TCRAP_Public/081121.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

            Friday, November 21, 2008, Vol. 11, No. 232

                            Headlines

A U S T R A L I A

2ND MAINSTREAM ET AL: Declares First and Final Dividend
A. C. N. 087 069 ET AL: Members and Creditors Hear Wind-Up Report
A.C.N. 007 157 593: Members Receive Wind-Up Report
ALLECTIO PTY ET AL: To Declare Final Dividend Today
BABCOCK AND BROWN: S&P Junks Issuer Credit Rating From 'BB-'

BOLSHE PTY: Commences Liquidation Proceedings
BOLLWAY PTY: Declares Dividend
BUTTERFINGERS SANDWICH: Members and Creditors Hear Wind-Up Report
CHAORDIC ENTERPRISES: Members and Creditors Hear Wind-Up Report
CYBERDYNE ET AL: Members & Creditors Receive Wind-Up Report

DARBALEEN PTY ET AL: Declare First and Final Dividend
DD 000 PTY: Placed Under Voluntary Liquidation
ELDERSLIE MTN: S&P Puts Class C Notes' Junk Rating on Neg. Watch
JARGI PTY: Declares Final Dividend
MEGA HAND: Declares First and Final Dividend

PAUL'S RETAIL: To Declare Dividend on December 6
SACH INFRASTRUCTURE: Declares Dividend for Priority Creditors
R & K NICHOLSON: Placed Under Voluntary Liquidation
RURAL NETWORK: Placed Under Voluntary Liquidation
SITE DEVELOPMENT: Placed Under Voluntary Liquidation

SUPER FINISH: Placed Under Voluntary Liquidation
TERRAPLANET CREDITORS: Declares First and Final Dividend
TOURIST PROPERTIES: Members Hear Wind-Up Report


C H I N A

WUGUDAOCHANG: Files For Bankruptcy Protection
* Moody's Keeps Negative Outlook for Chinese Property Developers


H O N G K O N G

GREAT CHINA: Subject to Ebizal's Wind-Up Petition
LEADSKY CANDY: Faces Bank of China's Wind-Up Petition
SMART UNION: Wind-Up Petition Hearing Set for December 24
SMART UNION: Court to Hear Wind-Up Petition on December 24


I N D I A

AIR INDIA: To Receive Rs4,900-Crore Facility
ANKLESHWAR NAGARIK: RBI Cancels License Due to Insolvency
DURABUILD TECHNOLOGIES: CRISIL Cuts Bank Facilities Ratings to 'D'
ICICI BANK: Fitch Affirms Upper Tier 2 Sub. Debt Rating at 'BB'
JET AIRWAYS: May Get Rs 500-Crore Loan from Indian Overseas Bank

SYNDICATE BANK: Hikes Interest Rates on Rupee and FC Deposits


I N D O N E S I A

GARUDA INDONESIA: To Resume Denpasar-Brisbane Route Next Month


J A P A N

MAZDA MOTOR: Buys Back 6.8% Shares from Ford
ORIX-NRL TRUST: S&P Puts Ratings on Classes F to H on Neg. Watch
SANYO ELECTRIC: May Incur JPY5 Bil. Expense Due to Product Recall
* JAPAN: Trade Deficit Hits JPY63.9 Bil. in October 2008


N E W  Z E A L A N D

ALUMINIUM CITY: Creditors' Proofs of Debt Due on November 28
APPLIED TEXTURES: Fixes Nov. 28 as Last Day to File Claims
ASTRA ENTERPRISES: Court to Hear Wind-Up Petition on November 28
BRNO DEVELOPMENTS: Court to Hear Wind-Up Petition on November 28
C M MORAN ET AL: Fixes Nov. 28 as Last Day to File Claims

CITY STOP: Creditors' Proofs of Debt Due on November 28
HANOVER FINANCE: To Repay NZ$552.6 Mil. Principal Over 5 Years
IJ DRAINLAYING: Wind-Up Petition Hearing Set for November 24
KUDOS DEVELOPMENTS: Court to Hear Wind-Up Petition on November 25
MICHAEL DRAPER: Fixes November 28 as Last Day to File Claims

OUTFITTERS DESIGN: Court to Hear Wind-Up Petition on November 28
ROAM SOLUTIONS: Fixes Nov. 28 as Last Day to File Claims
SEQUENT INTERNATIONAL: Fixes Nov. 28 as Last Day to File Claims
SOLWAY SERVICE: Wind-Up Petition Hearing Set for November 24
TEAM ABUNDANCE: Fixes November 25 as Last Day to File Claims

TNJ HOLDINGS: Court to Hear Wind-Up Petition on November 28
XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on November 28
* NEW ZEALAND: Employment in Manufacturing Continues to Fall


P H I L I P P I N E S

SAN MIGUEL CORP: Ordered to Pay Asia Brewery PHP133 Million


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

2ND MAINSTREAM ET AL: Declares First and Final Dividend
-------------------------------------------------------
A first and final dividend was declared on Nov. 4, 2008, for the
creditors of these companies:

   -- 2nd Mainstream Pty. Ltd.;
   -- Pardessa Pty. Ltd.; and
   -- Footy Knits Pty. Ltd.

R. G. Mansell is the companies' liquidator.


A. C. N. 087 069 ET AL: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
A final meeting was held for the members and creditors on Nov. 12,
2008, for these companies:

   -- A. C. N. 087 069 065 Pty Ltd;
   -- Elmark Trading Pty Ltd;
   -- Michael Morris Salons (Vic) Pty Ltd;
   -- Night Owl Art & Design Pty Ltd;
   -- Pinefab Pty Ltd;
   -- GH Promotions Pty Ltd; and
   -- Specialised Insurance Services Pty Ltd.

At the meeting, the members and creditors received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Judson
          Judson & Co Chartered Accountants
          10 Park Road, 1st Floor
          Cheltenham, VIC 3192
          Telephone:(03) 9585 4155


A.C.N. 007 157 593: Members Receive Wind-Up Report
--------------------------------------------------
The members of A.C.N. 007 157 593 Pty Ltd met on Nov. 11, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Robert Dixon
          BDO Kendalls Business Recovery & Insolvency
          (NSW-VIC) Pty Ltd Chartered Accountants
          The Rialto, Level 30
          525 Collins Street
          Melbourne VIC 3000


ALLECTIO PTY ET AL: To Declare Final Dividend Today
---------------------------------------------------
A final dividend will be declared today, November 21, 2008, for
these companies:

   -- Allectio Pty Ltd;
   -- TCG Projects Pty Ltd; and
   -- The Fab Shop Pty. Ltd.

Only creditors who were able to file their proofs of debt by
Oct. 17, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          V. R. Dye
          Dye & Co. Pty Ltd
          165 Camberwell Road
          Hawthorn East, VIC 3123


BABCOCK AND BROWN: S&P Junks Issuer Credit Rating From 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Australia-based Babcock & Brown International Pty
Ltd. to 'CCC+' from 'BB-', reflecting the financial challenges
faced by the company, which were highlighted in the restructure
announcement.  At the same time, the short-term rating was lowered
to 'C' from 'B'.  The ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

"The 'CCC+' rating reflects S&P's view of an increased risk that
BBIPL will fail to meet its AU$3.1 billion corporate facilities'
financial covenants, which was also highlighted in the company's
announcement.  Should this occur, the banks might accelerate
payments under the facilities," Standard & Poor's credit analyst
Sharad Jain said.  According to Standard & Poor's rating criteria,
a rating is likely to be lowered to 'D' if the lenders accelerate
the payment of a facility, or restructure a facility in such a way
that is deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

Given the global financial market conditions, and BBIPL's recent
experience, S&P believes that the company is likely to face
significant challenges in selling its assets and businesses, and
consequently reducing its debt at the corporate level.

To resolve the CreditWatch, S&P plans to meet with the company
management to better understand the proposed changes in the bank
facilities, BBIPL's asset and business sales plans, ongoing
exposure to Babcock & Brown Power, and debt retirement progress.
The CreditWatch is expected to be resolved by early next year.


BOLSHE PTY: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 10, 2008,
the members of Bolshe Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Andrew Stewart Reed Hewitt
          Grant Thornton
          215 Spring Street, Level 2
          Melbourne, Victoria


BOLLWAY PTY: Declares Dividend
------------------------------
A final divided was declared on November 17, 2008, for these
companies:

   -- Bollway Pty. Ltd; and

   -- Melbourne Place & Finish Pty. Ltd

The company's deed administrator is:

          V.R. Dye
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn VIC East 3123


BUTTERFINGERS SANDWICH: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Butterfingers Sandwich Bar Pty Ltd
met on November 10, 2008, and received the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


CHAORDIC ENTERPRISES: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
The members and creditors of Chaordic Enterprises Pty Limited met
on November 10, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.


CYBERDYNE ET AL: Members & Creditors Receive Wind-Up Report
-----------------------------------------------------------
On October 31, 2008, the members and creditors held meetings for
these companies:

   -- Cyberdyne Industries Pty Ltd;
   -- Jasist Holdings Pty Ltd;
   -- Tara Building Services Pty Ltd;
   -- Harmony Heating & Plumbing Pty Ltd;
   -- PKJS Holdings Pty Ltd;
   -- Age Enterprises Pty Ltd; and
   -- Cam-Tech Systems Pty Ltd.

At the meeting, the members and creditors received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Dean Royston Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          56-60 Bay Road, Suite 8
          Sandringham VIC 3191


DARBALEEN PTY ET AL: Declare First and Final Dividend
------------------------------------------------------
A first and final dividend was declared on November 13, 2008, for
these companies:

   -- Darbaleen Pty Ltd; and
   -- Denbur Project Managements Pty Ltd

The company's liquidator is:

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


DD 000 PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on September 23, 2008, the members
of DD 000 Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Joseph Loebenstein
          Loebenstein Insolvency Services Pty Ltd
          1/191 Balaclava Road
          Caulfield North VIC 3161


ELDERSLIE MTN: S&P Puts Class C Notes' Junk Rating on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services removed the CreditWatch
developing placement on the notes issued by Elderslie MTN Trust
Series 2006-1.  At the same time, the 'A' rating on the Class A
notes was affirmed, the rating on the Class B notes was lowered to
'BB' from 'BBB', and the 'CCC' rating on the Class C notes was
placed on CreditWatch with negative implications.

The rating actions reflect S&P's revised opinion following S&P's
observation of the performance of the transaction over the past
five months.  They also reflect S&P's view on the future servicing
of the program.  These follow rating actions in July 2008, which
occurred in response to the disclosure of a non-remittance of
trust funds and the placing of Elderslie Finance Corporation Ltd.
in receivership.

Since the July payment date, the remaining outstanding receivables
have reduced to approximately 20% of the original balance.  While
the reducing balance has the effect of building-up the percentage
of subordination as credit support for the class A and class B
notes, the excess spread, which is expected to be generated by the
underlying receivables, is diminishing.  This has resulted in
losses being absorbed through charge-offs to the class D notes,
which erodes the available credit support.  Prior to Elderslie
Finance Corporation Ltd. being placed into receivership, the
transaction benefited from the application of excess yield from
the underlying receivables to cover any losses experienced and no
charge-off to any notes were outstanding; however, since July some
of the excess spread has been redirected to cover additional costs
incurred by the trust, which has limited its availability to cover
losses.

The trust's ability to reinstate any charge-offs and recover the
non-remittance amount is dependent on the availability and the
application of any future excess spread, if any, after covering
future losses.  Factors that can contribute to diminishing excess
spread include continued portfolio losses, uncertainties relating
to the future servicing role, and the associated costs and rapid
reduction in the receivable balance.  Based on these
considerations, S&P's current assessment indicates a reduced
prospect of recovering the non-remittance amount.

The rating assigned to the class A notes is affirmed as the build-
up of subordination through the sequential-pay structure has, in
S&P's opinion, offset the impacts of charge-offs to the class D
notes.  The rating assigned to the class B notes has been lowered
to 'BB' to reflect the overall diminished credit support due to
charge-offs to the class D notes and reduced excess spread.  The
rating on the class C notes is placed on CreditWatch with negative
implication to reflect S&P's view of the increased payment
vulnerability due to reduced excess spread.

Standard & Poor's continues to monitor the ongoing performance and
management of the transaction.

                         Rating Actions
                 Elderslie MTN Trust Series 2006-1

               Class    Rating to       Rating from
               -----    ---------       -----------
               A        A               A/Watch Dev
               B        BB              BBB/Watch Dev
               C        CCC/Watch Neg   CCC/Watch Dev


JARGI PTY: Declares Final Dividend
----------------------------------
Jargi Pty. Ltd. declared final dividend on October 30, 2008.

The company's liquidator is:

          J. Loebenstein
          Loebenstein Insolvency Services Pty Ltd
          1/191 Balaclava Road
          Caulfield North VIC 3161


MEGA HAND: Declares First and Final Dividend
--------------------------------------------
Mega Hand Carwash Cafe Pty Limited declared first and final
dividend on November 12, 2008.

The company's liquidator is:

          Mitchell Ball
          Paladin Partners
          120 Sussex Street, Level 3
          Sydney NSW 2000
          Telephone:(02) 9290 5300
          Facsimile:(02) 9290 5399


PAUL'S RETAIL: To Declare Dividend on December 6
------------------------------------------------
Paul's Retail Pty Limited will declare final dividend on Dec. 6,
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:

          John Morgan
          Rodgers Reidy Chartered Accountants
          333 George Street, Level 8
          Sydney NSW 2000


SACH INFRASTRUCTURE: Declares Dividend for Priority Creditors
-------------------------------------------------------------
Sach Infrastructure Australia Pty Ltd declared first and final
dividend for priority creditors on November 13, 2008.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666
          Facsimile:(03) 9882 8855


R & K NICHOLSON: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on September 25, 2008, the members
of R & K Nicholson Investments Pty Ltd resolved to voluntarily
liquidate the company's business.


RURAL NETWORK: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 26, 2008, the members
of Rural Network Pty Ltd resolved to voluntarily liquidate the
company's business due to its inability to pay its debts.

The company's liquidator is:

          G. Handberg
          Rodgers Reidy Chartered Accountants
          Level 10, 200 Queen Street
          Melbourne VIC 3000


SITE DEVELOPMENT: Placed Under Voluntary Liquidation
----------------------------------------------------
Site Development Pty Ltd commenced liquidation proceedings on
September 18, 2008.

The company's liquidator is:

          K. L. Sutherland
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne VIC 3004


SUPER FINISH: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on September 22, 2008, the members
of Super Finish Painting Services Pty Ltd resolved to voluntarily
liquidate the company's business due to its inability to pay its
debts.

The company's liquidator is:

          Andrew L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street
          Richmond VIC 3121
          Telephone:(03) 9428 1888


TERRAPLANET CREDITORS: Declares First and Final Dividend
--------------------------------------------------------
Terraplanet Creditors Trust declared first and final dividend on
November 4, 2008.

The company's liquidator is:

          Bryan Collis
          O'Brien Palmer
          Currency House, Level 4
          23-25 Hunter Street
          Sydney NSW 2000
          Telephone:(02) 9232 3322
          Facsimile:(02) 9232 3388


TOURIST PROPERTIES: Members Hear Wind-Up Report
-----------------------------------------------
The members of Tourist Properties Pty Ltd met on October 29, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Bouwman
          Sincalair Wilson
          PO Box 217
          Warrnambool VIC 3280



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

WUGUDAOCHANG: Files For Bankruptcy Protection
---------------------------------------------
Beijing-based instant noodle maker Wugudaochang has sought for
bankruptcy protection to continue operations, People's Daily
reported citing a local court.

The report said that the company's debt started mounting due to
excessive expansion and higher prices of raw materials.  It has
liabilities of over CNY600 million.

Citing Wugudaochang's statement submitted to the court, the report
related that the company's financial burdens were largely due to
higher raw material and advertising costs.

According to the report, the company had earlier borrowed CNY10
million from China Construction Bank's Fangshan branch to ensure
liquidity.  But it failed to repay the amount when the loan
matured in April this year.

Meanwhile, the report related that a court source told China Daily
that the company's survival largely depends on the feasibility of
the reorganization plan.

If the plan is in line with creditors' interests, they may approve
the plan, the source said as cited by the report.

According to the report, Wugudaochang is the first instant noodle
maker in China which had advocated the healthy "non-fried"
concept.  The products, launched in 2005, got instant customer
recognition and helped it rival other major brands like Tongyi and
Kangshifu.


* Moody's Keeps Negative Outlook for Chinese Property Developers
----------------------------------------------------------------
Moody's Investors Service has a negative outlook for China's
property-development sector over the next 12-18 months as local
developers face rising operating uncertainties, a tight credit
environment, and high regulatory risk.

According to a new report by Moody's, China's rated property
developers face critical challenges in the near and medium term.
Kaven Tsang, the report's lead author and a Moody's analyst, says,
"Contractions in sales volumes, price declines, and land purchases
in the first half of the year have caused balance-sheet liquidity
and financial profiles to deteriorate to such an extent that
Moody's have had to take various negative rating actions over the
past six months."

The report looks at tight funding, weak demand, and shrinking cash
buffers on developers' balance sheets. With regard to funding, Mr.
Tsang adds, "Although some developers have access to onshore
financing that can partly mitigate the handicap of limited or no
offshore credit, increased borrowing from domestic banks presents
subordination risks for bondholders."

He notes that some developers have been selling assets and equity
interests in projects to raise cash and improve their liquidity,
but opportunities for doing so have diminished.  Potential
overseas investors such as property funds have had to repatriate
money to the U.S. amid a credit crisis that has starved them of
capital.  Peter Choy, a Moody's senior credit officer and
contributing author, says, "As developers complete projects now
under construction, the resulting rise in the supply of new
housing will further depress the market."

To stabilize the market, Choy points to recent announcements by
China's central government to implement tax cuts and relax
restrictions on mortgages as well as steps by local governments to
encourage home purchases.  However, Mr. Choy says, "The impact of
these actions remains unknown, and uncertainty over how regulators
will approach the problem in the future has exposed developers to
high regulatory risks."

He notes, "Moody's looks at financial discipline as the key
determinant for ratings to ensure that issuers can withstand the
challenging market environment and preserve their credit and
liquidity profiles."



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

GREAT CHINA: Subject to Ebizal's Wind-Up Petition
-------------------------------------------------
On August 11, 2008, Ebizal Holdings Limited filed a petition to
have Great China Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 26, 2008, at 9:30 a.m.

Ebizal's solicitor is:

          Kennedys
          The Hong Kong Club Building, 11th Floor
          3A Chater Road, Central
          Hong Kong


LEADSKY CANDY: Faces Bank of China's Wind-Up Petition
-----------------------------------------------------
On October 27, 2008, Bank of China (Hong Kong) Limited filed a
petition to have Leadsky Candy Professional Products 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.

Bank of China's solicitors are:

          Gallant Y.T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place
          Central, Hong Kong


SMART UNION: Wind-Up Petition Hearing Set for December 24
---------------------------------------------------------
A petition to have Smart Union Group 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
----------------------------------------------------------
A petition to have Smart Union China Investments 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



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

AIR INDIA: To Receive Rs4,900-Crore Facility
--------------------------------------------
State-owned Air India is set to receive a US$1 billion (Rs 4,900
crore) loan, Manisha Singhal at Business Standard reports.

According to the report, Air India is raising funds to buy 23 new
aircraft and is in discussions with a consortium of UK-based
Barclays and promotional bank for German and European countries
KFW, and with Deutsche Bank.  The deal is expected to be finalised
in a week, the report says.

Business Standard notes that Air India is projected to make a loss
of Rs 2,500 crore and the airline has sought a bail-out package
which includes Rs 2,350 crore in equity infusion and a soft loan
from the government.

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

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


ANKLESHWAR NAGARIK: RBI Cancels License Due to Insolvency
---------------------------------------------------------
The Reserve Bank of India has ordered the cancellation of
Ankleshwar Nagarik Sahakari Bank Ltd's license after examining all
options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies to wind up Ankleshwar Nagarik
Sahakari Bank and appoint a liquidator for the bank.

RBI's decision came after determining that the Bank has ceased
to be solvent and has already caused inconvenience to its
depositors due to mismanagement of the Bank's affairs.

According to RBI, Ankleshwar Nagarik Sahakari Bank's financial
statements as of March 31, 2007, revealed that its financial
position was precarious.

RBI had issued a notice to the bank on June 3, 2008, asking
it to show cause as to why the license granted to it to conduct
banking business should not be cancelled.  As the Bank did not
have a viable plan of action for its revival and the chances of
its revival were remote, RBI cancelled the Bank's license in the
interest of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors was set in motion subject to the terms and conditions
of the Deposit Insurance Scheme.


DURABUILD TECHNOLOGIES: CRISIL Cuts Bank Facilities Ratings to 'D'
------------------------------------------------------------------
CRISIL has revised its ratings on Durabuild Technologies Pvt Ltd's
bank loan ratings to 'D/ P5' from 'BB/Stable/P4', as the company
has defaulted in repaying its term loans.

  Bank Loan Facility      Amount            Rating
  ------------------      ------              ------
  Term Loan (Existing)    Rs.506.6 Million    D (Revised from
                                                 BB/Stable)

  Term Loan (Proposed)    Rs.123.4 Million    D (Revised from
                                                 BB/Stable)

  Cash Credit             Rs.280.0 Million    D (Revised from
                                                 BB/Stable)

  Letter of Credit       Rs.110.0 Million #   P5 (Revised from P4)

  Bank Guarantee                              P5 (Revised from P4)

  Buyer’s Credit                              P5 (Revised from P4)

# Interchangeable between Letter of Credit/ Bank Guarantee/
Buyer’s Creditt

                         About Durabuild

Durabuild, promoted by Shri Kishore Musale, is a manufacturer of
ACPs.  The company began operations in 2004 by trading in ACPs,
and later set-up its own manufacturing plant.  The company has an
installed capacity to produce 2 Million Square Meters Per Annum
(MSMPA) of ACPs.  Further, as a part of backward integration
process, Durabuild commissioned a Coil Colour Coating plant in
June 2007, with estimated capacity of 13 MSMPA.  The coated coils
are an intermediate step in the production process for ACPs.

ACP is a modern cladding material used for external facades and
interiors.  It is used primarily in the construction and real
estate industries where the product is used for cladding the
exterior walls, columns, roofs, canopy, shop fronts, elevation of
buildings etc.


ICICI BANK: Fitch Affirms Upper Tier 2 Sub. Debt Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Ltd.'s Long-term Foreign
Currency Issuer Default Rating at 'BBB-, Short-term Foreign
Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency has also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.

The Individual rating may be downgraded if the bank's asset
quality, which is already showing signs of weaknesses,
deteriorates significantly more than anticipated, at this current
juncture.  This may put further pressure on the bank's funding,
particularly for its growing international business, where market
borrowings have a relatively large share and refinancing risk has
already increased steeply, possibly leading to a liquidity
problem.  At present, such risks seem to be contained, partly due
to the foreign currency liquidity offered to Indian banks by the
Reserve Bank of India, leading to the affirmation of its
Individual rating.

The Support rating may also come under pressure, should the
ability of the provider of support, the Indian sovereign, ('BBB
minus', Local currency Outlook Negative) in an extreme situation,
were to weaken in future.  At present, ICICI's Support Rating
Floor remains unchanged at 'BBB-' and its Long-term IDR Outlook is
currently Stable, but as previously noted, the downside risks have
become more pronounced.

In Fitch's opinion, ICICI Bank enjoys strong support from the
government (subject to the constraints imposed by India's own
sovereign rating) thanks to its systemic importance as India's
second largest domestic bank, and its long-term rating is also at
its Support Floor.  Although the bank's financial profile has
weakened over the past year or so, and its performance has been
affected by rising provisions in both its loans and investment
portfolio, its overall financial condition still remains adequate.

In particular, the bank's capital ratios were still quite strong
(Tier-1 ratio: 11% and Total CAR: 14% as at September 2008) due to
an infusion of common equity of about USD5bn in mid-2007.
Furthermore, the quality of capital was also strong with hybrid
Tier-1 securities constituting only about 7% of the bank's Tier-1
capital.  The relatively strong loss absorption ability, together
with the strong diversity in the bank's interest and fee incomes,
is expected to provide greater resilience to ICICI to negotiate a
downturn in the economic cycle.

The near-term challenge for ICICI however, is to overcome the
shrinking funding options, particularly in foreign currencies for
its international business.  While the bank's existing contractual
foreign currency capital market bonds repayment during the next
two years can be met from its internal liquidity if necessary, the
bank remains vulnerable to market disruptions given the higher
proportion of wholesale funds (including in its domestic business)
that it relies on.  Although the share of customer deposits in the
bank's UK and Canada subsidiaries have grown impressively, the UK
subsidiary has been affected by rising actual and mark-to-market
provisions in its investment portfolio, which resulted in a loss
during H12009.  More write-downs and continued market turmoil have
the potential to further impair confidence, and in an extreme
situation, even damage ICICI's deposit base in its international
subsidiaries.

In line with a gradually deteriorating macro economy, but due more
to its own aggression in certain consumer business segments,
ICICI's asset quality has been deteriorating over the past year or
so, particularly in the consumer loan portfolio (55% of total
loans) that had grown rapidly between FY04 and FY08.  Its gross
NPL ratio at 4% at end-September 2008 was the highest amongst its
peer rated banks in India.  This ratio may further worsen given
the slowdown in economic growth over the next year or two,
particularly if exposures to the corporate sector are also
affected.  However, the bank's loan loss coverage of 58% at end-
Sept 2008 and high capitalization resulted in its net NPL to
equity ratio to be still fairly low (about 9% at end-September
2008), providing some cushion before the bank's solvency is
compromised in a significant manner; notably the bank has slowed
down growth in its consumer loans for about a year which may
somewhat mitigate the deterioration in its asset quality in
future.  Therefore, from a fundamental standpoint, ICICI's
financial condition still remains adequate, although its less
stable funding profile and an aggressive pursuit of growth in the
last 5 - 6 years, makes it more vulnerable to market disruptions.

ICICI's network of 1,300 branches and nearly 4,000 ATMs is spread
across India, while its international operations are primarily in
Asia, the UK, US and Canada.


JET AIRWAYS: May Get Rs 500-Crore Loan from Indian Overseas Bank
----------------------------------------------------------------
Manisha Singhal at Business Standard reports that Jet Airways
(India) Ltd is close to striking a deal for a Rs 500-crore loan
from Indian Overseas Bank (IOB).

Apart from the loan from IOB, the report says, Jet is also
believed to have secured another funding of Rs 1,000 crore from
the Abu Dhabi government investment firm Mubadala Development
Company.

Though the interest rates and tenure at which these loans have
been negotiated is not immediately known, it is believed that IOB
has offered Jet a competitive deal, the report relates.

According to Business Standard, Jet Airways needs funds for
working capital and is struggling with dues to oil companies and
airport operators.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd currently operates a fleet of 84 aircraft,
which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200
aircraft, 52 classic and next generation Boeing 737-
400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop
aircraft.  With an average fleet age of 4.34 years, the airline
has one of the youngest aircraft fleet in the world.  Jet Airways
operates over 395 flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007.  Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.

The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected.  For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.


SYNDICATE BANK: Hikes Interest Rates on Rupee and FC Deposits
-------------------------------------------------------------
Syndicate Bank has increased interest rates on rupee and foreign
currency deposits by non-resident with effect from Monday,
November 17, Trading Markets reports.

Interest rates on NRE term deposits for a period of one year to
less than two years have been revised to 4.92 per cent, two years
to less than three years to 4.41 per cent and for three up to five
years to 4.89 per cent, the report says citing Syndicate Bank's
statement.

In case of FCNR(B) deposits, the interest rate for USD deposits
for tenure of one year to less than two years is 4.17 per cent,
for 2 years to less than 3 years is 3.66 per cent, for 3 years to
less than 4 years is 4.14 per cent, for 4 years to less than 5
years is 4.49 per cent and for 5 years it is 4.76 per cent, the
report adds.

The rate of interest for the tenure one year one day on GBP
deposits is 7.01 per cent, on Euro deposits is 5.87 per cent, on
CAD deposits is 4.17 per cent and on AUD deposits is 7.28 per
cent, the statement cited by Trading Markets said.

Syndicate Bank Ltd -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
20, 2008, Moody's Investors Service assigned a bank financial
strength rating of D+ to Syndicate Bank, as well as A3 long-term
and Prime-1 short-term global local currency deposit ratings and
Ba2 long-term and Not Prime short-term foreign currency deposit
ratings.  The outlook on all ratings is stable.  This is the first
time Moody's has assigned ratings to Syndicate Bank.



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

GARUDA INDONESIA: To Resume Denpasar-Brisbane Route Next Month
--------------------------------------------------------------
Garuda Indonesia Indonesia will reopen the Denpasar-Brisbane route
next month, The Jakarta Post reports citing president director
Emirsyah Satar.

According to the Post, Emir said demand for direct flights between
the two cities had recovered after it plummeted following the
second Bali bombing in 2005, which then led to the termination of
the route.

Garuda, the report says, currently fly to four cities in Australia
with twice a week flights to Perth, 21 per week to Perth, six per
week to Sydney and five flights per week to Melbourne, and plans a
three flights a week to Brisbane.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 18,
2008, that PT Garuda Indonesia is slated to complete the
restructuring of its US$800 million debts, including US$500
million to the European Credit Agency, in the first semester of
this year.  As part of efforts to boost efficiency, since
Jan. 15, Garuda had halted the operation of its budget-carrier
Citilink pending a reorganization of the division.

The TCR-AP reported on Sept. 6, 2007, that Garuda was saddled
with a debt of around US$750 million of which US$475 million was
owed to the European Credit Agency.  The airline was affected by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It also
suffered from soaring global oil prices, a weakening of the
Indonesian rupiah and rising interest rates.



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

MAZDA MOTOR: Buys Back 6.8% Shares from Ford
--------------------------------------------
Mazda Motor Corporation bought back 6.8% of its own shares for
JPY17.8 billion from Ford Motor Co, various reports say.

As reported by the Troubled Company Reporter-Asia Pacific on
November 19, 2008, Bloomberg News and The Associated Press said
Ford Motor sold 20 percent of its stake in Mazda for an estimated
JPY50 billion (US$517 million) to raise cash.

Bloomberg News, citing Nikkei newswire, said the shares will be
also purchased Sumitomo Corp., Itochu Corp. and five insurance
companies.

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

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

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

                       About Ford Motor Co.

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

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

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


ORIX-NRL TRUST: S&P Puts Ratings on Classes F to H on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
F to H trust certificates issued under the ORIX-NRL Trust 14
transaction on CreditWatch with negative implications.  At the
same time, Standard & Poor's affirmed its ratings on the class A,
B, C, D, E, and X certificates.

The CreditWatch placements reflect uncertainty over the likely
collection amounts from the sale of collateral properties relating
to two of the transaction's underlying loans, which have
defaulted.  This uncertainty is tied to the recent deterioration
in the Japanese real estate market.

The two aforementioned loans, which are backed by six real estate
properties (such as residential and office buildings), account for
about 19.6% of the initial total issue amount of the commercial
mortgage-backed securities.  Recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreement.
Standard & Poor's intends to review the ratings on the class F to
H trust certificates after examining the progress of recovery from
the collateral properties and reports to be submitted by the
transaction servicer, including information on the estimated
collection amount from the aforementioned loans.

The affirmations, meanwhile, are based on the expected collection
amounts for these certificates, and the credit support provided by
the subordinated tranches through the senior-subordinated
structure of the transaction.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to eight obligors, which are ultimately
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

             Ratings Placed on CreditWatch Negative
                       ORIX-NRL Trust 14
   JPY20.7 billion class A-X trust certificates due December 2014

Class   To              From   Current Balance   Initial Balance
-----   --              ----   ---------------   ---------------
F       BB/Watch Neg    BB     JPY0.5 bil.         JPY0.5 bil.
G       BB-/Watch Neg   BB-    JPY0.1 bil.         JPY0.1 bil.
H       B/Watch Neg     B      JPY0.2 bil.         JPY0.2 bil.

                       Ratings Affirmed

      Class   Rating   Current Balance   Initial Balance
      -----   ------   ---------------   ---------------
      A       AAA      JPY13.60091 bil.    JPY15.7 bil.
      B       AA       JPY2.0 bil.         JPY2.0 bil.
      C       A        JPY1.2 bil.         JPY1.2 bil.
      D       BBB      JPY0.7 bil.         JPY0.7 bil.
      E       BBB-     JPY0.3 bil.         JPY0.3 bil.
      X*      AAA      JPY20.7 bil. (notional principal)

                      * Interest only


SANYO ELECTRIC: May Incur JPY5 Bil. Expense Due to Product Recall
-----------------------------------------------------------------
Japan Times reports that Sanyo Electric Co. is recalling its Top
Open Drum series of washer-dryers after four more accidents
involving the products were reported to the Ministry of Economy,
Trade and Industry.

According to the report, Sanyo said it will implement a recall of
279,583 units of the top open drum-type washer-dryer for free
repairs after finding that four of the products had caught fire or
belched smoke.

The report notes that products subject to the recall are the AWD-
A845Z model and eight other models, manufactured between April
2002 and January 2006.

The company estimates it will incur an additional one-time expense
of some JPY5 billion as a result of the recall, the report says.

                          About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

The company continues to carry Standard & Poor's Ratings' 'BB'
long-term corporate credit rating.  The company also carries
Fitch Ratings' BB+ LT Issuer Credit and Unsecured Debt ratings.


* JAPAN: Trade Deficit Hits JPY63.9 Bil. in October 2008
--------------------------------------------------------
Japan registered a trade deficit of JPY63.9 billion in October,
Xinhua News Agency reports citing the Finance Ministry.

Citing a preliminary report, Xinhua says exports declined 7.7
percent to JPY6,926.1 billion, while imports advanced 7.4 percent
to JPY6,990.1 billion.

The trade surplus with the United States was down 27.5 percent,
while that with the rest of Asia plunged 38.7 percent, Xinhua
says.

Xinhua states that the trade data are measured on a customs-
cleared basis before adjustments for seasonal factors.



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

ALUMINIUM CITY: Creditors' Proofs of Debt Due on November 28
------------------------------------------------------------
The creditors of Aluminium City (South Auckland) Ltd. are required
to file their proofs of debt by November 28, 2008, to be included
in the companies' dividend distribution.

The company's liquidators are:

          Arron Leslie Heath
          Michael Lamacraft
          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


APPLIED TEXTURES: Fixes Nov. 28 as Last Day to File Claims
----------------------------------------------------------
The creditors of Applied Textures (1997) Ltd. are required to file
their proofs of debt by November 28, 2008, to be included in the
companies' dividend distribution.

The company commenced liquidation proceedings on October 24, 2008.

The company's liquidator is:

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


ASTRA ENTERPRISES: Court to Hear Wind-Up Petition on November 28
----------------------------------------------------------------
A petition to have Astra Enterprises Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 28,
2008, at 10:00 a.m.

Maureen and Kelvin Manley filed the petition against the company
on September 2, 2008.

The Petitioners' solicitor is:

          Tania C. Goatley
          Bell Gully
          Vero Centre, Level 22
          48 Shortland Street
          PO Box 4199, Auckland


BRNO DEVELOPMENTS: Court to Hear Wind-Up Petition on November 28
----------------------------------------------------------------
A petition to have BRNO Developments Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 28,
2008, at 10:00 a.m.

Landsdale Development Limited filed the petition against the
company on September 22, 2008.

Landsdale Development's solicitor is:

          Peter J. Crombie
          c/o Cooney Lees Morgan, Solicitors
          87 First Avenue
          PO Box 143, Tauranga 3140
          Telephone:(07) 578 2099
          Facsimile:(07) 578 1433


C M MORAN ET AL: Fixes Nov. 28 as Last Day to File Claims
---------------------------------------------------------
The creditors of C M Moran Limited and Polaris Properties Limited
are required to file their proofs of debt by November 28, 2008, to
be included in the companies' dividend distribution.

The companies' liquidators are:

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


CITY STOP: Creditors' Proofs of Debt Due on November 28
-------------------------------------------------------
The creditors of City Stop Railway Pie Kart 2007 Ltd. are required
to file their proofs of debt by November 28, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 22, 2008.

The company's liquidator is:

          Richard Hudson
          44 Victoria Street, Level 7
          (PO Box 10788), Wellington
          Telephone:(04) 472 3560
          Facsimile:(04) 472 3564


HANOVER FINANCE: To Repay NZ$552.6 Mil. Principal Over 5 Years
--------------------------------------------------------------
Hanover Finance disclosed details of its Debt Restructure
Proposal, which includes the injection by shareholders Mark
Hotchin and Eric Watson of up to NZ$96 million of cash and
property assets.

Under the Proposal, which will be voted on at a meeting of
investors in Auckland on December 9, 2008, Hanover said it aims
to:

   -- Repay all principal to secured deposit investors
      (being Hanover Finance Limited (HFL) Secured
      Depositors and United Finance Limited (UFL)
      Secured Stockholders) over five years through
      quarterly payments commencing in March 2009;

   -- Repay HFL Subordinated Noteholders (who are
      currently fully subordinated to the HFL Secured
      Depositors) 50 cents for each dollar of principal
      after all HFL Secured Depositors have been repaid
      their principal amounts;

   -- Repay Hanover Capital Limited Bondholders (who
      are currently structurally subordinated to both
      the HFL Secured Depositors and HFL Subordinated
      Noteholders) 50 cents for each dollar of principal
      after all HFL Secured Depositors and HFL Subordinated
      Noteholders have been repaid their principal amounts;
      and

   -- Retain Hanover management's significant expertise
      in property and property financing.

In respect of UFL, there is an expectation that repayments will
accelerate where market conditions allow.  In addition, there is
provision for interest to be paid to HFL Secured Depositors and
UFL Secured Stockholders at the end of the five year period
depending on the final outcome of total assets realized over the
period of the respective company's restructuring.

The central plank of the Proposal is the commitment of up to NZ$96
million of cash and property assets by the shareholders, which
becomes available only if investors vote in favor of the Proposal.

Hanover said independent appraisals commissioned by the trustees
on behalf of the investors, and undertaken by
PricewaterhouseCoopers and Korda Mentha, support the Debt
Restructuring Proposal in their view that investors will most
likely recover more of their capital through implementation of the
Proposal than they would from receivership.

Hanover's Chairman, Greg Muir, said he believed the Proposal was
the best way forward for investors in the context of the current
turmoil in financial markets both locally and globally.  "Our
management and board have worked closely with the shareholders,
trustees and advisors to develop a restructuring plan that enables
repayments to be made to investors over a realistic timeframe
given current market conditions.  It is a plan that offers
investors the chance of maximizing their recovery of principal"
Mr. Muir said.

"We are putting this Proposal forward in the belief that the
liquidity difficulties being experienced throughout the financial
sector will correct over time.  Our objective then is to ensure
that all borrowers, lenders and equity providers are able to
survive in the interim and be there when the markets correct."

"To that end, the shareholders are looking to stand firmly behind
HFL and UFL by investing further cash and property assets, with
the objective of supporting investors and preserving value.  I
commend the shareholders for standing behind the companies."
"It is important to note that if the Proposal wins investor
support the cash and property assets are locked in.  So investors
would still get the benefit of these assets if the companies fail
to meet their repayment schedules over the longer term and the
trustees put them into receivership at a later date.  Also, the
shareholders will only get to realise their investment in each
company once the agreed repayment schedule is completed."

Details of the shareholders' support package include:

   -- NZ$36 million of cash, being an immediate NZ$10 million
      to be held in a solicitor's trust account and applied
      to principal payment obligations when and if required
      and NZ$26 million in cash to be applied to debt reduction
      in the Axis Property Group;

   -- Commitment to provide a further NZ$20 million by way of
      personal guarantees from the shareholders that becomes
      available if required to meet the repayment schedule
      from 2010 onwards; and

   -- NZ$40 million of equity in a portfolio of property assets
      in Axis Property Group including, inter alia, sections
      and development land at Matarangi Beach in Coromandel
      and property in Queenstown, Christchurch and Auckland.

Hanover's Chief Executive Officer, Peter Fredricson, said the Debt
Restructure Proposal was a clear and compelling alternative to
receivership.  "After working up the options, we do not believe
that a receivership would be in the best interests of investors
for a number of reasons, including:

   -- Investors would not receive the benefits arising from
      the extra financial commitment by the shareholders;

   -- The cost of realizing loans made by the companies would
      be higher than the equivalent costs of continuing loan
      recovery with existing employees - particularly in the
      first two years; and

   -- A receivership would encourage borrowers in the belief -
      apparent from existing feedback - that they would be
      able to negotiate a lower level of repayment if a
      receiver is appointed."

"The view that the Debt Restructuring Proposal is superior to
receivership is supported by both PricewaterhouseCoopers and Korda
Mentha in their independent appraisals," he said.

PricewaterhouseCoopers, in its appraisal, said of the secured
investors in HFL and UFL: "Overall, we consider that the Debt
Restructuring Proposal offers...a greater prospect of recovering
all or a larger part of their investment compared to an immediate
receivership."

Mr. Fredricson said that since Hanover had ceased accepting
investments and making repayments in July this year, investors and
intermediaries had shown a great deal of support for a
restructuring plan.  "Now the Proposal has been finalized, we will
be holding a series of investor meetings around the country in the
next two weeks as we lead up to the vote on December 9.  At the
end of the day, it will be the investors who decide whether this
plan goes forward or not."

Shareholder Mark Hotchin said he would never have envisaged that
Hanover, with its very strong loan portfolio and Fitch credit
rating for Hanover Finance Limited, would be in the current
position.  "These are extraordinary times for financial and
property markets both here and internationally.  I think the
restructuring package we have come up with is a good one.  It will
provide Hanover and its various investor groups with the
flexibility needed to come out of the current financial crisis in
one piece."

"We have a strong management team led by Peter Fredricson and good
assets.  I will be working with the team to do all we can to
successfully implement this restructure proposal."

                 Investors as at June 30, 2008

   * Hanover Finance Limited - approximately 13,800 secured
     depositors with NZ$485.1 million of secured deposits

   * United Finance Limited - approximately 2,575 secured
     depositors with NZ$67.5 million of secured deposits

   * Hanover Finance Limited - approximately 125 subordinated
     noteholders with NZ$2.2 million of unsecured notes

   * Hanover Capital Limited - approximately 1130 preferential
     bondholders with NZ$24.2 million of bonds

                             About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZD796 million at 31 December 2007.  The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited'Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders.  As a result,
Fitch will no longer provide analytical coverage.


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

Maccaferri NZ Limited filed the petition against the company on
October 16, 2008.

Maccaferri's solicitor is:

          Tania C. Goatley
          Level 22, Bell Gully
          Vero Centre, 48 Shortland Street
          PO Box 4199, Auckland


KUDOS DEVELOPMENTS: Court to Hear Wind-Up Petition on November 25
-----------------------------------------------------------------
A petition to have Kudos Developments Ltd.'s operations wound up
will be heard before the High Court of Gisborne on November 25,
2008, at 10:00 a.m.

Brother International (NZ) Limited filed the petition against the
company on September 23, 2008.

Brother International's solicitor is:

          G. J. Toebes
          PO Box 2694, Wellington
          Wellington


MICHAEL DRAPER: Fixes November 28 as Last Day to File Claims
------------------------------------------------------------
The creditors of Michael Draper Design Ltd. are required to file
their proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2008.

The company's liquidator is:

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


OUTFITTERS DESIGN: Court to Hear Wind-Up Petition on November 28
----------------------------------------------------------------
A petition to have Outfitters Design Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 28,
2008, at 10:00 a.m.

Tradestaff Group Limited filed the petition against the company on
September 19, 2008.

Tradestaff Group's solicitor is:

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


ROAM SOLUTIONS: Fixes Nov. 28 as Last Day to File Claims
--------------------------------------------------------
The creditors of Roam Solutions Ltd. are required to file their
proofs of debt by November 28, 2008, to be included in the
companies' dividend distribution.

The companies' liquidators are:

          Kevin Warwick Bromwich
          John Trevor Whittfie1d
          McDonald Vague
          PO Box 6092, Wellesley Street
          Auckland 1141
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Website: http://www.mvp.co.nz


SEQUENT INTERNATIONAL: Fixes Nov. 28 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Sequent International Ltd. are required to file
their proofs of debt by November 28, 2008, to be included in the
companies' dividend distribution.

The company's liquidators are:

          Arron Leslie Heath
          Michael Lamacraft
          Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


SOLWAY SERVICE: Wind-Up Petition Hearing Set for November 24
------------------------------------------------------------
A petition to have Solway Service Station (2000) Ltd.'s operations
wound up will be heard before the High Court of Wellington on
November 24, 2008, at 10:00 a.m.

Rockgas Limited filed the petition against the company on Oct. 24,
2008.

Rockgas Limited's solicitor is:

          Amy Marie Hutton
          Receivables Management (NZ) Limited
          Level 8, 7 City Road
          Auckland
          Facsimile:(09) 919 3697


TEAM ABUNDANCE: Fixes November 25 as Last Day to File Claims
------------------------------------------------------------
The creditors of Team Abundance New Zealand Ltd. are required to
file their proofs of debt by November 25, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


TNJ HOLDINGS: Court to Hear Wind-Up Petition on November 28
-----------------------------------------------------------
A petition to have TNJ Holdings Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 28, 2008, at
10:00 a.m.

Landsdale Development Limited filed the petition against the
company on September 22, 2008.

Landsdale's solicitor is:

          Peter J. Crombie
          Cooney Lees Morgan
          87 First Avenue
          PO Box 143, Tauranga 3140
          Telephone:(07) 578 2099
          Facsimile:(07) 578 1433


XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on November 28
------------------------------------------------------------------
A petition to have Xtreme Construction Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 28,
2008, at 10:45 a.m.

National Personnel Limited filed the petition against the company
on September 18, 2008.

National Personnel's solicitor is:

          M. J. Robinson
          Turner Hopkins, Solicitors
          400 Lake Road
          PO Box 33237, Takapuna
          Auckland
          Telephone:(09) 486 2169
          Facsimile:(09) 486 2160


* NEW ZEALAND: Employment in Manufacturing Continues to Fall
------------------------------------------------------------
The manufacturing industry was the only industry to show a
decrease in filled jobs for two successive years, according to
latest figures from Statistics New Zealand.  Manufacturing is the
largest industry, with a quarterly average of 226,280 filled jobs
in the September 2007 year.  Filled jobs decreased by a total of
8,060 (or 3.4 percent) between 2005 and 2007.  The textiles,
clothing, footwear and leather manufacturing sub-industry was the
key driver of the decline in filled jobs in the manufacturing
industry.

The construction industry had the greatest increase in the number
of filled jobs from the September 2006 year (5,990 jobs), and also
in filled jobs over the five years from September 2002–07, with
42,390 extra jobs (up 55.8 percent).  During that time, the
construction industry went from being the ninth-largest industry
to the sixth-largest industry.

Average mean quarterly earnings for all industries increased 4.8
percent in the year to September 2007 to reach NZ$11,030, and
increased 24.0 percent in the five years to September 2007.  The
arts and recreation services industry had the highest growth (7.5
percent) in the year to September 2007.  Mining had the highest
growth (34.3 percent) in the five years to September 2007.  Mining
was also the highest paid industry, with average mean quarterly
earnings of NZ$18,300 during the September 2007 year.

These results come from statistics released yesterday, November
20, 2008, from Linked Employer-Employee Data (LEED).  LEED uses
information from existing taxation and Statistics NZ sources to
provide a range of information on the dynamics of the New Zealand
labor market.  This is the first release of LEED quarterly
statistics that uses the Australian and New Zealand Standard
Industrial Classification 2006 (ANZSIC06), which updates the 1996
version of this classification (ANZSIC96).



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

SAN MIGUEL CORP: Ordered to Pay Asia Brewery PHP133 Million
-----------------------------------------------------------
The Marikina Regional Trial Court Branch 263 has ordered San
Miguel Corporation to pay Asia Brewery PHP133 million for hoarding
over a million of Asia Brewery Incorporated's beer bottles and
thousands of its plastic crates, various reports say.

Malaya News relates that in a 47-page decision, Judge Alice
Gutierrez of the Marikina RTC found SMC guilty of unfair trade
acts that made it liable for damages for loss of profits incurred
by ABI.

"By withdrawing [ABI's] bottles from circulation, [SMC]
effectively disrupted [its rival's] marketing and distribution
system and deprived it of the profits it could have gained if it
[had been] able to re-use the bottles and shells in the normal
course of trade," Manila Standard Today quoted Judge Gutierrez as
saying.

Since bottles and shells are "essential parts" of ABI's
production, marketing and distribution systems, SMC's unfair trade
acts caused its rival to invest more and incur more costs to
replace the missing items, the court said as cited by Malaya.

Malaya News relates that the court thumbed down the defense of SMC
that the withdrawal of ABI's bottles was accidental due to the
alleged confusing similarity between SMC's Pale Pilsen and ABI's
Beer na Beer bottles, pointing out that other ABI products with
vastly different bottles like Carlsberg, Stag, Budweiser and Colt
45 were likewise found in SMC's possession.

Manila Standard recounts that a court-sanctioned raid of three of
SMC's warehouses in 1997 yielded over 1.6 million bottles of ABI's
Beer na Beer, Carlsberg, Manila Beer, Colt 45, Lone Star and
Budweiser products, some of which were still unopened.

The sheriff, Manila Standard relates, also seized 128,679 plastic
shells owned by ABI, and of which 468 had been repainted green and
stamped with the SMC logo.  The inventory excluded
"unquantifiable" broken ABI bottles that the sheriff found inside
another SMC warehouse in Valenzuela City, Manila Standard adds.

ABI, Malaya News recalls, filed the civil case for damages and
recovery of possession against SMC in 1997 after surveillance
showed that SMC was keeping ABI bottles and shells in its San
Fernando, Pampanga brewing facility.

Meanwhile, Manila Standard says SMC would pursue all legal
remedies available including an appeal.

                        About Asia Brewery

Asia Brewery Incorporated -- http://www.asiabrewery.com/--
produces malt beverages like beer, shandy, iced tea, bottled water
and carbonated soft drinks.

                   About San Miguel Corporation

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

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

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

                          *     *     *

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

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

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



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19471506.65    -55688859.69
ALLSTATE EXPL-PP          ALXCC      19471506.65    -55688859.69
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     525672845.30   -234867042.02
ANTARES ENERGY L            AZZ      16203169.11     -4359829.02
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
CROESUS MINING              CRS      16003304.16    -13810195.85
ETW CORP LTD                ETW     103760615.53    -50215440.96
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      40075709.67     -8003394.15
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
KH FOODS LTD                KHF      38397288.11     -6790994.89
KH FOODS LTD-PRF            KHFPA    38397288.11     -6790994.89
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
METAL STORM LTD             MST      14309243.10     -5126410.11
RESIDUAL ASSC-EE            RAGXF   597329874.01   -126963316.48
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

WAI CHUN GROUP L           1013      12375426.81    -14214914.84
CHIA TAI ENTERPR           121      313740803.76    -49562387.78
SANYUAN GROUP LT           140       17768260.98     -2131329.68
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
ASIA TELEMEDIA L           376       16618871.08     -5369335.42
NEW CITY CHINA             456      113178595.41     -9932226.54
EGANAGOLDPFEIL             48       557892423.39   -132858951.98
PALADIN LTD                495      186461196.61     -9780904.71
CHINA GRAND PHAR           512       23135825.94     -7596740.75
PALADIN LTD -PRE           642      186461196.61     -9780904.71
CHINA HEALTHCARE          673       25241048.66      -5730603.97
WAH SANG GAS              8035      69765797.42    -113697025.42
TAKSON HLDGS              918       11351347.49      -2111248.1

INDIA

APPLE FINANCE              APL       62427496.69    -11798341.63
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.80   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SEN PET INDIA LT           SPEN      13797591.24    -25632664.31
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      12290544.83     -5772835
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
L CREATE CO LTD            3247      42344509.56     -9146496.90
OPEN INTERFACE I           4302      32715547.40     -5699491.16
LINK CONSULTING            4798      50709685.69    -10143185.11
PLACO CO LTD               6347      26260220.44      -997325.51
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.9
COWBOY CO LTD              9971      21323462.4      -5681854.91

KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82    -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

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

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

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


                            *********


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

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

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

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

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





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