TCRAP_Public/081119.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 19, 2008, Vol. 11, No. 230

                            Headlines

A U S T R A L I A

ACN 088 178 401: Commences Liquidation Proceedings
AUSBODZ (AUST): Court Enters Wind-Up Order
BABCOCK & BROWN: Restructures Business; To Slash Jobs
BLACKNEYS REFRIGERATED: Placed Under Voluntary Liquidation
CJ HAWKES: Placed Under Voluntary Liquidation

COPA GROUP: Commences Liquidation Proceedings
CORSTORPHAN CONSTRUCTIONS: Placed Under Voluntary Liquidation
ELDERSLIE FINANCE: Court Enters Wind-Up Order
FOOD DRINK: Commences Liquidation Proceedings
LISUS TECHNOLOGY: Members and Creditors Receive Wind-Up Report

MASTERCUT HAIRDRESSING: Commences Liquidation Proceedings
PETRAC PTY: Two More Projects Placed in Receivership
PURE PLEASURE: Members and Creditors Receive Wind-Up Report
ORION INTERIOR: Placed Under Voluntary Liquidation
R. J. ATTARD: Placed Under Voluntary Liquidation

ROMANOUS FORMWORK: Members and Creditors Hear Wind-Up Report
ST. PAUL'S: Placed Under Voluntary Liquidation
* Fitch: Australian Corporate Health Report Is Weakest Since 1992


C H I N A

CHINA CONSTRUCTION: Bank of America Expands Stake to 19.1%
CHINA EASTERN: Application for Gov't Aid in Final Stage
SINOPEC CORP: May Acquire Resources Assets Overseas
* Moody's Sees Stable Outlook for Chinese Life Insurance Sector


H O N G K O N G

ASCALADE ASSETS: Members' Final Meeting Set for December 15
GENERAL SIGNAL: Members' Final Meeting Set for December 19
GIANT RAINBOW: Placed Under Voluntary Liquidation
JACSON INVESTMENTS: Creditors' Proofs of Debt Due on December 22
MEGURO SUSHI: Commences Liquidation Proceedings

NISSHINBO HONG KONG: Members' Final Meeting Set for December 16
TOEI DENSHI: Members' Final Meeting Set for December 16


I N D I A

ABA BUILDERS: CRISIL Rates Rs.1.40 Bil. Rupee Term Loans at 'B'
AIR INDIA: To Raise US$165 Mil. Through Aircraft Sale & Lease-Back
ICICI BANK: May Cut Loan Growth Target to 15%
KANERIA GRANITO: CRISIL Revises Rating Outlook to 'Negative'
LAKSHMI MILLS: CRISIL Rates Various Bank Facilities at 'C'

STATE BANK OF INDIA: Hikes Interest Rates on Non-Resident Deposits


I N D O N E S I A

TELEKOMUNIKASI SELULAR: Fitch Corrects November 14 Ratings Release


J A P A N

FORD MOTOR: To Raise Cash Through Sale of 20% Mazda Stake
GENERAL MOTORS: Sells Remaining 3% Stake in Suzuki Motor
MERRILL LYNCH: To Cease Japan Power Business in January


K O R E A

SAMSUNG ELECTRONICS: Kodak & Spansion File Patent Breach Actions


K U W A I T

GULF BANK: Incurs US$1.4 Billion in Derivative Losses


M A L A Y S I A

AKN TECHNOLOGY: Auditor's Opinion Cues Amended PN17 Listing


N E W  Z E A L A N D

ALTITUDE & ZEST ET AL: Appoints Johnston as Liquidator
CRYSTAL WATERS: Subject to CIR's Wind-Up Petition
JTC 6: Creditors' Proofs of Debt Due on November 21
MCEWEN GROUP: Court to Hear Wind-Up Petition on November 21
MULHOLLAND JOINERY: Court to Hear Wind-Up Petition on November 21

PINPOINT TRUSTEES: Court to Hear Wind-Up Petition on November 21
STING GAS: Wind-Up Petition Hearing Set for November 21
TAKAPUNA PROCUREMENT: Subject to CIR's Wind-Up Petition
U T SERVICES: Court to Hear Wind-Up Petition on November 21
UNITED BUILDERS: Subject to CIR's Wind-Up Petition

UPPER QUEEN: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

LEPANTO CONSOLIDATED: Posts PHP111.6 Mil. Net Loss in Q3 2008
SECURITY BANK: To Raise PHP3.0 Bil. Through Tier 2 Notes Issue


S I N G A P O R E

ARTPRINT MEDIA: Court Enters Wind-Up Order
BUBONA SHIPPING: Creditors' Proofs of Debt Due on December 7
EMPORIUM DEPARTMENT: Court Enters Wind-Up Order
EMPORIUM HOLDINGS: Court Enters Wind-Up Order
FRASERS COMMERCIAL: S&P Holds 'BB' Corporate Credit Rating


T A I W A N

WAN HAI: S&P Puts 'BB+' Senior Bond Rating on Negative Watch


X X X X X X X X

* Moody's Reports EMEA Auto Loans Performance Indices Weaken in Q3
* Moody's Reports Negative Outlook for Asia-Pacific Shipping
* Moody's Says Home Finance to Drive Potential for Securitization
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ACN 088 178 401: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on September 19, 2008, the members
of ACN 088 178 401 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


AUSBODZ (AUST): Court Enters Wind-Up Order
------------------------------------------
On September 23, 2008, the Supreme Court of New South Wales
entered an order to have Ausbodz (Aust) Pty Ltd's operations wound
up.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail:admin@jirschsutherland.com.au


BABCOCK & BROWN: Restructures Business; To Slash Jobs
-----------------------------------------------------
Babcock & Brown Limited said it has decided to further narrow
and simplify the focus of the group through a restructure to
become a specialist infrastructure investment business.

In a regulatory filing, the company said the restructure will see
the creation of a segregated infrastructure business within
Babcock & Brown and is expected to be largely implemented by mid
2009.  Businesses and assets outside the infrastructure business
will be managed by existing teams of employees with a focus on
preserving value while preparing those business and assets for
divestment as and when opportunities arise.  There is no set
timetable for business and asset sales and these will be available
for sale and managed with a view to maximizing value, either as
cross-border platforms or as separate geographic or sector
portfolios.

Babcock & Brown CEO, Michael Larkin, said, "We have considerable
infrastructure opportunities across North America, Europe,
Australia and Asia and a strong global platform as a specialist
infrastructure funds manager, asset originator and developer.  By
segregating the infrastructure investment business it should be
well placed to return to growth.

"Babcock & Brown's global listed and unlisted infrastructure funds
own high quality assets.  These funds together with the group's
extensive development pipeline of wind; thermal and solar power;
social infrastructure/PPP's; transport; energy transmission and
distribution assets, provide a strong operating base for the
infrastructure business.

"The real estate and operating leasing businesses have quality
platforms and assets in their own right and will benefit from
orderly sale to investors or existing operators focused on those
sectors. We have already had a number of discussions with
investors and operators interested in these platforms.  These
discussions are ongoing," Mr. Larkin said.

                       Detail on Restructure

The restructure plan involves separating the Babcock & Brown
business into two groups:

   -- The specialist infrastructure investment business -
      incorporating funds management operations and stakes
      in core listed and unlisted infrastructure funds as
      well as the group's PPP, wind, thermal and solar
      projects development pipeline.

   -- The remaining businesses and assets – incorporating
      real estate; operating leasing; remaining corporate
      and structured finance operations and assets; and
      investments or loans to B&B Power and other
      infrastructure assets currently available for sale.

These changes are expected to lead to:

   -- Increased head count reduction from approximately
      1,600 people at June 30, 2008, to approximately
      600 people during 2010.  This will be achieved
      progressively through redundancies and employee
      transfers as assets and businesses are sold.
      Currently headcount is in the order of 1,450.
      Management of the headcount reduction process and
      appropriate communication with employees remain
      priorities.  The value and capabilities of all
      businesses, including those to be sold, will be
      protected through appropriate retention arrangements
      for key employees.

   -- A reduction in operating costs (excluding remuneration)
      of more than 50% or in excess of $150m by end 2010.
      Achievement of operating cost savings announced in
      August is tracking well.  As a result of the decision
      to narrow the focus of the business further, the plan
      announced in August has been extended to reflect the
      new strategy.

                       Proposed Changes to
                   Corporate Bank Facilities

As part of the group's ongoing consultation with its banking
syndicate, Babcock & Brown said it has advised the bank
representatives of the restructure plan, which is expected to
repay more than 50% of Babcock & Brown's current AU$3.1 billion
corporate debt facilities by 2011.

Babcock & Brown has also commenced discussions with its banks
about a proposed restructure of the facilities.

The amendments being sought include changes to the financial
covenants in Babcock & Brown's existing corporate facilities,
which Babcock & Brown will find difficult to meet in the near term
given the continuing and substantial deterioration in market
conditions.

The company said discussions with the banks regarding these
changes are ongoing and may not be concluded before the end of
December this year.

                      About Babcock & Brown

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 12, 2008, 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.


BLACKNEYS REFRIGERATED: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on September 19, 2008, the members
of Blackneys Refrigerated Transport Services Pty Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          Stan Traianedes
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


CJ HAWKES: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 19, 2008, the members
of CJ Hawkes Refrigerated Transport Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Stan Traianedes
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


COPA GROUP: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 24, 2008,
the members of Copa Group Pty Limited agreed to voluntarily
liquidate the company's business.

The company's liquidator is:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


CORSTORPHAN CONSTRUCTIONS: Placed Under Voluntary Liquidation
-------------------------------------------------------------
During a general meeting held on September 25, 2008, the members
of Corstorphan Constructions Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


ELDERSLIE FINANCE: Court Enters Wind-Up Order
---------------------------------------------
On September 22, 2008, the Supreme Court of New South Wales
entered an order to have Elderslie Finance Corporation Limited's
operations wound up.

The company's liquidator is:

         Nicholas Crouch
         Crouch Amirbeaggi
         Level 28, 31 Market Street
         Sydney NSW 2000
         Telephone:(02) 8262 9333
         Facsimile:(02) 8262 9300


FOOD DRINK: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 22, 2008,
the members of Food Drink Adrenalin Pty Limited agreed to
voluntarily liquidate the company's business.

The company's liquidator is:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


LISUS TECHNOLOGY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Lisus Technology Pty Ltd met on
November 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail:admin@jirschsutherland.com.au


MASTERCUT HAIRDRESSING: Commences Liquidation Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on September 17, 2008,
the members of Mastercut Hairdressing Pty Limited agreed to
voluntarily liquidate the company's business.

The company's liquidator is:

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


PETRAC PTY: Two More Projects Placed in Receivership
----------------------------------------------------
Two more property projects of Petrac Pty Ltd have been placed into
receivership, James Thomson of SmartCompany reports.

According to the report, The Royal Bank of Scotland has appointed
Greg Hall and Ian Hall of PricewaterhouseCoopers as receivers to
Petrac's AU$200 million housing estate development at Lennox Head
in northern New South Wales.

Meanwhile, SmartCompany says Ferrier Hodgson has been appointed by
National Australia Bank to Petrac's 33-lot subdivision at Suffolk
Park near Byron Bay.  Petrac had planned a AU$70 million housing
development on the site, which is also up for sale.

SmartCompany relates that the collapse of these projects has hit
Valad Property Group hard.  Valad Property, the report says, is
the preferred equity lender on the projects and has a total
exposure of AU$76.2 million.

As reported by the Troubled Company Reporter-Asia Pacific on
October 13, 2008, Business Spectators said National Australia Bank
appointed Ferrier Hodgson as receivers to Petrac's two projects in
Noosa and Byron Bay.

                           About Valad

Valad Property Group (ASX:VPG) -- http://www.valad.com.au-- is
engaged in passive property ownership, property development and
trading, property funds management and capital services.  The
company operates in four segments.  It owns rental income
producing passive properties throughout Australia, New Zealand and
Europe.  These include long term hold investments producing a
recurring stream of income to the company. Most of the passive
property ownership interests are held in Valad Property Trust.
The property development and trading segment develops and trades
assets and also creates a pipeline of products for Valad's managed
funds.  The funds management establishes and manages listed and
unlisted property funds.  The Valad capital services segments
provides property structured finance and investment banking
services to external parties, and has invested in a portfolio
across asset classes, including commercial, retail, industrial,
residential and retirement.  In July 2007, it acquired Scarborough
Group and Valad (Hurst) Limited.

                           About Petrac

Based in Brisbane, Petrac Pty Ltd --
http://www.petrac.com.au/Home.aspx– is engaged in residential
development and construction, operation of retirement communities
and resort accommodation.


PURE PLEASURE: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Pure Pleasure Parties Pty Ltd 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:

          Danny Vrkic
          Jirsch Sutherland & Co
          PO Box 573
          Wollongong NSW 2500


ORION INTERIOR: Placed Under Voluntary Liquidation
--------------------------------------------------
The sole member of Orion Interior Fitouts Pty Limited resolved to
voluntarily liquidate the company's business on September 25,
2008.

Messrs. Ozem Kassem and Bruno Anthony Secatore were appointed as
liquidators.


R. J. ATTARD: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on September 23, 2008, the members
of R. J. Attard Haulage Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Anthony Wayne Elkerton
          Chartered Accountant of Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place
          Sydney NSW 2000


ROMANOUS FORMWORK: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Romanous Formwork Pty Limited met on
November 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Telephone:(02) 9286 9999


ST. PAUL'S: Placed Under Voluntary Liquidation
----------------------------------------------
St. Paul's Choir School Limited commenced liquidation proceedings
on September 18, 2008.

The company's liquidator is:

          Alan Hayes
          PPB
          Level 46, MLC
          19 Martin Place
          Sydney NSW 2000
          Telephone:(02) 8116 3000


* Fitch: Australian Corporate Health Report Is Weakest Since 1992
-----------------------------------------------------------------
Fitch Ratings commented in a new report that the Australian corpo
rate sector has undergone a marked deterioration in credit metrics
over the year to June 2008, to the point that a number of metrics
examined were at their weakest since 1992.

The report examines a number of broad leverage, cash flow and
liquidity ratios on an aggregated and sector specific basis.  The
survey covers over 2,600 listed Australian corporates during the
period of June 1992 to June 2008.

Disconcertingly, the report highlights that based on broad key
ratios, leverage at 30 June 2008 had risen to long term highs.
Net debt/EBITDA, exhibited a sharp rise to 2.3x in FY08 from 2.0x
in FY 2007, which is higher than in any year since 1992.  The
financials sector was the major contributor to the high leverage
ratios; it is not surprising that this sector, which includes
Allco Finance Group and Centro Properties Group, has given rise to
most of the corporate credit issues since the shake-up in the
local debt market began in late 2007.  The rise in leverage
however, was broadly based, and extended to almost all sectors.

Cash flow metrics fared not much better, with cash flow from
operations or interest cover revealing its third-lowest ratio
since 1992.

The deterioration in metrics was ameliorated by the continued
strong performance of the materials sector, which includes the
miners.  Of particular concern for FY2009 is the removal of the
support provided by the materials sector, as a result of the rapid
decline in metal and mineral prices since June 2008.  The general
ly poor FY2008 corporate metrics will almost certainly deteriorate
further to a point not seen since the early 1990s.  As an indica
tor of the health of the Australian corporate sector, the report
presages a difficult period ahead for the sector with consequen
tial adverse implications for corporate credit quality.



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

CHINA CONSTRUCTION: Bank of America Expands Stake to 19.1%
----------------------------------------------------------
China Construction Bank Corp.'s shares dropped more than 5 percent
on Tuesday, after Bank of America said it was boosting its stake
in the bank at a significant discount to its current trading
price, Reuters reports.

According to Reuters, Bank of America said on Monday it would
exercise its option to increase its holding in China Construction
Bank to 19.1 percent from 10.75 percent.

Bloomberg News relates that Bank of America will buy China
Construction shares denominated in Hong Kong dollars at 1.2 times
audited book value as of Sept. 30, 2008.  China Construction's
unaudited book value per share was 2.05 yuan, Bloomberg News notes
citing China Construction's third-quarter report.

Bank of America, Bloomberg News recounts, first invested in China
Construction in June 2005, buying a US$3 billion stake before the
lender went public.  It invested another US$1.9 billion in June.

Citing a regulatory filing, Bloomberg says Bank of America's value
of holding almost tripled, to US$14.5 billion, as of Sept. 30,
2008.

                      About Bank of America

Bank of America Corporation (NYSE:BAC) --
https://www.bankofamerica.com/ -- is a bank holding company.
Through its banking subsidiaries (the Banks) and various non-
banking subsidiaries throughout the United States and in selected
international markets, Bank of America provides a diversified
range of banking and non-banking financial services and products
through three business segments: Global Consumer and Small
Business Banking, Global Corporate and Investment Banking, and
Global Wealth and Investment Management.  The company operates in
32 states, the District of Columbia and 30 foreign countries. In
the United States, it serves 59 million consumer and small
business relationships with 6,100 retail banking offices, 18,500
automated teller machines (ATMs) and 24 million active online
users.  It offers services in 13 states.  In October 2007, it
acquired ABN AMRO North America Holding Company. In July 2007, it
acquired U.S. Trust Corporation.  In July 2008, Bank of America
acquired Countrywide Financial Corp

                  About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of the
"big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


CHINA EASTERN: Application for Gov't Aid in Final Stage
-------------------------------------------------------
Irene Shen at Bloomberg News reported Tuesday that China Eastern
Airlines Corp., rose by the daily 10 percent limit for a second
day in Shanghai after saying that an application for government
aid was in the "final stage."

According to the report, Board Secretary Luo Zhuping said China
Eastern is waiting for written approval for the aid.  Mr. Zhuping
told Bloomberg News that parent China Eastern Air Holding Co. will
receive the funds and then inject them into the listed unit.

China Eastern and China Southern Airlines Co. are set to receive 3
billion yuan ($439 million) each in government aid, Bloomberg News
notes citing Oriental Morning Post.

Bloomberg recalls the country's airlines have been seeking
financial support from the government for two years as they
struggle with rising debts and higher fuel costs.

                      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.


SINOPEC CORP: May Acquire Resources Assets Overseas
---------------------------------------------------
Leo Zhang at Shanghai Daily reports that China Petroleum &
Chemical Corp.(Sinopec) said the government's stimulus package
will help its business and the company may seek to acquire
resources assets overseas amid the financial turmoil.

Citing a company newsletter, the Daily relates Sinopec plans to
boost major domestic infrastructure projects.  The government
spending package will also benefit Sinopec's subsidiaries that
specialize in construction and its own asphalt business, according
to the newsletter.

The global financial crisis has made many foreign resources
companies eager to sell assets, which offers a competitive climate
for Chinese companies to look overseas, the newsletter said.

                       About Sinopec Corp.

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

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

                        *     *     *

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

The company had CNY185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.


* Moody's Sees Stable Outlook for Chinese Life Insurance Sector
---------------------------------------------------------------
Moody's Investors Service says the outlook for the Chinese life
insurance industry is stable in view of their strong balance
sheets as well as capitalizations and the small impact of their
sub-prime-related holdings when entering the weakening operating
environment.

"Moreover, while several economic issues may affect the industry's
near-term development, they would not have a material negative
impact on the sector, given improved insurer credit profiles,"
says Sally Yim, a Moody's AVP/Analyst.

"Moody's expects that the Chinese life insurers' capital adequacy
and profitability will return to a more normalized level; while
premium growth will slow comparing to prior year's rapid pace,"
adds Ms. Yim.

Ms. Yim's comments coincided with the release of a Moody's report,
which she authored, on the Chinese life insurance industry, the
third largest market in terms of premium income in Asia Pacific
(excluding Australia).  It makes up only about 9.4% of the
region's life premiums, even though its population comprised 33%
of the region's total in 2007.

The Moody's report covers a wide variety of themes, including the
impact of global financial market instability, the sector's
business and financial profiles and trends.

"In the short term, Moody's expects lower investment yields for
the life insurers -- due to lower deposit income and a decline in
their value of the fixed-income portfolios," says Ms. Yim.

"But over the longer-term, Moody's expects to see continuing
improvements in asset-liability management practices with the
relaxation of restrictions on investment types, risk management
practices, and increasing diversification and sophistication in
distribution channels and products," says Ms. Yim.

As the market remains volatile, customers are more likely to stay
away from investment-linked or variable-type products, the Moody's
report says.  Traditional life and participating products have
been pushed recently in China, as in many other markets in the
region.

However, there is potential in new types of products, including
investment-linked products, corporate pensions, health insurance,
etc, as customers become more sophisticated and comfortable with
long-term investments for retirement planning and asset
protection, the report says.  Hence, Moody's expects to see
further diversification in the product risk profiles of Chinese
life insurers.



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

ASCALADE ASSETS: Members' Final Meeting Set for December 15
-----------------------------------------------------------
The members of Ascalade Assets Limited will meet on Dec. 15, 2008,
at 10:30 a.m., at the 35th Floor of One Pacific Place, in 88
Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GENERAL SIGNAL: Members' Final Meeting Set for December 19
----------------------------------------------------------
The members of General Signal (S.E.G.) Asia Limited will meet on
December 19, 2008, at 2:01 p.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Yu Shurong
          c/o Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GIANT RAINBOW: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on November 3, 2008, the
members of Giant Rainbow Limited agreed to voluntarily liquidate
the company's business.

The company's liquidators are:

          Wan Ho Yuen, Terence
          Lau Chi Yuen
          Austin Tower, Unit 303-305, 3rd Floor
          22-26A Austin Avenue
          Tsimshatsui, Kowloon
          Hong Kong


JACSON INVESTMENTS: Creditors' Proofs of Debt Due on December 22
----------------------------------------------------------------
The creditors of Jacson Investments Limited are required to file
their proofs of debt by December 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 7, 2008.

The company's liquidator is:

          Xu Yajie
          ING Tower, Room 1701-2, 17th Floor
          308 Des Voeux Road
          Central, Hong Kong


MEGURO SUSHI: Commences Liquidation Proceedings
-----------------------------------------------
Meguro Sushi Limited commenced liquidation proceedings on Nov. 10,
2008.

The company's provisional liquidator is:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


NISSHINBO HONG KONG: Members' Final Meeting Set for December 16
---------------------------------------------------------------
The members of Nisshinbo Hong Kong Limited will meet on Dec. 16,
2008, at 11:00 a.m., at the 20th Floor of Prince's Building, in
Central, Hong Kong.

At the meeting, Lam Hok Chung Rainier, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TOEI DENSHI: Members' Final Meeting Set for December 16
-------------------------------------------------------
The members of Toei Denshi (HK) Co., Limited will meet on Dec. 16,
2008, at 11:00 a.m., at the 20th Floor of Prince's Building, in
Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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

ABA BUILDERS: CRISIL Rates Rs.1.40 Bil. Rupee Term Loans at 'B'
---------------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to the bank
facilities of ABA Builders Ltd (ABL).

   Rs.1.40 Billion Rupee Term Loans   B/Negative(Assigned)

The rating reflects the liquidity issues arising out of the
limited saleability of ABL's projects, the company's weak
financial risk profile marked by high gearing and limited cash
accruals, its weak debt protection measures, and its limited track
record in real estate development.  These rating weaknesses are,
however, partially offset by the location of ABL’s projects in the
National Capital Region (NCR).

Outlook: Negative

CRISIL expects ABL's liquidity to weaken on account of adverse
market conditions in the real estate sector, resulting in an
adverse impact on the saleability of its projects.  The outlook
may be revised to 'Stable' if there is significant improvement in
the saleability of its projects.  Conversely the rating could be
downgraded if there is further deterioration in the saleability of
its projects, impacting its cash accruals.

                          About ABL

ABL was initially promoted by Mr. Sadhaneshwar Chatterjee and
Mr. Barun Chatterjee as a private limited company, in 1988.  In
1994, Mr. Ramawtar Ramsisaria joined the company as Director.
Mr. Ramsisaria was then joined by Mr. Pushpahas Agrawal,
Mr. Amit Modi, Mrs. Anjula Nagpal, and Mr. Jai Kishore Totlani,
who together bought the company under the Meriton Group in 2004 to
venture into the real estate business.  The company became a
public limited company in May 2006; and is now a closely-held
public limited company, with the entire share capital held by
promoters and the promoter group.

ABL has been in the business of real estate development since
2004.  The company is currently executing two residential
projects, Orange County and Olive County in Indira Puram and
Vasundhara, respectively, in Ghaziabad, Uttar Pradesh.  Orange
County, launched in December 2005, is a residential project spread
over 10 acres of land. Olive County, spread over 12.7 acres, was
launched in 2007.  Orange County and Olive County are expected to
cost Rs.3 billion and Rs.3.5 billion, respectively.


AIR INDIA: To Raise US$165 Mil. Through Aircraft Sale & Lease-Back
------------------------------------------------------------------
Hit by the financial meltdown, coupled with mounting losses, Air
India Limited plans to raise US$165 million through sale and
lease-back some of its aircraft, The Times of India reports.

According to the report, National Aviation Company of India
Limited (NACIL), the holding company of Air India, has floated
global tenders for the sale and lease-back of six of its aircraft
for seven years.

The aircrafts are one Boeing 747-400 and five Airbus A320-200, the
report says.

The reserve price is set at US$65 million for the B747-400
aircraft and US$20 million per aircraft for the A320-200 aircraft,
The Times relates citing Air India's bid document.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

Air India and Indian Airlines posted a combined net loss of
Rs.688 crore for the financial year ended March 2007, according to
The Financial Express.


ICICI BANK: May Cut Loan Growth Target to 15%
---------------------------------------------
ICICI Bank Ltd. has halved its target for growth in lending to 15
percent as global financial-market turmoil spills into Asia's
third-largest economy, Paul Gordon and M.C. Govardhana Rangan of
Bloomberg News report.

According to Bloomberg News, ICICI Chief Executive Officer K.V.
Kamath said high borrowing costs and a slowing economy are denting
demand for loans in India.

"Instead of growing at 30 percent, the target rate we had set two
to three years back, we will now probably grow domestically and
globally at probably around 15 percent," the report quotes Mr.
Kamath as saying.  "The domestic growth cycle has slowed down and
interest rates are high domestically."

Credit expansion in India, Bloomberg News notes, is stalling even
after the central bank cut borrowing costs twice in the past month
to shield the economy from a global recession.  ICICI's loan
growth slumped to 16 percent from a peak of 55 percent in the year
that ended March 2006, the report adds.

                    About ICICI Bank Limited

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

                          *     *     *

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


KANERIA GRANITO: CRISIL Revises Rating Outlook to 'Negative'
------------------------------------------------------------
CRISIL has revised its outlook on Kaneria Granito Ltd to
'Negative' from 'Stable' and reaffirmed its ratings on Kaneria
Granito's bank facilities at 'BB+/P4'.

   Rs.570 Million Rupee      BB+/Negative (Outlook revised
   Term Loan             from Stable)

   Rs.162 Million Cash       BB+/Negative (Outlook revised
   Credit                   from Stable)

   Rs.105 Million Letter     P4 (Reaffirmed)
   of Credit/Bank Guarantee

The revision in outlook has been driven by CRISIL's expectation of
increasing pressures on Kaneria Granito's working capital and
liquidity positions, on account of delays in receiving payments
from customers, and slowdown in demand from construction sector.

The ratings continue to reflect Kaneria Granito's weak financial
risk profile and liquidity, and its exposure to risks relating to
cyclicality in demand from end-user industries, and competition
from established domestic and Chinese players.  These rating
weaknesses are, however, partially offset by Kaneria Granito's
presence in the high-margin vitrified tiles segment, and low power
costs.

Outlook: Negative

CRISIL believes that Kaneria Granito will face pressures relating
to working capital and liquidity, given the delays in receiving
payments from customers, and slowdown in demand from the
construction sector.  The outlook may be revised to 'Stable' if
Kaneria Granito's capital structure and liquidity improve
considerably from current levels.  Conversely the rating may be
downgraded if there is significant deterioration in working
capital and liquidity position.

                      About Kaneria Granito

Kaneria Granito is a closely-held, Surat-based public limited
company promoted by Mr. Anil Kaneria.  It was incorporated in
January 2000 as a private limited company, Grow More Glass and
Ceramics Private Ltd; It became a public limited company in May
2005.

Kaneria Granito's main income, until 2007, was by way of rent
collected on assets leased to associate/group companies.  In April
2006, it undertook construction of a plant to manufacture polished
vitrified tiles at Dahej Port, Bharuch District.  The plant, set
up with an initial installed capacity of 19.80 lakh square metres
per annum at a cost of Rs.376.7 million, began commercial
operations in February 2007.  Kaneria Granito is currently
increasing its installed capacity to 43.82 lakh square metres,
with the help of SACMI, Italy.  SACMI is part of the SACMI group,
and specialises in the production and sale of turnkey plants for
the ceramics and packaging industries.


LAKSHMI MILLS: CRISIL Rates Various Bank Facilities at 'C'
----------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of The Lakshmi Mills Company Ltd (Lakshmi Mills).

   Rs.78 Million Cash Credit             C (Assigned)

   Rs.148 Million Working                C (Assigned)
   Capital Demand Loan

   Rs.699.50 Million Long                C (Assigned)
   Term Loan

   Rs.14 Million Packing Credit       P4 (Assigned)

   Rs.20 Million Bills                   P4 (Assigned)
   Purchase-Discounting Facility

   Rs.246.50 Million Letter of Credit    P4 (Assigned)

   Rs.56 Million Bank Guarantee       P4 (Assigned)

   Rs.100 Million Export Forward Cover   P4 (Assigned)

The rating is constrained by the liquidity crisis that the company
faces, resulting in a delay in meeting the interest and principal
obligations on its loans.  The rating also takes into account
Lakshmi Mills' weak financial profile and exposure to volatile raw
material prices.  CRISIL believes that the liquidity pressure on
the company will remain over the medium term in view of the
current situation in the textile industry, coupled with the
company's weak financial profile.

                        About Lakshmi Mills

Lakshmi Mills, based in Coimbatore, Tamil Nadu, was formed in
1910.  The company has manufacturing units at Palladam,
Kovilpatti, and Coimbatore.  Lakshmi Mills is primarily a spinning
company, with a capacity of 0.14 million spindles, and produces
cotton and polyester blended yarn.  A small portion of Lakshmi
Mills' revenues is also from grey fabrics (the company has 114
looms) and made-ups; the company sells made-ups under its own
brand, Tyche, and has outlets in Chennai, Coimbatore, and
Kovilpatti.  The company plans to phase out its loom capacity by
March 2009 and confine itself to spinning.  For 2007-08 (refers to
financial year, April 1 to March 31), Lakshmi Mills reported a
loss of Rs.49.80 million on net sales of Rs.1.01 billion, as
against a profit after tax of Rs.55.78 million on net sales of
Rs1.41 billion for 2006-07.


STATE BANK OF INDIA: Hikes Interest Rates on Non-Resident Deposits
------------------------------------------------------------------
The Times of India reported that State Bank of India has hiked
interest rates on its foreign currency and rupee deposits by non-
residents with effect from Monday.

Citing State Bank of India's release, the Times said the rate for
NRE (rupee) deposits for a duration of one year to less than two
years has been increased to 4.92% from the earlier 4.17% while the
rates for two years to less than three years and three years to
five years have been raised to 4.41% from 3.66% and 4.89% from the
earlier 4.14%, respectively.

For FCNR (B) dollar-denominated deposits, the interest rate has
been hiked to 4.17% from 3.42% and for two years and above but
less than three years, the new rate is 3.66% from the earlier
2.91%, the report added.

For three years and above but less than four years and four years
and above but less than five years, the rates have been increased
to 4.14% and 4.49% each.

For five years duration, the new rate is 4.76%, against the
earlier 4.01%, the release cited by the Times said.

                    About State Bank of India

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry. Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2008, Fitch Ratings affirmed the State Bank of India's
'C' Individual rating and 'BB' USD400 million perpetual non-
cumulative Tier 1 bonds rating.



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

TELEKOMUNIKASI SELULAR: Fitch Corrects November 14 Ratings Release
------------------------------------------------------------------
Fitch Ratings corrected the version published on Nov. 14, 2008.
In the second paragraph, the Long-term foreign currency Issuer
Default Rating for P.T. Telekomunikasi Selular should have been
'BB+'/Stable instead of 'BBB+'/Stable.

The correct version is:
Fitch Ratings affirmed P.T. Telekomunikasi Indonesia Tbk's Long-
term foreign and local currency Issuer Default ratings at 'BB'.
The Outlook is Stable.
Telkom's ratings reflect its diversified operations and leading
market positions in fixed line and data services, as well as in
wireless services through its 65%-owned subsidiary P.T. Telekomu
nikasi Selular (Telkomsel, foreign currency IDR 'BB+'/Stable).
"Telkom's financial profile is heavily influenced by its wireless
business, Telkomsel, which accounted for around 61% of its consol
idated revenue in 9M08, and is consequently benefiting from the
sustained high-growth phase of the wireless segment," said Priya
Gupta, Director in Fitch's Asia-Pacific telecom, media and tech
nology team.  However the agency cautions that industry risk in
the wireless segment is on the rise with increased fragmentation,
an intensely competitive environment and tower sharing initiatives
that favour new entrants.  Although the fixed line franchise (in
cluding fixed-wireless) is an important source of positive free
cash flow and is supported by moderate capital intensity in recent
years, it is increasingly challenged by fixed to mobile substitu
tion.
As the Indonesian government holds a 51.82% (at December 2007)ma
jority stake in the company, and exerts significant influence on
Telkom's major business and financial decisions, the company's
ratings remain closely correlated with those of the Indonesian
sovereign's ('BB'/Stable).  Fitch notes a trend towards increas
ingly shareholder friendly initiatives over the last year or so,
with Telkom announcing a special dividend on FY07 income and con
ducting periodic share buybacks.  The total dividend payout in
creased to 70% of FY07 net income from 55% of net income in FY05
and FY06.  The company has also announced a buyback program for up
to IDR3.0trn to be conducted between Oct. 13, 2008, and Jan. 20,
2009.
Telkom has historically maintained a conservative financial pro
file reflected by low leverage and sound capital structure.  At
end September 2008 net adjusted leverage stood at 0.5x while total
adjusted debt to capitalization was 37.1%.  The confluence of
large capital investments in the wireless segment, and high divi
dend payouts has turned FCF mildly negative.  With FCF debt ser
vice coverage of 0.6x in FY07 and -0.2x in 9M08, liquidity risk
appears to be on the rise.  The credit environment in Indonesia
has tightened and funding costs have risen over the last six
months.  This has negative implications for the major telecom op
erators, given that they continue to invest heavily in their net
works to capture ongoing growth.  Nonetheless, Fitch believes
Telkom is better positioned than some of its smaller competitors
to adapt to the tighter environment and to sustain investments in
capex, given that it generates strong positive pre-dividend FCF.
The Stable Outlook reflects Fitch's expectation that Telkom will
maintain its credit profile over the medium term.  However on ac
count of the company's close linkages with the Indonesian govern
ment, any positive or negative sovereign rating action would like
ly lead to a corresponding rating action for Telkom.  Upward rat
ing pressure would also arise with if there was a reduction in the
government's stake (below 50%) including a waiver of rights asso
ciated with the Series A share.  Conversely, downward rating pres
sure would arise with evidence of political interference that
triggers actions detrimental to the interests of creditors, or in
the event of significant debt-funded acquisitions.
Telkom is Indonesia's incumbent fixed-line services provider and
wireless operator, through its 65%-owned subsidiary Telkomsel, and
is majority-owned by the Indonesian Government.



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

FORD MOTOR: To Raise Cash Through Sale of 20% Mazda Stake
---------------------------------------------------------
Ford Motor Co will sell 20 percent of its stake in Mazda Motor
Corp for an estimated JPY50 billion (US$517 million) to raise
cash, Bloomberg News and The Associated Press report citing the
Nikkei newswire.

Bloomberg News, citing the Japanese newspaper, says the shares
will be purchased by Mazda, Sumitomo Corp., Itochu Corp. and five
insurance companies.

According to Bloomberg News, Ford has been an investor in Japan's
fifth-largest automaker since 1979.  The companies jointly own
factories and Ford has based midsized models such as the Fusion
sedan on the Mazda6.

Bloomberg News added Ford formed an automatic-transmission joint
venture with Mazda in 1969 and acquired a 25 percent stake in the
Japanese automaker in 1979.  Ford took effective control of Mazda
in May 1996, raising its stake to 33.4 percent. Suffering from
debt and excess capacity, Mazda lost JPY102 billion in the three
years through March 1996.

Over the last decade, Ford helped engineer a turnaround at once-
struggling Mazda, sending executives and sharing technology and
auto parts to cut costs, the AP recalls.

                  About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


GENERAL MOTORS: Sells Remaining 3% Stake in Suzuki Motor
--------------------------------------------------------
General Motors Corp. said it would sell its remaining equity stake
in Suzuki Motor Corp. but based on a mutual agreement would
continue the implementation and expansion of its business
relationships with the company.

In a press statement, GM said it plans to sell 16,413,000 Suzuki
shares, which is equal to 3 percent of Suzuki's total issued
common stock, on the open market.  Based on November 16's market
price, the shares are worth approximately US$230 million.

The company said it has held an equity stake in Suzuki since 1981,
when it purchased approximately 5.3 percent of the Suzuki shares
outstanding.  GM's stake was diluted to 3.5 percent in subsequent
years, but in 1998 GM increased its holding in Suzuki to 10
percent, and to slightly over 20 percent in 2001.  In 2006, GM
sold a 17.4 percent stake in Suzuki.

Suzuki and GM will continue promoting and implementing their
existing projects, including development and collaboration on
advanced technologies such as hybrids and fuel cells; joint
operation of their CAMI vehicle manufacturing joint venture in
Canada; collaboration on the development of powertrains; the
cross-supply of OEM vehicles; joint global purchasing activities;
and collaboration on entries in new emerging markets.

"We highly value our strategic relationship with Suzuki," said
Rick Wagoner, GM chairman and chief executive officer.  "Despite
the sale of our remaining Suzuki shares, this action will have no
impact on our existing bilateral business relationships.  We look
forward to continue building on our success to date with our long-
term partner."

Suzuki and GM also agreed that they would discuss the repurchase
of Suzuki shares by GM, should GM express its desire to do so at a
future date.

                           About Suzuki

Suzuki Motor Corporation -- http://www.suzuki.co.jp-- is a Japan-
based manufacturing company?that operates in three business
segments.  The Two-wheel Vehicle segment is involved in the
manufacturing of two-wheel vehicles, as well as the manufacturing
of parts for two-wheel vehicles and the sale of two-wheel vehicles
in domestic and overseas market.  The Four-wheel Vehicle segment
is involved in the manufacturing of four-wheel vehicles, as well
as the manufacturing of parts for four-wheel vehicles and the sale
of four-wheel vehicles in domestic and overseas market.  The
Others segment is involved in the manufacturing and sale of
outboard motors, as well as the sale of electric vehicles and
housing.  The company has 140 subsidiaries and 36 associated
companies.

                       About General Motors

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

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of $110.425 billion, total
liabilities of $170.3 billion, resulting in a stockholders'
deficit of $59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of $16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

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

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. economy.


MERRILL LYNCH: To Cease Japan Power Business in January
-------------------------------------------------------
Merrill Lynch & Co. said Monday it will cease to trade electricity
in Japan in January after failing to meet its expansion targets
for the business, The Japan Times reports citing Bloomberg News.

Merrill will surrender its membership in the Japan Electric Power
Exchange on Jan. 16, 2009, the report relates citing two company
officials who asked not to be named because the decision hasn't
been made public yet.

Tsukasa Noda, spokesman for Merrill Lynch Japan Securities Co.,
confirmed plans to exit the power business but would not
elaborate, the report says.

According to Japan Times, the two company officials said staffing
on Merrill's commodities desk in Tokyo, which opened in 2006, will
be cut after it ceases power trading.

Japan Times notes that Merrill's entry into Japan's electricity
market in 2007 marked a first for overseas companies and financial
institutions.

                       About Merrill Lynch

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).  GMI provides service global
markets and origination products and services to corporate,
institutional, and government clients around the world.  GWM
creates and distributes investment products and services for
individuals, small- and mid-size businesses, and employee benefit
plans.

                          *     *     *

As reported by the Troubled Company Reporter, Aaaron Lucchetti and
Jessica Papini at The Wall Street Journal related that Merrill
Lynch & Co.'s third quarter net loss reflected badly the bank was
hurting when it agreed to sell itself to Bank of America Corp.  A
TCR report on Sept. 15, 2008, said BofA will acquire Merrill Lynch
for $44 billion.

Merrill Lynch disclosed a net loss from continuing operations for
the third quarter of 2008 of $5.1 billion, compared with a net
loss from continuing operations of $2.4 billion for the third
quarter of 2007.  Merrill Lynch's net loss for the third quarter
of 2008 was $5.2 billion, compared with a net loss of $2.2
billion, for the year-ago quarter.

According to WSJ, Merrill Lynch's third-quarter loss was its fifth
straight quarter in the red and would have been even worse without
a $4.3 billion pretax gain on the sale of its stake in Bloomberg
LP and a gain of $2.8 billion under mark-to-market accounting
rules from the deteriorating market value of Merrill's own debt.
According to WSJ, Merrill Lynch's CEO John Thain said that
persistent losses in the credit markets and the worsening economic
environment "only reinforced" the logic of selling to Bank of
America.  Merrill Lynch shareholders will vote on the deal in
November, and the sale will close by year-end, WSJ stated.



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

SAMSUNG ELECTRONICS: Kodak & Spansion File Patent Breach Actions
----------------------------------------------------------------
Samsung Electronics Co. Ltd. is facing separate lawsuits filed by
Eastman Kodak Company and Spansion Inc. both alleging patent
infringement.

Samsung plans to respond actively to the litigations, The Wall
Street Journal quoted spokeswoman Hae Won Choi as saying.

"Samsung is committed to protecting and respecting intellectual-
property rights. The company forbids infringement and unauthorized
use of such intellectual property," the spokeswoman added.

                         Kodak Lawsuits

Kodak alleges in a statement that Samsung camera phones infringe
Kodak digital camera patents.  The patents in question cover
technology related to image capture, compression and data storage
and a method for previewing motion images.

Kodak filed against Samsung in the United States District Court
for the Western District of New York, as well as in the U.S.
International Trade Commission. Kodak's District Court complaint
requests compensation for damages resulting from the company's
infringement, and both the District Court and ITC actions seek
injunction prohibiting Samsung from further importation and sale
of products cited in the complaints.  Kodak did not disclose the
amount of damages it is pursuing.

"Kodak has a long history of innovation and we have invested many
millions of dollars developing our digital camera technology,"
said Laura G. Quatela, Chief Intellectual Property Officer, and
Vice President, Eastman Kodak Company.  "We've held discussions
with both companies in an attempt to resolve this issue and have
not been able to reach a satisfactory agreement.  Consequently, we
must take this legal action in order to ensure that we protect the
interests of our shareholders and existing licensees of Kodak
digital camera patents."

Kodak has licensed its imaging patents to several leading
technology companies including: MEI/Panasonic, Motorola, Nokia,
Olympus, Sanyo, Sharp, Sony, Sony Ericsson and others.

                         Spansion Lawsuits

Spansion meanwhile said it is filing two separate patent
infringement complaints against Samsung with the International
Trade Commission and in the U.S. District Court in Delaware.

Spansion is seeking the exclusion from the U.S. market of well
over one hundred million mp3 players, cell phones, digital cameras
and other consumer electronic devices containing Samsung's
infringing flash memory components.  The complaint in the US
District Court in Delaware also seeks an injunction and treble
damages for patent violations relating to Samsung Flash memory,
that Spansion estimates has accounted for more than US$30 billion
in Samsung's global revenues since 2003.

"Samsung's infringement of our intellectual property not only
harms Spansion, but it threatens the foundation of technology
innovation," said Dr. Boaz Eitan, executive vice president,
Spansion, CEO of Saifun.

Flash memory, which retains data in devices when the power is
turned off, is found in virtually all electronic devices and is
one of the largest segments of the semiconductor industry, with
nearly US$130 billion in total revenues since 2000.

"Spansion has patents that are fundamental to Flash memory.
Samsung itself has cited these patents many times in its own
patent filings, underscoring industry acceptance of the
fundamental nature of Spansion's IP," said Robert Melendres,
executive vice president and General Counsel for Spansion.
"Spansion will vigorously protect its intellectual property and is
entitled to be compensated by Samsung for its use of our IP."

Although Samsung is the target of the litigations, Spansion said
it is required to name the manufacturers of downstream products
containing Samsung's infringing devices in its ITC complaint.
Companies named in the ITC case include: Samsung, Apple, Asus,
Kingston, Lenovo, PNY, RIM, Sony, Sony-Ericsson, Transcend, some
of their subsidiaries and third party manufacturing companies.

                       About Eastman Kodak

Rochester, NY-based Eastman Kodak Company (NYSE:EK) --
http://www.kodak.com/-- provides imaging technology products and
services to the photographic and graphic communications markets.
Its products span digital cameras and accessories; consumer inkjet
printers and media; digital picture frames; retail printing kiosks
and related media; online imaging services; prepress equipment and
consumables; workflow software for commercial printing;
electrophotographic equipment and consumables; inkjet printing
systems; document scanners; origination and print films for the
entertainment industry; consumer and professional photographic
film; photographic paper and processing chemicals, and wholesale
photofinishing services. On April 30, 2007, the Company closed on
the sale of its Health Group to Onex Healthcare Holdings, Inc., a
subsidiary of Onex Corporation.  It has three segments: Consumer
Digital Imaging Group, Film Products Group and Graphic
Communications Group. In April 2008, the Company announced the
acquisition of Intermate A/S.

                        About Spansion

Sunnyvale, CA-based Spansion Inc. (NASDAQ:SPSN) --
http://www.spansion.com/-- is a semiconductor device company
engaged in designing, developing, manufacturing, marketing and
selling Flash memory solutions.  The Company's Flash memory is
integrated into a range of electronic products, including mobile
phones, consumer electronics, automotive electronics, networking
and telecommunications equipment, and computer peripherals.  Its
Flash memory solutions are incorporated in products from original
equipment manufacturers (OEMs), in each of these markets.
Spansion's product portfolio is predominately based on not or
(NOR) architecture, and ranges from 1 megabit to 2 gigabits with a
breadth of interfaces and features.  The majority of the Company's
product designs use MirrorBit technology. Spansion's products have
traditionally been designed to support code, or combined code and
data storage applications.  In March 2008, Spansion completed the
acquisition of Saifun Semiconductors Ltd.

                    About Samsung Electronics

Samsung Electronics Co. Ltd. -- http://www.samsung.com/sec/-- is
a Korea-based company engaged in the provision of consumer
electronics, communication products, semiconductor products and
home appliances.  The Company operates its business through five
divisions.  Its digital media division offers televisions (TVs),
monitors, computers, printers, moving picture experts group audio
layer 3 (MP3) players, digital set top boxes and others.  Its
communication division provides mobile phones, key phones, network
systems and others.  Its semiconductor division offers memory
chips, system large scale integrated circuits (LSICs), hard disk
drives (HDDs) and others.  Its LCD division offers thin film
transistor (TFT) LCD modules and others.  Its home appliances
division provides air conditioners, refrigerators, washing
machines, microwave ovens and others.  The Company established two
subsidiaries: China-based wholly owned subsidiary Suzhou Samsung
Electronics Export on July 24, 2008, and SCOMMTECH Japan on
August 19, 2008.



===========
K U W A I T
===========

GULF BANK: Incurs US$1.4 Billion in Derivative Losses
-----------------------------------------------------
One of Kuwait's largest lenders has lost 375 million dinars
(US$1.4 billion) as a result of trading in derivatives and other
financial instruments, The Associated Press reports.

According to AP, Gulf Bank KSC's level of losses, which were
determined by external auditors, was significantly higher than the
previously unofficially reported 200 million dinar estimate.

Gulf Bank admitted the loss occurred as result of the significant
decline in the exchange rate of the Euro against the US dollar.

             Board Resigns, Recommends Capital Increase

Following the admission, the members of Gulf Bank's board tendered
their resignation, which will take effect upon the completion of
their recommendation to boost the bank's capital by 100 percent
through the issuance of 1.25 billion shares.

AP relates that in Gulf Bank's latest release, it said priority in
subscription of the new shares will be given to existing
shareholders, and the state's Kuwait Investment Authority will
cover the shares that are not subscribed by them.

In an October 29 press statement, the Minister of Finance,
Mr. Mustafa Al Shamali, announced that in addition to the
governmental procedures, and to secure the money of depositors in
Gulf Bank, the Government is ready to contribute in increasing the
Bank's capital in case of non-completion of the existing
contributions from its shareholders.

Mr. Al Shamali added, "This comes from the government to support
the financial position of the Bank to maintain its credit ratings,
by confirming its commitment to return the rights of shareholders
as it was before the 23rd of October 2008".

                          Trading Halt

On October 26, trading in Gulf Bank shares was suspended following
a decision from
the Central Bank of Kuwait.

Gulf Bank then advised the Central Bank after the close of
business on October 23 that some of Gulf Bank customers incurred
financial losses as a result of dealing through the Bank in
derivatives contracts.

According to Gulf Bank, the customers in question had been
unwilling or unable to fulfill their obligations to cover their
losses, hence, it will incur, at present, this loss, until
determination on the issue between the Bank and its customers.

                            Assurances

Commenting on the huge loss, CEO Louis Myers said: "the loss to be
incurred by the Bank as a result of the above-mentioned dealings
will have no major effects on the soundness of the Bank's
financial position, and will not affect its ability to continue
business.  These losses do not raise concerns at all.  We are
working closely with the authorities with regard to this
situation, and continue to support our customers during this time.
We appreciate the decisive leadership and support of the Central
Bank of Kuwait on this issue."

The Central Bank also stated: "CBK hereby stresses that it will
strongly support the bank's financial position, in a manner that
fully protects the depositors' rights, thus fully assuring the
publics dealing with the bank, inside the country and abroad, that
the bank's activity and ability to continue its normal banking
business will not be affected".

Despite the assurances, the Kuwait stock exchange last week fell
to a three-year low, the FT says.

                       About Gulf Bank KSC

Gulf Bank KSC (KUW:GBK) -- http://www.e-gulfbank.com/-- is a
Kuwait-based financial institution engaged in carrying out banking
activities through a network of 42 branches.  Its services and
products cover personal, corporate and international banking.  The
Bank's personal banking products and services include savings,
investment and current accounts, time deposits, debit and credit
cards, loans and travel insurance.  The business banking products
and services deal with credit facilities primarily for the
trading, manufacturing and services sectors; financial advisory
services; contracting finance; special finance primarily for real
estate and investment companies, Islamic institutions and high-
net-worth investors; margin trading, and credit facilities for
small and medium-sized businesses.  Gulf Bank also offers
international banking services, as well as online banking, online
trading, wireless banking and other electronic services.  The Bank
operates an offshore banking subsidiary in the Kingdom of Bahrain.



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

AKN TECHNOLOGY: Auditor's Opinion Cues Amended PN17 Listing
-----------------------------------------------------------
AKN Technology Berhad is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its auditors have expressed
disclaimer opinion on the company's annual audited accounts for
the financial year ended June 30, 2008.

As a listed company under the Amended PN17 of the Bursa
Securities, the company is required to submit a reform plan to
regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.

AKN Technology Berhad -- http://www.akn.com.my/-- is engaged in
manufacturing and trading of coating products.  Its manufacturing
segment comprises electroplating and provision of metal surface
protection services, recycling of parts and components,
manufacturing and trading of coating products.  This segment
offers products and services mainly in areas of electronics,
consumer and healthcare industry.  On July 31, 2006, the company
acquired Paramount Discovery Sdn. Bhd. (PDSB).  PDSB is involved
in the manufacturing of polymer coating solutions for the
production of powder-free gloves, particularly medical examination
and surgical gloves.  On May 17, 2007, the company completed the
disposal of Dragon Trading (Shanghai) Company Limited and the
business operation of Dragon Technology Distribution Company
Limited, which comprised designing, development and engineering of
application systems, and distribution of related semiconductor
chips/products and application software.



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

ALTITUDE & ZEST ET AL: Appoints Johnston as Liquidator
------------------------------------------------------
On October 31, 2008, Richard Anthony Johnston was appointed
liquidator for these companies that were liquidated:

   -- Altitude & Zest Vendor Mortgages Trustee Ltd;
   -- Nelson Street Tenancy Trustee Limited;
   -- Hobson Nelson Development Trustee Limited;
   -- Mayoral Drive Trustee Company Limited;
   -- Cook Street Trustee Limited;
   -- Napier Road Trustee Limited;
   -- Altitude & Zest Vendor Mortgages Trustee Limited;
   -- Kingston Street Tenancy Trustee Limited;
   -- Warimu Lane Trustee Limited;
   -- Jessie Street Trustee Limited;
   -- Montgomery Developments Limited; and
   -- Cook Street Tenancy Trustees Limited.

The Liquidator can be reached at:

          Richard Anthony Johnston
          PO Box 91842, Auckland
          Facsimile:(09) 361 6702


CRYSTAL WATERS: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On July 22, 2008, the Commissioner of Inland Revenue filed a
petition to have Crystal Waters Ltd.'s operations wound up.

The petition will be heard before the High Court at Auckland on
November 21, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7613


JTC 6: Creditors' Proofs of Debt Due on November 21
---------------------------------------------------
The creditors of JTC 6 Ltd. are required to file their proofs of
debt by November 21, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on October 30, 2008.

The company's liquidator is:

          John M. Scutter
          c/o Active Chartered Accountants
          330 High Street, Level 2
          PO Box 31047, Lower Hutt
          Telephone:(04) 586 4645
          Facsimile:(04) 586 7641


MCEWEN GROUP: Court to Hear Wind-Up Petition on November 21
-----------------------------------------------------------
A petition to have McEwen Group Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 21, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 22, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7613


MULHOLLAND JOINERY: Court to Hear Wind-Up Petition on November 21
-----------------------------------------------------------------
A petition to have Mulholland Joinery (1995) Limited's operations
wound up will be heard before the High Court of Auckland on Nov.
21, 2008, at 10:45 a.m.

Officemax New Zealand Limited filed the petition against the
company on August 7, 2008.

Officemax New Zealand's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          (PO Box 33150)
          Takapuna, Auckland
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


PINPOINT TRUSTEES: Court to Hear Wind-Up Petition on November 21
----------------------------------------------------------------
A petition to have Pinpoint Trustees Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 21,
2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 22, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7613


STING GAS: Wind-Up Petition Hearing Set for November 21
-------------------------------------------------------
A petition to have Sting Gas Services Ltd.'s operations wound up
will be heard before the High Court of Auckland on Nov. 21, 2008,
at 10:45 a.m.

Officemax New Zealand Limited filed the petition against the
company on August 7, 2008.

Officemax New Zealand's solicitor is:

          Kevin Patrick Mcdonald
          Kevin McDonald & Associates
          Takapuna Towers, Level 11
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


TAKAPUNA PROCUREMENT: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On July 22, 2008, the Commissioner of Inland Revenue filed a
petition to have Takapuna Procurement Ltd.'s operations wound up.

The petition will be heard before the High Court at Auckland on
November 21, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7613


U T SERVICES: Court to Hear Wind-Up Petition on November 21
-----------------------------------------------------------
A petition to have U T Services Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 21, 2008, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 5, 2008.

The CIR's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          (PO Box 33150)
          Takapuna, Auckland
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


UNITED BUILDERS: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On August 8, 2008, the Commissioner of Inland Revenue filed a
petition to have United Builders Ltd.'s operations wound up.

The petition will be heard before the High Court at Auckland on
November 21, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          (PO Box 33150)
          Takapuna, Auckland
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


UPPER QUEEN: Subject to CIR's Wind-Up Petition
----------------------------------------------
On July 22, 2008, the Commissioner of Inland Revenue filed a
petition to have Upper Queen Street Properties Ltd.'s operations
wound up.

The petition will be heard before the High Court at Auckland on
November 21, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7613



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

LEPANTO CONSOLIDATED: Posts PHP111.6 Mil. Net Loss in Q3 2008
-------------------------------------------------------------
Due to higher operational expenses, Lepanto Consolidated Mining
Company's third quarter 2008 net losses went up by more than
25% to PHP111.6 million, BusinessWorld reports.

The report says the company's net losses in the nine months to
September also shot up by more than a third to PHP265.9 million
from a year earlier.

According to the BusinessWorld, the company expects to mine 756,00
metric tons of ore by year-end and produce 35,400 ounces of gold,
150,400 ounces of silver and 2.6 million pounds of copper from its
Victoria and Teresa mines in Benguet.

                   About Lepanto Consolidated

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/--  was incorporated on
September 8, 1986, and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project.  LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006.  LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.

LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools.  LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet.  The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.

                          *     *     *

In its Amended 2007 Annual Report filed with Philippine Stock
Exchange on April 16, 2008, Lepanto disclosed net losses for
three consecutive years.  For the year ended December 31, 2007,
Lepanto incurred a net loss of PHP206,445,000, compared with a
net loss of PHP35,802,000 in 2006 and PHP 355,223,000 in 2005 as
restated.


SECURITY BANK: To Raise PHP3.0 Bil. Through Tier 2 Notes Issue
--------------------------------------------------------------
Security Bank Corporation has launched its Peso Lower Tier 2 Notes
with an indicative issue size of PHP3.0 billion.

In a disclosure to the Philippine Stock Exchange, the bank said
the lead managers and selling agents for this transaction are
Deutsche Bank AG and ING Bank N.V., Manila branch.  Other selling
agents for this transaction include Multinational Investment
Bancorporation with Security Bank Corporation as a limited selling
agent.

The bank said the offer period will be on or about November 17,
2008, to November 28, 2008.

Based in Makati City, Philippines, Security Bank Corporation
(PSE:SECB) -- http://www.securitybank.com.ph-- is a commercial
bank.  The Bank's principal business activities include Commercial
Banking, which encompasses the Corporate Relationship Group (CRG),
the Branch Banking Group (BBG) and Consumer Lending, and
Investment Banking, which encompasses the Treasury Group, the
Fixed Income & Securities Division and the Bank's investment
house.  It operates in three business segments: consumer,
corporate and treasury, and investment banking. The Bank has
investments in financing and leasing, foreign exchange brokerage,
stock brokerage, investment banking and asset management through
its wholly owned subsidiaries.  The CRG provides lending, trade
and cash management services to corporate and institutional
customers.  The BBG addresses the individual, retail and small-
and-medium enterprise markets, as well as corporates not handled
by CRG. For the Bank, consumer lending is composed of the credit
card and auto finance businesses.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 9, 2008, Fitch Ratings affirmed Philippine-based Security
Bank Corporation's Long-term foreign and local currency Issuer
Default Ratings at 'BB', Short-term foreign currency IDR at 'B',
National Long-term rating at 'AA-(phl)' (AA minus(phl)),
Individual 'D', Support '4', Support Rating Floor 'B+' and the
subordinated debt programme rating at 'BB-'.  The Outlook on the
ratings remains Stable.



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

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

Hhomeserve (S'pore) Pte. Ltd. filed the petition against the
company.

The company's liquidator

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


BUBONA SHIPPING: Creditors' Proofs of Debt Due on December 7
------------------------------------------------------------
The creditors of Bubona Shipping 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 liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


EMPORIUM DEPARTMENT: Court Enters Wind-Up Order
-----------------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Emporium Department Store Pte Ltd's operations wound up.

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

The company's liquidators are:

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


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

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

The company's liquidators are:

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


FRASERS COMMERCIAL: S&P Holds 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' corporate credit
rating of Frasers Commercial Trust on CreditWatch with developing
implications, where it was placed on Oct. 20, 2008.

Although FCOT has yet to finalize its entire refinancing package,
Standard & Poor's has communicated with FCOT management and
believes that satisfactory arrangements are currently being
implemented to repay or refinance a SGD70 million loan due to
Commonwealth Bank of Australia (CBA; AA/Stable/A-1+) on Nov. 22,
2008.  Other CBA debts amounting to SGD400 million and SGD150
million will fall due in July and December 2009, respectively.

Standard & Poor's expects to resolve the CreditWatch status by
Nov. 21, 2008.  The rating would be lowered if the refinancing
plan fails to occur.  On the other hand, the outlook on the rating
may be revised to stable if the refinancing plan for the
SGD70 million is completed.  An outlook revision to stable also
assumes that the refinancing of the rest of the SGD550 million CBA
debts will be in place by March 31, 2009.

A rating upgrade has become more challenging for FCOT, given that
refinancing costs are expected to be higher and that access to
equity has declined due to the volatile financial markets.  In
addition, with the economic slowdown, demand for office and
commercial properties will be affected.



===========
T A I W A N
===========

WAN HAI: S&P Puts 'BB+' Senior Bond Rating on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-' corporate
credit and 'BB+' senior unsecured corporate bond ratings on Wan
Hai Lines Ltd. on CreditWatch with negative implications following
the company's release of its results for the first three quarters
of 2008 on Nov. 14, 2008.

"The CreditWatch placement is based on Wan Hai's weak third
quarter results.  This was mainly due to rising fuel costs,
slowing market demand amidst the global economic downturn, and
increasing vessel deliveries raising the risk of excess industry
capacity," said credit analyst Daniel Hsiao.  Wan Hai's operating
income was Taiwan dollar 2.304 billion for the first nine months
of 2008, which was slightly lower than NT$2.325 billion for the
first six months of 2008, mainly due to surging fuel costs.

"Wan Hai's third quarter result was one of its weakest earnings
performances over the past ten years, and is beyond S&P's
assumption for the current ratings," said Mr. Hsiao.  The
carrier's adjusted EBITDA margin declined to 16% for the first
nine months of 2008 from 23% in 2007.  Similarly, its adjusted
ratio of funds from operations to debt declined to 28% from 46%
over the same period.

The CreditWatch status will be resolved in the coming few weeks,
upon S&P's reassessment of Wan Hai's cost structure and its
strategy to cope with the adverse operating environment, as well
as a review of its future capital expenditures plans.  The ratings
are likely to be lowered if S&P believe the company's projected
performance over the next few quarters remains gloomy.



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

* Moody's Reports EMEA Auto Loans Performance Indices Weaken in Q3
------------------------------------------------------------------
The performance of the asset-backed securities auto loans
transactions in Europe, Middle East and Africa rated by Moody's
weakened further in the third quarter of 2008, says Moody's
Investors Service in its latest index report on the sector.
Moody's performance indices showed some weakening across major
markets.

Moody's reports that the 60+ days delinquency trend rose to 1.05%
in Q3 2008 from 1.02% in the previous quarter, while the 60-90
days delinquency trend remained comparatively stable at 0.46%.
The weighted-average cumulative default trend, in turn, increased
to 0.93% in Q3 2008 from 0.70% in Q3 2007.  Moody's says the rise
was attributable to the impact of loans securitized in 2006, which
in the third quarter showed a steeper increase in the default
trend than the overall market.

Moody's notes that the markets with high delinquency rates —
Portugal, South Africa, and Spain — also showed high cumulative
loss rates.  Overall, the cumulative loss trend increased to 0.39%
in Q3 2008 from 0.32% in Q3 2007.

Moody's took no performance-related rating actions on outstanding
EMEA auto loan transactions during the third quarter.

"German transactions make up more than half of the rated EMEA
loans in Moody's index," observes Yuezhen Wang, a Moody's Senior
Associate and co-author of the report.  "We also note that a
majority of the auto loans (68%) are from captive originators."
Moody's expects the economic climate to pressure the EMEA auto
loan indices further.  "The current cyclical development bodes
poorly for unemployment in the short-term," says Nitesh Shah, a
Moody's Economist and co-author the report.


* Moody's Reports Negative Outlook for Asia-Pacific Shipping
------------------------------------------------------------
Moody's Investors Service has a negative outlook for all three
shipping sectors of dry bulk, tankers, and liners in Asia Pacific
over the next 12-18 months.

According to a new report by Moody's, the global economic
downturn, tightening bank credit, increased volatility in
currencies and financial markets have aggravated the already
surplus shipping capacity amid a sharp drop-off in demand for
shipments of containerized goods, oil, and bulk commodities.  Such
adverse developments may last for an extended period and are the
primary drivers for the negative outlook.

Peter Choy, the report's lead author and a senior credit officer
at Moody's, says, "Although the credit crisis may result in the
cancellation of some new building orders, a correction in the
excess supply from a sizeable order book will take a long time."
Choy notes that the dry-bulk sector has suffered the most.  He
adds, "A freezing of trade credit has exacerbated a slowdown in
demand for commodities and contributed to the recent,
unprecedented plunge in the sector's Baltic Dry Index."

Elizabeth Allen, a Moody's senior credit officer and the report's
second author, says, "Unstable operating costs resulting from
volatile bunker expenses and lower freight rates have undermined
profitability, earnings, and other financial fundamentals in all
three sectors."

She notes that such instability could put further pressure on
ratings, which for Moody's rated issuers remain stable despite the
negative outlooks for the overall sectors.  When asked about the
disparity between rated firms and the rest, Allen explains, "Long-
term agreements on many vessels, adequate liquidity through good
access to banks, diversified trade and types of vessels all
support rated shipping companies such as MISC, BW Shipping, NYK,
and MOL."

Allen describes some mitigating factors and compensatory
activities taken by shipping companies generally.  She says, "In
response to high bunker costs, companies have hedged their
exposure to fuel prices and adopted various other measures such as
slow steaming, entering into alliances, or chartering out their
vessels."

"Similarly," she adds, "The tight credit environment has caused a
number of issuers to postpone or cut back their expansion plans as
they try to maintain adequate liquidity and financial
flexibility."


* Moody's Says Home Finance to Drive Potential for Securitization
----------------------------------------------------------------
Although current conditions are difficult, securitisation
financing has strong growth potential in the Gulf Cooperation
Council says Moody's Investors Service in a new Special Comment
published.

The report explores the key drivers Moody's believes are behind
the future growth of a securitisation market in the GCC.  Firstly,
home finance is still relatively new in the region and despite
current events, the long term demand for housing is predicted to
grow steeply given predicted demographic and immigration patterns.

"Both the public and private sectors in the GCC have been heavily
focussed on the supply side of the real estate equation but the
demand side too needs major funding, especially in the current
environment," explains Khalid Howladar, a Moody's Vice President
-- Senior Credit Officer and author of the report.

Real estate is still key to the future growth for many of the
governments in the region.  "Funds are needed for the construction
of these homes, but many local banks are over-exposed to the
sector.  As a result, the market, including securitisation, is
likely to cover an increasing portion of the financing going
forward."

Moody's also notes that the loan and equity market has been so far
the dominant form of financing in the GCC.  "Currently the local
debt/sukuk capital market is small at a around US$70 billion, of
which only around US$4 billion are securitisation transactions,"
Mr. Howladar continues.  "This compares with the US$12 trillion of
oustanding asset-backed financing globally.  The local bond
market, in all its various forms including Sukuk and
securitisation, is essential to the region's future development."

Securitisation also offers banks a means in meeting their
financial/balance sheet objectives such as risk transfer and
reducing asset/liability mismatches.  Despite the currently
difficult environment, the first half of 2008 has still seen
approximately US$1.5 trillion of global securitisation issuance
from (mainly) banks as they restructure their balance sheets and
take advantage of central bank liquidity facilities available for
rated asset-backed bonds.

A further positive factor is that some of the local regulators
have taken note of the potential of asset-backed financing.  "The
Dubai International Financial Centre Authority has recently been
active, passing legislation facilitating the creation of the
special purpose vehicles that are key for structured financed
transactions.  Central banks too have recently made statements
regarding such 'vehicles' to help provide liquidity.  Government
entities in Kuwait and Saudi Arabia have also been considering
laws to help facilitate transactions in their own markets," says
Mr. Howladar.

However, Moody's cautions that the nascent legal environment has
seen little in the way of large-scale bankruptcies, which creates
significant uncertainties with respect to the enforceability of
the security mechanisms required in asset-backed structures.

The report aims to serve as a securitisation primer for market
participants unfamiliar with this form of finance and provides
some insight into the possible drivers for securitisation in these
new markets.  It focuses primarily on the six countries which
comprise the GCC: Kuwait, Qatar, Oman, Kingdom of Saudi Arabia,
Kingdom of Bahrain and the United Arab Emirates as this is where
Moody's currently sees the most potential for rated
securitisations.  Mr. Howladar will also be addressing market
participants at the Euromoney Securitisation event on November 18
at Jumeirah Emirates Towers, Dubai.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

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

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

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

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***