidence of its bankers," Standard & Poor's credit
analyst Sharad Jain said.  "Although BBIPL is making progress in
selling several assets, these are proving to be slower than what
S&P had anticipated due to the difficulties faced by potential
purchasers in the current financial markets."

In addition, S&P understands BBIPL is fully drawn on its bank
facility and in S&P's view has limited prospects of raising
additional equity.

Standard & Poor's intends to meet with the company to review
BBIPL's progress on asset sales, ongoing exposure to Babcock &
Brown Power, debt retirement, and the group restructure. S&P
expect to resolve the CreditWatch before year end.  Depending on
the outcome of the review, the ratings could be affirmed or
lowered by one or more notches.


BUKOVINA DEVELOPMENTS: Placed Under Voluntary Liquidation
---------------------------------------------------------
During a general meeting held on September 24, 2008, the members
of Bukovina Developments Pty Ltd agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          Colin R. Mcdonald
          Chartered Accountant
          PO Box 4371
          Forster Shopping Village NSW 2428
          Telephone:(02) 6555 9119
          Facsimile:(02) 6555 9190


CAREFUL CONSTRUCTIONS: Placed Under Voluntary Liquidation
---------------------------------------------------------
During a general meeting held on September 24, 2008, the members
of Careful Constructions Pty Ltd agreed to voluntarily liquidate
the company's business.

The company's liquidator is:

          Colin R. Mcdonald
          Chartered Accountant
          PO Box 4371
          Forster Shopping Village NSW 2428
          Telephone:(02) 6555 9119
          Facsimile:(02) 6555 9190


DAVID SMITH: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of David Smith Auctions Pty Ltd met on
November 4, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          Suite 6, 459 Peel Street
          Tamworth NSW 2340


DUPAINE PTY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members of Dupaine Pty Limited resolved to voluntarily
liquidate the company's business on September 24, 2008, due to its
inability to pay debts when it fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


FIRST NETCOM: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of First Netcom Pty Limited met on
November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. H. J. Wily
          Armstrong Wily Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


GLOUCESTER PARK: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Gloucester Park Rural Industries Pty
Ltd met on November 4, 2008, and received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          Suite 6, 459 Peel Street
          Tamworth NSW 2340


HIJAZI & ASSOCIATES: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Hijazi & Associates Pty Limited met
on November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          D. A. Hurst
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000


HOMESTEAD GRAZING: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Homestead Grazing Pty Ltd met on
November 4, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          Suite 6, 459 Peel Street
          Tamworth NSW 2340


KILLENEEN PTY: Members Receive Wind-Up Report
---------------------------------------------
The members of Killeneen 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:

          Geoffrey Mcdonald
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


KMT PROJECTS: Members Receive Wind-Up Report
--------------------------------------------
The members of KMT Projects Pty Limited met on November 10, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

Steven Kugel is the company's liquidator.


MIZIL MULTI: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Mizil Multi Media Pty Limited met on
November 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. H. J. Wily
          Armstrong Wily Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


* SCRIPT SECURITISATION: S&P Cuts Series 2007-1 Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services on November 6, 2008, lowered
its rating on the Series 2007-1 credit-linked notes issued by
Script Securitisation Ltd. Constellation to 'DpNRi' from 'CCC-
pNRi/Watch Neg'.  The rating on the notes was then withdrawn.  The
interest on the notes is not rated.

This transaction is an arbitrage synthetic CDO transaction, which
references 120 global entities.  The total issuance amount is
AU$19.25 million.

The notes were downgraded because credit event notices and
settlement notices have been issued under the terms of the
transaction, and Standard & Poor's has confirmed that the amount
of accumulated losses exceeds the loss threshold amount.



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

CHINA EASTERN: Grounds More Than 20 Planes Amid Financial Crisis
----------------------------------------------------------------
China Eastern Airlines Corporation Limited is taking about a tenth
of its fleet out of service as the global economic slowdown crimps
travel in the world's most populous nation, Irene Shen of
Bloomberg News reports.

According to Bloomberg, Board Secretary Luo Zhuping said China
Eastern has grounded more than 20 planes as it cuts unprofitable
routes.  The airline, the report says, has also formed a
management team to study further cost cuts and the effects of the
financial crisis.

"China Eastern has to try everything it can to stave off
bankruptcy," Bloomberg News quotes Jack Xu, an analyst at Sinopac
Securities Co. in Shanghai as saying. "It's undoubtedly the
weakest among Chinese carriers."

Bloomberg News notes that China Eastern has plunged 87 percent
this year in Hong Kong trading on concerns about earnings and
slowing demand.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


* CHINA: Unveils US$586 Bil. Economic Stimulus Plan
---------------------------------------------------
China unveiled on Sunday, November 9, 2008, its US$586 Bil.
(CNY4.0 Trillion) economic stimulus package aimed at stopping
global financial slowdown from hitting the country's economy,
various reports say.

Xinhua News said in a report appearing in the Chinese Government's
Official Web Portal that the stimulus package will be spent over
the next two years to finance programs in 10 major areas, such as
low-income housing, rural infrastructure, water, electricity,
transportation, the environment, technological innovation and
rebuilding from several disasters, most notably the May 12
earthquake.

The policies, Xinhua News said, include a comprehensive reform in
value-added taxes, which would cut industry costs by 120 billion
yuan.

The state press relates commercial banks' credit ceilings will be
abolished to channel more lending to priority projects, rural
areas, smaller enterprises, technical innovation and industrial
rationalization through mergers and acquisitions.

The decision was announced on Sunday by the State Council, or
cabinet, after Premier Wen Jiabao presided over an executive
meeting on Wednesday, the report said.  According to Xinhua, the
meeting decided that credit expansion must be "rational" and
"target spheres that would promote and consolidate the expansion
of consumer credit."

Xinhua noted that with CNY100 billion from current-year central
government funds and another CNY20 billion brought forward from
next year's budget for post-disaster reconstruction, the fourth
quarter is expected to see a total investment of 400 billion yuan
across the nation.

The meeting also announced that China will adopt "active" fiscal
and "moderately active" monetary policies and map out more
forceful measures to expand domestic demand, speed up the
construction of public facilities and improve living standards of
the poor to achieve "steady and relative fast" economic growth,
Xinhua added.

According to the report, the meeting decided that higher
investment must be able to facilitate economic restructuring,
promote growth potential by channeling investment to where it's
most needed and spur private consumption.  Although the economy
has maintained double-digit growth for years, fixed-asset
investment and exports have dwarfed consumption as the two pillars
of expansion.  With global recession clearly in view, China must
sustain itself by exploiting the domestic market to offset weaker
demand abroad.



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

BACK IN TIME: Appoints Paul as Liquidator
-----------------------------------------
On October 24, 2008, Andrew Morrison Paul was appointed liquidator
of Bank in Time (Badaling) Limited.

The Liquidator can be reached at:

          Andrew Morrison Paul
          Tung Hip Commercial Building, 23rd Floor
          244 Des Voeux Road Central
          Hong Kong


GRANDSUIT MACHINERY: Commences Liquidation Proceedings
------------------------------------------------------
Grandsuit Machinery (H.K) Limited commenced liquidation
proceedings on October 30, 2008.

The company's liquidator is:

          Chan Man Chung
          280 Portland Street, Room 2401
          Mongkok, Kowloon


HANG WO: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on October 22, 2008, the
members of Hang Wo Preserved Meat Company Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Wong Shuet Yung
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


JAPAN COSMO: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole shareholder of Japan Cosmo Securities (Hong Kong) Limited
passed a resolution to voluntarily wind up the company's
operations.

Natalia K M Seng and Susan Y H Lo were appointed as liquidators.


M & T INTERNATIONAL: Members and Creditors to Meet on November 27
-----------------------------------------------------------------
The members and creditors of M & T International Limited will hold
their annual meetings on November 27, 2008, at 2:30 p.m. and
3:00 p.m., respectively at the 2nd Floor of Wing Yee Commercial
Building, 5 Wing Kut Street, in Central, HK.

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


MAJORANK INTERNATIONAL: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on October 30, 2008, the
members of Majorank International Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Seto Sau Kuen Christine
          C C Wu Building, Room 1509
          302-8 Hennessy Road
          Wanchai, Hong Kong


MAXWILL LIMITED: Creditors' Meeting Set for November 18
-------------------------------------------------------
The creditors of Maxwill Limited will meet on November 18, 2008,
at 10:30 a.m., for the purpose of sections 241, 242, 243, 244 and
255A of the Ordinance.

The meeting will be held at Room 3, 4th Floor of Prince Hotel,
Harbour City, 23 Canton Road, in Tsim Sha Tsui, Kowloon.


MEDISON GREATER: Members and Creditors to Meet on December 9
------------------------------------------------------------
The members and creditors of Medison Greater China Limited will
hold their final meetings on December 9, 2008, at 10:00 a.m. and
10:30 a.m., respectively at 1301-2, 13th Floor of Kwan Chart
Tower, 6 Tonnochy Road, Wanchai, Hong Kong.

At the meeting, Au-Yeung Sin Ming Cindy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MTB HK: Members' Final Meeting Set for December 8
-------------------------------------------------
The members of MTB H.K. Limited will hold their final meeting on
December 8, 2008, at 10:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.


RYODEN FIRE: Creditors' Proofs of Debt Due on December 6
--------------------------------------------------------
The creditors of Ryoden Fire Engineering Company Limited are
required to file their proofs of debt by December 6, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 27, 2008.

The company's liquidator is:

          Kwok-leung Yeung
          Manulife Tower, 12th Floor
          169 Elctric Road
          North Point, Hong Kong


XIN MA: Appoints Ng Kwok Cheung as Liquidator
---------------------------------------------
Ng Kwok Cheung was appointed liquidator of Xin Ma Kang
International Limited on November 3, 2008.

The Liquidator can be reached at:

          Ng Kwok Cheung
          Empire Land Commercial Centre, Flat B, 16th Floor
          81-85 Lockhart Road
          Wanchai, Hong Kong


* Corp. Finance Partner Matthew Puhar Joins Bingham's HK Office
---------------------------------------------------------------
Bingham McCutchen LLP has added Matthew Puhar as a corporate
partner in its Hong Kong office.

Mr. Puhar worked for Richards Butler's leading corporate finance
team in Hong Kong for five years, focusing on cross-border M&A and
corporate finance, before returning to London.  He joins Bingham
from Halliwells LLP in London, where he led the London Corporate
Finance Group and firmwide teams in public and private equity
financing and listing projects, and real estate funds formation
and investment deals.

"Matthew will be a valuable addition to our Hong Kong office,"
said London partner James Roome, co-leader of Bingham's global
Financial Restructuring Practice Group.  "Our clients in Hong Kong
will benefit from his experience of sophisticated cross-border
transactions in Hong Kong and London."

Bingham's Hong Kong office advises financial institution clients -
including banks, funds, insurance companies and savings
institutions -in relation to distressed and special situations
investments.  The Hong Kong team is an integral part of the firm's
global financial restructuring practice, which consists of more
than 100 lawyers operating across the United States, the United
Kingdom and Asia.

Mr. Puhar noted Bingham's global platform for cross-border
transactional and financing work and the opportunities that exist
in Asia with Bingham's Hong Kong and Tokyo offices as key reasons
for joining the firm.

"Bingham's strategic approach, reach and presence in the world's
major financial centers provide an opportunity to serve clients at
the highest possible level," said Mr. Puhar, who has handled
significant transactions, including the $500 million fund raising
for China Central Properties, one of the largest Chinese real
estate groups in Hong Kong.

Bingham McCutchen LLP - http://www.bingham.com/-is a global law
firm with more than 1,000 attorneys in 13 offices. The firm
represents clients in cross-border restructurings and
insolvencies, high-stakes litigation, complex financing and
securities, regulatory matters, government affairs, and a wide
variety of sophisticated corporate and technology transactions.



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

ARYA VAIDYA: CRISIL Rates Rs.50 Mil. Cash Credit Limits at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of The Arya Vaidya Pharmacy
(Coimbatore) Ltd (AVP).

   Rs.50 Million Cash Credit Limits     BB+/Stable (Assigned)

   Rs.51 Million Long Term Loan      BB+/Stable (Assigned)

   Rs.5 Million Packing Credit      P4(Assigned)

The ratings reflect AVP's below-average financial risk profile
marked by weak debt protection measures, and low returns on
account of several unprofitable products in its portfolio.  The
ratings also factor in AVP's exposure to risks relating to lack of
geographical diversity, low technological intensity of operations,
and intense competition.  These weaknesses are, however, partially
offset by AVP's established presence in the ayurvedic formulations
market, with wide product base and strategic partnerships.

Outlook: Stable

CRISIL believes that AVP will maintain its business and financial
risk profile, driven by its established presence and partnerships.
The outlook may be revised to 'Positive' if AVP's financial risk
profile improves on the back of early stabilization of operations
at its new factory, resulting in substantial accruals.
Conversely, the outlook may be revised to 'Negative' if large debt
levels or lower accruals lead to further weakening in its
financial risk profile.

                            About AVP

Set up in 1943 in Coimbatore, AVP generates 85 per cent of its
revenues from sale of ayurvedic formulations in the form of
medicated oils, arishtas, asavas and kashayams.  The remaining 15
per cent of revenues consist of royalty receipts, technical know-
how fees, treatment income from branches and hospitals, and sale
of massage furniture.  The company's ongoing capital expenditure
of Rs.80 million involves construction of a new, modernized
factory at Kanjikode; the first phase of the project will be
completed by December 2008, while the second phase will be
completed in 2009-10 (refers to financial year, April 1 to March
31).

For 2007-08, AVP reported a profit after tax (PAT) of Rs.4.26
million (after deducting Rs.7.90 million towards provision for
employee benefits and others, AVP's PAT reduced to a loss of
Rs.3.64 million for the year) on net sales of Rs.274.67 million,
as against a PAT of Rs.6.36 million on net sales of Rs.261.76
million for 2006-07.


KINGFISHER AIRLINES: Plans to Encash RS60-70 Crore Bank Guarantee
-----------------------------------------------------------------
The Times of India reported that the Airports Authority of India
(AAI) is planning to encash Kingfisher Airlines Limited's bank
guarantee worth Rs 60-70 crore unless the airline comes with
either cash or a concrete plan for clearing around Rs 256 crore
dues within a week.  AAI will need clearance from the civil
aviation ministry to execute the plan.

"Kingfisher's dues were Rs 256 crore over a month back and by now
another Rs 30 crore would have been added.  They have paid only
about Rs 10 crore.  We'll wait till next Monday and if the
situation remains unchanged, the action of encashing bank
guarantee could be taken," the report quotes top sources as
saying.

According to the Times, a Kingfisher spokesperson said "We are in
dialogue with AAI to mutually agree on a timeframe for settlement
of outstanding dues.  A meeting is scheduled with top-most AAI
officials next Monday."

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- serves about 35 domestic
destinations with a fleet of more than 40 aircraft, including
Airbus jets and ATR 72 turboprops.  It maintains bases in major
cities such as Delhi and Mumbai.  Kingfisher Airlines is a unit of
UB Holdings, best known for its United Breweries unit, and the
carrier shares the Kingfisher brand with a popular Indian beer.
UB Holdings also owns a stake in another domestic carrier, Air
Deccan, whose operations it combined with Kingfisher Airlines in
mid-2008.  Kingfisher Airlines began flying in 2005.


TATA STEEL: Fitch Affirms UK Unit's 'BB' LT Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings revised Tata Steel Limited and Tata Steel U.K. Ltd's
Outlook to Negative from Stable.  At the same time, the agency has
affirmed TSL's Long-term foreign currency Issuer Default Rating
(IDR) at 'BBB-' (BBB minus), National Long-term Issuer Rating at
'AAA(ind)', and TSUK's Long-term foreign currency IDR at 'BB'.

The Negative Outlook reflects Fitch's concerns on the ability of
parent Tata Sons Limited to support TSL given the sharp drop in
the market value of the former's investment holding in public
listed companies (primarily Tata Consultancy Services Limited), as
well as concerns on margin pressures at TSUK driven by the
economic slowdown in Europe, which has resulted in a sharp drop in
steel prices.  The agency continues to take a consolidated view on
TSL in line with its Parent and Subsidiary Rating Linkage
methodology -- with TSUK's rating benefiting from potential
parental support despite TSUK acquisition debt remaining non-
recourse to TSL.

When the ratings were assigned, Fitch had provided a one notch
uplift to TSL's Long-term foreign currency IDR and National Issuer
Rating, reflecting the support expected to be available from Tata
Sons Limited.  While Tata Sons Limited's credit profile continues
to remain strong and its willingness to provide support to TSL
remains unchanged due to TSL's flagship status, the ability to
provide this support, in Fitch's opinion, has weakened
substantially.  Fitch believes that a sustained deterioration in
Tata Sons Limited's ability to provide support, driven by market
value of its investments in public listed companies as outlined
above, remaining consistently below US$12bn during the next nine
months, would act as a negative trigger for the ratings.

Fitch notes that continued lower steel prices across Europe
(including UK) could potentially impact TSUK's standalone
profitability and while the Indian operations would continue to
generate strong cash flows, the credit metrics for TSUK and TSL
could potentially deteriorate, leading to breach of the
consolidated net financial leverage trigger of 3.5x, resulting in
a negative rating action.  The agency however notes that TSL has
plans to raise substantial equity for meeting its investment
requirements and derisk the TSUK operations through captive raw
material linkages which could potentially provide downside
cushion.  While the capex/investment plans of USD10,957m for the
next three years are higher than earlier estimates, Fitch also
notes that greenfield projects in India continue to remain exposed
to regulatory risks leading to uncertainty on timing and are
somewhat discretionary in nature.  Derisking of the balance sheet
through these initiatives coupled with a sustained improvement in
Tata Sons Limited's ability to support TSL could potentially lead
to the Outlook reverting to Stable from Negative.

The ratings continue to reflect the strength of TSL's low cost
operations in India with captive sources of iron-ore and coal, the
high-end nature of TSUK's domestic operations allowing it to pass
raw material price increases to end consumers and an improving but
still moderate financial profile.  The consolidated performance in
FY08 benefited from a strong performance from its India and UK
operations (contributing 46% and 51% to overall EBITDA), resulting
in EBITDAR margins of 13.8% and a net debt/EBITDA of 2.7x.  The
profitability of TSUK's operations has benefited from the
continued improvement process which resulted in substantial cost
savings of USD600m in FY08 and is also expected to contribute
substantially in FY09 and FY10.  Fitch has also taken cognizance
of TSL's recent equity infusion of GBP250m into TSUK to mitigate
risks of a potential breach of covenant under its Secured Facility
Agreement, driven by higher working capital requirements on
account of the sharp increase in iron-ore and coal prices.

TSL is the flagship of the Tata Group and the sixth-largest steel
producer in the world.  TSL's revenue composition remains tilted
towards Europe which contributed 69% of revenues in FY08 with
India contributing 15%, Asia contributing12% and 5% from other
markets.

Fitch also affirmed the ratings on TSL and TSUK's debt
instruments:

TSL:

  -- Long Term Debt aggregating INR58.5bn: National Long-term
     Rating at 'AAA (ind)';

  -- Non-Convertible Debenture Issue of INR20bn: National Long-
     term Rating at 'AAA (ind)';

  -- Fund Based Cash Credit Limits of INR10.6bn and Non-Fund
     Based Limits of INR23.40bn: National Long- term Rating at
     'AAA (ind)';

  -- Fund Based Limits of INR7.25bn and Non-Fund Based Limits of
     INR7.6bn: National Short-term Rating at 'F1+(ind)'; and

  -- Commercial Paper/Short Term Debt of INR9.75bn: National
     Rating of 'F1+(ind)'.

TSUK and its subsidiaries:

  -- Senior Secured Bank Loan Facilities aggregating GBP 3.67bn:
     Long-term rating at 'BB+'.

At the same time, Fitch assigned a National Rating of 'AAA(ind)'
to TSL's proposed INR15bn non-convertible debenture programme.


* INDIA: Exports Decline Over 15% for the First Time in 15 Years
----------------------------------------------------------------
India's exports declined in October this fiscal, for the first
time in five years, due to the global slowdown, Financial Express
reports citing a senior Commerce Ministry official.

"For the first time in the last five years, in October, there has
been a decline of over 15 per cent (in exports) in dollar terms,"
the report quotes Director General of Foreign Trade R. S. Gujral
as saying.

Mr. Gujral said barring the export of the petroleum products,
"there has been a decline of over 20 per cent."

The report notes that growth in April-October has been 21.5 per
cent, down from 30.9 per cent for the April-September period.



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

SANYO ELECTRIC: Panasonic Merger Prompts S&P's Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'AA-' long-term and
'A-1+' short-term corporate credit ratings and 'AA-' long-term
unsecured debt rating on Panasonic Corp. on CreditWatch with
negative implications, and its 'BB' long-term corporate credit and
'BB+' long-term unsecured debt ratings on Sanyo Electric Co. Ltd.
on CreditWatch with positive implications, following the official
announcement that Panasonic would move to acquire Sanyo.  At the
same time, Standard & Poor's placed its 'AA-' long-term and 'A-1+'
short-term corporate credit ratings on Panasonic Finance (America)
Inc., as well as the 'A-1+' rating on the company's commercial
paper program, on CreditWatch with negative implications.

On Nov. 7, 2008, the two companies announced that they would start
discussions aimed at forming a capital and business alliance based
on the premise of consolidating Sanyo as a subsidiary.  This
acquisition will enable Panasonic to strengthen its business
franchise through the addition of Sanyo's strongly competitive
batteries business, which Panasonic has identified as a growth
area.  However, the financial burden associated with the
acquisition will inevitably impact Panasonic's strong financial
base, which is characterized by an abundant cash position and a
sound capital structure.  Indeed, this strong financial base has
thus far been a key factor supporting the high rating on the
company.  The process of integrating overlapping businesses, such
as the white goods and semiconductor operations, could increase
the company's cost burden and elevate operational risk.  These
factors could also place downward pressure on the ratings on the
company.  Conversely, the acquisition will likely have a positive
impact on Sanyo's credit quality given that Panasonic's support on
the operational and financial fronts will be incorporated into the
ratings on Sanyo once it becomes a member of the Panasonic group.

Standard & Poor's will remove the ratings from CreditWatch after
S&P examine and confirm:

  -- The size of the financial burden associated with the
     acquisition and the post-acquisition prospects for financial
     recovery;

  -- The details of the business integration process; and

  -- The expected synergy effects of consolidation.

The long-term corporate credit rating on Panasonic is currently
eight notches higher than that on Sanyo.  Standard & Poor's
intends to scrutinize how the companies will strengthen their
managerial and financial unity upon the acquisition and will
review the eight-notch gap accordingly.

The long-term unsecured debt rating on Sanyo is one notch higher
than the long-term 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.

Ratings List
Ratings Affirmed; CreditWatch/Outlook Action

                           To                   From
                           --                   ----
Panasonic Corp.
Panasonic Finance
  (America) Inc.
  Corporate Credit Rating  AA-/Watch Neg/A-1+   AA-/Stable/A-1+

Panasonic Finance
  (America) Inc.
  Commercial Paper
  Local Currency           A-1+/Watch Neg       A-1+

Panasonic Corp.
  Senior Unsecured
  (1 issue)                AA-/Watch Neg        AA-

Sanyo Electric Co. Ltd.
  Corporate Credit Rating  BB/Watch Pos/--      BB/Stable/--

Sanyo Electric Co. Ltd.
  Senior Unsecured
  (6 issues)               BB+/Watch Pos        BB+



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

APL INDUSTRIES: Court Serves Writ of Seizure and Sale
-----------------------------------------------------
APL Industries Berhad disclosed that the company and its wholly
owned subsidiary APL Products Sdn. Bhd. had on November 4, 2008,
served with the Writs of Seizure and Sale dated October 22, 2008,
in relation to the Ipoh High Court Suits No. 22-193A-2005 and
22-215-2005, respectively.

APL relates that in the Ipoh High Court Suit No. 22-193A-2005, Win
Three (M) Sdn. Bhd., Too Sooi Keng and Lee Son Hong
("Plaintiffs"), the former shareholders of the company, initiated
a suit on September 8, 2005, against the company ("First
Defendant") and its subsidiary, APLP ("Second Defendant)
(collectively referred to as the "Defendants") to recover a total
sum of MYR4,945,000.00 plus interest from August 16, 2005, and
costs.

According to APL, the claim against the Defendants is in relation
to the Defendants' alleged breach of a settlement agreement
between the Plaintiffs and the Defendants and for release of
guarantees executed by the former director.

The company is disputing the claim and has filed a defense and a
counterclaim against the Plaintiffs.  The counterclaim against the
Plaintiffs is for a sum of MYR5.0 million being amount wrongly
paid to the then Arthur Anderson, (now known as Ernst & Young)
being their professional fee for the listing of the First
Defendant on the Bursa Malaysia Securities Berhad by way of
reverse take over of Red Box (Malaysia) Berhad.  It is the
contention of the Defendants that this MYR5.0 million should be
paid by the Plaintiffs being the promoter and shareholders of the
Second Defendant.

The Plaintiffs further filed an application for summary judgment
against the Defendants but the same was dismissed with cost on
August 28, 2006.  The Plaintiffs appealed against the dismissal of
the summary judgment application and has been allowed on
August 21, 2008.  The Defendants had filed an appeal to the Court
Of Appeal and an application for stay of proceedings.  The appeal
is still pending for hearing.

On November 4, 2008, the Plaintiffs proceeded with execution via a
writ of seizure and sale on the second Defendant's premise.  The
Defendants had filed an application to set aside or stay of
execution of the writ of seizure and sale on the ground of
irregularity.  The hearing of the Defendants' application for stay
of execution against the judgment and application to set aside or
stay of the execution of the writ of seizure and sale was fixed on
November 11, 2008.

The Defendants' solicitors are of the opinion that there are
triable issues in this case but the chances of successfully
defending the case are good.

Meanwhile, APL further relates, in the Ipoh High Court Suit No.
22-215-2005, Foo Wan Thot and Sons Sdn Bhd, Fook Wan Thye Credit
and Leasing Sdn Bhd, Foo Wan Thot @ Foo Wan Kang and Foo Wan Kong
("Plaintiffs") commenced a suit on September 29, 2005, against the
company ("First Defendant) and its subsidiary, APLP ("Second
Defendant"), (collectively referred to as the "Defendants") to
recover a total sum of MYR2,950,000.00 plus interest from
August 16, 2005 and costs, being advances made by the Plaintiffs.

As pleaded in the statement of claims in the pleading, the claim
against the Defendants is in relation to the Defendants' alleged
breach of a settlement agreement between the Plaintiff's and the
Defendants and for release of the guarantees executed by the
former director.

The company is disputing the claim and has filed a defense and a
counterclaim against the Plaintiffs.  The counterclaim against the
Plaintiffs is for a sum of MYR5.0 million being amount wrongly
paid to the then Arthur Andersen (now known as Ernst & Young)
being their professional fee for the listing of the First
Defendant on Bursa Securities by way of reverse take over of Red
Box (Malaysia) Berhad.  It is the contention of the Defendants
that this MYR5 million should be paid by the Plaintiffs being the
promoter and shareholders of the Second Defendant.

The Plaintiffs had filed for summary judgment against the
Defendants but the same was dismissed with cost by the court on
August 28, 2006.  The Plaintiffs' appeal to Judge In Chambers has
been allowed on August 21, 2008.  Defendant has filed an appeal to
Court of Appeal and an application for stay of proceedings. The
appeal is still pending for hearing.

On November 4, 2008, the Plaintiffs proceeded with execution via a
writ of seizure and sale on the second Defendant's premise.
The Defendants had filed an application to set aside or stay of
execution of the writ of seizure and sale on the ground of
irregularity.  The hearing of the Defendants' application for stay
of execution against the judgment and application to set aside or
stay of the execution of the writ of seizure and sale was fixed on
November 11, 2008.

The Defendants' solicitors are of the opinion that there are
triable issues in this case but the chances of successfully
defending the case are good.

                       About APL Industries

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

                          *     *     *

The APLI Group had triggered the Enhanced PN17 criteria and was
classified as PN17 in 2007.  Since then, the Group has been facing
increasing difficulties in terms of its operations and business.

The ability of the Group to continue as a going concern is
dependent upon achieving future profitable results, generating
positive cash flow and continuous financial support from its
bankers to meet its liabilities when they fall due.

As reported by the Troubled Company Reporter-Asia Pacific on
September 4, 2008, APL Industries Berhad disclosed that for the
fourth quarter ended June 30, 2008, the group incurred MYR18.30
million net loss as compared with MYR21.09 million net loss in the
same quarter of 2007.

For the fourth quarter ended June 30, 2008, the Group recorded
sales revenue of MYR34.4 million which was significantly (33.1%)
lower compared to MYR51.4 million achieved during the
corresponding quarter in the previous financial year.  Operating
losses were higher by MYR15.7 million (431.1%) while losses before
tax increased by MYR15.1 million (277.1%).


PECD BERHAD: Court Extends Restraining Order Until December 12
--------------------------------------------------------------
Pursuant to a court order dated August 18, 2008, PECD Berhad and
its wholly owned subsidiary, PECD Construction Sdn. Bhd. issued a
notice to convene a court convened meeting among the scheme
creditors on November 14, 2008, inter alia to deliberate on a
proposed Scheme of Arrangement.

However, upon the applications made by Merino-ODD Sdn. Bhd., Affin
Bank Berhad and AmTrustees Berhad pursuant to their Summons In
Chambers dated September 10, 2008, October 31, 2008, and
November 7, 2008, respectively, being called for hearing on
November 10, 2008, the court adjourned the hearing of the
Applications to December 12,  2008.  This was due to the sealed
Summons In Chambers of the applications by Affin Bank Berhad and
AmTrustees Berhad being served on the solicitors of the Applicants
only on November 10, 2008.  The Court also directed the
application by Merino-ODD Sdn. Bhd. to be heard on the same day as
the applications by Affin Bank Berhad and AmTrustees Berhad.

In the circumstances, the Court made an order for the Proposed CCM
scheduled on November 14, 2008, to be called off and for the
restraining order dated August 18, 2008, which is expiring on
November 16, 2008, to be extended until December 12, 2008.

                       About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


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

COVENANT TRUSTEE: Sale of Business Unlikely to Proceed
------------------------------------------------------
A sale of Covenant Trustee is unlikely because the timing is
wrong, Fiona Robertson of The National Business Review reports
citing director Graham Miller.

According to the report, Mr. Miller admits it was not an ideal
market for hanging up the sale sign and it's only got worse since
then saying the company is not committed to a sale anyway.

Citing Business Review, the Troubled Company Reporter-Asia Pacific
reported on September 25, 2008, that Covenant Trustee Company
Limited is up for sale.  That report said Covenant Trustee
director Graeme Miller said he decided to open up the bidding
after the company was approached by an interested buyer.

The TCR-AP said the Business Review related that Covenant has
brought in advisers to take expressions of interest from potential
buyers, but the process is not yet at a due diligence stage.

Mr. Miller owns 80 per cent of the company with two other
managers, Stewart Lockhart and Peter Orpin owning 15 per cent and
5 per cent, respectively, according to Business Review.

                     About Covenant Trustee

Covenant Trustee Company Limited -- http://www.covenant.co.nz/--
acts as trustee for secured and unsecured trust deeds, convertible
notes deeds and bond issues.  The company also act as statutory
supervisor for a number of property proportionate ownership
schemes, forestry and film partnerships, and other forms of
participatory securities, and as trustee of unit trusts.   It
provides statutory supervision services to the retirement village
industry and also the trustee for a number of debenture issues for
finance companies in New Zealand.


DORCHESTER: Unit's Deferred Repayment Plan is Up for Votation
-------------------------------------------------------------
Dorchester Pacific said that the deferred repayment plan of its
subsidiary Dorchester Finance, is now well advanced.  Trustee,
Perpetual Trust has confirmed that the plan has merit to be put to
secured debenture holders to vote on.  However, the company said
there are still a number of relatively minor points to work
through including finalization of all meeting material before the
plan and the documentation supporting it are in a form to go to
investors.

Dorchester Pacific stated that its directors consider that the
deferred repayment plan will provide a better outcome for
investors than a receivership.  If approved, the plan could see
investors being repaid all of their principal over 3 years through
a managed wind down of the company's loan books.

Chairman Barry Graham commented that "while the deadline is
becoming increasingly tight the Board is hopeful that the
documentation can be finalized and be with investors in time for a
vote before Christmas.  If investors approve the plan there is
then the prospect of an initial payment of 20% of principal to
secured debenture holders prior to Christmas."

The deferred repayment plan provides for further additional
provisioning against property loan receivables of around NZ$10
million, the company said.

Dorchester Pacific also disclosed that it has negotiated and
secured an option to participate in the recapitalization plan of
St. Laurence Limited in lieu of its making an immediate cash or
asset contribution.  The option is exercisable at any time within
3 years of St. Laurence investors approving that company's
recapitalization plan.

In the event of approval, majority shareholder Auguste Finance
Limited will immediately contribute assets of NZ$10 million to
St. Laurence.  The effect of the recapitalization and Auguste's
subscription for new shares in St. Laurence in exchange for the
NZ$10 million of assets, pending Dorchester exercising its option,
is that Dorchester's shareholding in St. Laurence will reduce from
25% to 1%.  If Dorchester exercises the option at any time over
the 3 years its shareholding in St Laurence will revert to 25%.
As part of this arrangement Dorchester and Auguste have agreed to
cancel the Put and Call Option Deed between them entered into in
March 2007.

The exercise price for Dorchester's option is NZ$3.333 million
payable in cash or by a transfer of assets to St. Laurence.

Given the present circumstances of the companies and the
uncertainty of future projections for St. Laurence, Dorchester's
directors have decided to write-down Dorchester's investment in
St. Laurence to a nil carrying value.

The write-down of the investment in St. Laurence together with the
further provisioning against property loan receivables and trading
losses for the 6 months ended September 30, 2008, are likely to
leave Dorchester Pacific shareholders funds at around NZ$5
million.  Actual results are subject to the completion of
Dorchester Group accounts for the period to September 30, 2008,
and completion of the audit of the accounts for Dorchester Finance
Limited currently being undertaken.

Mr. Graham commented that "some improvement in the level of
shareholders funds could result from adjustments in asset values
that may be available if investors approve the Deferred Repayment
Plan."  But he also noted that "in the event that investors did
not approve the deferred repayment plan it is almost certain that
the going concern assumption for Dorchester Pacific would be
brought into question."

It is expected that the dates for the meeting of investors to vote
on the deferred repayment plan and for the company's AGM and EGM
will be advised shortly.

                    About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

Mr. Graham added "The intention of the deferred repayment plan
is to allow us to repay principal owed to investors over a
period of approximately two years.  Although the details are yet
to be formulated and agreed with the Trustees, Dorchester
Finance intends to continue to make interest payments.
Repayments of debenture and subordinated note maturities will be
suspended from June 26, 2008."

As at June 24, 2008, Dorchester Finance had NZ$168 million in
debenture stock secured against total assets of NZ$212 million,
including NZ$18 million in cash.  In addition it had NZ$8 million
in subordinated notes on issue.


EBAN NORMAN: Court to Hear Wind-Up Petition on November 28
----------------------------------------------------------
A petition to have Eban Norman Earthmovers Ltd's operations wound
up will be head before the High Court of Auckland on November 28,
2008, at 10:45 a.m.

Fletcher Distribution Limited filed the petition against the
company on Sept. 19, 2008.

The Petitioner's solicitor is:

          Kevin Patrick Mcdonald
          Kevin McDonald & Associates
          Barristers & Solicitors
          62A Kurahaupo Street
          Orakei, Auckland


EDMUND (NO 2) ET AL: Commences Liquidation Proceedings
------------------------------------------------------
On October 13, 2008, the shareholders of these companies resolved
to voluntarily liquidate the companies' business.

   -- Edmund (No 2) Ltd.;
   -- Pacific Properties (The Railway) Limited; and
   -- Edmund (No 1) Limited.

The companies' liquidators have fixed November 11, 2008, as last
day to file their proofs of debt.

The companies' liquidators are:

          Stephen Mark Lawrence
          Anthony John Mccullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone:(09) 306 7425
          Facsimile: (09) 302 0536


EDMONDS WELLINGTON: Subject to Edmonds' Wind-Up Petition
--------------------------------------------------------
On September 29, 2008, Edmonds Commercial Limited filed a petition
to have Edmonds Wellington Ltd.'s operations wound up.

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

G. W. D. Manktelow is the petitioner's solicitor.


FORESTECH ET AL: Appoints Parsons and Kenealy as Liquidators
------------------------------------------------------------
On October 20, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of these companies:

   -- Forestech Waikato Ltd.;
   -- Boomer Limited; and
   -- Coromandel Security Limited.


IMPRESSIONS DENTAL: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------------
The shareholders of Impressions Dental Ltd. met on October 9,
2008, and agreed to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt November 24,
2008, to included in the company's dividend distribution.

The company's liquidator is:

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


KERVAN HOLDINGS: Creditors' Proofs of Debt Due on November 24
-------------------------------------------------------------
The creditors of Kervan Holdings Ltd. are required to file their
proofs of debt by November 24, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Digby John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


NADETWA CLOTHING: Commences Liquidation Proceedings
---------------------------------------------------
Nadetwa Clothing New Zealand Ltd. commenced liquidation
proceedings on October 23, 2008.

Creditors are required to file their proofs of debt by Nov. 28,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Stephen John Tubbs
          Colin Anthony Gower
          c/o Diana Hore or Wiona Pienaar
          BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch 8013
          Telephone:(03) 353 5528
          Facsimile:(03) 353 5526
          e-mail: diana.hore@chc.bdospicers.com
                  wiona.pienaar@chc.bdospicers.com


POSITIVE REAL ET AL: Fixes November 25 as Last Day to File Claims
-----------------------------------------------------------------
The creditors of these companies are required to file their proofs
of debt by November 25, 2008, to be included in the companies'
dividend distribution.

   -- Positive Real Estate Ltd; and
   -- Mint Property Investments Limited

The companies' liquidator is:

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


PRN SERVICES: Court to Hear Wind-Up Petition on November 28
-----------------------------------------------------------
A petition to have PRN Services Ltd's operations wound up will be
head before the High Court of Auckland on November 28, 2008, at
10:45 a.m.

Big Splash Limited filed the petition against the company on
Sept. 19, 2008.

The Petitioner's solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          c/o Baycorp House, Level 2
          15 Hopetoun Street, Auckland


ST LAURENCE: Registers Recapitalization Plan Prospectus
-------------------------------------------------------
St Laurence Limited (SLL) said that is has registered a prospectus
which outlines the Recapitalization Plan (the Plan) it is putting
to investors for their approval.

SLL managing director Kevin Podmore said the directors believe the
Plan will improve the group's financial position and see it better
placed to repay its investors.  "The purpose of the Plan is to
enable St Laurence to try to maximize the return to investors by
allowing the company to continue trading on a going concern basis.
It provides time for St Laurence to have its loans repaid in an
orderly fashion and allows it to undertake activities to preserve
and add value to the group's funds management businesses.  The
directors believe it is a better alternative for investors than
receivership," Mr. Podmore commented.

A key component of the Plan involves investors voting to amend the
Trust Deed and in particular varying their existing investment
terms.  Interest due in respect of both debentures and capital
notes will be paid up to the date of the vote and then regular
quarterly principal repayments of secured debentures and capital
notes will commence from April 1, 2009.  Interest will accrue on
the principal amount outstanding of NZD secured debentures and
capital notes at a rate of 8% per annum and AUD secured debentures
at a rate of 7% per annum for the first twelve months.  The rate
in twelve months time can be reviewed.

Mr. Podmore said the current state of finance markets makes it
extremely difficult to predict with certainty when SLL will be
able to fully repay investors.  "Our goal is to repay our
investors 100% of their principal plus pay accrued interest.  We
are not sure how long that will take us but over the next five
years we are aiming to have repaid at least 70% of the debentures
and 20% of the capital notes as well as 70% of the interest
accrued on debentures.  Under receivership the directors believe
debenture holders will receive less than all of their investment.
There would also be no cash available for any payments to Capital
Note holders and unsecured creditors."

In return for investors allowing SLL to continue trading Auguste
Finance Limited, the majority shareholder of SLL has agreed to
contribute new equity to the company by transferring property
related assets to the company which are assessed by the directors
to have a net value of $10 million.  In addition, in conjunction
with Kevin Podmore, SLL's managing director, and related parties*
it will provide a guarantee** to Secured Debenture Stock holders
up to a maximum of $20 million that is available in certain
circumstances.  The guarantee is described fully in the Plan
documents.

"We believe this support package demonstrates our commitment to
the Plan, and the extent to which we wish to align our interests
to those of our investors," Mr. Podmore said.  "We believe it is
important to do our very best to support the investors who have
supported SLL over the years."

Meetings for SLL Secured Debenture Stock and Capital Note holders
to vote on resolutions to give effect to the Plan will be held on
December 5, 2008.  If the resolutions are passed by achieving 75%
of votes in favor of the Plan, the Trust Deed will be amended and
the Recapitalization Plan will be implemented.

                        About St Laurence

Headquartered in Wellington, New Zealand, St Laurence Limited
(NZX: DPC) -- http://www.stlaurence.co.nz/st_laurence.php-- is
a property-based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995 it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, citing New Zealand Herald, St Laurence Limited
stopped repaying principal investments ahead of a vote on a scheme
of repayment.

According to the report, managing director Kevin Podmore
confirmed that the company had now halted repayments of
principal after it received legal advice which said all
debenture holders needed to be treated equally and fairly.

The TCR-AP reported on June 25, 2008, that St. Laurence Limited
said it has decided to exit from its money lending activities and
is to withdraw its prospectus immediately.  This decision results
from rapid changes in the property lending markets affecting many
financiers and investors.


RICOCHET HAIR: Court Hears Wind-Up Petition
-------------------------------------------
The High Court of Dunedin heard a petition to have Ricochet Hair
Ltd.'s operations wound up.

Rodney Wayne New Zealand Limited filed the petition against the
company.

C. C. H. Allan and T. J. P. Bowler are the Petitioners'
solicitors.


STAR CURRY: Subject to Coq Au Vin's Wind-Up Petition
----------------------------------------------------
On September 19, 2008, Coq Au Vin filed a petition to have Star
Curry Village Ltd's operations wound up.

The petition was heard before the High Court of Wellington on
November 4, 2008.

Kevin Patrick Mcdonald is the petitioner's solicitor.


STRATEGIC FINANCE: Assesses Impact of Parent's Administration
-------------------------------------------------------------
The National Business Review reported that Strategic Finance says
its directors are assessing what impact, if any, the voluntary
administration of ultimate parent Allco HIT will have on
Strategic.

According to the report, Strategic said the company and its
immediate holding company Strategic Investment Group were not
included in the list of Allco HIT subsidiaries placed in voluntary
administration.

As reported in the Troubled Company Reporter-Asia Pacific on
November 10, 2008, Allco HIT appointed Neil Geoffrey Singleton and
Christopher Clarke Hill of PPB as voluntary administrators of the
company and its subsidiaries pursuant to section 436A of the
Corporations Act 2001.

Allco HIT's subsidiaries in administration are International
Mezzanine Funds Management (Australia) Pty Limited, MIF Pty
Limited, HIT Finance Pty Limited, HIT Operations Pty Limited,
Allco Strategic Holdings No. 1 Pty Limited, Allco Strategic
Holdings No. 2 Pty Limited, AllCommercial Finance Australia Pty
Limited, and IMFML Finance Pty Limited.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.

The company reported a net loss after tax of NZ$15.7 million for
the year ended June 30, 2008, compared with a net profit after tax
of NZ$29.4 million in the year ended June 30, 2007.


TE WHEKE: Fixes November 28 as Last Day to File Claims
------------------------------------------------------
The creditors of Te Wheke Holdings Ltd. are required to file their
proofs of debt by November 28, 2008, to be included in the
company's liquidator.

The company's liquidator is:

          D. C. Parsons
          Indepth Forensic Limited, Insolvency Practitioners
          PO Box 278, Hamilton
          Telephone:(07) 957 8674
          Facsimile:(07) 957 8677


UNITED VIDEO ET AL: Fixes November 24 as Last Day to File Claims
----------------------------------------------------------------
The creditors of United Video Courtenay Place Ltd and Recruitment
International (NZ) Limited are required to file their proofs of
debt by November 24, 2008, to be included in the company's
dividend distribution.

Greg Sherriff and David Vance are the companies' liquidators.


VISION ALUMINIUM: Appoints Hollis and Cain as Liquidators
---------------------------------------------------------
On October 20, 2008, Malcolm Grant Hollis and Rhys James Cain were
appointed liquidators of Vision Aluminium 2000 Ltd.

Only creditors who were able to file their proofs of debt by
November 10, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Malcolm Grant Hollis
          Rhys James Cain
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


WHISPER COVE: Receivers Sue Six Reluctant Buyers
------------------------------------------------
Anne Gibson at The New Zealand Herald reported that the receivers
of Whisper Cove are taking court action against reluctant buyers
who are attempting to escape from deals to buy into the seaside
settlement.

The report said a case management conference was set down in the
High Court at Auckland on Wednesday, November 5, on litigation
against six people including Bernard Wright, reluctant buyers who
entered pre-sale deals to purchase places in the housing estate.

According to the report, Craig Andrews of McVeagh Fleming
represents Mr. Wright and the others while Mark Sandelin of Minter
Ellison Rudd Watts is acting for Whisper Cove.

Whisper Cove had 10 third party apartment pre-sales which had not
settled and were in dispute, the Herald relates citing Brendon
Gibson and Grant Graham of KordaMentha.

"Additionally, a further nine apartment pre-sales to a subsidiary
of a secured creditor have not settled," the report quotes Messrs.
Gibson and Graham as saying.

The Herald says the receivers had already sought a High Court
summary judgment to enforce the pre-sales to settle.

As reported in the Troubled Company Reporter-Asia Pacific on
September 26, 2008, citing The New Zealand Herald, Whisper Cove, a
NZ$250 million development beside a former Salvation Army camp at
Snells Beach has collapsed.

That report said Whispher Cove, which was started by Tim Manning,
is in receivership owing NZ$36 million to Westpac and NZ$17
million to other financiers.

The Herald disclosed Whisper Cove was to be a 160-residence 16ha
waterfront development but just 36 units were built.  The site has
been abandoned for months after big money problems, leaving a
string of subcontractors, builders and others owed more than NZ$2
million, the Herald added.



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

SAN MIGUEL CORP: Plans to Buy At Least 51% Stake in PT Bumi
-----------------------------------------------------------
Steel Guru reported that San Miguel Corporation is keen on
acquiring at least 51% stake of Indonesian coal producer PT Bumi
Resources.

"We confirm that the company is interested in acquiring at least
51 percent of PT Bumi Resources.  Discussions on the transaction
are ongoing," San Miguel said in a filing with the Philippine
Stock Exchange.

According to Steel Guru, San Miguel earlier said it wanted to tap
Indonesia's PT Bakrie & Brothers for a possible alliance that
could boost its bid for PT Bumi, which is in mining, oil, gas and
other energy related activities.

The report recounts that earlier San Miguel was preparing a bid to
counter that of investment group Northstar Pacific, which
announced a plan to buy a 35% stake in PT Bumi from PT Bakrie &
Brothers.

                          About PT Bumi

Based in Indonesia, PT Bumi Resources Tbk is an oil and coal
mining company.  The company is engaged in the mining,
manufacturing, production and marketing of coal, as well as oil
exploration.  In addition, it is also engaged in the general
trading sector, the hotels and tourism industries and other
related services.  The company has 16 subsidiaries, which
principal activities include mining and marketing.  One of the
subsidiaries, PT Arutmin Indonesia, is a coal mining company,
which exports the majority of its products to international
markets.  On July 17, 2008, the company has acquired the
Australia-based Herald Resources Limited.

                   About San Miguel Corporation

San Miguel Corporation is a food, beverage and packaging company
established in 1890 initially as a single-product brewery.
Today, SMC has over 100 facilities in the Philippines, Southeast
Asia, China, and Australia.  SMC's extensive product portfolio
includes beer, hard liquor, carbonated and non-carbonated non-
alcoholic beverages, processed and packaged food products, meat,
poultry, dairy products and a number of packaging products.

SMC's flagship product, San Miguel Beer, is among the world's
largest selling beers.  From its original cerveza, SMC now owns
a wide range of popular beverage brands and products that
extends from beer to hard liquor, soft drinks, bottled water,
powdered juice and juice drinks.  The company's food operations
involve poultry and livestock operations, the production and
marketing of fresh, ready-to-cook and processed meats as well as
milk, butter, cheese, margarine, ice cream, flour and flour-
based products, snack foods, coffee, cooking oil, coconut oil,
pet food and animal and aquatic feeds.

Through the partnerships it has forged with major international
companies, SMC has gained access to the latest technologies and
expertise.  SMC's strategic partnerships with international
companies include Nihon Yamamura Glass Company, Ltd. and Rengo
Co., Ltd. of Japan, and Hormel Foods Corporation of the United
States.  Kirin Brewery Co. Ltd., one of the largest beer
manufacturing companies in Japan, has a significant stake in
SMC.

                          *     *     *

As of April 26, 2008, San Miguel Corp. continues to carry
Standard & Poor's "BB" Issuer Credit Rating (Foreign Currency)
with a Negative outlook.

San Miguel Corp. also continues to carry Moody's "Ba2" long-term
corporate family rating with a stable outlook.

The Troubled Company Reporter-Asia Pacific reported on
November 7, 2008, that Standard & Poor's Ratings Services said
San Miguel Corp.'s (foreign currency BB/Negative/--) recent
announcement on an agreement to acquire 27% of Manila Electric Co.
(Meralco, B-/Stable/--) does not have an immediate rating impact
on both companies.



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

DEMAG DELAVAL: Creditors' Proofs of Debt Due on December 7
----------------------------------------------------------
The creditors of Demag Delaval Industrial Turbomachinery Pte Ltd
are required to file their proofs of debt by December 7, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

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


JK INTERIORS: Court Enters Wind-Up Order
----------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have JK Interiors Pte Ltd's operations wound up.

Asia Passion filed the petition against the company.

JK Interiors's liquidator is:

          Official Receiver
          Insolvency & Public Trustee's Office
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


STAMP CRAFTS: Court Enters Wind-Up Order
----------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Stamp Crafts Pte. Ltd.'s operations wound up.

Tat Eng Industries Pte Ltd filed the petition against the company.

Stamp Crafts' liquidator is:

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


SZU MING: Court Enters Wind-Up Order
------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Szu Ming Trading Pte Ltd's operations wound up.

Hawley & Hazel Chemical Co., (S) Pte Ltd filed the petition
against the company.

Szu Ming's liquidator is:

          Timothy James Reid
          M/s Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
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               http://www.beardaudioconferences.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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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