TCRAP_Public/081124.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

            Monday, November 24, 2008, Vol. 11, No. 233

                            Headlines

A U S T R A L I A

ADMAR INTERNATIONAL: Declares First and Final Dividend
AEON COMPUTER: Placed Under Voluntary Liquidation
BABCOCK & BROWN LTD: German Lender Freezes AU$80 Mil. in Deposit
BP SOLAR: Placed Under Voluntary Liquidation
CHALLENGER FINANCIAL: AU$2.8 Bil. Funds to Remain Frozen

CLELANDS COLD: Members and Creditors Receive Wind-Up Report
CMJ CONSTRUCTION: Placed Under Voluntary Liquidation
HAVAGO RETAILERS: Placed Under Voluntary Liquidation
INTERNATIONAL COLLEGE: Members and Creditors Hear Wind-Up Report
MAGNETIC ENERGY: Declares Dividend for Creditors

MARKET PLACE ET AL: Members and Creditors Hear Wind-Up Report
MUSTAFA KEBAB'S: Members and Creditors Hear Wind-Up Report
NITRO CROWD: Placed Under Voluntary Liquidation
NOAH PEARL: Placed Under Voluntary Liquidation
PFEIFFER ENTERPRISE: Declares Dividend for Priority Creditors

PLUMBING FX: Members and Creditors Receive Wind-Up Report
RADALAN PTY: Commences Liquidation Proceedings
SCOTT DEVELOPMENT ET AL: Members and Creditors Hear Wind-Up Report
TRD MEATS: Members and Creditors Receive Wind-Up Report
TRIPLAN PTY ET AL: Commence Liquidation Proceedings


C H I N A

CHESAPEAKE CORP: Sept. 28 Balance Sheet Upside-Down by US$500,000
CLOROX CO: September 30 Balance Sheet Upside-Down by US$400MM
PING AN: May Take Legal Actions Against Fortis


H O N G K O N G

ACTIVELAND LIMITED: Au Yan Alfred Steps Down as Liquidator
BELTON COMPONENTS: Placed Under Voluntary Liquidation
BELTON INDUSTRIAL: Members' Annual Meeting on December 15
BLUE ANGELS: Creditors' Proofs of Debt Due on December 18
CAMAFORCE LIMITED: Chiu and Yin Cease to Act as Liquidators

CHINA TECH: Yuen and Kong Tak Step Down as Liquidators
DANASIA LIMITED: Creditors' Meeting Set for November 28
GRAND PALACE: Annual Meetings Set for December 2
HIP YICK: Au Yan Alfred Steps Down as Liquidator
JURGEN STAR: Members Final Meeting Slated for December 22

KRISPY KREME: Creditors' Proofs of Debt Due on December 21
UNIVERSAL INTERNATIONAL: Final Meeting Slated for December 22
YUE HING: Creditors' Proofs of Debt Due on December 22


I N D I A

CITIGROUP: Mulls Auction of Assets & Sale of Whole Company
GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic
ICICI BANK: SEBI Found No Evidence of Stocks Trading Manipulation
INDUSIND BANK: Fitch Maintains Individual Rating at 'D'
UCO BANK: Fitch Downgrades Individual Rating to 'D/E' From 'D'


I N D O N E S I A

* Fitch Sees Slowdown in Indonesian Coal Production


J A P A N

MAZDA MOTOR: To Axe 1,300 Temporary Workers in Japan
* JAPAN: Six Major Non-Life Insurers Incur JPY190 Bil. Total Loss


K O R E A

* KOREA: Automakers Need Gov.'t Aid to Cope Slowing Demand


M A L A Y S I A

PAN MALAYSIA: Posts MYR2.70 Mil. Net Loss in Qtr. Ended Sept. 30


N E W  Z E A L A N D

AIR NZ: ACCC Plans to Reject Proposed Deal with Air Canada
AUCKLAND CLADDING: Court to Hear Wind-Up Petition on November 28
BOX LOUNGE: Fixes Nov. 28 as Last Day to File Claims
BUY-SELL REALTY: Appoints Shephard and Dunphy as Liquidators
CAPITAL + MERCHANT: No Assets Left to Recoup Money, Investors Told

EDPAC SOUTHERN: Appoints Shephard and Dunphy as Liquidators
EXIT47 DESIGN: Appoints Parsons and Kenealy as Liquidators
LATIN HANDS ET AL: Fixes January 28 as Last Day to File Claims
PEJO LTD: Commences Liquidation Proceedings
PST IMAGES ET AL: Creditors' Proofs of Debt Due on January 30

SUN & SONS: Wind-Up Petition Hearing Set for December 15
THE NZ HOUSE: Appoints John Francis Managh as Liquidator
* NEW ZEALAND: Electronic Card Spending Up 0.5% in October


S I N G A P O R E

ADVANCE VIEW: Court Enters Wind-Up Order
DTRON SINGAPORE: Creditors' Proofs of Debt Due on November 28
ERO LINGERIE: Wind-Up Petition Hearing Set for November 28
SHEALTH SERVICES: Court Enters Wind-Up Order


T A I W A N

TA CHONG BANK: Fitch Downgrades Ratings on Several Rated Tranches


X X X X X X X X

* Ford & GM CEOs Won't Accept $1 Salary in Exchange for Gov't Aid
* Ford and GM Fail to Convince Lawmakers on Bailout Urgency


                         - - - - -


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

ADMAR INTERNATIONAL: Declares First and Final Dividend
------------------------------------------------------
Admar International Pty Ltd declared first and final dividend on
October 28, 2008.

The company's liquidator is:

          Daniel Bryant
          c/o PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne VIC 3000


AEON COMPUTER: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 19, 2008, the members
of Aeon Computer Solutions Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Terry Grant van der Velde
          Terry John Rose
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000
          Web site: http://www.svpartners.com.au


BABCOCK & BROWN LTD: German Lender Freezes AU$80 Mil. in Deposit
----------------------------------------------------------------
Babcock & Brown Limited fights for survival after it failed to
strike a deal for a fresh covenant with a German bank, various
reports say.

According to The Herald Sun, HypoVereinsbank's move to freeze up
to AU$80 million (US$150 million) in a B&B account has accentuated
liquidity problems within the company and forced it to halt
trading in its ASX-listed shares.

HVB, the Herald says, is also a lender to B&B and has frozen the
deposits on concern that its funds will not be repaid.

Meanwhile, The Australian relates that the move by HypoVereinsbank
to stop access to a substantial deposit is believed to have
angered the international financing syndicate of 25 banks.  These
banks are keen for a deal to proceed to realize the value of
Babcock's asset portfolio, The Australian notes.

Babcock & Brown collectively owed AU$3.1 billion to the 25 banks
and the Australian lenders have lent more than AU$700 million
through the facility.

HypoVereinsbank action has angered the Australian members of a 25-
bank syndicate because they might be put under pressure to buy out
HVB's exposure to stabilize the syndicate.

As reported in the Troubled Company Reporter-Asia Pacific on
November 20, 2008, Babcock & Brown Limited requested an immediate
trading halt on its shares saying it is in dispute with a bank
which holds a deposit of a material amount relating to the release
of that deposit.

                       About Babcock & Brown

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 12, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'BB-' from 'BB', reflecting the impact
of the financial market dislocation on the pace of asset sales
required for BBIPL's debt reduction plans.  At the same time, the
'BB-' long-term and 'B' short-term ratings were placed on
CreditWatch with negative implications.


BP SOLAR: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on October 30, 2008, the members of
BP Solar Australia Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          George Georges
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne VIC 3000
          Telephone:(03) 9600 4922
          Facsimile:(03) 9642 5887


CHALLENGER FINANCIAL: AU$2.8 Bil. Funds to Remain Frozen
--------------------------------------------------------
The Australian reports that more than AU$2.8 billion worth of
investor funds controlled by Challenger Financial Services Group
will remain indefinitely frozen as the company warns next year
will bring yet more financial turmoil.

According to the report, Challenger spokeswoman Lynn Anderson said
the company had made no plans to lift the redemption suspension on
its AU$2.8 billion Challenger Howard Mortgage fund, which had been
implemented last month to prevent a run on redemptions.

The Challenger Howard Mortgage Fund, the report notes, is one of
more than 30 mortgage and property funds -- holding AU$30 billion
worth of frozen funds owned by about 250,000 investors nationally
-- to have frozen redemption applications.  All those funds remain
frozen.

Early last month, the Australian recalls, Challenger became the
first major mortgage fund manager to freeze withdrawals following
a run on redemptions, which was fueled by a government pledge to
guarantee bank deposits amid the financial market turmoil.

Ms. Anderson said the fund would allow some redemptions each
quarter, based on funds it had available.  The levels of
redemption requests are expected to far outweigh those funds
available for distribution.

                    About Challenger Financial

Challenger Financial Services Group Limited (ASX: CGF) --
http://www.challenger.com.au -- is a financial services
company.  The company, along with its subsidiaries, is
principally engaged in the provision of financial services, in
particular mortgage management, which involves commercial and
residential lending and securitization business; funds
management, which funds management business; asset management,
which structures and manages assets to generate long term income
streams, and financial planning, which involves financial
planning and funds administration business.  In September 2007,
the company acquired Choice Aggregation Services, including
Choice Home Loans, a mortgage aggregator/broker in the
Australian market.  Challenger has also acquired a 19% stake in
FAST, a national mortgage aggregator headquartered in Western
Australia.


CLELANDS COLD: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Clelands Cold Storage and
Distribution Pty Ltd met on November 11, 2008, and received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          P. Newman
          HLB Mann Judd Chartered Accountants
          160 Queen Street, Level 1
          Melbourne VIC 3000


CMJ CONSTRUCTION: Placed Under Voluntary Liquidation
----------------------------------------------------
During a general meeting held on August 9, 2008, the members of
CMJ Construction Services Pty. Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544


HAVAGO RETAILERS: Placed Under Voluntary Liquidation
----------------------------------------------------
During a meeting held on September 24, 2008, the members of Havago
Retailers Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Leonard Anthony Milner
          Venn Milner & Co
          43 Railway Road, Suite 1
          Blackburn VIC 3130


INTERNATIONAL COLLEGE: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of International College of Investments
Pty Ltd met on Nov. 10, 2008, and received the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen R. Dixon
          BDO Kendalls Chartered Accountants
          525 Collins Street, Level 30
          Melbourne VIC 3000


MAGNETIC ENERGY: Declares Dividend for Creditors
------------------------------------------------
Magnetic Eenergy Pty Ltd declared a dividend for its creditors on
October 31, 2008.

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

The company's liquidator is:

          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise QLD 4217
          Telephone:(07) 5553 3411
          Facsimile:(07) 5570 1884


MARKET PLACE ET AL: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
On November 12, 2008, K. L. Sutherland, a liquidator, presented to
the members the wind-up report and property disposal of these
companies:

   -- Market Place Cellars (St Albans) Pty Ltd;
   -- IMRH Investments Pty Ltd;
   -- Sescon Pty Ltd;
   -- BP & M Ipsen Pty Ltd;
   -- Napier Fabric Importers Pty Ltd;
   -- P.E.T. Modifications Pty Ltd; and
   -- Kora Green Pty Ltd.

The Liquidator can be reached at:

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


MUSTAFA KEBAB'S: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of Mustafa Kebab's (Shepparton) Pty Ltd
met on Oct. 31, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wayne Benton
          PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne VIC 3000


NITRO CROWD: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on September 29, 2008, the members
of Nitro Crowd Control Services Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Leonard Anthony Milner
          Venn Milner & Co.
          43 Railway Road, Suite 1
          Blackburn Vic 3130


NOAH PEARL: Placed Under Voluntary Liquidation
----------------------------------------------
During a meeting held on September 25, 2008, the members of Noah
Pearl & Co Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          R. A. Sutcliffe
          Ground Floor, 192-198 High Street
          Northcote VIC 3070
          Telephone:(03) 9482 6277


PFEIFFER ENTERPRISE: Declares Dividend for Priority Creditors
-------------------------------------------------------------
On November 14, 2008, Pfeiffer Enterprise Pty Ltd declared
dividend for priority creditors.

The company's liquidator is:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Telephone:(03) 9613 5511


PLUMBING FX: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Plumbing FX (GLD) Pty Ltd met
Nov. 11, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Raj Khatri
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4334
          Facsimile:(07) 3225 4311
          Web site: http://www.worrells.net.au


RADALAN PTY: Commences Liquidation Proceedings
----------------------------------------------
On September 15, 2008, the members of Radalan Pty Ltd passed a
resolution to voluntarily liquidate the company's business.

The company also declared first and dividend on November 12, 2008.

The company's liquidator is:

          Mark Pearce
          c/o Pearce & Heers Insolvency Accountants
          Level 9, Suite 3
          320 Adelaide Street
          Brisbane QLD 4000
          Telephone:(07) 3221 0055


SCOTT DEVELOPMENT ET AL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------------
On November 19, 2008, K. L. Sutherland, a liquidator, presented to
the members the wind-up report and property disposal of these
companies:

   -- Scott Development Pty Ltd;
   -- More Than A Million Pty Ltd;
   -- RPM Commodities Pty Ltd;
   -- South Ashburton Service Station Pty Ltd;
   -- Cesswone Pty Ltd;
   -- Pettigrove Enterprises Pty Ltd; and
   -- KSJ Enterprises Pty Ltd

The Liquidator can be reached at:

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


TRD MEATS: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------
The members and creditors of TRD Meats Pty Ltd met on Nov. 11,
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
          c/o Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


TRIPLAN PTY ET AL: Commence Liquidation Proceedings
---------------------------------------------------
On September 25, 2008, the members resolved to voluntarily wind up
the operations of these companies:

   -- Triplan Pty. Ltd.;
   -- Biu Holdings Pty. Ltd.; and
   -- Boys in the Hhood Pty. Ltd.

The companies' liquidators are:

          Messrs. Stirling L. Horne
          Petr Vrsecky
          Draper Dillon, 440 Collins Street
          Melbourne



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

CHESAPEAKE CORP: Sept. 28 Balance Sheet Upside-Down by US$500,000
-----------------------------------------------------------------
Chesapeake Corporation's balance sheet at Sept. 28, 2008, showed
total assets of US$936.6 million total liabilities of US$937.1
million and stockholders' deficit of US$500,000.

Sales dropped to US$248.2 million in third quarter of 2008,
compared with US$266.4 million during the same period in 2007.
Sales during the nine-month period total US$752.5 million,
compared with US$789.3 million during the first 9 months of 2007.

For three months ended Sept. 28, 2008, the company reported a net
loss of US$8.3 million compared with net income of US$4.3 million
of the same period in the previous year.  For the nine-month
period, the company incurred net loss of US$277.1 million compared
to net loss of US$5.5 million for the same period in the previous
year.

The company has reported losses during its last three fiscal
years.  For the fiscal years ended Dec. 30, 2007, Dec. 31, 2006
and Dec. 31, 2005, it incurred net losses of US$11.2 million,
US$36.7 million and US$318.3 million, respectively.

Factors contributing to these net losses included, but were not
limited to goodwill impairment charges, costs associated with its
cost-savings plan and other restructuring efforts, environmental
remediation costs, price competition, rising raw material costs
and lost customer business due to geographic shifts in production
within the consumer products industry which we serve.  Certain of
those factors, such as goodwill or other asset impairments, are
non-cash charges and therefore are not expected to impact the
company's liquidity.

The company's senior credit facility, amended in 2004, and which
provides borrowings of up to US$250 million, matures in February
2009.  The senior credit facility is collateralized by a pledge of
the inventory, receivables, intangible assets and other assets of
Chesapeake Corporation and certain U.S. subsidiaries.  The
facility is guaranteed by Chesapeake Corp., each material U.S.
subsidiary and each United Kingdom (U.K.) subsidiary borrower,
although most U.K. subsidiary borrowers only guarantee borrowings
made by U.K. subsidiaries.

The company sought amendments to its senior credit facility due to
its inability to meet certain milestones:

-- a March 5 amendment affected financial maintenance covenants
    in all four quarters of fiscal 2008, providing an increase in
    the total leverage ratios and a decrease in the interest
    coverage ratios.  During the third quarter of fiscal 2008 the
    lenders under the Credit Facility obtained security interests
    in certain of the Company's assets located in the U.K.,
    Ireland, France, Germany, Belgium and the Netherlands.

-- On July 15, the permissible total leverage ratio to 7.00:1
    for the second fiscal quarter of 2008 and the senior leverage
    ratio to 3.40:1 for the second fiscal quarter.  In exchange,
    interest rates were increased to 550 basis points over LIBOR.

On August 1, 2008, the company announced a proposed comprehensive
refinancing plan to address the upcoming maturity of its credit
facility as well as its general liquidity needs.  The proposed
refinancing plan was expected to include: (1) new senior secured
credit facilities to be used to fully repay or replace its
existing US$250-million Credit Facility and provide incremental
liquidity, and (2) an offer to exchange its outstanding 10-3/8%
Sterling-denominated senior subordinated notes due in 2011 and its
7% euro-denominated senior subordinated notes due in 2014 for new
debt or equity securities.

On October 1, 2008, the company agreed with its lenders on an
amendment to its Credit Facility which included a waiver,
effective as of September 28, 2008, of compliance with certain
financial condition covenants through October 31, 2008.  The
amendment waived any potential event of default for failure to
meet the financial condition covenants.   Effective November 1,
2008, upon the expiration of that waiver, the company is in
default of the financial condition covenants under the Credit
Facility.  On November 1, 2008, it entered into a Forbearance
Agreement with its Credit Facility lenders.  Under the Forbearance
Agreement, the lenders agreed that they will not exercise their
rights and remedies in respect of the existing financial condition
covenant defaults under the Credit Facility, including
accelerating the maturity of outstanding borrowings, through
December 10, 2008, subject to the company's compliance with the
terms and conditions of the Forbearance Agreement.

The company has acknowledged that failure to successfully
implement a restructuring or refinancing plan or otherwise address
access to alternative sources of liquidity raises substantial
doubt about its ability to continue as a going concern.

A full-text copy of the SEC 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3504

                  About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  Chesapeake has 47 locations in France, Ireland,
United Kingdom, North America, China, HongKong, among others and
employs approximately 5,500 people.

                        *     *     *

As disclosed in the Troubled Company Reporter on Aug. 11, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
Corporate Family Rating to Caa2 from B2 and its Probability of
Default Rating to Caa2 from B3.  Concurrently, Moody's downgraded
the company's senior unsecured revenue bonds to Caa3 from B3 and
senior subordinated notes to Caa3 from Caa1.  All credit ratings
remain on review for possible downgrade.

Standard & Poor's Ratings Services lowered its ratings on
Chesapeake Corp.  The corporate credit rating was lowered to
'CCC+' from 'B'.  The ratings remain on CreditWatch, where they
were placed on July 2, 2008, with negative implications.


CLOROX CO: September 30 Balance Sheet Upside-Down by US$400MM
-------------------------------------------------------------
The Clorox Company's balance sheet at Sept. 30, 2008, showed total
assets of US$4.5 billion and total liabilities of US$4.9 billion,
resulting in a stockholders' deficit of approximately
US$400 million.

Clorox reported first-quarter net earnings of US$128 million.
Current quarter earnings included about US$6 million in pretax
restructuring-related charges and a pretax loss of US$3 million
related to the Burt's Bees acquisition.

In the year-ago quarter, Clorox reported net earnings of
US$111 million.  These year-ago results included about US$27
million in pretax restructuring-related charges.  The charges for
both years were associated with the consolidation of the company's
manufacturing network and other actions the company decided to
take in light of its Centennial Strategy.

First-quarter sales grew 12% to US$1.38 billion, compared with
US$1.24 billion in the year-ago quarter.  Excluding the Burt's
Bees acquisition, sales in the current quarter grew 8%.

Net cash provided by operations was US$93 million, compared to
US$163 million in the year-ago quarter.  The decrease was due to
higher working capital.  Working capital reflected the impact of
the Burt's Bees acquisition and higher inventory levels resulting
from increased commodity costs and inventory builds to support
both new product launches and the manufacturing network
consolidation.  Also contributing to the decline in cash flow were
higher incentive compensation and interest payments versus the
year-ago quarter.

A full-text copy of the company's 10-Q filing is available for
free at http://ResearchArchives.com/t/s?3506

                   About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of USUS$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.


PING AN: May Take Legal Actions Against Fortis
----------------------------------------------
Ping An Insurance (Group) Co of China Limited may sue Fortis NV
for selling most of its assets without the approval of
shareholders, Bi Xiaoning of China Daily reports citing a Dutch-
based newspaper Het Financieele Dagblad.

According to the report, as the largest shareholder of Fortis,
Ping An has a 4.99 percent stake in the company.  Ping An would
not rule out the possibility of taking legal action if Fortis
continues to refuse discussing the disposal of assets at a
shareholder meeting to be held on December 1, 2008, says the
report.

"We will have a close eye on Fortis and try our best to protect
the legal interests of Ping An," Ping An spokesman Sheng Ruisheng
told China Daily.

However, the report notes, the spokesman did not elaborate on when
the company could take legal action to protect its overseas
investment.

The report recalls Ping An invested CNY23.87 billion (US$3.49
billion) in Fortis shares last November, aimed at seeking
international cooperation and market expertise from Fortis.

As reported in the Troubled Company Reporter-Europe on Oct. 1,
2008, said the Governments of Belgium, the Netherlands and
Luxembourg injected EUR11.2 billion into the bank.  Specifically,
Belgium invested EUR4.7 billion in Fortis Bank (Belgium), the
Netherlands invested EUR4.0 billion in Fortis Bank Nederland
(Holding) NV and Luxembourg invested EUR2.5 billion in Fortis
Banque Luxembourg SA.  In exchange for the investments, each
government will hold a 49% share in the bank's respective
subsidiaries.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                      About Ping An Insurance

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The company conducts its insurance business through
Ping An Life, Ping An Annuity and Ping An Health.  The property
and casualty insurance business of the company is conducted
through Ping An Property & Casualty and Ping An Hong Kong.  The
company provides asset management services to the customers
through Ping An Trust.  In addition, Ping An Trust also provides
infrastructure investment and property investment services to
other subsidiaries.  The company conducts securities business
through Ping An Securities, and provide securities services to
customers through the PA18 Internet financial portal. During the
year ended Dec. 31, 2006, the company completed the acquisition of
Shenzhen Commercial Bank.



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

ACTIVELAND LIMITED: Au Yan Alfred Steps Down as Liquidator
----------------------------------------------------------
On November 14, 2008, Au Yan Alfred ceased to act as liquidator of
Activeland Limited.

The company's former Liquidator can be reached at:

          Au Yan Alfred
          Hang Wai Commercial Building, 24th Floor
          231-233 Queen's Road East
          Wanchai, Hong Kong


BELTON COMPONENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on December 15, 2008, the
members of Belton Components Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Stephen Liu Yiu Keung
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


BELTON INDUSTRIAL: Members' Annual Meeting on December 15
---------------------------------------------------------
The members of Belton Industrial (International) Limited will hold
their annual meeting on December 15, 2008, at 4:00 p.m., at the
62nd Floor of One Island East, 18 Westlands Road, in Island East,
Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BLUE ANGELS: Creditors' Proofs of Debt Due on December 18
---------------------------------------------------------
The creditors of Blue Angels Foundation Limited are required to
file their proofs of debt by December 18, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 18, 2008.

The company's liquidator is:

          Chui Chi Yun, Robert
          China Resources Building, Room 2109
          26 Harbour Road
          Wanchai, Hong Kong


CAMAFORCE LIMITED: Chiu and Yin Cease to Act as Liquidators
-----------------------------------------------------------
On November 17, 2008, Ying Hing Chiu and Chung Miu Yin, Diana
cease to act as liquidators of Camaforce Limited.

The company's former Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CHINA TECH: Yuen and Kong Tak Step Down as Liquidators
------------------------------------------------------
On November 7, 2008, Tai Hay Yuen and Kong Tak Wing, Robert cease
to act as liquidators of China Tech International Limited.

The company's former Liquidators can be reached at:

          Tai Hay Yuen
          Kong Tak Wing, Robert
          Tai Kong Corporate Advisory Limited
          Chinachem Tower, 21st Floor
          34-37 Connaught Road Central
          Hong Kong


DANASIA LIMITED: Creditors' Meeting Set for November 28
-------------------------------------------------------
The creditors of Danasia Limited will meet on November 28, 2008,
at 4:00 p.m., for the purposes provided for in Sections 241, 242,
243 and 244 of the Companies Ordinance.

The meeting will be held at the 57th Floor of The Center, in 99
Queen's Road Central, Hong Kong.


GRAND PALACE: Annual Meetings Set for December 2
------------------------------------------------
The members and creditors of Grand Palace Industrial Limited will
hold their annual meetings on December 2, 2008, at 2:30 p.m. and
3:00 p.m., respectively, at the 2nd Floor of Wing Yee Commercial
Building, 5 Wing Kut Street, in Central, Hong Kong.

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


HIP YICK: Au Yan Alfred Steps Down as Liquidator
------------------------------------------------
On November 17, 2008, Au Yan Alfred cease to act as liquidator of
Hip Yick Company Limited.

The company's former Liquidator can be reached at:

          Au Yan Alfred
          Hang Wai Commercial Building, 24th Floor
          231-233 Queen's Road East
          Wanchai, Hong Kong


JURGEN STAR: Members Final Meeting Slated for December 22
---------------------------------------------------------
The members of Jurgen Star (hong Kong) Limited will hold their
final meeting on December 22, 2008, at 10:00 a.m., at Level 28 of
Three Pacific Place, in 1 Queen's Road East, Hong Kong.

Ying Hing Chiu and Chung Miu Yin, Diana, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


KRISPY KREME: Creditors' Proofs of Debt Due on December 21
----------------------------------------------------------
The creditors of Krispy Kreme Hong Kong Limited are required to
file their proofs of debt by December 21, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 12,
2008.

The company's liquidators are:

          Stephen Briscoe
          Wong Teck Meng
          Briscoe & Wong Limited
          1801 Wing On House, 18th Floor
          71 Des Voeux Road
          Central, Hong Kong


UNIVERSAL INTERNATIONAL: Final Meeting Slated for December 22
-------------------------------------------------------------
The members of Universal International (Holdings) Limited will
hold their final meeting on December 22, 2008, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The meeting will be held at the 7th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.


YUE HING: Creditors' Proofs of Debt Due on December 22
------------------------------------------------------
The creditors of Yue Hing Land Investment Company, Limited are
required to file their proofs of debt by December 22, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 17,
2008.

The company's liquidator is:

          Robert Garfield Watt
          New World Tower, Room 1903
          18 Queen's Road Central
          Hong Kong



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

CITIGROUP: Mulls Auction of Assets & Sale of Whole Company
----------------------------------------------------------
Citigroup Inc. executives has started considering the possibility
of auctioning off assets of the company or even selling the whole
firm outright, David Enrich at The Wall Street Journal reports,
citing people familiar with the matter.

According to WSJ, the sources said that talks within Citigroup are
at a preliminary stage and don't indicate that the company's board
and management are backing down from their insistence that the
firm has ample capital, funding, and strategic direction.  WSJ
relates that Citigroup officials have decided they need to
consider a range of scenarios that were unthinkable only weeks
ago, after the stock was down another 26% on Thursday, its worst
one-day percentage decline ever.

Directors, says WSJ, have been talking by phone about what could
be done to reverse the stock's decline.  According to the report,
Citigroup CEO Vikram Pandit and other company executives have told
colleagues they are frustrated and befuddled by this week's 50%
stock decline.

Citing people familiar with the situation, WSJ states that
Citigroup's board of directors will hold a formal meeting on
Nov. 21 to discuss the options.

WSJ relates that top executives held meetings on Thursday to hash
out a stabilization strategy.   "Citi has a very strong capital
and liquidity position" and is "focused on executing our
strategy," which includes cutting expenses and selling assets, a
Citigroup spokesperson said in a statement on Wednesday.

According to WSJ, Citigroup executives are weighing the
possibility of selling the company or merging with a rival.  Some
analysts said that Morgan Stanley and Goldman Sachs Group Inc. are
potential suitors, says the report.

Morgan Stanley wasn't weighing a bid and hadn't spoken to
Citigroup about a deal recently, WSJ states, citing people
familiar with the matter.

Goldman Sachs would potentially look at pieces of Citigroup, WSJ
relates.

   Citigroup Asks for Reinstatement of Short Selling Ban

Citigroup officials are asking lawmakers and the Securities and
Exchange Commission to reinstate the expired ban on short selling
of financial stocks, Damian Paletta, David Enrich, and Kara
Scannell at WSJ report, citing sources.  Short selling is a way to
bet that shares will drop, says the report.

WSJ relates that the move is part of Citigroup's effort to try to
reverse this week's decline in its stock price.  Sources said that
Citigroup is also urging federal officials to reinstate the
"uptick rule," which expired in July 2007, according to the
report.  The rule, says the report, required investors to wait
until a company's stock rose before they could sell it short.

         Saudi Prince to Acquire More Shares in Firm

Andrew Critchlow at WSJ reports that Saudi investor Prince
Alwaleed bin Talal believes that Citigroup shares are undervalued.
Mr. Talal said in a statement that he "began buying Citi shares as
he strongly believes that they are dramatically undervalued."

Mr. Talal, according to WSJ, said on Thursday that he will
increase his holdings in Citigroup back to 5%, from less than 4%,
and expressed his support for the management.

      Citigroup Might Abandon Plans to Buy Chevy Chase

Citigroup has been negotiating in recent weeks a possible
acquisition of Chevy Chase Bank, WSJ relates, citing people
familiar with the matter.

The sources said that with Citigroup's stock declining, the Chevy
Chase deal might fall apart, because Citigroup had hoped to pay
for the acquisition in stock instead of cash, WSJ reports.

        CEO at Indian Unit Resigns, Layoffs Expected

Geeta Anand and Ellen Sheng at WSJ report that Sanjay Nayar has
left CitiFinancial India -- Citigroup's Indian and South Asia
operation -- as its CEO to join private equity company Kohlberg
Kravis Roberts & Co.'s Indian unit as CEO early next year.

Mr. Nayar was a member of Citigroup Asia's executive operating
committee and senior leadership committee, says WSJ.  According to
WSJ, Citigroup said it has appointed Mark Robinson, a 24-year
company veteran, to take Mr. Nayar's place.

CitiFinancial India also expects to lay off more than 1,000
workers over the next few months, WSJ states.  Citing a person
familiar with the matter, WSJ relates that most of the company's
Indian job cuts will come from CitiFinancial India, its lending
arm, where it plans to gradually lay off about 1,000 employees
over the next few months.  The source, according to the report,
also said that Citigroup will cut several dozen additional
positions from its investment and corporate banks.

WSJ says that the planned layoffs are still being finalized and
most of the people who will lose their jobs will still be
notified.  The layoffs, the report states, are part of Citigroup's
recently disclosed plan to cut 50,000 jobs.

WSJ quoted Godwin Chellam, head of corporate affairs for Citigroup
in South Asia, as saying, "We have mentioned previously that we're
in the midst of restructuring CitiFinancial to provide a more
comprehensive relationship with clients by offering new products
such as wealth management and insurance.  As part of the move,
some jobs may be made redundant, but it is too early to speculate
on numbers."

According to WSJ, a person familiar with the matter said that
Citigroup is looking for ways to move laid-off workers into other
jobs at the bank.

Citigroup's India operations has about 7,000 workers in retail
banking -- including consumer and lending services -- and about
3,000 in corporate and investment banking, says WSJ.  The firm
recently sold its Indian back-office operations that employed
about 12,000 people, according to the report.  The company is also
planning to unload another part of its business in India, and
Citigroup is in talks for the sale of its 2,000-person technology
services outsourcing unit, the report states, citing a source.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had US$2.0 trillion in total
assets on US$1.9 trillion in total liabilities as of September 30,
2008.


GENERAL MOTORS: CEO Wagoner Says Bankruptcy Would Be Catastrophic
-----------------------------------------------------------------
General Motors Corporation distributed to certain members of the
U.S. government materials related to the testimony by G. Richard
Wagoner, Jr., GM Chairman and Chief Executive Officer, before the
Senate Banking Committee on November 18, 2008, and before the
House Committee on Financial Services on November 19.

General Motors Corp, along with Ford Motor Company and Chrysler
LLC, has requested a $25-billion bailout for automakers in order
to help them avoid collapse or bankruptcy.  The Big 3 have
proposed to access emergency funding from the $700-billion package
approved by Congress in October intended to bail out financial
institutions.

A copy of Mr. Wagoner's presentation is available for free at:
http://researcharchives.com/t/s?3501

Mr. Wagoner sad that GM has taken far-reaching actions over the
last several years to restructure and position its business for
viability.  Despite dramatic cost reductions, among other things,
the credit crisis is overwhelming operating plans -- weakening
U.S. vehicle market and closing off financial market funding.

"Bankruptcy filing would be catastrophic to the nation; would have
massive and far reaching systematic economic and social costs."

Mr. Wagoner noted that GM directly employs 240,000 people and
supports another 5 million jobs at dealers, parts suppliers and
service providers.  He said a Chapter 11 bankruptcy filing by GM,
which comprises 4% of U.S. gross domestic product, would be
catastrophic:

  -- Successful Chapter 11 filing would require both preservation
     of revenue (especially in a high fixed cost industry like
     the auto industry) and successful financing while in
     bankruptcy

  -- Filing would precipitate massive and rapid desertion by
     customers:

     * automobiles are the second largest purchase for most
       individuals, and purchase decisions are impacted by
       consideration of warranty, service parts and residual
       value

     * customers have other options: a June 2008 survey by CNW
       Research indicated that about 80% of customers would not
       purchase a vehicle from bankrupt manufacturer

  -- In today's credit market, financing while in bankruptcy
     would be very difficult -- especially if the company was not
     able to protect its revenue base

  -- Significant negative effects on U.S. automotive industry,
     broader economy and global credit markets.

Mr. Wagoner warned that a full collapse by the Detroit 3 in 2009
would cause more than 1.7 million in lost jobs in 2009, and a 50%
reduction by the Detroit 3 will result to 1.4 million jobs cut.
He gave these figures in a full collapse:

                         2009        2010         2011
                         ----        ----         ----
Detriot 3 Reduction       100%        100%         100%
Direct Employment      (239,341)    (239,341)    (205,611)
Supplier Employment    (973,969)    (795,223)    (544,598)
Indirect Employment  (1,738,034)  (1,427,452)  (1,021,354)
                    ----------   ----------   ----------
                    (2,951,344)  (2,462,016)  (1-771,563)

Mr. Wagoner assured lawmakers that GM would be "a winning auto
company for the long-term".  He said GM is building the best cars
in its 100-year history, including a U.S. launch of the Chevrolet
Cruze in 2010, and recent successful launch of the Cadillac CTS,
Chevrolet Malibu and Buick Enclave.  He added that GM's landmark
agreement with union United Auto Workers provides new operating
flexibility, competitive U.S. hourly labor costs in 2010 and caps
GM's hourly retiree healthcare liability.

European and Asian automakers, while implementing job cuts and
other cost reductions to address the worldwide economic crisis,
are not facing trouble as deep as the U.S. Big 3's.  "We're
expecting to be profitable next year; that's the goal," BMW Chief
Executive Officer Norbert Reithofer said in an interview.
Volkswagen AG, Europe's largest carmaker, according to Bloomberg,
is continuing with plans to complete its Chattanooga, Tennessee,
plant by the second half of 2010, and expects U.S. production in
2009 to equal this year's.  Nissan Motor Co., Japan's third-
largest automaker, said profit in the second half of 2008 may go
to "zero" because of lower sales in the U.S. and a stronger yen.

BMW agreed with GM's views that a bankruptcy by GM would have
catastrophic effects, especially on the auto-parts supply sector,
but said that it wouldn't acquire GM's Hummber, Saab or Opel
brands, which acquisition would boost GM's liquidity.  "If such a
large company would declare bankruptcy, it would also have
tremendous effects on the supply sector," Mr. Reithofer, BMW's
CEO, said. "I wouldn't like it at all."

"We don't know if GM will go bankrupt, but we certainly don't hope
so," said Mark Barnes, COO of Volkswagen's America unit.  "Now
that we are building a U.S. plant, we need suppliers."

Bloomberg TV says GM is suspending production at a plant in
Thailand. Bloomberg also noted that Mr. Wagoner has indicated he
may step down from GM if asked to.

Meanwhile, American Bankruptcy Institute says while the heads of
the Big Three automakers of Detroit pleaded at a Senate Banking
Committee for emergency government aid to stave off potential
collapse, they appeared they had not persuaded enough lawmakers to
move quickly on a bailout.  ABIWorld.org also said the
government's handling of the crisis in the airline industry
following the September 11, 2001, terrorist attacks could offer a
blueprint for a potential intervention to prop up the automakers.

                      About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


ICICI BANK: SEBI Found No Evidence of Stocks Trading Manipulation
-----------------------------------------------------------------
Securities and Exchange Board of India (SEBI)said it did not find
evidence of manipulative trading in shares of ICICI Bank.

In a press statement, the market regulator said "While Sebi
continues its surveillance of the stock exchange trading in
various securities, SEBI did not find evidence of manipulative
trading in ICICI Bank shares during the period September 8  to
October 10. ”

In a letter to SEBI dated September 17, ICICI Bank had complained
that "a malicious rumour is being spread to the effect that some
of the top management have been selling ICICI Bank shares for the
last few days.”  The price of the shares of ICICI witnessed a fall
of 12.5% from Rs. 640 on September 15 to Rs. 560.30 on
September 17.

On September 16, SEBI said ICICI Bank disclosed to the public
through a press release about ICICI Bank UK PLC exposure to Lehman
Brothers i.e. "ICICI Bank UK PLC is holding investment of Euro 57
million ($80 million) in senior bonds of Lehman Brothers Inc.
ICICI Bank UK PLC already holds a provision of about US$ 12
million against investment in these bonds.  Considering a 50%
recovery estimate, the additional provision required would be
about US$ 28 million”.  On September 17, 2008, ICICI Bank Ltd
informed the exchanges that "A malicious rumor is being spread to
the effect that some of the top management has been selling ICICI
Bank shares for the last few days.  These rumors are baseless and
irresponsible, and no shares have been sold by members of the top
management of the Bank during the current year.  ICICI Bank is
taking up this matter with regulatory authorities for necessary
action against those responsible for the rumors".

The shareholding pattern of ICICI Bank for the quarter ended on
June 30, 2008, shows that around 68% of the shares were held by
FIIs/Foreign entities (ADR).  Similarly figures for the next
quarter that ended on September 30, 2008, show that around 65% of
the shares of ICICI Bank were held by FIIs/ Foreign entities (ADR)
Rest of the shares by Indian Public including institutions.  FIIs
have reduced their holding in ICICI Bank between the quarter that
ended on June 30 and Sept. 30, 2008 by around 3%.  The underlying
shares against ADR held by Global Custodian also show a fall of
around 20.5 million shares during the period representing Jan 1,
2008 to September 30, 2008 indicating an increase in the shares
available in the Indian Market.

It is seen that the prices of ICICI Bank fell by 49.52% from
Rs.720.45 on September 8, 2008 to Rs. 363.65 on October 10, 2008.
During the same period, prices of ADRs of ICICI Bank saw a fall of
53.25% from Rs.717.77 on September 8, 2008 to Rs.335.55 on
October 10, 2008. The prices of ADR has fallen more than the
shares of ICICI Bank in Indian market.  During this period NIFTY
and SENSEX witnessed a fall of 26.82% and 27.3% respectively.

Trading pattern of the shares of ICICI bank was analyzed for the
period September 8, 2008 to October 10, 2008:

   1. The client category-wise breakup of turnover in the
      shares of ICICI Bank in the cash market shows that
      FIIs accounted for 23.57% and 18.61% of the value
      of shares sold and bought respectively whereas rest
      of the investors accounted for 76.5% and 81.4% of
      the value of shares sold and bought respectively.

   2. Top 20 investors in ICICI Bank both on net buy and
      sell basis in the cash market shows that majority
      of them were FIIs (Net Buy: FIIs-14, MF-4, DII-1,
      Others-1) (Net Sell – FIIs -17, MF – 2, Others-1)

   3. None of the major seller were observed to be placing
      orders successively at lower price

   4. There was no pattern observed regarding placement
      of successive orders at lower price by sellers to
      hammer down the price.

   5. There was no pattern observed of booking intraday
      profits by major clients or brokers during this
      period.

By and large, SEBI said, the trading patterns are consistent with
the shareholding pattern of ICICI with predominant holdings by
FIIs, the general buying and selling behaviour by FIIs and the
broad movements of the market during this period.

                    About ICICI Bank Limited

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings 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 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.


INDUSIND BANK: Fitch Maintains Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed IndusInd Bank Limited's National Long-
term rating at 'A(ind)' with Stable Outlook. At the same time, the
agency has downgraded the ratings of IndusInd's INR3.08 billion
upper tier 2 bonds to 'BBB+(ind)' from 'A-(minus)(ind)'.
IndusInd's other ratings have been affirmed:

  -- INR5.516 billion lower tier 2 debt: affirmed at 'A(ind)'

  -- National Short-term rating: affirmed at 'F1(ind)'

  -- INR2.5 billion certificates of deposit programme: affirmed
     at 'F1(ind)'

  -- Individual rating: affirmed at 'D'

  -- Support rating: affirmed at '5'

IndusInd's National Long-term and Individual ratings have been
affirmed to reflect the initiatives taken by its new management to
mitigate the structural mismatch in its asset-liability profile
(high proportion of fixed-rate vehicle finance loans being
financed largely by rate-sensitive 'wholesale' deposits), which
had led financials to deteriorate significantly between FY06 and
FY08.  The bank is gradually diversifying its loan portfolio,
limiting the proportion of its fixed-rate loans and growing its
retail liability franchise to remedy the mismatch.  Some of
IndusInd's key financial parameters have started to improve, but
the bank's performance remains more vulnerable to interest rate
volatility than other Indian banks and its financials remain weak
(as reflected in the 'D' Individual rating).  Consequently, the
hybrid instruments' notching has been widened to two notches
('BBB+(ind)') to reflect the higher possibility of coupon deferral
in the current adverse credit cycle.

IndusInd's NIM (net interest margin) improved to 1.8% in H1 ended
September 2009 (FY08: 1.6%; systemic median: 2.9%) with gradual
re-pricing of its vehicle finance portfolio.  Fitch expects
IndusInd's yield on advances to improve further in FY09.  However,
the increase in personnel expenses (IndusInd has increased its
staff by more than a third to facilitate development of its retail
liability franchise) is likely to partially offset the impact of
increasing NIM.  Management's strategic initiatives to 'correct'
IndusInd's asset-liability profile may take longer (more than 12
months) to deliver a sustained improvement in financials given the
increasingly adverse operating environment.  The bank's return on
assets during H109 was still low at 0.4%.

While management expects asset quality ratios to improve in FY09
with recovery of a large non-performing corporate account
(comprising 29% of total NPLs), IndusInd's incremental NPL could
increase in line with systemic trends as higher interest rates and
slower GDP growth have affected borrowers' repayment capacity.
IndusInd's loan loss coverage (H109: 27%) remains poor.  In June
2008, IndusInd raised INR2.2bn equity through a Global depository
receipts issue.  The bank's Tier 1 ratio improved to 8.1% from
6.7% at FYE08 following the issue and management expects to
maintain the Tier 1 ratio above 7.5%.

IndusInd is one of nine 'new' private banks that started
operations in late 1994.  Its founders own a 25.6% stake in the
bank. IndusInd historically operated as a wholesale bank until
FY04 when it merged with a specialised vehicle finance non-bank
company, Ashok Leyland Finance Limited.  The bank's network of 180
branches is spread across India.


UCO BANK: Fitch Downgrades Individual Rating to 'D/E' From 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India's UCO Bank's National Long-term
rating to 'AA-(ind)' (AA minus)(ind)) from 'AA(ind)'.  The Outlook
is Negative. Simultaneously, the agency affirmed its Support
rating at '3' and downgraded its ratings:

  -- INR2.5 billion subordinated debt: downgraded to
     'AA-(ind)' (AA minus(ind)) from 'AA(ind)';

  -- INR5 billion upper tier 2 bonds: downgraded to
     'A(ind)' from 'AA-(ind)' (AA minus(ind));

  -- INR2.3 billion perpetual tier 1 bonds: downgraded
     to 'A(ind)' from 'AA- (ind)' (AA minus (ind)); and

  -- Individual rating downgraded to 'D/E' from 'D'.

UCO's National and Individual ratings downgrade reflect the bank's
increased vulnerability given the present adverse credit
conditions; particularly in view of its weak core capital,
profitability and loan loss reserves that are well below the
system median for Indian banks.  Fitch revised the National Long-
term rating Outlook to Negative on Dec. 6, 2007, to reflect these
growing challenges and since then, while the bank's reported NPL
levels have improved, its performance continues to trail its rated
government bank peers in India.

The National Long-term ratings continue to reflect expectations of
government support given UCO's majority government ownership and
its moderately large size.  Given current difficult market
conditions, the bank is now highly dependent on the government for
capital infusion.  The Negative Outlook reflects concerns on the
bank's core capital levels, particularly as asset quality of
Indian banks will likely come under pressure during the next two
years.

The National ratings of the hybrid debt instruments are also
downgraded in line with the agency's revised approach for wider
notching of these instruments in India, reflecting the bank's weak
financials.

UCO's capital restructuring plan involving the conversion of part
of the government's equity into Tier 1 perpetual non-cumulative
preference shares, followed by a public issue of equity, has
received government approval.  The bank may consider issuing
additional PNCPS to the government to improve its Tier 1 ratio
above 6%.  While the recent reduction of risk weights by the
Reserve Bank of India for certain loan categories (unrated
exposures, commercial real estate and finance companies) will also
boost the reported capital ratios, UCO's equity/assets ratio of
3.59% at end-September 2008 is considered low.  Given low loan
loss reserves (specific loan loss reserves/gross NPL ratio of
32.6% at FY ended March 2008) the bank's solvency (FY08 net
NPL/equity ratio of 37.3%) compares unfavorably with larger
government banks.  Therefore, it is important for the bank to
raise substantial equity (higher than planned) and also improve
its profitability for internal capital generation.  Issuance of
common equity to public is, however, uncertain given the difficult
market conditions.

The bank's weakness in its structural liquidity lies in its
increased dependence on wholesale borrowings to fund its growth.
The low cost deposit base declined to 25.18% in end-September 2008
from 29.23% in FY05.  UCO's net interest margin (H109: 1.8%) is
likely to remain under pressure as it focuses on short-term
corporate loans that earn lower yields, while its reliance on
high-cost wholesale funds has increased its funding cost.
Although improved, UCO's gross (H109: 2.58%) and net (H109: 1.61%)
NPL ratios are the highest among its government bank peers and are
likely to remain under pressure due to the rising risk of
delinquencies in the retail, SME and mid-corporate segments.

UCO was established in West Bengal in 1943 and nationalised in
1969.  The bank's IPO in 2003 reduced the government's stake to
75%.  From being a predominantly corporate bank, UCO has, in
recent years, increased its lending to the retail segment, which
now constitutes 14% of total loans.



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

* Fitch Sees Slowdown in Indonesian Coal Production
---------------------------------------------------
Fitch Ratings has commented in a special report that it expects
Indonesia's coal production output to grow at a lower rate than
previously expected, due to delays in production ramp-up and the
fall in economically mineable reserves, given the decline in coal
prices.

Indonesian coal production growth had been strong in the past,
recording a compound annual growth rate of 16.8% during 2003 to
2006.  Continuing growth in 2007 was halted by heavy rainfall in
Kalimantan, lowering the CAGR to 12.2% during 2003 to 2007.  The
growth rate in 2008 has been further hindered, as a number of
Kalimantan-based producers have reported slow mining progress, due
to unseasonably wet weather and shortages in mining equipment in
H108.

In the report, Fitch notes that as liquidity dried up beginning
H208, companies that had not secured funding will likely cut back
on their discretionary capex - which may impact their production
ramp-up schedule.  Moreover, with the lower coal price, some
reserves that had initially been economically mineable are no
longer viable.

With slower production growth and potential new domestic demand,
in view of the Indonesian government's plan to build an additional
10,000 megawatts of power generation capacity by 2010, Indonesia's
coal export volume may grow at a lower pace as compared to
production in the medium-term.  Fitch expects foreign interest to
acquire coal mines to secure their coal supplies in the long-run,
and will likely re-emerge given the lower valuation of coal mines
as compared to earlier this year.  Nevertheless, uncertainty in
the domestic regulatory environment will likely be the key
deterrent of possible transactions.



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

MAZDA MOTOR: To Axe 1,300 Temporary Workers in Japan
----------------------------------------------------
Mazda Motor Corp. will cut 1,300 temporary workers in Japan as the
company reduces vehicle output due to slowing demand, Bloomberg
News reports.

According to Bloomberg News, spokesman Toyota Tanaka said Mazda
will cut 500 workers at its factory in Yamaguchi prefecture, and
800 workers at its plant in Hiroshima prefecture.

The company, Bloomberg says, lowered its profit forecast 29
percent in October.  Mazda's domestic sales plunged 21 percent in
October as Japan entered into a recession.  In the U.S., the
world's biggest car market, Mazda's sales dropped 26 percent.

                        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.


* JAPAN: Six Major Non-Life Insurers Incur JPY190 Bil. Total Loss
-----------------------------------------------------------------
Japan's six major non-life insurers reported total loss of about
JPY190 billion in the six months through September amid global
financial slowdown, Japan Today says citing the insurers' earnings
reports.

Japan Today says while declining premium revenues due to slumping
sales of automobile insurance policies weighed on their balance
sheets, five of the six firms booked sharp falls in their group
net profit during the first half of the 2008 business year
compared with levels a year earlier.

The firms expect a combined loss of up to JPY450 billion for the
full year ending March 2009.



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

* KOREA: Automakers Need Gov.'t Aid to Cope Slowing Demand
----------------------------------------------------------
South Korean automakers said it will call on the government to
provide support to cope with the sharp drop in domestic demand and
exports, Yonhap News reports citing The Korea Automobile
Manufacturers Association (KAMA).

The group said it has drawn up a list of requests compiled by the
country's five automakers, including those by Hyundai Motor Co.,
Kia Motors Corp. and Renault Samsung Motors Corp.



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

PAN MALAYSIA: Posts MYR2.70 Mil. Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Pan Malaysia Corporation Berhad disclosed with the Kuala Lumpur
Stock Exchange its financial report for the first quarter ended
September 30, 2008.

For the three months ended September 30, 2008, the company posted
MYR2.70 million net loss as compared to MYR.803 million net loss
in the same period of 2007.

The group recorded higher revenues of MYR35.74 million in the
third quarter ended September 30, 2008, as compared to the
MYR34.63 million of revenues recorded in the same period of 2007.
The higher revenue for the current quarter was due to better sales
during the festive seasons, in line with the seasonal nature of
the Group's food and confectionery operations.

For the nine months ended September 30, 2008, the Group recorded
revenue of MYR99.4 million, representing a growth of 8.9% over the
previous year corresponding period's revenue of MYR91.3 million.
The higher revenue was mainly contributed by higher sales from the
food and confectionery operations.

As of September 30, 2008, the group's balance sheet showed
MYR654.83 million of total assets, MYR301.85 million of total
liabilities resulting in a shareholders' equity of
MYR352.98 million.

                  About Pan Malaysia Corporation

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.

Pan Malaysia has suffered consecutive losses in the past due to
skyrocketing operating expenses.  The group has been selling
assets to curb losses.  In the fiscal years ending December 31,
2005 and 2006, the company booked net losses of MYR8.95 million
and MYR68.07 million, respectively.



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

AIR NZ: ACCC Plans to Reject Proposed Deal with Air Canada
----------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) plans to
decline a proposed deal between Air New Zealand and Air Canada on
flights from Auckland and Sydney to Canada, the New Zealand Press
Association reports.

According to NZPA, the ACCC said it's concerned the co-operation
agreement could reduce competition for flights between Australia
and Canada.

Under the proposed deal, the report says, the two airlines would
jointly promote and sell Air Canada flights between Sydney and
Vancouver and Air New Zealand flights between Auckland and
Vancouver.  The co-operation agreement would mean both airlines
could pool and share revenue related to direct flights, the report
notes.

But in a draft determination, The Australian relates, the ACCC
noted there were only four main carriers on the route and it was
concerned that the proposed agreement was likely to reduce
competition.

"On balance, the ACCC considers that the public benefits of the
co-operation agreement are not likely to outweigh the public
detriments," NZPA cites ACCC chairman Graeme Samuel said in a
statement.

According to the Australian, the ACCC will take further
submissions before issuing a final determination.  Air New
Zealand, however, said that it had noted the draft decision but
expected to make further submissions to the ACCC.

                      About Air New Zealand

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

                          *     *     *

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


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

The Commissioner of Inland Revenue filed the petition against the
company on July 8, 2008.

The CIR's solicitor is:

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


BOX LOUNGE: Fixes Nov. 28 as Last Day to File Claims
----------------------------------------------------
The creditors of Box Lounge Ltd. are required to file their proofs
of debt by November 28, 2008, to be included in the company's
dividend distribution.

The company's 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


BUY-SELL REALTY: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------------
On October 23, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed liquidators of Buy-Sell Realty NZ Ltd.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


CAPITAL + MERCHANT: No Assets Left to Recoup Money, Investors Told
------------------------------------------------------------------
Fiona Robertson at The National Business Review reported that
Capital + Merchant Finance investors might not recoup the money
they are owed as there are no assets left in the company.

The report said the investors' only hope of recovering any capital
lies in claims against directors and other parties involved with
the company before it was dragged into receivership a year ago.

However, the Business Review related, receivers KordaMentha cannot
assess if there are any claims to be made and how likely any
claims are to succeed until they gain control of the company when
first receiver Grant Thornton retires.

According to the report, KordaMentha's latest update shows that
the only assets left in Capital + Merchant are insurance claims
for losses on loans but KordaMentha understands the claims have
not been accepted by insurers to date.

As reported in the Troubled Company Reporter – Asia Pacific on
Dec. 4, 2007, Capital + Merchant Finance Ltd and Capital +
Merchant Investments Ltd have gone into receivership due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.

Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha,  the New Zealand Press Association
related.

According to reports, Capital + Merchant owes about
NZ$190 million to 7,000 investors.  Fortress reportedly has a
prior charge over assets and was owed around NZ$70 million in
total.


EDPAC SOUTHERN: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of EDPAC Southern Cross Ltd. on October 23, 2008.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


EXIT47 DESIGN: Appoints Parsons and Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Exit47 Design Ltd. on October 24, 2008.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


LATIN HANDS ET AL: Fixes January 28 as Last Day to File Claims
--------------------------------------------------------------
In order to be included in the dividend distribution, the
creditors are required to file their proofs of debt by
Jan. 28, 2009, for these companies:

   -- Latin Hands Limited
   -- Winsun Heights Body Corporate Limited
   -- CLD Holding Limited.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          PricewaterhouseCoopers
          Victoria Street West, Auckland 1142
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


PEJO LTD: Commences Liquidation Proceedings
-------------------------------------------
Pejo Ltd. commenced liquidation proceedings on Sept. 25, 2008.

The company's liquidator is:

          Bruce Douglas Montgomery
          c/o Monteck Group Limited
          Eastside Business Park
          15 Accent Drive, Botany
          Telephone:(09) 273 3682
          Facsimile:(09) 273 3680


PST IMAGES ET AL: Creditors' Proofs of Debt Due on January 30
-------------------------------------------------------------
In order to be included in the dividend distribution, the
creditors are required to file their proofs of debt by
Jan. 30, 2009, for these companies:

   -- PST Images Limited;
   -- Tinui Shearing Limited;
   -- Sheppard Construction Limited;
   -- HL Security Limited; and
   -- Resolution Digital Print Limited at 11.13am.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


SUN & SONS: Wind-Up Petition Hearing Set for December 15
--------------------------------------------------------
A petition to have Sun & Sons Ltd.'s operations wound up will be
heard before the High Court at Auckland on December 15, 2008, at
11:45 a.m.

M & M Fencing (NZ) Limited filed the petition against the company
on October 7, 2008.

M & M Fencing's solicitor is:

          Carol Denise Hall
          Carlile Dowling, Solicitors
          Raffles Street, Napier 4110
          Telephone:(06) 835 7394
          Facsimile:(06) 835 1338


THE NZ HOUSE: Appoints John Francis Managh as Liquidator
--------------------------------------------------------
On October 23, 2008, the shareholders of The NZ House Inspection
Company Canterbury Ltd. appointed John Francis Managh as the
company's liquidator.

The Liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022, Napier
          Telephone/Facsimile:(06) 835 6280


* NEW ZEALAND: Electronic Card Spending Up 0.5% in October
----------------------------------------------------------
After adjusting for seasonal effects, the value of the total
Electronic Card Transaction (ECT) series increased 0.5 percent in
October 2008 compared with September 2008, Statistics New Zealand
said.  This follows an increase of 0.8 percent in September.

The value of the seasonally adjusted retail ECT series was also up
0.5 percent in October 2008, following a flat September month.
The durables, consumables and apparel industries experienced the
largest increases, while fuel retailing was the only industry to
record a decrease.

The seasonally adjusted core retail ECT series (which excludes the
motor vehicle-related industries) increased 1.0 percent in
October, following a decrease of 0.3 percent in September.

The trend for the total ECT series had been comparatively flat in
early 2008, but has strengthened in recent months.

There were 90 million electronic transactions in October 2008 with
a value of NZ$4.8 billion.



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

ADVANCE VIEW: Court Enters Wind-Up Order
----------------------------------------
On October 31, 2008, the High Court of Singapore entered an order
to have Advance View Construction Pte Ltd's operations wound up.

Ho Lee Construction Pte Ltd filed the petition against the
company.

The company's liquidator is:

          The Official Receiver of
          URA Centre (East Wing)
          45 Maxwell Road, #05-11/#06-11
          Singapore 069118


DTRON SINGAPORE: Creditors' Proofs of Debt Due on November 28
-------------------------------------------------------------
The creditors of Dtron Singapore Pte Ltd are required to file
their proofs of debt by November 28, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ong Yew Huat
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


ERO LINGERIE: Wind-Up Petition Hearing Set for November 28
----------------------------------------------------------
A petition to have Ero Lingerie International Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
November 28, 2008, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Nov. 3,
2008.

DBS Bank's solicitors are:

          Messrs. Rajah & Tann LLP
          No. 4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


SHEALTH SERVICES: Court Enters Wind-Up Order
--------------------------------------------
On November 7, 2008, the High Court of Singapore entered an order
to have Shealth Services Pte Ltd's operations wound up.

NCHO Engineering & Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

          Goh Boon Kok
          M/s Goh Boon Kok & Co
          1 Claymore Drive #08-11
          Orchard Tower Rear Block
          Singapore 229594



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

TA CHONG BANK: Fitch Downgrades Ratings on Several Rated Tranches
-----------------------------------------------------------------
Fitch Ratings has downgraded some of the rated tranches of Ta
Chong Bank 2006-2 Collateralised Bond Obligation as listed:

  -- NT$1,361 million Class A-1 Commercial Paper (CP):
     downgraded to 'C(twn)' from 'F2(twn)', removed
     from RWN;

  -- NT$1,636 million Class A-2 CP: affirmed at 'C(twn)';

  -- NT$100 million Class B CP: affirmed at 'C(twn)'; and

  -- NT$101 million subordinated term note due February 2013:
     downgraded to 'C(twn)' from 'CC(twn)'.

Ta Chong Bank 2006-2 is a bankruptcy-remote special purpose trust,
established in 2006 to fund a one-time purchase of NTD corporate
bonds and a USD single tranche synthetic CDO, through the issuance
of three classes of NTD CP and a subordinated term note.  At
present, the outstanding collateral consists of NT$1.4 billion in
notional of corporate bonds and USD54.75m Castle Finance III Ltd's
Series 2 CDO note.  The NTD assets are rated at least 'BBB-' and
have a remaining weighted average life of less than one year.

The downgrade of Class A-1 reflects SPT2's failure to make due
payment to all the rated CP notes on Nov. 10, 2008 following the
Stop-Issuance Event.  SPT2's failure to make USD payment to the
Cross Currency Swap counterparty, ABN AMRO Bank, triggered the
Stop-Issuance Event, and this occurred because SPT2 relied mainly
on the USD interest of the Castle Finance CDO to make such CCS
payment.  The Castle Finance CDO has, in total, experienced seven
Credit Events in its referenced portfolio.  The affected reference
entities represent 7% of the total referenced portfolio notional,
exceeding the available credit enhancement of 2.82% and the
detachment point of 3.82%, and while the settlement processes are
in progress for these seven reference entities the Castle Finance
CDO will pay zero interest to SPT2.

The downgrade of the subordinated term note follows the agency's
rating downgrade of Castle Finance CDO note to 'C' from 'CC'.
This rating action reflects the agency's view on the low recovery
prospects of three referenced Icelandic banks recently subject to
a Bankruptcy Credit Event, namely, Landsbanki Islands, Kaupthing
Bank hf. and Glitnir Banki hf.  Therefore, the credit enhancement
level of the Castle Finance CDO is expected to reduce to a
negative level that will result in principal losses to the
noteholders.

Current noteholders have legal claims over the outstanding
collateral.  The ultimate recovery rate of the outstanding notes
is subject to the realised value of the remaining collateral minus
any costs related to the unwinding of the swaps and the
distribution priority of the notes in the post-enforcement
waterfall.  The recovery prospects for the outstanding Class A-1
CP is currently expected to be high, however, for the Class A-2, B
and subordinated notes the current expected recovery amounts are
likely to be negligible.

Fitch is currently monitoring developments with Ta Chong Bank
2006-1 CBO SPT, which has a very similar transaction structure to
SPT2.  Should SPT1 also fail to make due payment to its rated
notes Fitch will take appropriate rating actions.

The ratings of the CPs address the timely payment of interest and
principal in accordance with the terms of the transaction
documents.  The rating on the subordinated term note addresses the
ultimate payment of principal in accordance with the terms of the
transaction documents.  However, the ratings do not address the
possibility of any changes in law or regulatory approvals, or
early termination caused by investors.



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

* Ford & GM CEOs Won't Accept $1 Salary in Exchange for Gov't Aid
-----------------------------------------------------------------
Josh Mitchell at Dow Jones Newswires reports that the CEOs of
General Motors Corp. and Ford Motor Co. said on Wednesday that
they would refuse a $1 salary in exchange for government aid.

According to Dow Jones, a House Financial Services Committee
member told GM CEO Rick Wagoner and Ford Motor CEO Alan Mulally
during a hearing on Wednesday that reducing their annual salaries
to $1 would be "an important symbolic gesture" as they seek for
$25 billion in loans funded by tax dollars

Mr. Wagoner said that his salary has already been decreased
significantly and that he has given up other forms of
compensation, Dow Jones states.  Workforce.com relates that
Mr. Wagoner said he had previously cut his salary by 50%.

Dow Jones quoted Mr. Mulally as saying, "I understand your point
about the symbol.  But I think, not just for me, but we're trying
to fill a skilled and motivated team."  According to
Workforce.com, Mr. Mulally -- who earned $21 million in 2007 --
said that he was concerned that cutting compensation might cause
Ford Motor to lose executives and be unable to attract top talent.
Dow Jones says that when Mr. Mulally was pressed on whether he
would work for $1 per year, he said, "I think I'm OK where I am."

Chrysler LLC CEO Robert Nardelli said on Tuesday that he would be
willing to work under a $1 salary as a condition for a federal
bailout package, Dow Jones reports.  Workforce.com relates that
Mr. Nardelli said that he would accept a $1 yearly salary if it
helped Chrysler obtain its $7 billion share of a proposed
$25 billion automaker rescue package.

Dow Jones states that former Chrysler CEO Lee Iacocca accepted in
1979 to have a $1 yearly salary to secure a $1.5 billion loan
guarantee from the government, which bailed out the company in the
1980s.

Neal E. Boudette, Josh Mitchell, and Siobhan Hughes at The Wall
Street Journal report that Ford Motor, Chrysler, and GM, tried
told the House Financial Services Committee that the auto industry
could collapse without emergency assistance from the government.

According to WSJ, Chrysler has worked out some contingency plans
in case it has to file for Chapter 11 protection.  Mr. Nardelli
said that Chrysler has "looked at all aspects" of a potential
bankruptcy filing and "have gone through advisors to help us think
this through," WSJ relates.

A bankruptcy filing would likely lead GM to "liquidate the company
because you wouldn't have any revenue," and so GM has decided to
put "all effort into avoiding" bankruptcy and hasn't worked out a
detailed contingency plan, WSJ says, citing Mr. Wagoner.

WSJ states that Mr. Mulally said Ford Motor has studied a
bankruptcy option and believes "it is not a viable" option.

Messrs. Wagoner and Nardelli, as they did in a Senate committee
hearing on Tuesday, said that without help, GM and Chrysler could
run out of money soon, WSJ reports.

Democrats, according to WSJ, are proposing to take the requested
$25 billion auto bailout from the $700 billion plan for the
financial markets.  The Bush administration is saying that the
companies should get the money quicker from previously approved
loans, WSJ states.  President-elect Barack Obama is backing quick
aid to the auto makers, according to the report.

WSJ relates that Rep. Barney Frank, the Massachusetts Democrat who
chairs the committee, crafted a House plan that requires
automakers to submit operating and restructuring plans and
describe how the loan money would be used.  The report says that
under that bill, taxpayers would be reimbursed, with interest,
while "golden parachutes" and dividend payments over the life of
the loans would be banned.

The proposed loans being supported by Democrats would be for 10
years, starting at an interest rate of 5%, and would be provided
under the government's $700 billion financial rescue plan, WSJ
states.

              Nissan & Renault No Longer Seeking Alliances

Nissan Motor Co. and Renault SA's Carlos Goshn has said he's no
longer seeking alliances, according to Bloomberg TV.

As reported in the Troubled Company Reporter on Oct. 22, 2008,
Chrysler might join a manufacturing and development alliance
between Nissan Motor and Renault, but still preferred a merger
deal with GM.  While GM was unable to secure financing for the
deal, Chrysler parent Cerberus Capital was continuing to explore
Chrysler's possible team up with Nissan.  Cerberus Capital was
considering selling a minority stake to Nissan and Renault.

                        About Ford Motor Co.

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

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

                           *     *     *

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

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

                       About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


* Ford and GM Fail to Convince Lawmakers on Bailout Urgency
----------------------------------------------------------
Greg Hitt, Jeffrey McCracken, and Matthew Dolan at The Wall Street
Journal report that General Motors Corp., Ford Motor, and Chrysler
LLC failed to convince lawmakers of their urgent need for
financial assistance.

According to WSJ, Congressional Democratic leaders wanted to take
out the US$25 billion financial aid for the automakers out of the
government's US$700 billion bailout to the financial markets.
Many Republicans and the Bush administration have resisted the
proposal, and instead favored loosening controls over US$25
billion in already approved loans -- meant to help the industry
retool -- to aid in the current crisis.  The report says that the
Republican-backed proposal could be added on Thursday as an
amendment to a separate measure that would extend jobless
benefits.  Some Democrats, including Michigan Senator Carl Levin,
suggested they would be willing to consider it, while more senior
Democrats strongly opposed it.

Senate Majority Leader Harry Reid, says WSJ, backed away from
efforts to force a vote this week on a Democratic-backed bill that
will allow the bailout, saying that he might move a Republican
alternative proposal on Thursday, but it faced strong opposition.

According to Detroit Free Press, former Republican presidential
candidate Mitt Romney said automakers should go bankrupt rather
than obtain a US$25-billion government bailout.  "A managed
bankruptcy may be the only path to the fundamental restructuring
the industry needs."

Many lawmakers still had grave doubts about whether the auto
makers were too weak to be saved, Patrick Yoest and Josh Mitchell
at WSJ relate, citing Democratic leaders.  Many lawmakers were
unconvinced that the executives of GM, Ford Motor, and Chrysler
could turn their companies around, the report says.

According to WSJ, public anger about the prospect of another
taxpayer-funded rescue of corporations appeared to play a major
role in the Democrat's failure to secure government financial
assistance for GM, Ford Motor, and Chrysler.  WSJ states that
Senator Reid told reporters, "The sad reality is that no one has
come up with a plan that can pass the House and Senate and get
signed by President Bush.  The executives of the auto companies
have not been able to convince the Congress and the American
people that this government bailout will be its last."

Congressional leaders will consider a special session for the
second week of December if GM, Ford Motor, and Chrysler submit
comprehensive business plans showing how they will return their
firms to stability, and the plans must be submitted by Dec. 2, WSJ
reports, citing Senator Reid.

Failure to gain support in Washington could force GM to file for
bankruptcy protection, but the company is resisting suggestions
from advisers that it make preparations for a Chapter 11 filing,
WSJ says, citing people familiar with the matter.  The sources
said that GM admitted to the Congress this week that it could soon
run out of cash, WSJ states.  Ford Motor and Chrysler also ruled
out filing for bankruptcy, according to the report.

WSJ states that United Auto Workers President Ron Gettelfinger
told the Bush administration and the Congress must come to an
agreement on aid, or one or more of the Detroit Three auto makers
could collapse by the year-end, and "the costs that would come
from this are just too great."

If one of the automakers would file for bankruptcy, some estimates
put U.S. job losses as high as 2.5 million in 2009, according to
WSJ.  The report says that GM, Ford Motor, and Chrysler employ
almost a quarter-million workers.  More than 730,000 other workers
produce materials and parts that go into cars, and one million
more people work in dealerships nationwide, the report states.

WSJ relates that Senator Reid said that the Bush administration
could act on its own, noting "the authority to provide funds to
the auto industry lies with the Treasury Department," which
administers the market-rescue fund.

     Automakers Split Over Condition for US$25BB Bailout

Siobhan Hughes at Dow Jones Newswires reports that GM, Ford Motor,
and Chrysler were split over whether to accept a new round of
mandatory increases in fuel-mileage standards in return for a
US$25 billion in emergency loans from the government.

GM, Ford Motor, and Chrysler are seeking additional, more
immediate loans, Dow Jones states.  As reported in the Troubled
Company Reporter on Nov. 20, 2008, the CEOs of GM and Ford said
that they would refuse a US$1 salary in exchange for government
aid, while Chrysler's CEO agreed to the wage.

Congress voted in 2007 to boost fuel-efficiency standards to an
average 35 miles per gallon by 2020, Dow Jones says.   According
to the report, the Congress already approved US$25 billion in
loans to help factories make more fuel-efficient cars.

Loans should be contingent upon a commitment to develop a new
generation of cars that reduce greenhouse-gas emissions and
operate more efficiently, Dow Jones says, citing Democratic
lawmakers.  The executives of the companies, according to the
report, suggested that automakers were already struggling to meet
the new fuel-efficiency standards mandated by a 2007 law.

Dow Jones quoted Ford Motor CEO Alan Mulally as saying, "I think
the work we did last year was very, very good work.  We completely
stretched the enabling technology to be able to meet the fuel-
efficiency improvement.  I don't think we know of any more
technology that we can bring to bear to accelerate that."

GM CEO Richard Wagoner, according to Dow Jones, said, "We're
stretching to meet the requirements as they are."

Dow Jones reports that Chrysler Robert Nardelli said that "given
our situation, we'd be open to any requirements that you felt
appropriate."

According to Dow Jones, the Democratic-controlled Congress has
been asking car makers to make more fuel-efficient vehicles, which
Detroit has resisted.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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



                         *********

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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