TCRAP_Public/081120.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

            Thursday, November 20, 2008, Vol. 11, No. 231

                            Headlines

A U S T R A L I A

ARK ASSETS: Members and Creditors Receive Wind-Up Report
BABCOCK & BROWN: To Halt Share Trading Over Bank Dispute
CFK CHILDCARE: Placed in Voluntary Administration
DEOGAGE PTY: To Declare Dividend on December 2
FAUSTAS PTY: Members and Creditors Receive Wind-Up Report

INTEGRATION CONTROL: To Declare Dividend on November 27
IXIS CMNA ET AL: Members and Creditors Receive Wind-Up Report
JOQUINN PTY: Members Receive Wind-Up Report
KACHMO PTY: Members Hear Wind-Up Report
MAVERICK PLUMBING: Placed Under Voluntary Liquidation

NEXUS ELECTRONICS: Placed Under Voluntary Liquidation
QUEENSLAND ORES: Suspends Wolfram Camp Mine Operations
RRAA SPORTSWARE: Members Receive Wind-Up Report
SHARP PROPERTY ET AL: Members and Creditors Hear Wind-Up Report
SIGN SERVICE: Members and Creditors Receive Wind-Up Report

SPONSAFE PTY: Members and Creditors Receive Wind-Up Report
WADDELL AND: To Declare Dividend to Priority Creditors on Dec. 2
WHYKED PTY: Members and Creditors Receive Wind-Up Report


C H I N A

CITIC GROUP: Moody's Retains 'D+' Bank Financial Strength Rating
ZTE CORP: Wins CNY1.33 Bil. Contract with China Telecom
* CHINA: Auto Industry Calls on Government for Support
* CHINA: U.S. Scrap Merchants Trade Group Reports $1BB Lost Deals


H O N G K O N G

EVER TRUSTFUL: Subject to Lai Cheung's Wind-Up Petition
GARA TOYS: Court to Hear Wind-Up Petition on December 17
GOLDEN DOME: Court to Hear Wind-Up Petition on November 26
HSBC Holdings: Plans to Cut 500 Jobs in Asia
INTERCONTINENTAL HOLDINGS: Faces Bank of China's Wind-Up Petition

SMART UNION: Court to Hear Wind-Up Petition on December 24
SMART UNION: Court to Hear Wind-Up Petition on December 24
SUNNEL INVESTMENTS: Creditors' Proofs of Debt Due on December 5
WIDER RIVER: Court to Hear Wind-Up Petition on December 31


I N D I A

GEN. MOTORS: Seeks Up to US$12BB of Requested Auto Financial Aid


I N D O N E S I A

MEDIA NUSANTARA: S&P Holds 'B+' Ratings; Outlook Stable
PERUSAHAAN LISTRIK: Mulls Sale of IDR1.5 Tril. Bonds
TELEKOMUNIKASI SELULAR: Fitch Corrects Issuer Default Rating


J A P A N

FORD MOTOR: Seeks Up to US$8BB of Requested Auto Financial Aid
NIPPON RESIDENTIAL: Moody's Downgrades Issuer Ratings to 'Ba2'
TOWA BANK: Removes Ratings From Credit Monitor; Affirms
* JAPAN: Six Major Banks' Profit Fall 58% in September


K O R E A

* KOREA: To Restructure Troubled Shipbuilders
* KOREA: Corporate Bankruptcies Rise to 321 in October


N E W  Z E A L A N D

AIR NEW ZEALAND: To Slash 200 Full-Time Jobs Amid Slowing Demand
CAPITAL LANGUAGE: Wind-Up Petition Hearing Set for November 24
FAST LANE: Court to Hear Wind-Up Petition on November 24
GATES & FENCES: Faces Pro Metals' Wind-Up Petition
GROVE BUILDERS: Faces CIR's Wind-Up Petition

KAPE AT KUSINA: Subject to CIR's Wind-Up Petition
KINGFISH LIMITED: Posts NZ$7.84 Mil. Net Loss in 1H 2008
MARINE PLANT: Court to Hear Wind-Up Petition on November 24
STEAMSHIP WHARF: Court to Hear Wind-Up Petition on November 24
STRATEGOS SALES: Subject to CIR's Wind-Up Petition

TANT LTD: Wind-Up Petition Hearing Set for November 24
THISTLE HOLDINGS: Court to Hear Wind-Up Petition on November 24
WINGATE TWO ET AL: Creditors' Proofs of Debt Due on Nov. 21
* NEW ZEALAND: Capital Goods Prices Up 1.4% in September 2008 Qtr.
* NEW ZEALAND: Fuel Drives Up Producers' Prices, Statistics Shows


P A K I S T A N

PAKISTAN AIRLINE: In Short of Cash, Seeking Investors for 2 Hotels


S I N G A P O R E

APAC TECH: Creditors' Proofs of Debt Due on November 28
FAR EAST: Creditors' Proofs of Debt Due on December 15
TECHNOLINK PTE: Final Meeting Slated for December 15
TMS SHIP: Court to Hear Wind-Up Petition on November 28
UCHEM REALTY: Creditors' Proofs of Debt Due on December 14


T A I W A N

CPC CORP.: Losses May Increase Due to Soaring Crude Oil Prices
TAIWAN POWER: Financial Deficit to Reach NTS$100 Bln in FY2008
WAN HAI: Moody's Lowers Rating to 'Ba2' on Weak Financial Metrics


V I E T N A M

SAIGON THUONG: Fitch Maintains Individual Rating at 'D'


                         - - - - -


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

ARK ASSETS: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Ark Assets Pty Limited met on
November 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

Adam Shepard is the company's liquidator.


BABCOCK & BROWN: To Halt Share Trading Over Bank Dispute
--------------------------------------------------------
Babcock & Brown Limited said it is in dispute with with a bank
which holds a deposit of a material amount relating to the release
of that deposit.

The company today requested an immediate trading halt on its
shares saying it expected that the trading halt will end until the
dispute is resolved.

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.


CFK CHILDCARE: Placed in Voluntary Administration
-------------------------------------------------
Australian Associated Press reported that the federal government
will hold urgent talks with a second childcare provider placed in
voluntary receivership.

CFK Childcare Centres went into voluntary administration on
Tuesday, November 18, 2008.  It appointed Michael James Humphris,
Anrew Peter Fielding and Geoffrey Trent Hancock of BDO Kendalls as
voluntary administrators.

In a disclosure to the Australian Stock Exchange, the company said
the current board and senior management team were appointed in
September 2007 with a brief to turn the operational performance of
the business around – at that state the company was losing over
AU$400,000 per month.

Despite the efforts of management, CFK said the financial
performance of the business as is has not reached a point where
the company is trading on a cashflow positive basis.  As
previously announced, the company said it has intended a
restructure involving a sale of assets and acquisition of
profitable centers using shares.

The company said the proposed restructure has not been possible to
complete because:


   -- CFK has been unable to complete the sale of childcare
      centers to ABC Learning Centres Ltd for AU$8.5 million.
      As a result, it cannot meet one of the preconditions to
      any standstill arrangement with its banker NAB, and
      cannot complete its 2008 financial report.

      Given the ongoing uncertainty concerning the sales
      to ABC and the childcare market generally, and the
      inability to reach a standstill agreement with NAB,
      entities associated with the director Doug Lomas
      have advised that they are forced to withdraw
      continued financial support, and terminate a working
      capital loan.  This loan is vital to the ongoing
      operation of the current businesses, which is cash-
      flow negative.  The continued support of the Lomas
      Group was also a precondition to any standstill
      agreement with NAB.

      The company said the uncertainty bought to the
      childcare market after months of speculation about
      the financial health of ABC, followed by the
      appointment of administrators to that company has
      materially impacted CFK's ability to sell other
      centers and has caused a devaluation of CFK's assets.

                   Conditions of Business in 2007

   -- As stated, the current Board were appointed in
      September 2007 to turn around the company's business.
      The depth of problems with the business, including
      significant loss making, lack of investment in centers
      poor management systems and declining occupancy
      rates, was not apparent to the Board at that time
      they joined.  Despite raising AU$3.5 million in
      new equity, AU$2 million in subordinated secured
      loans and AU$1.5 million in unsecured loans as
      well as AU$8.3 million in asset sales, it has not
      been possible to adequately stem losses.  Further,
      CFK has been unable to complete its proposed
      restructuring through an inability to reach final
      agreement with all stakeholders who had various
      rights of approvals and consents.

   -- the global financial downturn.

According to AAP, Federal Education Minister Julia Gillard said
the government will inform parents of the latest developments as
soon as it receives further advice.

AAP says urgent talks will be held with the administrator of CFK
to clarify the situation and CFK's relationship with ABC Learning.

                         About CFK Childcare

CFK Childcare Centres Limited (ASX:CFK)-- http://www.cfk.com.au--
operates childcare centers in Australia.  CFK provides
developmental care for children from six weeks to six years of
age.  It offers an educational program based on each child's
individual needs and interests.  The company's programs
incorporate a child's social, emotional, cognitive, language and
physical development.  CFK owns and operates 43 childcare centers
in metropolitan Sydney.


DEOGAGE PTY: To Declare Dividend on December 2
----------------------------------------------
Deogage Pty Limited will declare first and final dividend on
December 2, 2008, for its priority creditors.

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

The company's liquidator is:

          R. M. Sigelski
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West, NSW 2302
          Telephone:(02) 4962 2294
          Facsimile:(02) 4962 2290


FAUSTAS PTY: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Faustas Pty Limited met on Nov. 12,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          R. G. Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


INTEGRATION CONTROL: To Declare Dividend on November 27
-------------------------------------------------------
Integration Control and Engineering Pty Ltd will declare first and
final dividend on November 27, 2008.

Only creditors who were able to file their proofs of debt by
Oct. 28, 2008, will be included in the company's dividend
distribution.

The company's deed administrator 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


IXIS CMNA ET AL: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------------
On November 10, 2008, the members receive the liquidator's report
on the wind-up proceedings for these companies:

   -- IXIS CMNA (Australia) Funding (No.1) Pty Limited; and
   -- IXIS CMNA (Australia) Funding (No.2) Pty Limited.

The companies' liquidator is:

          Andrew John Love
          Ferrier Hodgson
          225 George Street, Level 13
          Sydney NSW 2000


JOQUINN PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Joquinn 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


KACHMO PTY: Members Hear Wind-Up Report
---------------------------------------
The members of Kachmo 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


MAVERICK PLUMBING: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 25, 2008, the members
of Maverick Plumbing Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Peter A. Amos
          Daniel I Cvitanovic
          Cvitanovic Amos Chartered Accountants &
          Insolvency Specialists
          25/ 185 Airds Road
          Leumeah NSW 2560


NEXUS ELECTRONICS: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 25, 2008, the members
of Nexus Electronics Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Andrew Bowcher
          c/o RSM Bird Cameron Partners
          55 Berry Street
          Wagga Wagga NSW 2650
          Telephone:(02) 6921 9055


QUEENSLAND ORES: Suspends Wolfram Camp Mine Operations
------------------------------------------------------
Queensland Ores Limited has suspended operations at its Wolfram
Camp Mine in North Queensland in order to conserve cash while some
mining and metallurgical issues are being addressed.

The company said this step has been reinforced in light of a
combination of the recent weakness in the molybdenum price and
global market conditions.

The mine has not yet been able to achieve target head-feed grade.
Additionally, the company said, low recoveries in the Treatment
Plant have been experienced.

Queensland Ores said its Board has deemed it necessary to reduce
the cash expenditure associated with current operations to
safeguard the company's potential future.

Based in Australia, Queensland Ores Limited (ASX:QOL)--
http://www.qol.com.au/-- engages in the exploration and
development of the Wolfram Camp Project and continued exploration
at the Mount Cannindah Project, and minerals exploration within
Australia.

                           *     *     *

Queensland Ores Limited reported three consecutive annual net
losses of AU$872,108; AU$1,508,133 and AU$490,593 for the fiscal
years ended June 30, 2008, 2007 and 2006, respectively.


RRAA SPORTSWARE: Members Receive Wind-Up Report
-----------------------------------------------
The members of RRAA Sportsware 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


SHARP PROPERTY ET AL: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
On November 12, 2008, the members and creditors receive the
liquidator's report on the wind-up proceedings for these
companies:

   -- Sharp Property Services (NSW) Pty Limited;
   -- Shop Fitouts Australia Pty Limited;
   -- Wajih Hassan Group Pty Limited;
   -- A1 Ssteel Fixing Pty Limited;
   -- Advanced Pipe Installations Pty Limited;
   -- J Corp Developments Pty Limited.

The company's liquidator is:

          Ozem Kassem
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


SIGN SERVICE: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Sign Service & Installation 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


SPONSAFE PTY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Sponsafe Pty Limited met on Nov. 12,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          R. G. Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


WADDELL AND: To Declare Dividend to Priority Creditors on Dec. 2
----------------------------------------------------------------
Waddell and Son Pty Limited, which is in liquidation, will declare
first and final dividend to priority creditors on December 2,
2008.

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

The company's liquidator is:

          R. G. Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Telephone:(02) 4962 2294
          Facsimile:(02) 4962 2290


WHYKED PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Whyked 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



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

CITIC GROUP: Moody's Retains 'D+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service downgraded CITIC Group's long-term
foreign currency senior debt rating to Baa2 from Baa1 and baseline
credit assessment to "12" from "11".  At the same time, Moody's
has changed the outlook for the rating and BCA to negative from
stable.

Meanwhile, the outlook of the bank financial strength ratings of
China CITIC Bank and CITIC Ka Wah Bank, at "D" and "D+"
respectively, is unchanged at stable.  The outlook of other
ratings of these two banks, however, is changed to negative from
stable, namely: 1) China CITIC Bank's foreign currency long-term
deposit rating of Baa2 and short-term deposit rating of Prime-2;
and 2) CITIC Ka Wah Bank's local and foreign currency long-term
deposit ratings of Baa2, local and foreign currency short-term
deposit ratings of Prime-2, foreign currency senior debt rating of
Baa2, and the subordinated and junior subordinated debt ratings of
Baa3.

"The rating actions mainly reflect the announcement that CITIC
Group will take action to relieve CITIC Pacific's (Ba2; direction
uncertain) short-term liquidity pressure, due to the latter's
substantial losses arising from its leveraged foreign exchange
contracts," says Leo Wah, a Moody's VP/Senior Analyst.

"After improvements in its double leverage ratio over the years to
about 130% as of June 2008, the ratio is now expected instead to
increase to 140% or more due to possible foreign exchange losses
and an anticipated hike in debt."

CITIC Group's measures for CITIC Pacific include the offering of a
USD1.5 billion standby facility to CITIC Pacific (to be repaid by
CITIC Pacific following its subscription of CITIC Pacific's
convertible bond), CITIC Group's plan to subscribe a
US$1.5 billion convertible bond (to be converted into shares), and
to take over a significant portion of the outstanding loss-making
leveraged foreign exchange contracts, subject to shareholder
approval.

Upon full conversion of the convertible bond, which is expected to
take place no later than Jan. 19, 2009, CITIC Group will own about
57.6% of CITIC Pacific, up from 29% currently.

In view of such support for CITIC Pacific's funding needs, Moody's
believes that CITIC Group's creditworthiness could be impaired.
The aforementioned measures will mean that CITIC Group assumes the
substantial foreign exchange risk of the contracts and the
subsequent liquidity risk.  Under the contracts, CITIC Group may
need to pay in US dollars, accepting in return Australian dollars,
on a monthly basis up to October 2010.

Although CITIC Group has sufficient assets to support its cash
flow needs, for instance, it currently has about HKD40 billion in
cash and other liquid assets, its financials are worsening.
Moody's expects a decline in dividend income due to the tougher
operating environment for its subsidiaries and projects.  Its
strong support of CITIC Pacific, even though it only owns 29%
currently, indicates its willingness to provide funding need to
and assume risks from its subsidiaries if necessary.  This may
result in substantial financing need.  Its failure to spin off a
few subsidiaries in 2008 has resulted in the absence of
substantial cash influx.

From now, Moody's will examine 1) the extent of possible losses
from the foreign exchange contracts and their impact on CITIC
Group's liquidity and profitability; 2) CITIC Group's funding
plans; 3) the type and extent of support CITIC Group would provide
for its other subsidiaries; 4) the operating performances of its
subsidiaries and projects; 5) possible changes in CITIC Group's
internal control and risk management regarding its subsidiaries
and their possible impact on ratings.

Moody's assignment of CITIC Group's BCA is consistent with Moody's
practice for other government-related issuers.  In accordance with
Moody's government-related issuers rating methodology, CITIC
Group's ratings reflect the combination of these inputs: (i) BCA
of 12 (on a scale of 1 to 21, where 1 represents lowest credit
risk), which can be mapped to a Ba2 stand-alone rating; (ii) A1
local currency rating of the Chinese government; (iii) medium
dependence; and (iv) high support.

In view of the negative outlook for CITIC Group's long-term
foreign currency senior debt rating and BCA, any further downgrade
may adversely affect the degree of support it may extend to China
CITIC Bank and CITIC Ka Wah Bank.  Such a development would impair
the credit worthiness of these two banks.  Accordingly, the
outlook of both banks' deposit and debt ratings was changed to
negative from stable, but there is no change in their BFSRs.
Moody's believes their current BFSRs adequately reflect their
underlying fundamentals.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.  As of end-2007, it had total consolidated
total assets of RMB 1,322 billion (US$180.7 billion).

China CITIC Bank, headquartered in Beijing, is 62.3% owned by
CITIC Group and the 7th largest commercial bank in China.  As of
end-2007, it had total assets of RMB 1,011 billion
(US$129.7 billion).

CITIC Ka Wah Bank is a Hong Kong based commercial bank with
operations in primarily Hong Kong and China.  It also has branch
presence in Macau and the US (New York and Los Angeles).  The bank
offers a full range of wealth management and wholesale banking
services to individual and corporate customers who are active in
cross-border business and trade flows between China and other
regions.  It is a wholly-owned subsidiary of CITIC International
Financial Holdings Ltd., which is in turn 70.3%-owned by CITIC
Group and 29.7%-owned by Banco Bilbao Vizcaya Argentaria.  As at
June 30, 2008, CKWB had total assets of HK$110 billion
(US$14 billion) and total equity of HK$9.7 billion
(US$1.2 billion).

These rating and BCA of CITIC Group have been downgraded and now
carry negative outlooks:

  -- The long-term foreign currency senior unsecured debt rating
     to Baa2 from Baa1

  -- The BCA to 12 from 11 (on a scale of 1 to 21, where 1
     represents the lowest risk)

  -- The outlook of these ratings of China CITIC Bank is changed
     to negative from stable (unless specified):

  -- Bank financial strength rating of D (stable outlook)

  -- Long-term foreign currency deposit rating of Baa2

  -- Short-term foreign currency deposit rating of P-2

  -- The outlook of these ratings of CITIC Ka Wah Bank is changed
     to negative from stable (unless specified):

  -- Bank Financial Strength Rating of D+ (stable outlook)

  -- Long-Term Bank Deposits (Foreign Currency) of Baa2

  -- Long-Term Bank Deposits (Domestic) of Baa2

  -- Long-Term Deposit Note/CD Program (Foreign Currency) of Baa2

  -- Long-Term Deposit Note/CD Program (Domestic) of Baa2

  -- Senior Unsecured Debt (Foreign Currency) of Baa2

  -- Subordinated Debt (Foreign Currency) of Baa3

  -- Junior Subordinated Debt (Foreign Currency) of Baa3

  -- BACKED Junior Subordinated Debt (Foreign Currency) of Baa3
     (issued through CKWH-UT2 Limited)

  -- Short-Term Bank Deposits (Foreign Currency) of P-2

  -- Short-Term Bank Deposits (Domestic Currency) of P-2

  -- Short-Term Deposit Note/CD Program (Foreign Currency) of P-2

  -- Short-Term Deposit Note/CD Program (Domestic Currency) of P-2


ZTE CORP: Wins CNY1.33 Bil. Contract with China Telecom
-------------------------------------------------------
Zhu Shenshen at Shanghai Daily reported that ZTE Corporation has
won a contract worth CNY1.33 billion (US$195.6 million) from China
Telecom to expand the telco's newly acquired mobile network, and
with this deal ZTE will become the leading player in the domestic
CDMA (code division multiple access) network equipment market.

Citing industry insiders, the report related the deal will likely
boost the company's chances to secure further orders from China
Telecom, which plans to invest a total of CNY80 billion over three
years to upgrade its mobile network which it acquired from China
Unicom.

ZTE will provide China Telecom wireless equipment for the CDMA
network and related services valued at CNY1.27 billion.  The other
CNY61 million will be spent to expand China Telecom's fixed-line
network expansion, the Daily cited a ZTE statement.

                       About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

ZTE Corporation continues to carry 'BB+' long-term
foreign currency and local currency Issuer default ratings from
Fitch with stable outlook.  The ratings were affirmed in April
2008.


* CHINA: Auto Industry Calls on Government for Support
------------------------------------------------------
Automakers in China are seeking government aid to help revive
waning demand amid the global financial crisis, Tian Ying of
Bloomberg News reports.

In an interview with Bloomberg News, Zeng Qinghong, general
manager of Guangzhou Automobile Group Co., a partner of Toyota
Motor Corp. and Honda Motor Co., called the situation "really
severe" and hopes "the government can introduce policies to
stimulate demand."

Bloomberg News relates slower China sales would hit overseas
automakers as they are banking on emerging markets to offset
waning demand in Europe, the U.S. and Japan.
Cars sales have surged fivefold in China over the past eight years
because of the country's booming economy, however, growth slipped
to 9 percent in the third quarter, the slowest pace in five years,
Bloomberg News recalls.

According to The International Herald Tribune, during the high
sales era, China's auto industry borrowed heavily to meet demand.
However, the picture began to reverse as dealership lots across
China became increasingly crowded with unsold cars.  Sales were
slightly lower in August and September than a year earlier, the
IHT notes.

"Chinese automakers do need government's help to survive the
turmoil," Bloomberg News quoted Zhang Xin, an analyst at Guotai
Junan Securities Co. in Beijing, as saying.  "There aren't any
policies yet for stimulating vehicle consumption and automakers
need to shout louder to get the government to provide incentives."

The IHT relates that citing the US$50 billion American automakers
are asking from the U.S. Government, Chinese executives are now
telling Beijing that they need measures like lower taxes on new
cars, lower fuel prices and increased grants for research into
hybrid cars and other new technologies.


* CHINA: U.S. Scrap Merchants Trade Group Reports $1BB Lost Deals
-----------------------------------------------------------------
The Institute of Scrap Recycling Industries is lobbying the U.S.
government to help stop defaults on contracts between the
institute's members and clients in China
after reporting that the group lost about US$1 billion in reneged
contracts, Bloomberg News reports.

According to Bloomberg News, Robin Weiner, president of the
Washington-based scrap merchants' trade group, said as the market
for the steelmaking raw material collapses, Chinese steelmakers,
foundries and traders, ranging in size from "small to very large"
and some with partial state ownership, have canceled contracts,
refused delivery of shipments or demanded lower prices.

The report relates Ms. Weiner noted that contracts with
steelmakers and brokers also have been broken in Europe, Canada,
Vietnam and South Korea, however, delinquencies in China have been
most prevalent and extend beyond steel to other scrap markets like
copper, fibers and plastics.

Data obtained by Bloomberg News from Metal Bulletin showed that
the price of steel scrap No. 1 heavy melting, shipped from the
U.S. East Coast, has slumped by 61 percent in the past two months
and traded at US$120 a metric ton on Nov. 13.



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

EVER TRUSTFUL: Subject to Lai Cheung's Wind-Up Petition
-------------------------------------------------------
On October 29, 2008, Lai Cheung Kong filed a petition to have Ever
Trustful Interior Construction Company Limited's operations wound
up.

The petition will be heard before the High Court of Hong Kong on
December 31, 2008, at 9:30 a.m.


GARA TOYS: Court to Hear Wind-Up Petition on December 17
--------------------------------------------------------
A petition to have Gara Toys Manufacturing Company Limited's
operations wound up will be heard before the High Court of Hong
Kong on December 17, 2008, at 9:30 a.m.

Chong Tsz Wai filed the petition against the company on Oct. 13,
2008.


GOLDEN DOME: Court to Hear Wind-Up Petition on November 26
----------------------------------------------------------
A petition to have Golden Dome (H.K.) Cabaret Show International
Co. Limited's operations wound up will be heard before the High
Court of Hong Kong on November 26, 2008, at 9:30 a.m.

Orient Loyal International Limited the petition against the
company on August 28, 2008.

Orient Loyal's solicitors are:

          Yu, Tsang & Loong
          Yu To Sang Building
          Rooms 506-9, 5th Floor
          37 Queen's Road Central
          Hong Kong


HSBC Holdings: Plans to Cut 500 Jobs in Asia
--------------------------------------------
HSBC Holdings PLC plans to cut 500 jobs in Asia due to the global
economic slump, Shanghai Daily reports.

According to the report, HSBC said the cuts will be made in
various parts of the business, including back office functions,
with about 450 jobs in Hong Kong to be shed.

HSBC decided to trim its work force because of "organizational
changes in a number of areas as well as the deteriorating economic
conditions and our cautious outlook for 2009," the Daily quotes
Peter Wong, an executive director for Hong Kong and China's
Mainland, as saying.

Citing Reuters, the Troubled Company Reporter-Europe reported on
on October 6, 2008, that HSBC Holdings Plc said in September that
it was cutting 1,100 jobs in its global banking and markets
operation, or 4% of the unit's total, as it weathers the global
financial crisis.

The jobs are in front and back office operations, the report
noted.  About half of the positions affected are in the company's
headquarters in the United Kingdom, and 100 of the positions are
in Hong Kong, where its large Asian operations are based.

The report disclosed HSBC has felt the sting of the subprime
mortgage crisis in the United States and has booked write-downs of
US$18.7 billion since last year.  In August, the bank posted a 28%
fall in first-half pre-tax profit to US$10.2 billion as it took a
US$14 billion hit from bad debts on U.S. home loans and asset
writedowns.  In its global banking and markets business, pre-tax
profit fell 35% in the first half to US$2.1 billion, although that
was a 37% increase from the second half of 2007.

                          About HSBC Holdings

Headquartered in London, HSBC Holdings Plc (LON: HSBA) --
http://www.hsbc.com/-- is one of the largest banking and
financial services organizations in the world.  HSBC's
international network comprises around 9,500 offices in 85
countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa.

With listings on the London, Hong Kong, New York, Paris and
Bermuda stock exchanges, shares in HSBC Holdings plc are held by
around 200,000 shareholders in some 100 countries and territories.
The shares are traded on the New York Stock Exchange in the form
of American Depositary Receipts.


INTERCONTINENTAL HOLDINGS: Faces Bank of China's Wind-Up Petition
-----------------------------------------------------------------
On November 3, 2008, Bank of China (Hong Kong) filed a petition to
have Intercontinental Holdings Corporation Limited's operations
wound up.

The petition will be heard before the High Court of Hong Kong on
January 7, 2009, at 9:30 a.m.

Bank of China's solicitors are:

          Chow, Griffiths & Chan
          South China Bulding, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


SMART UNION: Court to Hear Wind-Up Petition on December 24
----------------------------------------------------------
A petition to have Smart Union Group (Holdings) Limited's
operations wound up will be heard before the High Court of
Hong Kong on December 24, 2008, at 9:30 a.m.

The petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


SMART UNION: Court to Hear Wind-Up Petition on December 24
----------------------------------------------------------
The High Court of Hong Kong will hear on December 24, 2008, at
9:30 a.m., a petition to have Smart Union Mining Investments
Limited's operations wound up.

The petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


SUNNEL INVESTMENTS: Creditors' Proofs of Debt Due on December 5
---------------------------------------------------------------
The creditors of Sunnel Investments Limited are required to file
their proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Fung Wing Yuen
          Pang Ho Choi Robin
          Xiu Ping Commercial Building
          1st Floor & 2nd Floor
          104 Jervois Street
          Sheung Wan, Hong Kong
          Telephone: 2850 8228
          Facsimile: 2544 1693


WIDER RIVER: Court to Hear Wind-Up Petition on December 31
----------------------------------------------------------
The High Court of Hong Kong will hear on December 31, 2008, at
9:30 a.m., a petition to have Wider River Limited's operations
wound up.

Mark Herbert Benjamin filed the petition against the company on
October 23, 2008.

Mark Herbert's solicitors are:

          Stephenson Harwood & Lo
          Bank of China Tower, 35th Floor
          1 Garden Road
          Central, Hong Kong
          Telephone: 2868 0789
          Facsimile: 2868 1504



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

GEN. MOTORS: Seeks Up to US$12BB of Requested Auto Financial Aid
----------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that General Motors
CEO Rick Wagoner said that the company wants US$10 billion to
US$12 billion of the requested US$25 billion in emergency funding
from the government.

According to Dow Jones, Mr. Wagoner told Sen. Bob Corker at a
Senate Banking Committee hearing, "We felt that we should get our
proportionate market share of that."

Dow Jones relates that Ford Motor Co. CEO Alan Mulally said that
his company was seeking US$7 billion to US$8 billion.  Chrysler
LLC CEO Robert Nardelli, according to Dow Jones, said that his
company wants US$7 billion.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 –
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.

According to the report, Mr. Wagoner was also awarded 75,000
restricted stock units valued at US$1.68 million, based on GM's
closing stock price in March, and given stock options representing
500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.


WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                  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 Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India.  GM India has 95 sales points and over 110 service centers.

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 US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$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 US$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.



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

MEDIA NUSANTARA: S&P Holds 'B+' Ratings; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
PT Media Nusantara Citra to stable from positive and affirmed the
'B+' long-term local- and foreign-currency corporate credit
ratings on the company.  At the same time, Standard & Poor's
affirmed its 'B+' issue rating on senior secured debt issued by
MNC's wholly owned subsidiary, Media Nusantara Citra B.V. MNC and
its subsidiaries unconditionally and irrevocably guarantee the
notes.

"The outlook revision reflects the increased business risks for
MNC that are derived from the economic slowdown.  This slowdown
could lead advertising expenditure to decline and competition to
increase.  In addition, MNC could find it challenging to turn
around the profitability of its self-funded 57%-owned Chinese
subsidiary Linktone Ltd.  These factors offset the previous upside
potential for the rating for at least for the next 12 months,"
said Standard & Poor's credit analyst Manuel Guerena.

The rating on MNC reflects the economic slowdown, which has
affected advertising spending budgets, and could lower the
industry's prices and margins.  It also factors in the competitive
environment, with 11 nationwide free-to-air TV stations (including
MNC's three).  The rating also reflects concentration.  S&P
estimates that slightly less than half of MNC's revenues, and even
more at the EBITDA level, depend on its flagship channel PT
Rajawali Citra Televisi Indonesia; and this is unlikely to change
over the next two to three years.  In addition, cash flows still
come from a single economic environment, Indonesia, despite the
fact that 15%-20% of MNC's assets and revenues come from Linktone,
which incurred a US$12 million loss against US$40 million in
revenue for the first half of 2008.

These factors are partially offset by MNC's financial performance,
its leading market position, and favorable advertising spending
prospects.

On an annualized basis, MNC's ratio of debt to EBITDA was 1.7x as
at September 2008, and its ratio of funds from operations to debt
was 43.5%, compared with 37.4% a year earlier.  Excluding the
negative impact from recently acquired businesses (an advertising
agency in late 2007 and Linktone in April 2008), MNC's EBITDA
margin decreased only marginally compared with the 31.4% achieved
a year earlier.

Due to the recognition and coverage of its programs, MNC had about
35% audience share in Indonesia, which accounted for 34% of its
gross TV advertising spending in 2007.

Indonesia is one of the fastest-growing markets for advertising
spending, which should continue to grow over the medium to long
term due to its low relative level (0.6% of Indonesia's GDP).
This is despite short-term uncertainties, such as the magnitude of
the slowdown in advertising expenditures following softness in the
economic environment.


PERUSAHAAN LISTRIK: Mulls Sale of IDR1.5 Tril. Bonds
----------------------------------------------------
The Jakarta Post reported Wednesday that PT Perusahaan Listrik
Negara (PLN) remains upbeat on its plan to issue IDR1.5 trillion
(US$124 million) worth of bonds next month.

According to the report, PLN president director Fahmi Mochtar said
the bonds are aimed at helping the company finance the
construction of its power plants and transmission systems.

The Post related that the seven-year bonds, IDR500 billion of
which will be in the form of Islamic bonds, would be the tenth
bond issue by PLN.

"PLN has submitted all of the required documents for the bond
issue to Bapepam (the Capital Market and Financial Institution
Supervisory Agency) and is now waiting for the agency's approval,"
the report quoted Fahmi as saying.

The report said PLN has appointed Bank Niaga as a trustee agent
for the bond issue, with Trimegah Securities, Indo Premier
Securities and Danareksa Securities as underwriters.

PLN is seeking loans to finance its ongoing massive effort to
complete a 10,000-megawat (MW) power plant program to meet the
increasingly rapid demand for electricity in the country, the Post
noted.

                      About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                        *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.


TELEKOMUNIKASI SELULAR: Fitch Corrects Issuer Default Rating
------------------------------------------------------------
Fitch Ratings corrects its ratings release 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 has 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.
Telekomunikasi Selular (foreign currency IDR 'BB+'/Stable).

"Telkom's financial profile is heavily influenced by its wireless
business, Telkomsel, which accounted for around 61% of its
consolidated 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
technology 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 (including 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 substitution.

As the Indonesian government holds a 51.82% (at December 2007)
majority 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
increasingly shareholder friendly initiatives over the last year
or so, with Telkom announcing a special dividend on FY07 income
and conducting periodic share buybacks.  The total dividend payout
increased 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 13 October 2008 and 20
January 2009.

Telkom has historically maintained a conservative financial
profile reflected by low leverage and sound capital structure.  At
end September 2008 net adjusted leverage stood at 0.5x while total
adjusted debt to capitalisation was 37.1%.  The confluence of
large capital investments in the wireless segment, and high
dividend payouts has turned FCF mildly negative.  With FCF debt
service 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
operators, given that they continue to invest heavily in their
networks 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
account of the company's close linkages with the Indonesian
government, any positive or negative sovereign rating action would
likely lead to a corresponding rating action for Telkom.  Upward
rating pressure would also arise with if there was a reduction in
the government's stake (below 50%) including a waiver of rights
associated with the Series A share.  Conversely, downward rating
pressure 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: Seeks Up to US$8BB of Requested Auto Financial Aid
--------------------------------------------------------------
Siobhan Hughes at Dow Jones Newswires reports that Ford Motor Co.
CEO Alan Mulally said that his company is seeking US$7 billion to
US$8 billion of the requested US$25 billion in emergency funding
from the government.

American Bankruptcy Institute reports that the U.S. Senate
Democrats released details of a US$25 billion Auto Rescue Package.
The funding is part of an economic stimulus package carved from
the US$700 billion financial market bailout, the report says.
Bankruptcy Law360 says top executives of U.S. automakers on
Tuesday made their case before a Senate panel, arguing that they
should be next in line to get government aid in the wake of the
financial crisis.

Dow Jones relates that General Motors CEO Rick Wagoner said that
the company wants US$10 billion to US$12 billion of the requested
funding.  According to Dow Jones, Mr. Wagoner told Sen. Bob Corker
at a Senate Banking Committee hearing, "We felt that we should get
our proportionate market share of that."

Chrysler LLC CEO Robert Nardelli said that his company wants
US$7 billion, Dow Jones states.

                   Curbs in Executives' Pay

Matthew Dolan at The Wall Street Journal reports that GM and Ford
may set up caps on executive pay.  The report says that the bill
in the House of Representatives has provisions that would bar
bonuses for executives of companies receiving loans.  The report
states that the bill in the congress would demand:

    -- no bonuses to workers making more than US$200,000,
    -- no "golden parachutes" payouts to fleeing executives, and
    -- "no compensation plan that could encourage manipulation
       of reported earnings to enhance compensation."

Chrysler said in a statement that it expected any loan package to
come with conditions "including taxpayers having equity.  We do
not expect that this is a final product.  The company is open to
further discussions with Congress."

Ford Motor and GM spokespersons said their companies are reviewing
the bills released on Monday, WSJ relates.  The companies are
already taking steps that would effectively institute similar
kinds of caps, the report says, citing the spokespersons.

WSJ states that Mr. Wagoner's salary was increased by 33% to about
US$2.2 million this year -- compared to US$1.65 million in 2007 –
and equity compensation of at least US$1.68 million for his
performance in 2007, even though GM has been losing money since
2005.

According to the report, Mr. Wagoner was also awarded 75,000
restricted stock units valued at US$1.68 million, based on GM's
closing stock price in March, and given stock options representing
500,000 shares.

WSJ reports that GM officials insist those reported figures need
context.  Mr. Wagoner took a 50% cut in his base salary pay in
2006, the report states, citing GM spokesperson Tony Cervone.
Figures cited by the company indicate that Mr. Wagoner's overall
compensation is down from 2003 when he made US$8.3 million in
compensation from salary and bonuses alone.  Mr. Cervone said that
much of Mr. Wagoner's overall compensation is also "at-risk," or
tied to the stock price of the company which has dropped.  GM,
according to the report, said that they would cut bonuses this
year.

Mr. Mulally, says WSJ, has also got "a rich pay package," while
Ford is losing money and even pulled back from a pledge to return
to profitability in 2009.  WSJ relates that Ford reported in April
2008 the Mr. Mulally received US$2 million in base salary, a US$4
million bonus and more than US$11 million of stock and options
last year.  The report says that Mr. Mulally's base salary
remained the same over 2006.  According to the report, Mr. Mulally
has earned almost US$50 million in compensation since leading
Ford.


WSJ relates that after Mr. Mulally's pay package was disclosed,
Ford said that it will pay bonuses to hourly and salaried
employees despite its losses, partly to avoid any bitterness among
the rank and file.  Ford executives said in a conference call
earlier this month that those bonuses have now been cut.  Mr.
Mulally said in "Good Morning America" that Ford has stopped merit
raises, incentives and bonuses for top management.

Less is known about Chrysler CEO Robert Nardelli's package because
the company is privately held, WSJ says.

According to WSJ, Chrysler said it will keep multimillion dollar
retention bonuses promised to executives in 2007, when it was
taken over the private equity firm, Cerberus Capital Management.
A Chrysler spokesperson said that those bonuses will be paid out
in August 2009, the report says.  They were valued at US$30
million, but have been reduced because some executives have
already left the company without being able to cash out their
bonus, the report states, citing the spokesperson.

                       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,
through Ford Japan Limited.

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-'.


NIPPON RESIDENTIAL: Moody's Downgrades Issuer Ratings to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service downgraded the issuer and unsecured
senior debt ratings of Nippon Residential Investment Corporation
to Ba2 from Baa3.  The ratings remain under review for possible
downgrade.

Moody's had placed the issuer and unsecured senior debt ratings
under review for possible downgrade on Oct. 24, 2008.

The downgrade reflects Moody's concern that, given the growing
credit crunch hurting the entire real estate market, NRI now faces
the need to ensure steady access to funds for the medium to long
term.

The downgrade also takes into account that NRI's rated bonds could
be subordinated if the company had to post collateral on its
outstanding borrowings. The company had announced on Nov. 18 2008
that it had started discussions with its lenders regarding
collateral.

Moody's is concerned that, given the growing credit crunch in the
real estate market, the worsening of the credit quality of REIT
sponsors will adversely affect the REITs' ability to raise funds
from financial institutions.

NRI did not renew a JPY13 billion committed line of credit, which
expired at the end of October 2008.  Debt maturing in November
2008 and February 2009 amount to roughly JPY28 billion.  NRI has,
however, maintained its relationships with its main banks.  To
improve its financial management infrastructure and facilitate
future financing activities, the company announced on Nov. 18,
2008, in a press release that (1) it had decided to pass on the
planned end-November acquisition of a residential property for
JPY11.7 billion; and (2) it had started discussion with its
creditors on posting collateral for its outstanding borrowings.

The support of its main banks is likely to continue, but Moody's
is still concerned about the bonds that will mature in October and
November 2009.  NRI needs to start preparing to service this debt
from now.  In Moody's view, the company now faces the need to
ensure access to funds for the medium to long term.

NRI is likely to require a substantial amount of time before it
can stabilize its fund-raising.  Thus, the ratings remain under
review for possible downgrade.  Moody's ongoing review will focus
on the company's efforts to ensure its access to funds.

NRI's portfolio, with its focus on residential properties,
expanded in value to roughly JPY303.7 billion, with 139 properties
comprising fewer than 9,400 rentable units. Most of the properties
are new.  The portfolio is extensive and well diversified
throughout Tokyo and neighboring areas.  Occupancy is high, at
94.4% as of end-September, and the fundamentals of the company's
rental business are robust.

Nippon Residential Investment Corporation is a Japanese real
estate investment trust investing in and managing residential
properties. Its operating revenues totaled approximately
JPY9.3 billion for the fiscal half-year ended May 2008.


TOWA BANK: Removes Ratings From Credit Monitor; Affirms
-------------------------------------------------------
JCR has removed the ratings on senior debts and subordinated bonds
of the issuer from Credit Monitor with Negative direction and then
affirmed the BBB- with Stable outlook and the BB+ rating on them,
respectively.


Issue Amount(bn)        Issue Date     Due Date      Coupon Rating
------------            ----------     --------      -------------
subordinated callable
bonds no.1 Y15         Jan. 28, 2005  Jan. 28, 2015    * BB+

*Coupon rate is fixed at 2.67% till Jan. 28, 2010.
It will switch to Euroyen
6M LIBOR + 3.50% after that date.

Towa Bank is a second-tier regional bank with fund volume
amounting JPY1,600 billion.  It covers Saitama Prefecture as the
main operational base in addition to Gunma Prefecture.  Although
the asset quality and capital remain poor, drop in the deposits
that has continued, following the loss recorded for FY2006 ended
March 31, 2007, and the FSA's business improvement order issued to
the Bank in October 2007, is now coming to an end gradually.  The
Bank has yielded results in the appointment of the directors from
outside the Bank and the strengthening of the compliance including
enactment of code of ethics for the officers and directors.  The
Bank recorded an ordinary loss for the first half of FY2008 ending
March 31, 2009, due primarily to the write-downs of the equity
investment securities held by it.

JCR considers that the Bank has ensured the ordinary profit for
the first half in effect, taking into account the transfer from
reserve for possible loan losses.  The Bank has advanced in
liquidating the credit exposures to the large borrowers who
performed poor.  Therefore, JCR considers that the performance of
the Bank will be more stable than before.  JCR removed the ratings
on the Bank from Credit Monitor and affirmed them, taking into
account the above as a whole.


* JAPAN: Six Major Banks' Profit Fall 58% in September
------------------------------------------------------
The total group net profit of Japan's six major banking groups
fell 58% in the six months through September from a year earlier
to JPY398 billion, largely affected by the global financial
turmoil, Japan Today reported citing banks' earnings reports
released Tuesday.

Japan Today says the six banks expect combined profit to lose
about 50% to JPY930 billion for the full year of fiscal 2008
through next March, the first time it will have fallen below JPY1
trillion in four years.



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

* KOREA: To Restructure Troubled Shipbuilders
---------------------------------------------
The South Korean government and local banks may restructure
nonviable shipbuilders in a bid to prevent possible collapses from
weighing on the real economy, Yonhap News reports citing
unidentified officials.

Yonhap relates that the government and the banking industry are
considering allowing shipbuilders to apply for a liquidity supply
program similar to that being offered to builders, through which
they would get financial support with strings attached.

The possible restructuring in the shipbuilding industry follows
moves by the government to weed out nonviable builders and savings
banks, the report says.


* KOREA: Corporate Bankruptcies Rise to 321 in October
------------------------------------------------------
South Korea's corporate bankruptcies hit a three-year high in
October amid tightening financial conditions caused by the global
financial crisis, The Times of India reported citing South Korea's
central bank.

According to the report, the Bank of Korea said the number of
firms declaring bankruptcy rose from 203 in September to 321 in
October, the highest monthly figure since March 2005.

In October the default rate on corporate bills -- bonds, cheques
and promissory notes -- grew to 0.03 percent from 0.02 percent a
month earlier, the bank said as cited by the report.

The Times said the economy grew 0.6 percent quarter-on-quarter in
July to September, the slowest quarter-on-quarter growth in four
years as households and smaller firms struggle with mounting debt
and increasingly cut spending.



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

AIR NEW ZEALAND: To Slash 200 Full-Time Jobs Amid Slowing Demand
----------------------------------------------------------------
Air New Zealand Ltd said it will cut up to 200 full-time jobs in
response to slowing demand.

Air New Zealand Chief Executive Officer Rob Fyfe said the areas
affected are long haul cabin crew, recruitment, airline operations
and technical operations planning and management.

The airline has been reducing capacity to match customer demand
over the past few months and as a result has been reviewing
staffing levels, Mr. Fyfe said in a statement.

"We have been working hard on a series of initiatives to minimize
the need for redundancies.  These include pilots taking leave
without pay, giving staff on individual contracts the opportunity
to work fewer hours, introducing part-time hours for cabin crew,
not replacing non-safety sensitive roles, not renewing temporary
contracts and a freeze on executive salaries," Mr. Fyfe said.

"However, it has become clear that these measures will not fully
address the excess staff levels we now have as a result of these
capacity reductions, especially in the long haul business where
capacity is being reduced by eight percent when compared with the
last financial year."

Mr. Fyfe said Air New Zealand will commence consultation to
disestablish up to 100 long haul cabin crew positions along with
six jobs in recruitment and seven jobs in the airline operations
area.  Separate reorganizations are underway in subsidiary
businesses, including Safe Air in Blenheim, with a small number of
redundancies expected.

"We are also implementing a further phase of the technical
operations restructure, which started in 2006.  This will see up
to 68 roles in the technical, planning and management areas
disestablished to meet the new shape of the business and its
current demand profile."

Mr. Fyfe said annualized savings from the redundancies and a
current review of all spending should be in excess of NZ$20
million.  It is expected that the majority of the redundancies
will be achieved on a voluntary basis.

"A hallmark of Air New Zealand's success over recent years has
been our ability to be nimble, adapt our business to market
conditions, contain costs and simultaneously invest in innovative
products and services to better meet the needs of our customers.
We will continue to be relentless in our drive to deliver an
inspiring and uniquely Kiwi experience to our customers at
everyday low prices."

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


CAPITAL LANGUAGE: Wind-Up Petition Hearing Set for November 24
--------------------------------------------------------------
A petition to have Capital Language Academy Of New Zealand Ltd.'s
operations wound up will be heard before the High Court of
Wellington on November 24, 2008, at 10:00 a.m.

Accident Compensation Corporation filed the petition against the
company on July 3, 2008.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


FAST LANE: Court to Hear Wind-Up Petition on November 24
--------------------------------------------------------
A petition to have Fast Lane Tyres Ltd.'s operations wound up will
be heard before the High Court of Wellington on November 24, 2008,
at 10:00 a.m.

McPhail Group Limited filed the petition against the company on
October 7, 2008.

McPhail's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213, Wellington
          Telephone:(04) 470 5972


GATES & FENCES: Faces Pro Metals' Wind-Up Petition
--------------------------------------------------
On August 7, 2008, Pro Metals Pty Limited filed a petition to have
Gates & Fences (Auckland) Ltd.'s operations wound up.

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

Pro Metals' solicitor is:

          M. J. Tingey
          Bell Gully
          Vero Centre, Level 22
          48 Shortland Street
          PO Box 4199, Auckland


GROVE BUILDERS: Faces CIR's Wind-Up Petition
--------------------------------------------
On August 6, 2008, the Commissioner of Inland Revenue filed a
petition to have Grove Builders Waiheke Ltd.'s operations wound
up.

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

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7556)


KAPE AT KUSINA: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On August 6, 2008, the Commissioner of Inland Revenue filed a
petition to have Kape at Kusina Ltd.'s operations wound up.

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

The CIR's solicitor is:

          Sandra Joy North
          c/o Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


KINGFISH LIMITED: Posts NZ$7.84 Mil. Net Loss in 1H 2008
--------------------------------------------------------
Kingfish Limited released its financial results for the six months
ended September 30, 2008.

The company reported a net loss of NZ$7.84 million for the six
months ended September 30, 2008, up 28% from NZ$6.11 net loss
incurred in the same period last year.

Kingfish net asset value declined from NZ$1.31 per share on
March 31 to NZ$1.19 at September 30, reflecting a net reduction in
the portfolio value of NZ$7.84 million for the period.

In a disclosure statement, Chairman R.L Challinor said "the latest
reported NAV per share was NZ$1.05 and our share price at that
time was 82 cents, reflecting a 23% discount.  While returns are
dismal, we are not alone."

"The NZX 50 Index that measures the performance of the top 50
stocks in the NZ market fell 11% in the six months ending 30
September and a further 9% in October," Mr. Challinor said.

Kingfish said it will not pay an interim dividend for the 6 months
to September 30, 2008.  A final dividend will be considered
following the full year result to March 31, 2009.

                          About Kingfish

Kingfish Limited (Kingfish) -- http://www.kingfishlimited.co.nz--
is a listed investment company, which invests in New Zealand
companies.  As of March 31, 2008, the company’s portfolio holdings
of listed company included Comvita, Delegats, Freightways,
Mainfreight, Metlifecare, Michael Hill, NZ Exchange, Opus
International, Pumpkin Patch, Rakon, Ryman Healthcare and Sealegs,
and non-listed company included Waterman Holdings.  On August 31,
2007, the company amalgamated with its subsidiaries, Kingfish
Holdings Limited and Kingfish Nursery Limited with Kingfish
Limited continuing as the amalgamated entity.  Fisher Funds
Management Limited manages the investment portfolio of Kingfish.


MARINE PLANT: Court to Hear Wind-Up Petition on November 24
-----------------------------------------------------------
A petition to have Marine Plant Hire Ltd.'s operations wound up
will be heard before the High Court of Wellington on November 24,
2008, at 10:00 a.m.

Allied Work Force Limited filed the petition against the company
on October 6, 2008.

Allied Work's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213, Wellington
          Telephone:(04) 470 5972


STEAMSHIP WHARF: Court to Hear Wind-Up Petition on November 24
--------------------------------------------------------------
A petition to have Steamship Wharf Ltd.'s operations wound up will
be heard before the High Court of Wellington on November 24, 2008,
at 10:00 a.m.

Accident Compensation Corporation filed the petition against the
company on July 3, 2008.

Accident Compensation's solicitor is:

          Dianne S. Lester
          c/o Accident Compensation Corporation
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


STRATEGOS SALES: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On July 16, 2008, the Commissioner of Inland Revenue filed a
petition to have Strategos Sales and Marketing Solutions Ltd.'s
operations wound up.

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

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          Telephone:(09) 336 7556)


TANT LTD: Wind-Up Petition Hearing Set for November 24
------------------------------------------------------
A petition to have Tant Limited's operations wound up will be
heard before the High Court of Wellington on November 24, 2008, at
10:00 a.m.

George Bogen and Laureen Roh filed the petition against the
company on August 25, 2008.

The Petitioners' solicitor is:

          David John Warwick Nicoll
          369 Parnell Road
          Parnell, Auckland


THISTLE HOLDINGS: Court to Hear Wind-Up Petition on November 24
---------------------------------------------------------------
A petition to have Thistle Holdings Ltd.'s operations wound up
will be heard before the High Court of Wellington on November 24,
2008, at 10:00 a.m.

Accident Compensation Corporation filed the petition against the
company on July 3, 2008.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald’s Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City


WINGATE TWO ET AL: Creditors' Proofs of Debt Due on Nov. 21
-----------------------------------------------------------
Robert B. Walker are accepting creditors' proofs of debt until
November 21, 2008, for these companies:

   -- Wingate Two Limited;
   -- Trading Holdings Limited; and
   -- Lago Enterprises Limited.

The Liquidator can be reached at:

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


* NEW ZEALAND: Capital Goods Prices Up 1.4% in September 2008 Qtr.
------------------------------------------------------------------
The Capital Goods Price Index (CGPI) rose 1.4 percent in the
September 2008 quarter, Statistics New Zealand said.  Higher
construction costs for new houses and increases in prices for
machinery were the main contributors to the rise.  All six asset
groups in the CGPI rose in this quarter.

The most significant upward contribution came from the residential
buildings index (up 1.4 percent) in the September 2008 quarter,
reflecting higher costs for constructing new houses.  In the year
to the September 2008 quarter, the residential buildings index
rose 4.4 percent.

The plant, machinery and equipment index rose 1.1 percent and made
the second most significant contribution to the CGPI in this
quarter.  The main drivers for this rise were higher supplier
prices for furniture, and increased prices for agriculture and
forestry equipment.  In the year to the September 2008 quarter,
the plant, machinery and equipment index rose 3.1 percent.

On an annual basis, the CGPI rose 3.8 percent in the year to the
September 2008 quarter.  This followed rises of 2.3 percent and
4.0 percent in the years to the September 2007 and September 2006
quarters, respectively.


* NEW ZEALAND: Fuel Drives Up Producers' Prices, Statistics Shows
-----------------------------------------------------------------
Producers' prices rose in the September 2008 quarter, with output
prices up 2.8 percent and input prices up 3.7 percent, Statistics
New Zealand said.  For both indexes, the major contribution came
from the fuel wholesaling sector within the wholesale trade
industry group.

The wholesale trade outputs index rose 4.3 percent in the
September 2008 quarter, following a rise of 6.0 percent in the
June 2008 quarter.  Driving up this index were higher wholesale
prices for fuel.  In the year to the September 2008 quarter, the
wholesale trade outputs index rose 17.3 percent, the largest
annual increase since the series began in the June 1994 quarter.

The wholesale trade inputs index rose 8.1 percent in the latest
quarter, with higher imported crude oil prices being the major
driver of this movement.  In the year to the September 2008
quarter, the wholesale trade inputs index rose 25.2 percent, which
is also the largest annual increase since the series began.

A rise in the farmgate price for milk (which is shown in the
Producers Price Index (PPI) every September quarter) had an effect
on both the outputs for dairy cattle farming (up 24.4 percent),
and the inputs for dairy product manufacturing (up 20.2 percent).
These sub-indexes were the second-largest contributors to the
outputs and inputs indexes, respectively, following wholesale
trade.

In the year to the September 2008 quarter, the PPI outputs index
rose 9.8 percent and the inputs index rose 13.6 percent.



===============
P A K I S T A N
===============

PAKISTAN AIRLINE: In Short of Cash, Seeking Investors for 2 Hotels
------------------------------------------------------------------
Pakistan International Airlines Corp. plans to raise PKR30 billion
(US$379 million) by pledging its Roosevelt Hotel in New York and
Hotel Scribe in Paris, Bloomberg News reports.

Managing Director Mohammad Aijaz Haroon told Bloomberg News in an
interview that the two hotels will be put into a new business,
which state-owned companies will be invited to invest in.
Investors will receive a guaranteed rate of return from the
hotels, which are worth more than PKR60 billion, and the carrier
would pledge to buy them back in about five years.  The carrier
expects to get government approval for the hotel plan next week.

Proceeds from the transaction will be used to partly pay off the
airline's short-term debts amounting to PKR55 billion, Mr. Haroon
told Bloomberg News.

Bloomberg News relates the company, which is struggling to raise
funds amid the credit crunch, posted a loss of PKR38.4 billion in
the first nine months compared with PKR10.9 billion a year
earlier.

The airline, Bloomberg News adds, is also battling higher fuel
costs and a travel slowdown caused by the global recession.  It
failed to get a cash injection from the Pakistan government which
holds an 88 percent stake in  the carrier, the news agency
recalls.

To further cut on its costs, the carrier plans to lay off 5,000
out of its 18,000 employees.  The workers will be shifted to
outsourcing companies to manage operations such as catering and
ground services, Bloomberg News says.

According to Bloomberg News, Pakistan International's shares,
which have dropped 33 percent this year, were untraded at PKR4.20
November 18 on the Karachi Stock Exchange.

Headquartered in Karachi, Pakistan, Pakistan International
Airlines Corporation (KAR:PIAA) -- http://www.piac.aero/-- is
principally engaged in the provision of air transport services.
Other activities of the Company include provision of engineering
and other allied services.  The Company operates in two business
segments: airlines operation and hotel operation.  The airlines
operation segment provides air transport and other allied
services.  Hotel operation segment provides accommodation and
related services in Pakistan, United States and Europe.  Its
wholly owned subsidiaries include Skyrooms (Private) Limited and
Midway House (Private) Limited.  Pakistan International Airlines
Corporation has a 99% interest in PIA Investments Limited.



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

APAC TECH: Creditors' Proofs of Debt Due on November 28
-------------------------------------------------------
The creditors of Apac Tech Systems Pte. Ltd. are required to file
their proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chia Soo Hien
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


FAR EAST: Creditors' Proofs of Debt Due on December 15
------------------------------------------------------
The creditors of Far East Ice & Marketing Pte Ltd are required to
file their proofs of debt by December 15, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Lim Boon Cheng
          Chen Yeow Sin
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


TECHNOLINK PTE: Final Meeting Slated for December 15
----------------------------------------------------
Technolink Pte. Ltd. will hold their final meeting on Dec. 15,
2008, at 10:00 a.m., at 1 Scotts Road #21-07/08/09, in Shaw Centre
Singapore 228208.

Madam Chia Lay Beng is the company's liquidator.


TMS SHIP: Court to Hear Wind-Up Petition on November 28
-------------------------------------------------------
A petition to have TMS Ship Repairs Pte Ltd's operations wound up
will be heard before the High Court of Singapore on Nov. 28, 2008,
at 10:00 a.m.

Kwong Soon Engineering Company Pte Ltd filed the petition against
the company on November 7, 2008.

Kwong Soon's solicitors are:

          Messrs. John Ng, Bay & Partners
          45 North Canal Road #04-01 Lew Building
          Singapore 059301


UCHEM REALTY: Creditors' Proofs of Debt Due on December 14
----------------------------------------------------------
The creditors of UCHEM Realty Pte Ltd are required to file their
proofs of debt by December 14, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o One Raffles Quay
          North Tower, Level 18
          Singapore 048583



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

CPC CORP.: Losses May Increase Due to Soaring Crude Oil Prices
--------------------------------------------------------------
State-owned CPC Corporation Taiwan's financial deficit by the end
of the year is expected to continue increasing to the level of
NT$100 billion, The China Post reports.

According to the report, CPC's profit of NT$8.35 billion in 2005
swung into a huge deficit of NT$13.95 billion in 2006, and a loss
of NT$11.59 billion in 2007.

CPC, the Post notes, expects its loss will increase to between
NT$90 billion and NT$95 billion by the end of December mainly due
to the soaring prices of crude oil on the international market.

With a capital of NT$130.1 billion, the report says the company is
reportedly planning to sell some assets to cover the loss.

However, CPC executives said they have not ruled out a plan to ask
the government to infuse new capital into the company, the report
adds.

CPC Corporation, Taiwan, which abbreviated from a full former name
of Chinese Petroleum Corporation, is a state-owned petroleum,
natural gas, and gasoline company of Republic of China (Taiwan).
It is the core of Taiwan's petrochemicals industry.


TAIWAN POWER: Financial Deficit to Reach NTS$100 Bln in FY2008
--------------------------------------------------------------
The China Post reports that the financial deficits of the state-
owned Taiwan Power Co. are expected to continue increasing to the
level of NT$100 billion, by the end of the year.

As of the end of October, the report says, Taipower incurred an
operating loss of NT$93.2 billion, sharply up from a surplus of
NT$2.154 billion for the whole year of 2005, a deficit of NT$200
million for 2006, and a huge net loss of NT$23.13 billion last
year.

According to the Post, Executives of Taipower estimated that the
company's total deficit is expected to rise to more than NT$100
billion for the whole year of 2008.

Taipower, capitalized at NT$330 billion, will be forced to seek
government permission to raise the electricity rates because the
company is likely to run into loss again in 2009, the report cites
Executives of Taipower.

The government still maintains a controlling state of NT$94.04
billion in Taipower plus 3.07 percent held by private investors,
and 2.89 percent by others, the report notes.

With a generating capacity of more than 37,370 MW, Taiwan Power
(Taipower) serves nearly 11.7 million industrial, commercial, and
residential customers.  Thermal sources (coal, oil, and liquefied
natural gas) fuel most of Taipower's plants; nuclear energy and
hydroelectric sources make up the balance. Unable to meet Taiwan's
power needs on its own, the utility has opened its market to
independent power producers, allowing companies to build power
plants and sell to Taipower.  Taipower has resumed construction on
the nation's fourth nuclear plant, and the government has
announced plans to privatize Taipower.


WAN HAI: Moody's Lowers Rating to 'Ba2' on Weak Financial Metrics
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 the bond rating of
Wan Hai Lines Pte Ltd, guaranteed by Wan Hai Lines Ltd.  At the
same time, Moody's has assigned Wan Hai a corporate family rating
of Ba1 and withdrawn its issuer rating.  The outlook for all the
ratings is negative.  This concludes the review begun on Sept. 4,
2008.

"The downgrade has been driven by Wan Hai's weak financial
metrics, which are not expected to improve materially given the
global economic slowdown and softening liner market," says Peter
Choy, a Moody's Vice President/Senior Credit Officer.

"Its leverage level -- including forecast Net Debt/EBITDAR of
around 5x -- is weak for an investment-grade shipping company and
more appropriately positions at the Ba1 rating," he adds.

"Wan Hai's Ba1 corporate family rating is further based on its
strong market position in the intra-Asia liner market, long track
record of operating through shipping cycles, and efforts to reduce
its exposure to the Asia-Europe market, cut capital expenditures
and trim overheads," says Choy, also Moody's lead analyst for the
company.

Meanwhile, the downgrade of the company's bond rating to Ba2
reflects the continued subordination of the bonds to secured and
operating company debts which are not expected to improve.  Thus
Wan Hai's unsecured debt rating has been notched down by one level
from its corporate family rating.

The negative outlook reflects Wan Hai's weakened financials which
will reduce its headroom under its bank covenants.

The prospect of any upward rating pressure is limited given the
negative outlook.  However, the outlook could return to stable if
Wan Hai successfully seeks an amendment to, and avoids a potential
breach of, the financial covenants.  In addition, the outlook
could return to stable if the company sustains its financial
profile with EBITDAR margin at 25% - 30% and Net Debt/EBITDAR of
4.5x -- 5.0x.

Wan Hai's ratings could come under pressure for downgrade
relatively quickly if it appears that the loan covenants will be
breached when tested, and if Wan Hai does not take mitigating
steps such as to proactively seek changes in the covenants.
Furthermore, Moody's would consider downgrade the ratings if its
profits continue to decline due to weaker EBITDAR margin or
material losses arising from its derivative or oil transactions;
and /or debt leverage increases from delivery of new buildings.
Under such a scenario the company's credit metrics such as
EBITDAR/Interest falls below 3.5x; Net Debt/EBITDAR rises above
5.5x and retained cash flow ("RCF")/Net Debt drops below 10% on a
sustained basis.

Wan Hai Lines Ltd was established in February 1965 in Taiwan as a
log transportation company.  It was subsequently transformed into
a container liner company in 1976 and was listed on the Taiwan
Stock Exchange in May 1996.



=============
V I E T N A M
=============

SAIGON THUONG: Fitch Maintains Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Saigon Thuong Tin Commercial
Joint Stock Bank's Individual rating at 'D' and Support rating at
'5'.

The Individual rating reflects its satisfactory profitability but
just adequate capitalisation given the agency's expectation of
rising insolvencies in the current challenging economic
environment in Vietnam; particularly given the bank's strong
recent loan growth and relatively high equity exposure.  Given
Sacombank's relatively moderate size, Fitch believes that support
from the authorities, although possible, cannot be relied on.  In
addition, the authorities' ability to lend support is constrained
by their own financial standing.  However, some liquidity or
capital support may be available from the Australia & New Zealand
Banking Group (ANZ, 'AA-'/Stable), a 10% strategic shareholder.

"At present, downward pressure on the Individual rating comes from
the very challenging economic environment that poses risks such as
sizeable negative affects on asset quality and capitalisation,
which in a worst case scenario, could erode depositor confidence,"
says Sabine Bauer, Director in the Fitch's Financial Institutions
team.

As sharply higher inflation in Vietnam (27% for the year to
October 2008) has resulted in higher lending rates with
subsequently declining loan demand, Sacombank's rapid growth
during 2005-2007 came to a halt, with loans declining by 7% in
9M08 (Q308: -16%).  Furthermore, customer deposits contracted by
4% in Q308 as the bank aimed to reduce its funding costs, offering
relatively lower deposit rates.  Given the continuously high
competition for deposits, especially from Vietnam's smaller banks,
this trend continued in October and November 2008.  Fitch takes
comfort from the bank shrinking its loan book, and thereby
maintaining a relatively conservative 59% loans to deposits ratio
at end-9M08 (2005-2007: below 70%).

Sacombank's 9M08 profit dropped mainly due to significantly lower
margins, as a result of higher interest expenses on deposits, and
higher costs due to inflation.  Meanwhile, Fitch considers the
bank's capital (total capital adequacy ratio of 14.1% at end-
September 2008) as just acceptable, although somewhat below that
of its peers.  Its equity exposure was a relatively high 30% of
capital at end-9M08 (FYE07: 34%).

Sacombank is Vietnam's sixth-largest bank by assets and maintains
a large network with 239 branches and transaction offices in 44
out of 63 Vietnamese provinces at end-September 2008.  It has
started to expand overseas, establishing a representative office
in China in 2008 and is preparing branch openings in Laos and
Cambodia.  The bank is controlled by senior executives including
its long-standing chairman.



                         *********

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.

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