TCRAP_Public/081125.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

            Tuesday, November 25, 2008, Vol. 11, No. 234

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: S&P Downgrades Long-Term Issuer Rating to 'CC'
BALIKU INVESTMENTS: Appoints Bettles and Carter as Liquidators
BAY CENTRAL: Members and Creditors Receive Wind-Up Report
BRB PROJECT: Placed Under Voluntary Liquidation
BRB PROPERTY: Commences Liquidation Proceedings

BROXCO PTY: Members and Creditors Hear Wind-Up Report
CAIRE INVESTMENTS: To Declare Dividend on December 2
CARFEW PTY: To Declare Dividend on December 7
FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
GRAMCORP PTY: Members and Creditors Receive Wind-Up Report

LITTLE MISS: Members and Creditors Hear Wind-Up Report
PARENTE TILING: Commences Liquidation Proceedings
POMO ADVERTISING: Placed Under Voluntary Liquidation
RAMBOLT PTY: Appoints Lane and Peldan as Liquidators
STATE DEVELOPMENT: Members Receive Wind-Up Report

SUNCORP-METWAY: Loans to Babcock May Spark Higher Impairment Loss
THSITLE WELDING:Members Receive Wind-Up Report
TRANSFIELD SERVICES: To Raise AU$385 Mil. for Debt Payment
URBAN REVOLUTION: Enters Liquidation Proceedings


C H I N A

AGILYSYS INC: Failure to File 10-Q Further Cues Stocks Delisting
GALAXY CASINO: Moody's Reviews 'B1' Rating for Possible Downgrade
GALAXY CASINO: Macau Project Cues S&P to Cut Corp. Rating to 'B'
SHANGHAI PUDONG: Denies Talks on Selling Additional Shares


H O N G K O N G

CHARMEX INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 15
CHINA ECONOMICS: Requires Creditors to File Claims by December 21
CHUNG SHING: Creditors' Meeting Set for December 3
CLEAR LAKE ET AL: Members' Final Meeting Set for December 22
FORSYTH PARTNERS: Liquidators Quit Post

GIANT SHARP: Creditors' Proofs of Debt Due on December 23
HK EXCHANGE FUND: Incurs HK$48.3 Billion 3Q Investment Loss
HONOUR RIDER: Creditors' Proofs of Debt Due on December 23
HUGO ACTION: Placed Under Voluntary Liquidation
SPIRENT DM: Requires Creditors to File Claims by December 22

* HONG KONG: Mortgages in Neg. Equity Rose to HK$6 Bil. in Sept.


I N D I A

AIR INDIA: Defers IPO Plan Until Financial Markets Improve
AIR INDIA: To Cut Airfares by 12% in Mid-December
GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market
GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating

GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
JET AIRWAYS: Proposes 5-25% Salary Cut
KALYANPUR CEMENT: Fitch Assigns 'C' Rating on Proposed Debentures
TATA MOTORS: Shuts Down Jamshedpur Plant Again


I N D O N E S I A

BANK CENTURY: Gets INR1 Trillion Cash Injection from Gov't.


J A P A N

ANDANTE LTD: S&P Ratings on Six Classes of Notes Tumbles to 'D'
FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use
NOMURA HOLDINGS: May Raise Additional Capital

SANYO ELECTRIC: Panasonic May Buy All Sanyo Shares for JPY1 Tril.
* Moody's Says Liquidity of Japanese Corporates Remains Acceptable


N E W  Z E A L A N D

BJ HOMES: Fixes December 5 as Last Day to File Claims
C CASTLE: Court Enters Wind-Up Order
CHOOSE HOLDINGS: Placed Under Voluntary Liquidation
CRAWLER TRACTOR: Commences Liquidation Proceedings
GMF CONSTRUCTION ET AL: Appoints Shephard & Dunphy as Liquidators

INTERNATIONAL TRAVEL: Court to Hear Wind-Up Petition on Dec. 1
KELLY RESIDENTIAL: Fixes December 12 As Last Day to File Claims
KEMS LTD: Placed Under Voluntary Liquidation
MAIN SOUTH: Commences Liquidation Proceedings
MAINLAND SPOUTING: Placed Under Voluntary Liquidation

OLIVERS CENTRAL: Court Enters Wind-Up Order
RACEPRO COMPOSITES ET AL: Commences Liquidation Proceedings
RMG HOLDINGS: Fixes Dec. 2 as Last Day to File Claims
SYVANIA LTD: Fixes December 5 as Last Day to File Claims
VERMONT GROUP: Fixes Dec. 1 as Last Day to File Claims


T H A I L A N D

TRUE CORP: Third Quarter Results Cue Moody's Rating Cut to 'B2'


V I E T N A M

SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting


X X X X X X X X

* BOND PRICING: For the Week November 17 to November 21, 2008


                         - - - - -


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

BABCOCK & BROWN: S&P Downgrades Long-Term Issuer Rating to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

"We believe the dispute heightens the challenges faced by the
company in retaining the confidence of its main banking
syndicate," Standard & Poor's credit analyst Sharad Jain said.
"In S&P's view, retaining bankers' confidence is critical for
Babcock & Brown group to maintain its financial flexibility during
the long-drawn process of the group's asset-sale program and
transition to a restructured business model."

According to Standard & Poor's rating criteria and definitions,
'CC' is the lowest issuer credit rating in the absence of an
actual payment default, bankruptcy filing, or completion of a
tender or exchange offer for cash or securities having a total
value that is clearly less than par.

The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

                  S&P Withdraws 'CC/C' Ratings

In a separate release, Standard & Poor's Ratings Services said
that it has withdrawn its 'CC/C' ratings on Babcock & Brown
International Pty Ltd. at the request of BBIPL.

At the time of the withdrawal, the 'CC' long-term rating, the 'C'
short-term rating, and CreditWatch Negative reflect S&P's opinion
that a high risk of default exists in the near term.  Standard &
Poor's does not have a rating on any of BBIPL's debt issues.


BALIKU INVESTMENTS: Appoints Bettles and Carter as Liquidators
--------------------------------------------------------------
During a general meeting held on September 23, 2008, the members
of Baliku Investments Pty Ltd appointed Jason Bettles and Susan
Carter as the company's liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Website: http://www.worrells.net.au


BAY CENTRAL: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Bay Central Developments Pty Ltd met
on November 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Website: http://www.worrells.net.au


BRB PROJECT: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 22, 2008, the members
of BRB Project Management Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Terry Grant van der Velde
          Paul Desmond Sweeney
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000


BRB PROPERTY: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on September 22, 2008, the members
of BRB Property Solutions Pty Ltd agreed to voluntarily liquidate
the company's business.

The company's liquidators are:

          Terry Grant van der Velde
          Paul Desmond Sweeney
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000
          Website: http://www.svpartners.com.au


BROXCO PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Broxco Pty Ltd  met on November 7,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Website: http://www.worrells.net.au


CAIRE INVESTMENTS: To Declare Dividend on December 2
----------------------------------------------------
Caire Investments Proprietary Limited, which is in liquidation,
will declare first and final dividend for priority creditors
and preferred employee creditors on December 2, 2008.

The company's liquidator is:

          Julie Williams
          Insolvency & Turnaround Solutions
          360 Queen Street, Level 4
          Brisbane QLD 4000
          Telephone:(07) 3221 7433
          Facsimile:(07) 3221 7433


CARFEW PTY: To Declare Dividend on December 7
---------------------------------------------
Carfew Pty Ltd will declare first and final dividend on Dec. 7,
2008, for unsecured creditors of the company.

Only creditors whose debts or claims were received by Oct. 28,
2008, will be included in the company's dividend distribution.

The company's deed administrator is:

          J. P. Mcleod
          c/o McLeod & Partners
          Elio Moda Building
          215 Elizabeth Street, Level 1
          Brisbane QLD 4000
          Telephone:(07) 3004 0800


FAIRCHILD SEMICONDUCTOR: Moody's Retains 'Ba3' Corporate Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Fairchild Semiconductor
Corporation's (a wholly owned subsidiary of Fairchild
Semiconductor International, Inc.) Ba3 corporate family rating and
SGL-1 speculative grade liquidity rating.  The ratings outlook was
revised to stable from positive.  Moody's also affirmed the Ba2
rating on the company's senior secured credit facilities.

The stabilization of the ratings outlook reflects the likely
contraction in Fairchild's sales and margins because of weak end-
market demand.  The company recently announced that it expects
sales to sequentially decline 16% to 21% for the December 2008
quarter.  However, the stable outlook is supported by Moody's
expectation that the company should maintain very good liquidity
throughout the near term and improved supply chain management, as
evidenced through previous cycles.

Despite the potential severity of the current global economic
downturn and Fairchild's exposure to weakening end-markets (such
as consumer, automotive, computing), the affirmation of the Ba3
corporate family rating is supported by Moody's expectation that
while maintaining very good liquidity, it can mitigate the impact
of declining sales on its margins, within a tolerable bandwidth,
through cost containment initiatives and continued emphasis on
working capital management.  In Moody's opinion, based on various
stress scenarios, the company should have the ability to sustain
credit metrics that are appropriate for the Ba3 ratings category
over the medium-term.  However, to the extent the company
experiences a decline in demand levels greater than Moody's
expectations, this could apply negative pressure to the ratings.

Moody's notes that Fairchild's end-market visibility is somewhat
limited given that a material portion of its products are sold
through distributors, many of whom are coping with reduced orders
and are trying to reduce inventories.  Additionally, the company's
exposure to the mature Standard Products business could constrain
gross margins, particularly if ASP's sharply decline.

These ratings were affirmed:

-- Corporate family rating at Ba3;

-- Probability-of-default rating at B1;

-- US$100 million senior secured revolving credit facility
    due 2012 at Ba2 (LGD2, 27%);

-- US$515.8 million senior secured term loan due 2013 at
    Ba2 (LGD2, 27%).

Fairchild's Ba3 corporate family rating continues to reflect the
company's moderate leverage, its favorable business profile as the
largest global supplier of power semiconductors, and significant
historical improvements in operating margins, but also considers
the highly competitive nature of the company's markets, ongoing
acquisition risk, and its exposure to softening end-markets.  As
such, Moody's will continue to monitor the company's business
strategy, the pricing environment, and its cost control efforts.
In Moody's opinion, Fairchild's liquidity position is very good
due to its large cash balance, favorable debt maturity profile,
expectations for positive cash flow, and capacity under its
revolving credit facility.

The last rating action for Fairchild occurred on May 02, 2008,
when Moody's affirmed the company's Ba3 corporate family rating
and SGL-1 speculative grade liquidity rating.

Fairchild Semiconductor Corporation, based in South Portland,
Maine, is the world's largest global supplier of power
semiconductors.  The company reported sales of approximately
$1.7 billion through the twelve months ended Sept. 28, 2008.

In Asia-Pacific, the company has sales offices in Australia and
People's Republic of China among others.

In Europe, it also has sales offices in France and Germany among
others.

In Latin America, it has sales offices in Brazil and Mexico.


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

The company's liquidator is:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Website: http://www.worrells.net.au


LITTLE MISS: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Little Miss Sparkle Pty Ltd met on
November 12, 2008, and received 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
          Website: http://www.worrells.net.au


PARENTE TILING: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on September 22, 2008, the members
of Parente Tiling Pty Limited agreed to voluntarily liquidate the
company's business.

The company's liquidators are:

          Terry John Rose
          Terry Grant Van Der Velde
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000


POMO ADVERTISING: Placed Under Voluntary Liquidation
----------------------------------------------------
During a general meeting held on September 19, 2008, the members
of Pomo Advertising Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Ginette Muller
          John Shanahan
          KordaMentha (Qld)
          22 Market Street
          Brisbane QLD 4000
          Telephone:(07) 3225 4900
          Facsimile:(07) 3225 4999


RAMBOLT PTY: Appoints Lane and Peldan as Liquidators
----------------------------------------------------
During a general meeting held on October 7, 2008, the members of
Rambolt Pty Ltd appointed Morgan Lane and Michael Peldan as the
company's liquidators.

The Liquidators can be reached at:

          Morgan Lane
          Michael Peldan
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Website: http://www.worrells.net.au


STATE DEVELOPMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of State Development Corporation No 3 Pty Ltd met on
November 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Telephone:(07) 3221 0055


SUNCORP-METWAY: Loans to Babcock May Spark Higher Impairment Loss
-----------------------------------------------------------------
Suncorp-Metway Limited fell in Sydney trading on Nov. 24 after
increasing a forecast for bad debt in preparation for the
potential collapse of asset manager Babcock & Brown Ltd, Stuart
Kelly of Bloomberg News reports.

According to the report, Suncorp's shares fell 3 percent to
AU$6.70 at the close in Sydney on Nov. 24, taking declines this
year to 60 percent, after Babcock extended a halt on its own stock
amid a dispute with one of its bankers.

Citing Suncorp's presentation to analysts and investors yesterday,
Bloomberg discloses that Suncorp's bad debts may increase to as
much as 0.4 percent of total loans in the 12 months that end June
30, partly consisting of unspecified loans to Babcock.

Babcock owes Suncorp AU$125 million, the report says citing UBS AG
estimates.

                       Impairment Losses

In a statement to the Australian Stock Exchange, Suncorp said
the bank's first quarter impairment loss was AU$73 million,
largely due to conservative provisions being made against three
major secured lending exposures in the September quarter.  Despite
this, Suncorp said major individual exposures remained a small
part of the overall lending book.

                            Capital

At September 30, 2008, the bank's Tier 1 ratio had increased to
8.99%, higher than other Australian banks.  Its capital adequacy
ratio was 11.36%, well above Suncorp's target range of 10% to
10.5%.

Suncorp said it has flagged the possibility of reducing the
quantum of dividends payable to shareholders for the current
financial year to provide appropriate capital buffers to withstand
a variety of possible exceptional circumstances.

                             Funding

Suncorp said it has now anticipated growth in gross loans,
advances and other receivables of approximately 5% for the
financial year ending June 30, 2009 due to an ongoing slowdown in
economic conditions.  This is less than its original expectation
of 8 to 10% growth in line with banking system growth.

As a result, Suncorp's wholesale funding requirement for the
financial year was revised from approximately AU$4.5 billion to
AU$3 billion.  The revised requirement was recently completed
through a number of term private placement transactions.

Suncorp added it will continue to seek opportunities to further
lengthen its balance sheet liabilities as opportunities arise
during 2008/09.

                       About SunCorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

                          *     *     *

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


THSITLE WELDING:Members Receive Wind-Up Report
----------------------------------------------
The members of Thsitle Welding Services Pty Ltd met on Nov. 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          W. J. Fletcher
          Bentleys Chartered Accountants
          Level 26, 10 Eagle Street
          Brisbane


TRANSFIELD SERVICES: To Raise AU$385 Mil. for Debt Payment
----------------------------------------------------------
Sarah Thompson and Sarah Jones of Bloomberg News report that
Transfield Services Ltd is seeking to raise AU$385 million (US$242
million) by selling shares and will use the proceeds to pay off
debt.

According to the report, Transfield is offering shares to
institutional investors and existing retail stockholders at
between AU$1.80 and AU$2.25 a share.

The company is seeking AU$265 million from institutional
investors, including AU$180 million through a rights offer, and
AU$120 million through a rights offer to existing retail
investors, Bloomberg News relates.

Managing the sale are Macquarie Group Ltd. and ABN Amro Holding
NV, the report says.

Headquartered in Sydney, Australia, Transfield Services Limited
(ASX:TSE) -- http://www.transfieldservices.com/-- is engaged in
the provision of operations and maintenance outsourcing services.
On June 12, 2007, the Company completed the sale of its
infrastructure assets as Transfield Services Infrastructure Fund.
On October 31, 2007, the Company acquired VMS Inc, a provider of
transport infrastructure services across North America.  On
October 9, 2007, the Company acquired McBreen Jenkins Construction
Ltd, a provider of roading and water infrastructure services
throughout New Zealand.  On October 17, 2007, the Company acquired
Whelan's International Co. Inc. (Whelan), a provider of facilities
maintenance services across North America.  On November 29, 2007,
the Company acquired Wind Project Developments Pty Limited, the
owner of wind farm development rights across Australia On May 1,
2008, the Company acquired HRI Inc, a provider of specialized
facilities maintenance services across North America.


URBAN REVOLUTION: Enters Liquidation Proceedings
------------------------------------------------
During a general meeting held on September 23, 2008, the members
of Urban Revolution Australia Pty Ltd agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

          David James Hambleton
          Robert Eugene Murphy
          Chartered Accountants
          R.E. Murphy & Co. Chartered Accountants
          46 Edward Street, Level 9
          Brisbane Qld 4000



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

AGILYSYS INC: Failure to File 10-Q Further Cues Stocks Delisting
----------------------------------------------------------------
Agilysys, Inc., received a NASDAQ Staff Determination Letter
pursuant to Marketplace Rule 4310(c)(14) stating that NASDAQ has
not received the company's quarterly report on Form 10-Q for the
period ended Sept. 30, 2008, and that this serves as an additional
basis for delisting the company's shares from The NASDAQ Stock
Market.

The company has delayed filing its September Form 10-Q because the
company has not yet completed preparation of its Annual Report on
Form 10-K for the fiscal year ended March 31, 2008, or its
quarterly report on Form 10-Q for the period ended June 30, 2008.
The company will present to NASDAQ early next week its written
plan to regain compliance with the filing requirement.

The delay in filing is related to the pending resolution of the
accounting treatment for the company's 20% minority investment in
a foreign entity, Magirus AG, a privately held enterprise computer
systems distributor headquartered in Germany.  Due to these open
accounting matters related solely to the company's minority
investment in Magirus, Agilysys has been reporting summary
financial information, which is unaudited.

The company expects to file its September Form 10-Q soon as
practicable after it files its 2008 Form 10-K and June Form 10-Q.

                      About Agilysys Inc.

Agilysys Inc. (NASDAQ: AGYS) -- http://www.agilysys.com/--
provides IT solutions to corporate and public-sector customers,
including retail and hospitality.  The company uses technology --
including hardware, software and services -- to help customers
resolve their most complicated IT needs.  The company possesses
expertise in enterprise architecture and high availability,
infrastructure optimization, storage and resource management,
identity management and business continuity; and provides
industry-specific software, services and expertise to the retail
and hospitality markets.  Headquartered in Boca Raton, Fla.,
Agilysys operates extensively throughout North America, with
additional sales offices in the United Kingdom and China.


GALAXY CASINO: Moody's Reviews 'B1' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has put the B1 corporate family rating
and senior unsecured debt rating of Galaxy Casino S.A. on review
for possible downgrade.

"The review has been prompted by the company's decision to delay
the opening of the Cotai Mega Resort Project to 2010 from mid-2009
in view of the weakened market situation," says Kaven Tsang,
Moody's lead analyst for Galaxy.

"While the postponement could to a certain extent lower the
company's overheads and spread out its capital outlays -- amidst
the highly uncertain operating environment -- it will also reduce
the cash flow generation originally expected for 2009 and 2010,"
says Mr. Tsang.

"As a result, Galaxy's key financial metrics will remain weak for
the next 2 years and this situation could pressure its B1
ratings," adds Mr. Tsang.

In its review, Moody's will assess the impact of the delay of the
opening of the Cotai Mega Resort Project on the cash flow and
financial profile of Galaxy in the coming 2 years.  At the same
time, Moody's will review Galaxy's future operating strategy --
amidst the volatile market situation -- and evaluate the impact on
its rating position.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Waldo
Casino, which was the group's first casino operation.  Since then,
the company has opened four other casinos in Macau, with the
flagship StarWorld facility opening in October 2006.  In addition,
Galaxy is constructing a large resort in Macau, and which is
expected to open in 2010.


GALAXY CASINO: Macau Project Cues S&P to Cut Corp. Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Galaxy Casino S.A. to 'B'
from 'B+'.  The outlook is negative.  At the same time, Standard &
Poor's lowered the issue rating on the company's US$600 million
senior unsecured notes to 'B' from 'B+'.  The notes were issued by
Galaxy Entertainment Finance Co. Ltd. and guaranteed by Galaxy
Casino.

"The downgrade reflects the further delay in the opening of the
company's Macau casino project, Galaxy Cotai Mega Resort, from the
middle of 2009 to 2010 because of visa restrictions and intense
competition," said Standard & Poor's credit analyst Christopher
Lee.  "We believe the delay will weaken Galaxy Casino's ability to
generate sufficient cash to repay US$250 million notes due in
December 2010.  While the window for Galaxy Casino to generate the
required cash flow has significantly shortened from S&P's previous
expectation of 18 months, cash flow from the company's existing
casinos is unlikely to compensate."

Galaxy Casino has expressed its commitment to continue with the
construction of Cotai Mega Resort.  In S&P's view, it is still
uncertain when the resort will open.  The latest delay is the
third since the original target of end-2008, and is attributable
to market uncertainties in Macau.

The 'B' rating incorporates S&P's expectation that Galaxy Casino
will not exceed its budget for Cotai Mega Resort, given easing
pressure on construction costs, and that the company's StarWorld
hotel will continue to generate stable cash flow from operations
before the expected opening of the Cotai Mega Resort in 2010.  The
performance of StarWorld improved in the third quarter of 2008
because of increased revenue from the "VIP", or high-roller,
segment.  StarWorld's performance could improve due to additional
gaming capacity from Galaxy Casino's Jumbo "VIP" gaming facility,
which opened at the end of September.  However, the revenue
outlook continues to be affected by visa restrictions and intense
competition in the VIP segment.


SHANGHAI PUDONG: Denies Talks on Selling Additional Shares
----------------------------------------------------------
Shanghai Pudong Development Bank denied talks that it would
restart the plan of selling additional shares to boost capital,
Xinhua News Agency reports.

"The bank has never said it would restart the additional shares
sale plan," Shen Si, directors board secretary, was quoted by
Shanghai Securities News as saying, Xinhua relates.

Citing Reuters, the Troubled Company Reporter-Asia Pacific
reported on March 26, 2008, that the shareholders of Shanghai
Pudong approved a plan to raise no more than CNY20 billion
(US$2.83 billion) via a sale of new shares to boost its capital
base.  Shareholders representing about 80% of the bank's shares
voted to approve the fund-raising plan.

According to Reuters, Shanghai Pudong announced in late February
it planned to issue up to 800 million new shares to raise about
CNY25 billion, down from an initial plan for around CNY40
billion.

Meanwhile, Xinhua notes, Pudong Bank said its shareholders
approved a plan to sell up to 10 billion yuan of hybrid bonds and
up to 10 billion yuan of subordinated bonds to replenish capital.

As reported in the Troubled Company Reporter-Asia Pacific on
October 31, 2008, Reuters related that Shanghai Pudong plans to
sell up to CNY10 billion (US$1.5 billion) of hybrid bonds and up
to CNY10 billion of subordinated bonds in the interbank market.
According to the same report, the bank said its capital adequacy
ratio was 8.47% at the end of September, down from 9.15% at the
end of 2007, but still above the regulatory minimum requirement of
8%, while bad loan ratio fell to 1.19% from 1.46%.

"If we could sell all the bonds within the year, our capital
adequacy ratio would already be above 10 percent," Xinhua cited
Board Secretary Shen as saying.

                      About Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2008, Fitch Ratings affirmed the Individual and Support
ratings of Shanghai Pudong Development Bank as SPDB: Individual
'D' and Support '3'.

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.



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

CHARMEX INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 15
---------------------------------------------------------------
Charmex International Limited requires its creditors to file their
proofs of debt by December 15, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 12, 2008.

The company's liquidator is:

          Chan Chi Yuen
          Niech Tower, 13th Floor
          128 Gloucester Road
          Wanchai, Hong Kong


CHINA ECONOMICS: Requires Creditors to File Claims by December 21
-----------------------------------------------------------------
China Economics Award International Foundation Company Limited
requires its creditors to file their proofs of debt by Dec. 21,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 9, 2008.

The company's liquidator is:

          Cheung Wing Lam, Linus
          Pine Court, A5, 5th Floor, Block 1
          Sha Wan Drive, Pokfulam
          Hong Kong


CHUNG SHING: Creditors' Meeting Set for December 3
--------------------------------------------------
The creditors of Chung Shing Finance Company Limited will meet on
December 3, 2008, at 4:30 p.m., for the purposes provided for in
Sections 241, 242, 273, 244 and 255A of the Companies Ordinance.

The meeting will be held at the Rooms 201-3, 2nd Floor of China
Insurance Group Building, in 141 Des Voeux Road Central,
Hong Kong.


CLEAR LAKE ET AL: Members' Final Meeting Set for December 22
------------------------------------------------------------
A final meeting will be held on December 22, 2008, at 9:00 for the
members of:

   -- Clear Lake Group Limited;
   -- Eaglefame Investments Limited; and
   -- Li & Fung Development Limited

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


FORSYTH PARTNERS: Liquidators Quit Post
---------------------------------------
On November 12, 2008, Alan CW Tang and Wong Kwok Man cease to act
as liquidators of Forsyth Partners (Hong Kong) Limited.

The company's former Liquidators can be reached at:

          Alan CW Tang
          Wong Kwok Man
          CPA, Grant Thornton
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


GIANT SHARP: Creditors' Proofs of Debt Due on December 23
---------------------------------------------------------
The creditors of Giant Sharp Limited are required to file their
proofs of debt by December 23, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tsoi Hak Kong Herbert
          Melbourne Plaza, Room 2008
          33 Queen's Road Central
          Hong Kong


HK EXCHANGE FUND: Incurs HK$48.3 Billion 3Q Investment Loss
-----------------------------------------------------------
The fund used to maintain the Hong Kong dollar's peg to the U.S.
dollar incurred a HK$48.3 billion (US$6.23 billion) investment
loss in the third quarter of 2008, The Wall Street Journal reports
citing Hong Kong Monetary Authority Chief Executive Joseph Yam.

According to the Journal, the Hong Kong Exchange Fund's latest
loss compared with a HK$20.4 billion loss in the second quarter
and brought its losses for the nine months ended Sept. 30 to
HK$83.3 billion.  The report notes the fund posted record earnings
of HK$142.2 billion in 2007.

Mr. Yam, the report relates, expects the fund to incur losses in
the fourth quarter due to a "very bad" investment environment in
October and November, and the full-year loss to exceed HK$83.3
billion.


HONOUR RIDER: Creditors' Proofs of Debt Due on December 23
----------------------------------------------------------
The creditors of Honour Rider Limited are required to file their
proofs of debt by December 23, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2008.

The company's liquidator is:

          Tsoi Hak Kong Herbert
          Melbourne Plaza, Room 2008
          33 Queen's Road Central
          Hong Kong


HUGO ACTION: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on November 10, 2008, the
members of Hugo Action Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Lui Kwok Choi
          Workington Tower
          Room 1901, 19th Floor
          78 Bonham Strand
          Sheung Wan, Hong Kong


SPIRENT DM: Requires Creditors to File Claims by December 22
------------------------------------------------------------
Spirent DM Limited requires its creditors 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 Nov. 12, 2008.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


* HONG KONG: Mortgages in Neg. Equity Rose to HK$6 Bil. in Sept.
---------------------------------------------------------------
The Hong Kong Monetary Authority disclosed that the estimated
number of residential mortgage loans (RMLs) in negative equity
increased to 2,568 cases at end-September 2008 from 936 cases in
the previous quarter.  This compares with a peak of about 106,000
cases at end-June 2003.

According to the results of the Monetary Authority's latest
survey, the aggregate value of RMLs in negative equity rose to
HK$6.0 billion at end-September 2008 from HK$1.7 billion at end-
June 2008.  The unsecured portion of these loans rose to HK$0.4
billion.

The increase, the banking regulator said, was primarily a result
of declining property prices.

At the end-June 2008, the loan-to-value ratio of the RMLs in
negative equity was down to 107% from 112% while the three-month
delinquency ratio of the RMLs in negative equity was down to 0.08%
from 0.61%.



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

AIR INDIA: Defers IPO Plan Until Financial Markets Improve
----------------------------------------------------------
Air India has deferred a planned initial public offering until
global financial markets rebound and air travel demand picks up,
Dow Jones Newswires reports citing S. Venkat, the carrier's
executive director in charge of finance.

"We have to strengthen our balance sheet," Mr. Venkat said.  "Our
cash flow should be good before we go in for an IPO."

Dow Jones Newswires relates Air India also plans to finalize a
US$1 billion loan in the next two or three weeks to fund the
purchase of 21 Airbus planes.

Mr. Venkat told Dow Jones that Air India has received a bid from a
consortium of U.K.-based Barclays PLC and Germany's state-owned
development bank KfW to provide a loan of US$1 billion for the
plane purchase.  Deutsche Bank AG has also submitted a bid, he
added.

"The market is challenging and we expect to get a better deal than
others because we have the sovereign guarantee of the Indian
government and support from the European ECA (export credit
agencies)," Dow Jones quoted Mr. Venkat as saying.  "But, the days
of getting loans at sub-Libor rates no longer prevail."


AIR INDIA: To Cut Airfares by 12% in Mid-December
-------------------------------------------------
The Economic Times reported that state-owned carrier Air India
decided to reduce airfares by 12%, which is likely to be
implemented in mid-December.

A senior Air India official told Economic Times that an internal
National Aviation Company of India (NACIL) team, which runs Air
India, is planning a 12% cut in fuel surcharge in the domestic
metro routes first, and then across the country in early January.

According to the report, the 12% reduction in fares would be in
fuel surcharge, which now stands as high as Rs 3,100 in metro
routes compared with Rs 1,350 last November.  Airlines had imposed
the fuel surcharge on fares following the surge in crude prices.

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

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


GENERAL MOTORS: Bank Loan Sells for 64% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 35.33 cents-
on-the-dollar during the week ended November 21, 2008, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 10.52 percentage points
from the previous week, the Journal relates.  The syndicated loan
matures on Nov. 27, 2013, and GM pays 275 basis points over LIBOR
to borrow under the facility.  The bank loan carries Moody's B1
rating and Standard & Poor's B rating.

Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, the Journal says.
This represents a drop of 11.40 percentage points from the
previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.
This represents a drop of 10.43 percentage points from the
previous week, the Journal relates.  The syndicated loan matures
on April 12, 2012, and Avis pays 125 basis points over LIBOR to
borrow under the facility.  The bank loan carries Moody's Ba1
rating and Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


GENERAL MOTORS: Board Willing to Consider Chapter 11, Says WSJ
--------------------------------------------------------------
General Motors Corp.'s board of directors are willing to consider
options for the company, including filing for Chapter 11
protection, John D. Stoll at The Wall Street Journal reports,
citing people familiar with the matter.

WSJ relates that GM CEO Rick Wagoner told Congress last week that
the GM management has ruled out the option of filing for
bankruptcy, and instead is trying to convince lawmakers to provide
financial assistance.  GM said in a statement that the board had
discussed bankruptcy but decided that it wasn't a "viable solution
to the company's liquidity problems."

Citing people familiar with the matter, WSJ says that the board
agrees that seeking government bailout is GM's top priority, but
isn't willing to dismiss the possibility of a Chapter 11 filing.
The report says that the board will consider all options in light
of circumstances as they may develop.

Josh Mitchell at WSJ relates that U.S. House Speaker Nancy Pelosi
and Senate Majority Leader Harry Reid said that GM, Ford Motor
Corp., and Chrysler LLC must provide to the Congress a documented
assessment of their finances, including the amount of money they
need to return to "long-term viability," by Dec. 2, 2008.

On Friday, GM said it is pushing ahead with new cost-cutting
measures.  It said three plants in the U.S. and one in Ontario,
Canada, would extend their normal two-week holiday shut-downs into
January.  It also said it would close down an Ontario truck plant
sooner than it had planned.

GM also confirmed it is ending leases on two of the five remaining
corporate jets in its fleet.  The move comes after Mr. Wagoner and
Detroit's two other auto CEOs were chastised in Congress for
flying corporate jets to meetings this week in which they asked
for billions of dollars in public assistance.

Mr. Wagoner, Ford's Alan Mulally and Chrysler's Robert Nardelli
told lawmakers they have been restructuring their companies and
need bridge loans to carry them through until the economy
recovers. Mr. Wagoner asked the government for $10 billion to $12
billion in immediate funding.

                     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.


GENERAL MOTORS: GMAC Exchange Offer Won't Affect 'CCC+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (CCC+/Negative/--) are not immediately
affected by the GMAC LLC's exchange offer for certain notes of
both GMAC and its 100%-owned subsidiary Residential Capital LLC.
GM owns 49% of GMAC.  S&P views the exchange as a distressed debt
exchange and, as a result, S&P lowered the ratings on both GMAC
and Residential Capital and placed them on CreditWatch with
negative implications.  Although the GMAC offer is part of an
attempt to improve its capital levels as it seeks to become a bank
holding company, S&P believes that if the exchange fails, GMAC
and/or Residential Capital might file for bankruptcy protection.

The ratings on GM, which were lowered in early November, reflect
the concern that the automaker's liquidity could become
insufficient to operate its business during the first half of 2009
or earlier.  GM and GMAC are discussing changes to the operating
agreements between them.  Should these discussions or GMAC's own
situation lead to a further reduction in financing access for GM
retail customers, S&P believes GM's financial position would
become even more precarious.

In S&P's view, the timeframe during which the financial survival
of the domestic automakers will be determined has accelerated in
the past 60 days amid the deepening financial market crisis and
worsening consumer confidence, and S&P now views the next few
quarters as the most critical period.  S&P will evaluate the
effect of any specific announcements regarding federal funding as
they are made.  Although S&P expects some of the $25 billion of
previously appropriated government loan funding to begin arriving
early in 2009, or perhaps sooner, the amount of funding under this
program may be modest at first and spread out over multiple years.
Even if the government expedites funding or creates a new program,
it is important to stress that S&P would likely view such
assistance as buying more time for GM rather than as a solution to
its fundamental business risks, especially deteriorating global
demand.  In addition, S&P envisions a scenario in which federal
government assistance may be predicated on financial restructuring
of some existing debt.


GENERAL MOTORS: To Give Up 2 Corporate Jets to Diffuse Criticisms
-----------------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that General
Motors Corp. said on Friday that it will offload two of its five
corporate planes, after being criticized for using private jets to
fly to Washington D.C. while seeking for government financial
assistance.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for a $25 billion bailout from the
government.  The CEOs didn't tell the Congress that it is often
corporate policy that they fly on private planes to ensure their
security and save valuable time, WSJ says.

Ford Motor Co. said that it is also considering selling its five
aircraft, WSJ reports.  WSJ quoted Ford Motor spokesperson Mark
Truby as saying, "Ford's top priority is to continue making
progress on our transformation plan, and we do not want anything
to distract us.  We are exploring all cost-effective solutions for
our air travel.... We have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

                  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.


JET AIRWAYS: Proposes 5-25% Salary Cut
--------------------------------------
Jet Airways proposes to cut salaries of its staff by 5-25 per
cent, Sify reports citing Jet Airways sources.

According to the report, the pay-cut will be applicable to all
employees drawing more than Rs 75,000 a month.

The reduction, Sify notes, will be according to salary grades;
five per cent for those in the Rs 75,000- Rs 2,00,000 bracket, 10
per cent for Rs 2-Rs 5 lakh bracket and 20 per cent for those
drawing up to 10 lakh.  The pay cut for the top management will be
25 per cent, Sify adds.

International Business Times reports that on Sunday, November 23,
2008, the top brass of Jet Airways officiated a meeting and
persuaded engineers and commercial staff (including cabin crew) to
take a pay cut.  However, most pilots refused to tow the line,
saying the air carrier should get rid of expatriate pilots
instead.

The Indian pilots, Business Times says, draw at least 40 percent
less salary than expatriate pilots and the difference has resulted
in dissension in the ranks.

As reported in the Troubled Company Reporter-Asia Pacific on
November 10, 2008, The Times of India said Jet Airways India Ltd
terminated the services of 30-35 expat pilots from its 737-400
fleet.

Jet Airways, the Times related, has some 258 expat pilots, with
198 flying the B-777s and A-330s and 60 piloting the 737s.  Most
of the expats in various airlines fly the modern wide-bodied,
long-range B-777s and the B-737-800s, the Times noted.

Citing a Jet Airways source, Business Times says chairman Naresh
Goyal has proposed that the salary of junior pilots be cut by 10
percent and that of senior pilots by 20 percent, a move that has
been rejected by the pilots.

However, Business Times's source said that if the stalemate
continued, "the airline is prepared to tell the pilots to either
take the salary cut offer or go."

                  About Jet Airways (India) Ltd

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

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

                           *     *     *

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

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


KALYANPUR CEMENT: Fitch Assigns 'C' Rating on Proposed Debentures
-----------------------------------------------------------------
Fitch Ratings has assigned India's Kalyanpur Cement Limited an
expected rating of 'C(ind)' to its proposed zero coupon non-
convertible debentures of INR1,173 million.  The final rating is
contingent upon receipt of documents conforming to information
already received.

The rating reflects the company's ongoing restructuring of its
liabilities following its referral to the Board for Industrial and
Financial Reconstruction in 2000.  The completion of the
restructuring package is subject to the issue of the proposed
NCDs, as well as the resolution and repayment of certain other
liabilities of the company.  Asset Reconstruction Company Ltd
currently holds over 93% of KCL's total debt.  Fitch notes that
the company is currently making part payments on some of its
obligations and is in breach of certain covenants of the
restructuring agreements due to delays in the process.  The
Calcutta High Court had approved the restructuring scheme between
the company, lenders and shareholders on November 21, 2006.

As per the restructuring scheme, the total outstanding debt of
INR4301 million was to be settled by payment of INR1880 million to
the secured lenders - ARCIL, Allahabad Bank and Industrial
Investment Bank of India; the company had to pay INR610 million in
the first tranche and issue NCDs worth INR1173 million in the
second tranche.  KCL has fully paid off the installments to IIBI
and Allahabad Bank till date, but has only made partial payments
to ARCIL.  The company is in negotiations with ARCIL to reach a
one time settlement.  Fitch is in dialogue with KCL management and
would review the rating once the company completes its
renegotiations with ARCIL.

The company has faced capacity utilization issues since setting up
a new plant in 1995 due to technical problems in some sections of
the plant and inadequate working capital.  A weak cement cycle and
lack of support from the Government of Bihar pushed the company
into default and a reference was made to BIFR for registration as
a sick company.  The company has been able to find a strategic
investor to complete the plant overhaul and restructuring process
and has already completed capex of more than INR120 million, which
should help in increasing utilization rates.

Although the company is in the process of improving operating
efficiencies, its performance over H109 has remained poor due to
floods in Bihar, which led to EBITDA losses.  Concerns remain over
KCL's future performance in light of the current softening in
prices and demand.  The company's operations are also affected by
low utilization levels and continued poor operating efficiencies.
Fitch believes that the company's ongoing viability remains
contingent upon a favorable industry cycle, and any further
softening in prices and demand could put more pressure on the
company's cash flows and hamper its recovery prospects in the
short-term.

For the year ended March 2008, the company generated revenues of
INR1548 million, a 9% growth yoy and operating profits of INR162
million translating into a margin of 4%.  The total debt on the
books was INR2739 million, excluding the disputed liabilities to
the Bihar Government.


TATA MOTORS: Shuts Down Jamshedpur Plant Again
----------------------------------------------
Tata Motors Limited has again decided to shut down production at
their plant in Jamshedpur for five days, The Stateman reports.

According to the report, Tata Motors' Jamshedpur plant will remain
closed from today, November 25, until the 29th.

As reported in the Troubled Company Reporter-Asia Pacific on
November 7, 2008, Business Standard said that for the first time
in seven years, Tata Motors decided to shut its Jamshedpur plant
for three days from November 6, due to demand slump.

The company took a block closure at Jamshedpur from
November 6 to 8, to match production with demand of vehicles
produced at the plant.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.



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

BANK CENTURY: Gets INR1 Trillion Cash Injection from Gov't.
-----------------------------------------------------------
The Jakarta Post reported that the government-sanctioned Deposit
Insurance Corporation (LPS) is injecting INR1 trillion (US$90
million) into troubled PT Bank Century Tbk to keep it afloat.

According to the Post, LPS chief commissioner Rudjito expected
Bank Century to start normal operations yesterday, November 24,
with the cash injection.

Reuters relates Bank Century was hit by liquidity problems related
to about US$56 million of payments on bonds maturing in the last
few months.

Citing central bank officials, Reuters says Bank Century had
failed to receive funds from around US$56 million worth of bonds
maturing in late October and early November, which was a major
cause behind liquidity problems.

According to Reuters, the central bank said on Nov. 14 that Bank
Century was having technical problems settling interbank payments,
but an official at the deposit insurance agency said on Friday
there had been a deterioration in its assets.

Bank Century's capital adequacy ratio (CAR) was at negative 2.3
percent when it was taken over by the LPS, Jakarta Post disclosed
citing Bank Indonesia deputy governor Siti Ch. Fadjrijah.

With the injection, the Post related, LPS aims to bring the bank's
CAR back to the required minimum level of 8 percent.

Bank Century, Reuters says, is a relatively small lender with
total assets of INR15 trillion (US$1.3 billion).  The government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector, the Post said.

                      About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.



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

ANDANTE LTD: S&P Ratings on Six Classes of Notes Tumbles to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its ratings on
six classes of credit-linked secured notes, issued under the
Andante Ltd. series 4 transaction.  At the same time, Standard &
Poor's affirmed its rating on one other class of notes and kept
the ratings on three other classes on CreditWatch with negative
implications.  The transaction is an arbitrage synthetic
collateral debt obligation transaction, initially referencing 150
global names.  Up to this date, five credit event notices have
been issued under the terms of the transaction, and among them,
the final valuations of four credit events have been determined.
Standard & Poor's downgraded the six classes listed below
following S&P's receipt of a cash settlement notice and
confirmation that the amount of accumulated losses has exceeded
the loss threshold amounts for the relevant tranches.

On the other hand, the accumulated losses have not exceeded the
loss threshold amounts for the class A-1, A-2, F, and G notes of
this transaction.  The ratings on these classes will be reviewed
upon receipt of the final valuation amount of the remaining fifth
credit event.

                          Ratings Lowered

                          Andante Ltd.
               Credit-linked secured notes series 4

             Class   To   From             Issue Amount
             -----   --   ----             ------------
             B       D    CCC-/Watch Neg   JPY500 mil.
             C       D    CCC-/Watch Neg   US$10 mil.
             D-1     D    CCC-/Watch Neg   JPY3,300 mil.
             D-2     D    CCC-/Watch Neg   JPY300 mil.
             E-1     D    CCC-/Watch Neg   JPY500 mil.
             E-2     D    CCC-/Watch Neg   JPY300 mil.

                         Rating Affirmed

                Class   Rating   Issue Amount
                -----   ------   ------------
                F       CCC      JPY300 mil.

               Ratings Kept on CreditWatch Negative

              Class   Rating           Issue Amount
              -----   ------           ------------
              A-1     CCC-/Watch Neg   JPY4,100 mil.
              A-2     CCC-/Watch Neg   JPY500 mil.
              G       CCC-/Watch Neg   JPY1,200 mil.


FORD MOTOR: Bank Loan Sells for 65% Discount in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Ford Motor Co. is
a borrower traded in the secondary market at 34.40 cents-on-the-
dollar during the week ended November 21, 2008, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents a drop of 11.40 percentage points from
the previous week, the Journal relates.

The syndicated loan matures on Dec. 15, 2013, and Ford pays 300
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.

Meanwhile, participations in a syndicated loan under which General
Motors Corp. is a borrower traded in the secondary market at 35.33
cents-on-the-dollar during the week ended November 21, 2008, as
reported in the Journal.  This represents a drop of 10.52
percentage points from the previous week, the Journal relates.
The syndicated loan matures on Nov. 27, 2013, and GM pays 275
basis points over LIBOR to borrow under the facility.  The bank
loan carries Moody's B1 rating and Standard & Poor's B rating.

Bank debt of other companies in the auto industry are also being
sold at substantial discount, according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.

Participations in a syndicated loan under which Avis Budget Car
Rental LLC is a borrower traded in the secondary market at 38.71
cents-on-the-dollar during the week ended November 21, 2008.  This
represents a drop of 10.43 percentage points from the previous
week, the Journal relates.  The syndicated loan matures on
April 12, 2012, and Avis pays 125 basis points over LIBOR to
borrow under the facility.  The bank loan carries Moody's Ba1
rating and Standard & Poor's BB rating.

Participations in a syndicated loan under which Lear Corp. is a
borrower traded in the secondary market at 56.57 cents-on-the-
dollar during the same period.  This represents a drop of 7.54
percentage points from the previous week, the Journal relates.
The syndicated loan matures on March 29, 2012, and Lear pays 250
basis points over LIBOR to borrow under the facility.  The bank
loan is unrated.


FORD MOTOR: Mulls Sale of Five Planes to Cut Costs
--------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said that it is considering selling its five aircraft.

WSJ quoted Ford Motor spokesperson Mark Truby as saying, "Ford's
top priority is to continue making progress on our transformation
plan, and we do not want anything to distract us.  We are
exploring all cost-effective solutions for our air travel.... We
have sold four planes since 2005."

Citing Mr. Truby, WSJ relates that Ford Motor has three small jets
used for executives' travel and two planes used to carry larger
groups of workers to help introduce new products.

WSJ states that lawmakers and the press criticized executives for
using the planes while seeking for a $25 billion bailout from the
government.  The CEOs didn't tell the Congress that it is often
corporate policy that they fly on private planes to ensure their
security and save valuable time, WSJ says.

General Motors Corp., according to WSJ, was criticized for using
private jets to fly to Washington D.C. while seeking for
government financial assistance.  GM said on Friday that it will
sell two of its five corporate planes, the report states

                      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-'.


FORD MOTOR: S&P Junks Corporate Ratings on Increasing Cash Use
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its ratings
on Ford Motor Co., Ford Motor Credit Co., and related entities,
including the corporate credit ratings to 'CCC+' from 'B-', and
removed them from CreditWatch, where they had been placed with
negative implications on Oct. 9, 2008.  At the same time, S&P
lowered the counterparty credit rating on FCE Bank PLC, Ford
Credit's European bank, to 'B-' from 'B', maintaining the one-
notch rating differential between FCE and its parent.  The rating
outlook on all entities is negative.

The downgrades reflect increasing and ongoing cash use in Ford's
automotive operations caused by plummeting U.S. and now European
light-vehicle demand and the dramatic consumer shift away from
large pickup trucks and SUVs in the U.S. earlier this year.

"We expect Ford's cash outflows to further reduce its cash
balances during the next few quarters, which will test the
company's ability to maintain sufficient liquidity throughout
2009," said Standard & Poor's credit analyst Robert Schulz.  S&P
still expects the $10.7 billion revolving credit facility to
remain undrawn through the end of 2008, although S&P estimates
that continued adverse industry conditions could force the company
to begin drawing on this facility in the first half of 2009,
followed by possibly significant draws by the end of 2009.

Ford's current liquidity position remains superior to that of its
Michigan-based competitors, General Motors Corp. and Chrysler LLC
(both CCC+/Negative/--), and S&P believes Ford Credit has been
less constrained recently in its ability to provide financing for
Ford customers.  As a result, Ford faces a less imminent, but
still significant, danger of falling below the necessary levels of
cash to run its automotive business.  Still, the difference in
liquidity relative to that of its competitors provides Ford with a
few additional quarters of comfort rather than a year or more.  In
S&P's view, the company may be forced to consider a financial
restructuring or bankruptcy filing in 2009, caused by the very
weak outlook for vehicle sales in most of the world.  The failure
of one or more of Ford's Michigan-based competitors would
adversely affect many of Ford's own suppliers, and the resulting
turmoil could reduce Ford's liquidity further.  S&P believes the
most likely trigger for a financial restructuring or bankruptcy
filing by Ford would be a reduction in cash and bank facility
availability, approaching levels that are insufficient to operate
the business, rather than the company making a strategic decision.

The company used $7.9 billion in cash, including cash
restructuring costs, in its global automotive operations in the
third quarter, bringing to $12.8 billion its cash use for the
first nine months of the year.  Since then, U.S. industry sales
plummeted even further in October amid the worsening financial
crisis, and S&P believes demand has remained anemic in November.
Moreover, weak European demand has led Ford to sharply cut
production in that region.  Consequently, S&P expects Ford's cash
use to continue unabated through the end of this year and early
2009, even as the company continues to aggressively slash costs
and conserve cash.

Ford and the other Michigan-based automakers may ultimately
receive loans or other financial support from the U.S. government,
although the form, timing, and magnitude of this assistance are
difficult to predict.  Although S&P expects some of the
$25 billion of previously appropriated government loan funding to
begin arriving early in 2009, or perhaps sooner, the amount of
funding under this program may be modest at first and spread out
over multiple years.  Even if the government expedites funding or
creates a new program, it is important to stress that S&P would
likely view such assistance as buying more time for these
companies rather than as a solution to their fundamental business
risks, especially deteriorating global demand.

S&P expects U.S. light-vehicle sales of about 13.3 million units
or less this year, the lowest in 15 years and down sharply from
16.1 million units in 2007.  S&P also expects sales to fall
further in 2009, to about 12.3 million units, as the economy
remains weak and housing prices and consumers' access to credit
remain under pressure.  The outlook for other major auto markets,
including Europe, has suddenly turned much bleaker in the past few
months as economic woes have dampened automotive demand beyond the
U.S.

The weak environment prompted Ford to augment its latest
restructuring plan with a series of additional cash-saving actions
to be implemented through 2010.  These include lower capital
spending, reduced inventory and other working capital, and further
salaried headcount and compensation reductions.

The ratings on Ford reflect the possibility that the multiple
problems the company faces in stemming cash use could overwhelm
its cash and liquidity during 2009.  Items that Ford can address
over time, such as its overcapacity, labor costs, and product
lineup, will not, in S&P's view, be sufficient to produce any
meaningful reduction in its cash use in the immediate future.  A
stabilization of industry sales, even at low levels, would lead to
somewhat lower but still sizable cash use in 2009.  Nonetheless,
S&P's concern is that the company may not have the liquidity to
survive this economic downturn.

S&P still views the four-year labor contract reached in late 2007
with the United Auto Workers union as a substantial long-term
positive for Ford's turnaround efforts in North America.  However,
under the current agreement, the large retiree health care and
other cost savings from the contract will not begin to accrue
until 2010.

The negative outlook reflects S&P's view that cash losses could
easily cause Ford's liquidity to sink below necessary levels in
2009, even if management's cash-saving actions are partly
successful.

S&P could lower the ratings further if S&P came to believe that
cash balances plus availability under the revolving credit
facility would drop significantly below $10 billion by the end of
2009.  This could occur even with more vehicle sales than S&P has
seen in recent months.  S&P could also lower the rating if Ford
Credit cannot maintain sufficient funding to continue its already
lower levels of auto loan originations.

S&P will evaluate the effect of any specific announcements
regarding federal funding as they materialize.  S&P expects some
form of federal assistance to arrive early in 2009, or perhaps
sooner, but the form, timing, and magnitude of this and any
further assistance are difficult to predict.  S&P stresses that
S&P would likely view such assistance as buying more time for Ford
rather than solving its fundamental business risks.


NOMURA HOLDINGS: May Raise Additional Capital
---------------------------------------------
Nomura Holdings Inc. may raise several hundred billion yen of
addition capital by March, various reports say.

According to The Mainichi Daily News, Nomura plans to boost its
capital base after incurring huge losses from the U.S. financial
turmoil and its purchase of the Asia, Europe and Middle East
operations of failed U.S. investment bank Lehman Brothers Holdings
Inc in September.

Nomura will probably issue subordinated loans and other financial
products worth hundreds of billions of yen to life insurance firms
and trading houses, Mainichi Daily notes citing Kyodo News agency.

In response to the speculation, Nomura in a press statement, said
"nothing has been decided in relation to the news reports
concerning our capital policy."

                      About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. --
http://www.nomura.com/-- is a securities and investment banking
firm in Japan and has worldwide operations.  Nomura is a holding
company.  The services it provides include trading, underwriting,
and offering securities, asset management services, and others. As
of March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The Company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.  In February 2007, Nomura acquired Instinet
Incorporated.  Effective Oct. 1, 2008, Nomura Holdings Inc.
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 7, 2008, Fitch Ratings affirmed, among others, its
'C' Individual rating on Nomura Holdings Inc.

Fitch's action follows the announcement by NHI of a JPY72.9
billion net loss for second quarter of the fiscal year ended March
2009 (Q2FYE09), as well as a net loss of JPY149.5 billion for the
half year ended September 2008 (H1FYE09).

The TCR-AP reported on October 29, 2008 that Nomura Holdings
incurred a net loss of JPY72,872 million for the three
months ended Sept. 30, 2008, from a net loss of JPY11,707 million
in the same period last year.  Net revenue for the current quarter
was JPY128,065 million, a decrease of 5.2% from JPY176,700 million
in the same period last year, the same report said.


SANYO ELECTRIC: Panasonic May Buy All Sanyo Shares for JPY1 Tril.
-----------------------------------------------------------------
Panasonic Corp. may buy all Sanyo Electric Co. common and
preferred shares in a deal worth about JPY1 trillion (US$10.4
billion), Bloomberg News reports citing the Asahi.

Panasonic, Bloomberg News relates, is planning an offer for Sanyo
at a price less than JPY300 a share.

Meanwhile, The Japan Times, citing Kyodo News, reports that
U.S. investment bank Goldman Sachs Group Inc. hopes to sell its
holdings of Sanyo Electric Co.'s preferred shares for about JPY250
per share as part of an acquisition process of the company by
Panasonic Corp.

Japan Times recounts Goldman Sachs and two other financial firms
bought Sanyo's preferred shares for a total of JPY300 billion in
2006 to help out the struggling Osaka-based electric maker.  In
the rescue scheme, Japan Times says Goldman Sachs invested JPY125
billion for JPY70 per share in a common stock equivalent.

                         About Panasonic

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.net-- engages in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company' products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.

                           About Sanyo

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.

On November 12, 2008, the TCR-AP reported that Standard & Poor's
Ratings Services placed its 'BB' long-term corporate credit and
'BB+' long-term unsecured debt ratings on Sanyo Electric Co. Ltd.
on CreditWatch with positive implications.


* Moody's Says Liquidity of Japanese Corporates Remains Acceptable
------------------------------------------------------------------
Moody's Investors Service's latest liquidity evaluation shows that
almost all of its non-financial rated issuers have sufficient
internal and external sources of liquidity available to cover debt
maturities and other expected cash outflows over the next 12
months, according to a new report from the rating agency entitled
"Liquidity of Japanese non-financial corporates remains
acceptable."

Moody's assessed the liquidity profiles of 141 rated non-financial
issuers families and found three major explanations for their
stable and acceptable liquidity.

According to Emiko Otsuki, Moody's Senior Vice President, Regional
Credit Officer in Japan Corporate Finance Group and author of the
report, "First, except for five issuers, Moody's rated issuers
have all been assigned investment grade ratings, and many
companies have ample cash on their balance sheets.  Approximately
75% of our rated issuer families can cover debt maturing in the
next 12 months by using the cash on their balance sheets and
undrawn committed lines."

"Most rated companies also hold large amounts of marketable
securities on their balance sheet.  Many have already started to
cut back on working capital by rationalizing operations; they are
also maintaining higher cash balances, given the uncertainties in
the financial markets.  Also, if Moody's include uncommitted lines
available at Japanese financial institutions, almost all of
Moody's rated issuers can cover debt maturing in the next 12
months in full.  Moody's think that, given the expected
continuation of traditional Japanese market practices, a portion
of the uncommitted lines from strong and very close relationship
banks in the local market as being reliable and accessible even in
the current market environment," writes Emiko Otsuki.

"Our second finding was that few of the rated Japanese issuers
have tight financial covenants or rating triggers for their
outstanding bonds or bank agreements, so even in a very volatile
environment, they are less likely to breach financial covenants,"
according to Emiko Otsuki.

"A third finding was that non-financial corporates in Japan still
depend highly on borrowings from financial institutions.  Even
though they may now be tightening credit, Moody's do not think the
rated companies will be seriously affected by a significant change
in the lending behavior of the Japanese banks -- although interest
rate spreads may rise."

"The Japanese financial institutions will continue to play a vital
role in providing a stable source of liquidity in the current
environment," writes Emiko Otsuki.  "Japanese companies have
strengthened their ties with financial institutions to secure
their priority for external liquidity.  They may be able to shift
their funding sources to borrowings from Japanese financial
institutions even if the capital markets maintain what could
amount to a virtual moratorium on new bond issuance."

Nevertheless, given the volatility of the current market
environment, estimating the magnitude of potential changes poses
considerable difficulty.  If this situation persists, Japanese
financial institutions will be more selective of their customers,
creating greater funding challenges for the Japanese companies.

Factors that will affect the rated Japanese companies' liquidity
will be (1) their cash flow generation -- a core source of
liquidity, (2) their capital expenditures, and (3) their financial
policies.

Any signs of change in Japanese financial institutions' lending
behavior will be key.  Moody's will continue to carefully monitor
any changes in Japanese financial institutions' willingness and
ability to extend loans to the rated Japanese companies.



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

BJ HOMES: Fixes December 5 as Last Day to File Claims
-----------------------------------------------------
The creditors of BJ Homes Ltd. are required to file their proofs
of debt by December 5, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 21, 2008.

The company's liquidators are:

          John Trevor Whittfield
          Peri Micaela Finnigan
          McDonald Vague
          PO Box 6092, Wellesley Street
          Auckland 1141
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Website: http://www.mvp.co.nz


C CASTLE: Court Enters Wind-Up Order
------------------------------------
On September 1, 2008, the High Court of Wellington entered an
order to have C Castle Ltd.'s operations wound up.

The company's liquidator is:

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


CHOOSE HOLDINGS: Placed Under Voluntary Liquidation
---------------------------------------------------
On October 20, 2008, the High Court at Christchurch entered an
order to have Choose Holdings Ltd.'s operations wound up.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


CRAWLER TRACTOR: Commences Liquidation Proceedings
--------------------------------------------------
Crawler Tractor Ag. Work Ltd. commenced liquidation proceedings on
October 21, 2008.

The company's liquidators are:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin


GMF CONSTRUCTION ET AL: Appoints Shephard & Dunphy as Liquidators
-----------------------------------------------------------------
On October 28, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of:

   -- GMF Construction Ltd; and
   -- P & A Construction Limited.

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


INTERNATIONAL TRAVEL: Court to Hear Wind-Up Petition on Dec. 1
--------------------------------------------------------------
A petition to have International Travel Professionals NZ Ltd.'s
operations wound up will be heard before the High Court at
Whangarei on December 1, 2008, at 10:00 a.m.

Air New Zealand Limited filed the petition against the company on
October 7, 2008.

Air New Zealand's solicitor is:

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


KELLY RESIDENTIAL: Fixes December 12 As Last Day to File Claims
---------------------------------------------------------------
The creditors of Kelly Residential Builders Ltd. are required to
file their proofs of debt by December 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 2008.

The company's liquidators are:

          Peri Micaela Finnigan
          Boris van Delden
          McDonald Vague
          PO Box 6092, Wellesley Street
          Auckland 1141
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


KEMS LTD: Placed Under Voluntary Liquidation
--------------------------------------------
On October 20, 2008, the High Court at Christchurch entered an
order to have Kems Ltd's operations wound up.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


MAIN SOUTH: Commences Liquidation Proceedings
---------------------------------------------
Main South Rd Land Co Ltd. commenced liquidation proceedings on
October 20, 2008.

The company's liquidator is:

          William Gavin Hayes
          Devlin Cameron and Hayes Limited
          Chartered Accountants
          16 Victoria Avenue
          PO Box 1595, Palmerston North
          Telephone:(06) 357 0746
          Facsimile:(06) 357 1055


MAINLAND SPOUTING: Placed Under Voluntary Liquidation
-----------------------------------------------------
On October 28, 2008, Mainland Spouting Ltd. commenced liquidation
proceedings.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


OLIVERS CENTRAL: Court Enters Wind-Up Order
-------------------------------------------
On October 20, 2008, the High Court of Christchurch entered an
order to have Olivers Central Otago Ltd.'s operations wound up.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


RACEPRO COMPOSITES ET AL: Commences Liquidation Proceedings
-----------------------------------------------------------
The official assignee advises the liquidations of:

   -- Racepro Composites Limited;
   -- Thriller X Productions (No.4) Limited;
   -- Thriller X Productions (No.5) Limited;
   -- Thriller X Productions (No.6) Limited;
   -- Thriller X Productions (No.7) Limited;
   -- Thriller X Productions (No.8) Limited;
   -- Thriller X Productions (No.16) Limited.

The official assignee can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch Mail Centre,
          Christchurch 8140
          Freephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


RMG HOLDINGS: Fixes Dec. 2 as Last Day to File Claims
-----------------------------------------------------
The creditors of RMG Holdings Ltd. are required to file their
proofs of debt by December 2, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Gregory John Sherriff
          David Stuart Vance
          Deloitte
          Deloitte House, Levels 11-16
          10 Brandon Street
          Wellington 6011
          Telephone:(04) 472 1677
          Facsimile:(04) 472 8023


SYVANIA LTD: Fixes December 5 as Last Day to File Claims
--------------------------------------------------------
The creditors of Syvania Ltd. are required to file their proofs of
debt by December 5, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 31, 2008.

The company's liquidator is:

          Douglas Kim Fisher
          Private Bag MBE M215, Auckland
          Telephone:(09) 630 0491
          Facsimile:(09) 638 6283


VERMONT GROUP: Fixes Dec. 1 as Last Day to File Claims
------------------------------------------------------
The creditors of Vermont Group Ltd. are required to file their
proofs of debt by December 1, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Bryan Edward Williams
          c/o Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road, RD 2
          Henderson 0782
          Telephone:(09) 412 9762
          Facsimile:(09) 412 9763



===============
T H A I L A N D
===============

TRUE CORP: Third Quarter Results Cue Moody's Rating Cut to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the B1 corporate family
and senior unsecured bond ratings of True Corporation Public
Company Limited and its 75.3%-owned subsidiary, True Move Company
Limited, to B2.  The outlook on all the ratings remains negative.

"This action follows the recent announcement of True Move's Q3
2008 results which, in Moody's view, raise concerns over the
company's ability to comply with its existing covenants at the
next test date in December 2008, particularly with regard to the
net debt/EBITDA covenant under its bank facilities," says Laura
Acres, a Moody's Vice President.

"In addition, Moody's expects True Move's FY2008 results to be
below Moody's expectations to the extent that the 5.0x adjusted
debt/EBITDA downward rating trigger is realised, thereby
highlighting the company's fragile liquidity position," adds Ms.
Acres, also Moody's Lead Analyst for the True Group.

Given True Move's deteriorating performance, Moody's is also
concerned that True Corp may be required to inject funds into True
Move under the Sponsor Support Agreement.  This will clearly
reduce available funds for investment in the broadband business or
for debt repayment.

Moody's notes True Corp's recently announced Bt19.5 billion rights
issue and the subsequent indication of support from key
shareholders.  However, the rating agency remains concerned about
the company's ability to raise these funds given current poor
market conditions and the premium to current market prices.
"While Moody's has not factored any equity inflows into Moody's
models, the generation of such funds will alleviate pressure on
True Corp and True Move's cash flow positions, although there is
no certainty that the injection of monies will help to turn around
the deteriorating operating profile of True Group's wireless
business," adds Ms. Acres.

Given that the outlook is negative, it is unlikely that either of
the companies' ratings will be upgraded in the near term.  However
the outlook could revert to stable should True Corp successfully
raise monies through the rights issue to reduce leverage.

In the longer term, Moody's would look for True Corp and True Move
to consistently achieve their projected results and comply with
financial covenants.  The rating agency would also look for the
underlying performance of the two companies to improve, and
specifically for adjusted debt/EBITDA to fall below 4.5-5.0x on a
consistent basis for True Move and (EBITDA-capex)/interest to
increase above 1.0x on a consistent basis.

The ratings for True Corp and True Move could experience further
downward pressure should True Move fail to negotiate anticipated
covenant waivers, or should the latter's fundamental business
performance deteriorate further.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, mobile services and cable TV in
Thailand.

True Corp is listed on the Thailand Stock Exchange and the CP
Group is the major shareholder with approximately 30%
shareholding.  Its wireless business is predominantly conducted
through its 75.3%-owned subsidiary, True Move, Thailand's third
largest mobile telecommunications operator.  Its pay TV business
is conducted through 91.8%-owned True Visions Public Company
Limited, which is currently the only nationwide provider of pay
television services in the country.



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

SEMGROUP ENERGY: Failure to File Financial Reports Cues Delisting
-----------------------------------------------------------------
SemGroup Energy Partners, L.P., received an Additional Staff
Determination Letter from The NASDAQ Stock Market, stating that
SGLP is not in compliance with NASDAQ's Marketplace Rule
4310(c)(14) because it did not timely file its Quarterly Report on
Form 10-Q for the quarterly period ended Sept. 30, 2008, with the
Securities and Exchange Commission, and that this issue may serve
as an additional basis to delist SGLP's common units from NASDAQ.

SGLP received a similar NASDAQ Staff Determination Letter on
Aug. 19, 2008, in connection with SGLP's inability to timely file
its Quarterly Report on Form 10-Q for the period ended June 30,
2008, with the SEC.  SGLP appealed that Staff Determination and
attended a hearing before the NASDAQ Listing Qualifications Panel
on Oct. 16, 2008, during which SGLP requested that the Panel grant
additional time to regain compliance with NASDAQ's filing
requirement.  There can be no assurance that the Panel will grant
SGLP's request for continued listing.  Pending a decision by the
Panel, SGLP's common units will remain listed on NASDAQ.

SGLP was unable to timely file the Second Quarter Form 10-Q and
the Third Quarter Form 10-Q due to uncertainties surrounding the
filing of voluntary petitions by SemGroup, L.P. and certain of its
subsidiaries for reorganization under Chapter 11 of the Bankruptcy
Code in the United States Bankruptcy Court for the District of
Delaware on July 22, 2008.

SGLP's management and the board of directors of its general
partner are evaluating the impact of the Bankruptcy Filings and
certain related matters on SGLP's financial statements.  SGLP
expects to file the Second Quarter Form 10-Q and the Third Quarter
Form 10-Q as soon as is reasonably practicable after the
evaluation has been completed.

                       About SemGroup

SemGroup L.P. -- http://www.semgrouplp.com/-- is a
midstream service company providing the energy industry means to
move products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and consumers
of crude oil, natural gas, natural gas liquids, refined products
and asphalt.  Services include purchasing, selling, processing,
transporting, terminaling and storing energy.  SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525).  These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP.  Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent.  The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts.  In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.

(SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).



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

* BOND PRICING: For the Week November 17 to November 21, 2008
------------------------------------------------------------

Issuer                  Coupon     Maturity   Currency  Price
------                  ------     --------   --------  -----

AUSTRALIA &
NEW ZEALAND
-----------

Alumina Finance      2       05/16/13    USD   55.4
JPM AU ENF NOM 1         3.5       06/30/10 USD    0.58
Paladin Energy         4.5       12/15/11 USD   52.44
Paladin Energy         5       03/11/13 USD   48.6
Westfield Fin         5.5       06/27/17 GBP   69.52
Insurance Austra     5.63 12/21/26 GBP   72.4
FBG Finance Ltd         5.88 06/15/35 USD   74.19
CIT GROUP AU Ltd         6       03/03/11 AUD   99.11
GE CAP Australia         6       04/15/15 AUD 83.72
GE CAP Australia         6       03/15/19 AUD 64.1
Macquarie Bank            6.5       05/31/17 AUD 69.53
Rio Tinto Financ         6.5       07/15/18 USD 80.3
AMP Group Financ         6.88 08/23/22 GBP 73.9
Rio Tinto Financ         7.13 07/15/28 USD 74.25

CHINA
-----

China Govt Bond           4.86 08/10/14 CNY 111.75

HONGKONG
--------
Treasure Source           2       05/23/11 HKD 71.05

INDIA
-----

Amtek Auto              0.5      06/03/10 USD 63.74
Tata Motors Ltd          1        04/27/11 USD 64.68
Gitanjali Gems        1      11/25/11 USD 69.88
Grabal Alok Impx         1      04/05/12 USD 64.25
ICICI Bank Ltd           6.38      04/30/22 USD 52.12

INDONESIA
---------

Indonesia (REP)           6.63 02/17/37 USD 50.36
Indonesia (REP)      6.88 03/09/17 USD 62.54
Indonesia (REP)       6.88 01/17/18 USD 65.39
Indonesia (REP)          7.5       01/15/16 USD 67.5
Indonesia (REP)          7.75 01/17/38 USD 58.25
Indonesia (REP)          8.5   10/12/35 USD 60.08
Indonesia Gov't          9       09/15/13 IDR 72.35
Indonesia Gov't           9       09/15/18 IDR 61.96
Indonesia Gov't          9.5    06/15/15 IDR 68.41
Indonesia Gov't           9.5       07/15/23 IDR 53.53
Indonesia Gov't          9.75 05/15/37 IDR 57.12
Indonesia Gov't          10       07/15/17 IDR 65.25
Indonesia Gov't           10       09/15/24 IDR 61.21
Indonesia Gov't           10       02/15/28 IDR 53.99
Indonesia Gov't           10.25 07/15/22 IDR 60.27
Indonesia Gov't           10.25 07/15/27 IDR 55.05
Indonesia Gov't          10.5 07/15/38 IDR 56.99
Indonesia Gov't          10.75 05/15/16 IDR 73.73
Indonesia Gov't          11       10/15/14 IDR 72.98
Indonesia Gov't           11       11/15/20 IDR 69.51
Indonesia Gov't           11       09/15/25 IDR 63.04
Indonesia Gov't          11.5 09/15/19 IDR 69.22
Indonesia Gov't          11.6 08/15/18 IDR 74.58
Indonesia Gov't          11.75 08/15/23 IDR 66.72
Indonesia Gov't           12    09/15/26 IDR 72.8
Indonesia Gov't           12.8 06/15/21 IDR 70.64

JAPAN
-----

CSK Corporation        0.25 09/30/13 JPY 64.5
Aozora Bank               0.56 05/27/13 JPY 73.91
Aozora Bank             0.56 06/12/13 JPY 73.68
Aozora Bank           0.56 06/27/13 JPY 73.46
Aozora Bank               0.56 07/12/13 JPY 73.25
Aozora Bank               0.56 07/27/13 JPY 73.05
Aozora Bank               0.56 08/12/13 JPY 72.81
Aozora Bank               0.56 08/27/13 JPY 72.6
Aozora Bank               0.56 09/12/13 JPY 72.38
Aozora Bank               0.56 09/27/13 JPY 72.16
Aozora Bank               0.56 10/12/13 JPY 71.97
Aozora Bank               0.56 10/25/13 JPY 71.77
Aozora Bank               0.56 11/12/13 JPY 71.52
Aozora Bank               0.56 11/27/13 JPY 71.31
Ebara Corp               1.3       09/30/13 JPY 74.67
Hiroshima Bank           1.89 09/20/17 JPY 95.72
Shinsei Bank         1.96 03/25/15 JPY 77.4
Shinsei Bank         2.01 10/30/15 JPY 69.55
Kenedix Inc               2.09 11/09/10 JPY 59.9
ES-CON Japan Ltd          3.36 05/10/10 JPY 45.13

MALAYSIA
--------

Plus Spv Bhd         2       06/27/17 MYR 70.31
Plus Spv Bhd         2       06/27/19 MYR 68.85
Cagamas Berhad            3.64 05/05/09 MYR    3.89
Navios Maritime           9.5       12/15/14 USD 50

PHILIPPINES
-----------

First Gen Corp         2.5  02/11/13 USD 48.95
Philippines(REP)         6.38 01/15/32 USD 79.75
Natl Power Corp           6.88 11/02/16 USD 74.06

SINGAPORE
---------

Olam Intl Ltd          1   07/03/13 USD 46.34
Capitaland Ltd          2.1 11/15/16 SGD 60.25
Keppel Land Ltd            2.5 06/23/13 SGD 73.56
Capitaland Ltd          2.95 06/20/22 SGD 45.22
Capitaland Ltd             3.13 03/05/18 SGD 55.55
Wan Hai S Pte          5.5 06/29/15 USD 72.38
Flextronics Int            6.25 11/15/14 USD 72.5
Empire Cap Res          9.38 12/15/11 USD 64.88
Hynix Semi Inc          4.5 12/14/12 USD 42.95

KOREA
-----

Exp-Imp Bk Korea          5.38 10/04/16 USD 72.36
GS Caltex Corp         5.5       10/15/15 USD 67.76
Rep of Korea         5.63 11/03/25 USD 72.83
Shinhan Bank         5.66 03/02/35 USD 57.29
Woori Bank               6.21 05/02/37 USD 53.68
Hanarotelecom             7       02/01/12 USD  101.16
Korea Dev Bank         7.31 11/08/21 KRW 44.38
Korea Dev Bank         7.35 10/27/21 KRW 44.49
Korea Dev Bank            7.4       10/27/21 KRW 44.49
Korea Dev Bank         7.4       11/02/21 KRW 44.43
Korea Dev Bank         7.45 10/31/21 KRW 44.45
Hynix Semi Inc            7.88 06/27/17 USD 29.92
Korea Dev Bank            8.45 12/15/26 KRW 68.09

SRI LANKA
---------
Sri Lanka Govt         6.85 04/15/12 LKR 67.78
Sri Lanka Govt         6.85 10/15/12 LKR 64.78
Sri Lanka Govt         7       08/01/11 LKR 73.05
Sri Lanka Govt         7       10/15/11 LKR 71.5
Sri Lanka Govt         7       10/01/23 LKR 47.58
Sri Lanka Govt            7.5       08/01/13 LKR 63.55
Sri Lanka Govt            7.5       11/01/13 LKR 62.87
Sri Lanka Govt            7.5       08/15/18 LKR 55.51
Sri Lanka Govt           8.5       01/15/13 LKR 68.06
Sri Lanka Govt           8.5       07/15/13 LKR 66.61
Sri Lanka Govt         8.5       02/01/18 LKR 59.91
Sri Lanka Govt         8.5       07/15/18 LKR 59.91
Sri Lanka Govt         10.5 04/01/13 LKR 73

TAIWAN
------
Cathay United         5.5      10/05/20 USD 73.6

THAILAND
--------
Italian-Thai Dev          4.5       06/10/13 USD 45.32


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***