TCRAP_Public/081126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, November 26, 2008, Vol. 11, No. 235

                            Headlines

A U S T R A L I A

A.C.N. 083 777 333: To Declare Dividend Today
ALLSTEEL APPLICATIONS: Commences Liquidation Proceedings
BABCOCK & BROWN COMMUNITIES: Revises Recapitalization Proposal
BRYBAR PTY: Members Receive Wind-Up Report
EARTH ESSENCE: Placed Under Voluntary Liquidation

GOHIL INVESTMENTS: Placed Under Voluntary Liquidation
INTERACTIVE CUSTOMER: Placed Under Voluntary Liquidation
ISO SOLUTIONS: Placed Under Voluntary Liquidation
MACSAK PTY: Members and Creditors Receive Wind-Up Report
MARLIN REAL: Members Receive Wind-Up Report

MURRAY WATERS: Members Hear Wind-Up Report
NOT AVENIR: Placed Under Voluntary Liquidation
NYLEX LTD: Moves to Renegotiate Loan Agreements
PANTDEEN PTY: Appoints Lane and Khatri as Liquidators
PARENTE FINE: Commences  Liquidation Proceedings

RAPTIS GROUP: Lend Lease Appoints Receiver to a Joint Venture
SHC PROPERTIES: Members and Creditors Receive Wind-Up Report
TREVELEN HOLDINGS: Commences Liquidation Proceedings
VIDNIA PTY: Declares Preferential Dividend
YESBURY PTY: Placed Under Voluntary Liquidation

* Fitch Says Australian CMBS Maturity Hump Approaching


C H I N A

AIR CHINA: Losses on Hedging Contracts Tripled to CNY3.1 Bil.
AMERICAN INT'L: Will Sell Int'l Lease to Investors & Management
INTERMOST CORP: Auditor Raises Going Concern Doubt


H O N G K O N G

BANK OF BARODA: Shareholders' Final Meeting Set for December 29
CAPITAL HUMAN: Inability to Pay Debts Prompts Wind-Up
CSI SPORTS: Enters Wind-Up Proceedings
DAIWA SECURITIES: Final Meeting Set for December 22
GIANT RAINBOW: Creditors' Proofs of Debt Due on Dec. 23

HOI SING: Commences Liquidation Proceedings
KAUPTHING (HONG KONG): Creditors' Proofs of Debt Due on Dec. 12
MARVEL TOYS: Placed Under Voluntary Liquidation
MONEYLINE TELERATE: Yan and Haughey Cease to Act as Liquidators
NOBLE GROUP: Moody's Keeps 'Ba1' Ratings With Stable Outlook

WINBACK DEVELOPMENT: Placed Under Voluntary Liquidation


I N D I A

GANGA ACROWOOLS: CRISIL Cuts Rating on Rs.245.6MM Term Loan to 'D'
SACHDEV FOOD: CRISIL Rates Rs.20.5 Mil. Cash Credit at 'BB'
SACHDEV FOOD: CRISIL Rates Rs.55 Mil. Cash Credit at 'BB'
WELSPUN: Warns Massive Job Cuts Without Gov't Support, FT says
* Big 3 May Ask Congress for Measures That Would Spur Demand

* Obama Team Denies Explore Prepack Bankruptcy for Big 3


I N D O N E S I A

BANK DANAMON: Moody's Puts Positive Outlook on 'D' BFSR
BERLIAN LAJU: Loan Payments Cue S&P to Hold 'B' Corp. Rating
PAN INDONESIA: Moody's Puts Stable Outlook on 'D' BFSR
RIAU ANDALAN: To Slash 2,000 Workers Amid Raw Material Crisis


J A P A N

DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1
GMAC LLC: JCR Cuts Senior Debts Rating to '#CCC'


K O R E A

* Fitch Says Defaults to Rise on Korean Credit Card Performance
* KOREA: Personal Bankruptcies Rise to 10,169 in October


N E W  Z E A L A N D

ARCHITECTURAL GLASS: Fixes December 2 as Last Day to File Claims
FLETCHER BUILDING: Faces US$21 Mil. Lawsuit in the U.S.
GREENWORLD TOURS: Court to Hear Wind-Up Petition on December 15
MAVERICK N Z: Court to Hear Wind-Up Petition on December 1
MILCROFT CONTRACTING: Enters Wind-Up Proceedings

NATIONAL FINANCE: Directors Banned From Performing Duties
SUPREMO INVESTMENTS: Faces Hesketh Henry's Wind-Up Petition
THE WINESHED: Commences Liquidation Proceedings
WESTFORCE LTD: Court Enters Wind-Up Order
YOUNG & RUBICAM: Fixes December 5 as Last Day to File Claims


P A K I S T A N

* Fitch Maintains Ratings on Four Pakistan Banks
* PAKISTAN: IMF Approves US$7.6 Billion Loan


P H I L I P P I N E S

WATERFRONT PHILIPPINES: Gets Reprieve on PNB's Foreclosure Action


S I N G A P O R E

ASAHI SHIMBUN: Creditors' Proofs of Debt Due on December 22
AT & J: Declares First and Final Dividend
COMPUTER AMBIENCE: Court to Hear Wind-Up Petition on December 12
ELECTRO MAGNETICS: Court to Hear Wind-Up Petition on Nov. 28
FRASERS COMMERCIAL: S&P Maintains 'BB' Corporate Credit Rating

RIVERSTONE NETWORKS: Pays First and Final Dividend
TONG HUP: Creditors' Proofs of Debt Due on December 5


T A I W A N

* TAIWAN: New Banking Law to Disclose Huge Loan Defaulters


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

A.C.N. 083 777 333: To Declare Dividend Today
---------------------------------------------
A.C.N. 083 777 333 Pty Ltd will declare first and final dividend
today, November 26, 2008.

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

The company's deed administrator is:

          P. A. Lucas
          P A Lucas & Co
          ING Building, Level 8
          100 Edward Street
          Brisbane QLD 4000
          Telephone:(07) 3232 5200
          Facsimile:(07) 3003 0334


ALLSTEEL APPLICATIONS: Commences Liquidation Proceedings
--------------------------------------------------------
The members of Allsteel Applications Pty Ltd met on Sept. 24,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Matthew Joiner
          PKF
          AMP Place, Level 6
          10 Eagle Street
          Brisbane QLD 4000


BABCOCK & BROWN COMMUNITIES: Revises Recapitalization Proposal
--------------------------------------------------------------
Babcock & Brown Communities Group, a Babcock & Brown Limited
listed fund, said that together with Lend Lease Corporation, it
has signed an amendment to the Lend Lease recapitalization
proposal.  The revised terms recognize the change in market
conditions since the announcement of the Lend Lease Proposal on
October 1, 2008.

The following amendments have been made to the original Lend Lease
Proposal:

   1. Capital raising:

      The agreed cash injection of AU$170 million will
      now be made through the issue of 283.3 million
      new stapled securities at AU$0.60 per stapled
      security to Lend Lease.  This represents a 66%
      premium to the 3 month VWAP of BBC stapled
      securities.

   2. Injection of further capital:

      Lend Lease will inject a further AU$25 million of
      cash through the issue of 100 million convertible
      notes by BBC at AU$0.25 each (the Second Notes).

The effect of the amendments will increase the amount of the
capital injected into BBC from AU$170 million to AU$195 millon and
result in Lend Lease having a 43.2% securityholding in BBC.

The proceeds from the issuance of the new stapled securities and
Second Notes will be partly used to reduce the debt of BBC and
provide capital to maintain current operations and provide funding
for future growth.

BBC Chairman, Judith Sloan commented, "In light of current market
conditions, the Board believes the revised Lend Lease Proposal is
the optimal way to maximize securityholder value, provides
additional capital and ensures the future growth of BBC."

                 Agreement with Babcock & Brown

The management agreement will be acquired from B&B for AU$17.5
million, with AU$5 million paid to B&B on transfer of the
management rights.  The payment of the residual AU$12.5 million
will be deferred until after the Annual General Meeting and will
only be payable if certain conditions are met.

B&B's 12.5% stake in BBC (85,044,042 stapled securities) will now
be acquired by Lend Lease at AU$0.29 per stapled security,
conditional on BBC securityholder approval of the second stage
transactions at the AGM.

                      Finance Party Consent

Lend Lease has advised BBC that the necessary consents required
under BBC's finance arrangements to the Revised Lend Lease
Proposal have been obtained on terms which are acceptable to Lend
Lease. One of the conditions to this consent is that the
management rights are novated to Lend Lease.

                       No Superior Proposal

BBC securityholders were advised on November 3, 2008, that BBC,
together with Lend Lease and Babcock & Brown International Pty
Ltd, had provided undertakings to the Takeovers Panel that, until
5:00 p.m. on November 17, 2008, they would not implement the
following transactions:

   -- issue to Lend Lease the First Notes or the BBC Notes;

   -- consent to the novation of the Management Agreements
      to Lend Lease;

   -- agree to terminate the Internalisation Agreement;

   -- issue securities to Lend Lease under any application
      referred to in clause 4.1(f) of the Implementation
      Agreement; and

   -- acquire the Initial B&B Parcel.

BBC (together with Lend Lease and BNBI) further undertook to the
Takeovers Panel that, if before 5 p.m. on November 17, 2008, a
superior proposal to the original Lend Lease Proposal was made or
announced, BBC would amend the terms of the Implementation
Agreement (and related documents) to require BBC securityholder
approval before BBC took any steps to implement any of the
Relevant Transactions.

In the opinion of the Independent Directors, no superior proposal
to the original Lend Lease Proposal was made or announced by
5 p.m. on November 17, 2008.

                 Proposed Extension to Period of
                   Application of Undertakings

Notwithstanding this, and notwithstanding the fact that consent
under BBC's finance arrangements to the Revised Lend Lease
Proposal has now been obtained (subject to conditions as indicated
above), BBC, Lend Lease and BNBI have collectively agreed not to
implement any component of the Revised Lend Lease Proposal before
5 p.m. on Tuesday, November 25, 2008, to provide the market with a
further opportunity to consider the Revised Lend Lease Proposal in
more detail.

                 Implementation of the First Stage
                 of the Revised Lend Lease Proposal

Assuming no superior proposal is received prior to 5 p.m. on
November 25, 2008, BBC, Lend Lease and BNBI propose to implement
the following transactions as soon as practicable following 5 p.m.
on November 25, 2008:

   -- BBC and BNBI will terminate the Internalisation Agreement;

   -- BBC will consent to the novation of the Management
      Agreements to Lend Lease; and

   -- the Management Agreements will be novated to Lend Lease.

BBC has agreed to issue to Lend Lease the First Notes for an
aggregate price of AU$13.4 million and the BBC Notes for an
aggregate price of AU$21.5 million and Lend Lease has agreed to
acquire 42,522,022 stapled securities (the Initial B&B Parcel)
from B&B.  Issue of the First Notes and BBC Notes and acquisition
of the Initial B&B Parcel is conditional on securityholder
approval of the second stage transactions at the AGM.

Lend Lease may waive fulfilment of this condition in which case
the First Notes and BBC Notes may be issued and the Initial B&B
Parcel may be acquired by Lend Lease prior to the AGM or after the
AGM notwithstanding that securityholder approval is not obtained
to the second stage transactions.

                Retirement by Design Due Diligence

BBC has concluded due diligence on the Retirement by Design
business and has agreed to acquire seven existing Retirement by
Design retirement villages and an aged care facility from Lend
Lease for AU$133.4 million.  The acquisition will be funded
through the issue to Lend Lease of 5 year redeemable convertible
notes with a total value of AU$120.0 million and a cash payment to
Lend Lease of AU$13.4 million.  The convertible notes will have a
conversion price of AU$0.60 per stapled security (if not redeemed
for cash).

                Implementation of the Second Stage
                of the Revised Lend Lease Proposal

It is expected that BBC securityholders will be provided with the
AGM Notice of Meeting and an Explanatory Memorandum shortly. These
documents explain in more detail the second stage of the Revised
Lend Lease Proposal and the approvals that are being sought from
securityholders.  The Explanatory Memorandum will be accompanied
by a full copy of an Independent Expert's Report by Deloitte which
reports on the terms of the RBD Acquisition and the issue and
transfer of stapled securities and convertible notes.

BBC securityholders will be asked to approve the RBD Acquisition
and the issue and transfer of the stapled securities and Second
Notes to Lend Lease at the BBC AGM which is now expected be held
on December 30, 2008, rather than December 12, 2008, as previously
announced.

                        About Lend Lease

Lend Lease Corporation, headquartered in Sydney, Australia, is
involved in various property related activities in Asia Pacific,
USA and Europe.  The company's operations are diversified into
retail and residential property development, construction
activities and funds management.

                About Babcock & Brown Communities

Babcock & Brown Communities Limited (ASX:BBC) --
http://www.bbcommunities.com-- is an integrated owner, operator
and developer of senior living communities.  It owns and manages
a portfolio of 56 retirement villages and 29 aged care
facilities across Australia and New Zealand comprising
approximately 10,000 retirement units and 2,200 residential aged
care beds.  Within retirement portfolio, BBC has full exposure
to the deferred management fees of approximately 6,800 units and
receives management fees in relation to the remaining units.

BBC's growth is supported by its development pipeline of
approximately 2,200 retirement units and 344 aged care beds
which is expected to be delivered over the next six years.

                  About Babcock & Brown Ltd

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services said that it
had lowered its long-term issuer credit rating on 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.


BRYBAR PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Brybar Pty Ltd met on Nov. 10, 2008, and received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


EARTH ESSENCE: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on November 4, 2008, the members of
Earth Essence International Limited agreed to voluntarily
liquidate the company's business.

The company's liquidator is:

          G. M. Carrello
          Grant Thornton
          10 Kings Park Road, Level 1
          West Perth WA 6005


GOHIL INVESTMENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
The members of Gohil Investments Pty Ltd met on Sept. 26, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Nick Combis
          Peter Dinoris
          Vincents Chartered Accountants
          Level 27, 239 George Street
          Brisbane Qld 4000
          Telephone:(07) 3854 4555
          Facsimile:(07) 3236 2452
          Website: http://www.vincents.com.au


INTERACTIVE CUSTOMER: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Interactive Customer Contact Solutions Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Robert Hutson
          John Park
          KordaMentha (Qld)
          Corporate Centre One, Level 4
          2 Corporate Court, Bundall


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

The company's liquidator is:

          Dennis John Offermans
          Offermans Partners
          PO Box 2424
          Townsville QLD 4810
          Telephone:(07) 4724 0000
          Facsimile:(07) 4724 0060


MACSAK PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Macsak Pty. Ltd. met on Oct. 31,
2008, and received the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Tony Miskiewicz
          Moira Carter
          Jessup & Partners
          Accountants & Business Advisors
          155-157 Denham Street, Level 3
          Townsville QLD 4810


MARLIN REAL: Members Receive Wind-Up Report
-------------------------------------------
The members of Marlin Real Estate Pty Ltd met on Nov. 10, 2008,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          P. A. Lucas
          P. A. Lucas & Co. Chartered Accountants
          100 Edward Street, Level 8
          Brisbane Queensland


MURRAY WATERS: Members Hear Wind-Up Report
------------------------------------------
The members of Murray Waters Limited met on November 5, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K. S. Wallman
          HLB Mann Judd (Insolvency WA)
          15 Rheola Street, 2nd Floor
          West Perth WA


NOT AVENIR: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Not Avenir Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Kim Wallman
          HLB Mann Judd (Insolvency WA)
          PO Box 263
          West Perth WA 6005
          Telephone:(08) 9481 0977


NYLEX LTD: Moves to Renegotiate Loan Agreements
-----------------------------------------------
Lauren McInnes and George Lekakis at Herald Sun reported that
Nylex Limited is trying to renegotiate loan agreements with
bankers as it struggles to turn around its core businesses.

The report related that at the company's annual meeting held
yesterday, Nov. 25, 2008, Executive Chairman Peter George warned
shareholders that the group agreed to "severe changes" when it
refinanced an AU$80 million loan facility with ANZ and Westpac a
few months ago.

According to Herald Sun, the company has drawn down AU$45.8
million through the facility which is jointly provided by ANZ and
Westpac.  Nylex is now trying to renegotiate the contracts on more
friendly conditions, the report said.

Mr. George told shareholders "the crisis in credit market has
directly impacted the refinancing of Nylex as banks have had to
impose severe changes in terms.  We agreed terms of a new facility
with the banks on September 30, 2008, however, economic changes
since then mean we have had to request consideration of further
changes by the banks.  This is in progress with the banks and they
are reviewing our status over the new few weeks."

"Important and detailed discussions are in progress between major
shareholders for a much needed cash injection to Nylex.  The
interaction of this and the bank's preparedness to complete
refinancing will determine the company's future," Mr. George said.

"In summary, the downturn in the water tank market was truly
damaging to your company and this has now been compounded by the
global financial crisis, particularly in regards to our auto
industry component business," Mr. George told shareholders.

Nylex, the report said, has undergone a string of corporate
restructures in the past decade after its near collapse in 2001.

Herald Sun said that while auditors from KPMG did not qualify the
company's most recent financial accounts, they noted there was
"significant uncertainty" as to whether Nylex could repay or
refinance its debt in 2009.

                          About Nylex

Nylex Limited's principal activities are carried out through 3
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions
supply plastic based solutions including water tanks, garbage
bins, communications pits and plastic containment solutions.
Nylex Automotive supply plastic based products and interior
carpets to the car manufacturers and their suppliers including
fuel tank.  Nylex operates in Australia and New Zealand.

                         *     *     *

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on Nov. 18, 2008, listed Nylex Limited's bonds, with a
10.00% coupon, a December 8, 2009 maturity date, and a trading
price of 1.11 cents on the AU$.


PANTDEEN PTY: Appoints Lane and Khatri as Liquidators
-----------------------------------------------------
During a general meeting held on September 24, 2008, the members
of Pantdeen Pty Ltd appointed Morgan Lane and Raj Khatri as the
company's liquidators.

The Liquidators can be reached at:

          Morgan Lane
          Raj Khatri
          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


PARENTE FINE: Commences  Liquidation Proceedings
------------------------------------------------
During a general meeting held on September 22, 2008, the members
of Parente Fine Imports Pty Ltd 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


RAPTIS GROUP: Lend Lease Appoints Receiver to a Joint Venture
-------------------------------------------------------------
Raptis Group Limited disclosed that on November 21, 2008, Lend
Lease Limited appointed John Greig and Nicholas Harwood of
Deloitte as joint and several receivers in respect of a parcel of
land owned by Cira International Pty Ltd, an equity accounted
associate company of Raptis comprising a joint venture with CP1
Limited.

Raptis said this parcel of land is the site immediately to the
north of the Gold Coast International Hotel.

According to Raptis, Cira has advised that as a result of the
recent marketing campaign there are a number of current offers to
purchase the land.  If a current offer were accepted by the
receivers, there would be sufficient funds to discharge the
indebtedness to Lend Lease in full.  It is anticipated that the
receivers will achieve a sale based on the current offers.

Raptis and CP1 have provided a guarantee to Lend Lease in respect
of the principal debt plus interest owed by Cira to Lend Lease.
To date, Raptis added, Lend Lease has not placed a demand on
Raptis in relation to this guarantee.

As reported in Troubled Company Reporter-Asia Pacific on
September 12, 2008, the Australian said Raptis Group arm Limdaning
was placed in receivership after it failed to pay subcontractors.

According to the Australian, Raptis lender Capital Finance
Australia said it had appointed KordaMentha as receiver to
Limdaning, which was developing the third tower of the group's
AU$700 million Southport Central development on the Gold Coast.

The Australian recounted that it is the second time the Raptis
Group - which is headed by Jim Raptis - suffered severe financial
difficulties, with the group placed in administration in 1993.

Meanwhile, the Australian noted, Raptis had delivered a AU$13.9
million net loss for the full year after accounting for AU$20.5
million of write-downs on the value of property assets in the
period.  At June 30, Raptis had total assets of AU$912 million and
total liabilities of AU$903 million.

                       About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


SHC PROPERTIES: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of SHC Properties Pty Ltd met on
Oct. 14, 2008, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Scott James Mcmurtrie
          c/o PKF Gold Coast
          Chartered Accountants
          RSL Building, Level 5
          9 Beach Road
          Surfers Paradise QLD 4217


TREVELEN HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
The members of Trevelen Holdings Pty Ltd  met on Sept. 23, 2008,
and resolved to voluntarily liquidate the company's business.

E. R. Verge and G. A. Lopez are the company's liquidators.


VIDNIA PTY: Declares Preferential Dividend
------------------------------------------
Vidnia Pty Ltd declared first and final dividend on Nov. 13, 2008.

Creditors who were unable to file their proofs of debt by
Oct. 31, 2008, were excluded in the company's dividend
distribution.

The company's liquidator is:

          K. A. Strickland
          WA Insolvency Solutions Pty Ltd
          40 St George's Terrace, Level 12
          Perth WA 6000


YESBURY PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole member of Yesbury Pty Ltd resolved to voluntarily
liquidate the company's business on September 24, 2008.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers
          Telephone:(07) 3221 0055
          Facsimile:(07) 3221 8885


* Fitch Says Australian CMBS Maturity Hump Approaching
------------------------------------------------------
Fitch Ratings has just published a special report noting that a
significant level of maturing Australian CMBS will reach its
scheduled maturity during calendar 2009, creating a refinancing
hump.  The agency notes that of the total outstanding rated
Australian CMBS market of AUD7.79 billion, approximately 44% or
AUD3.4 billion, will reach scheduled maturity during 2009.

"Many issuers have taken a pro-active stance to their forthcoming
CMBS maturities and have been able to achieve commitments from
lenders well in advance of maturities to cover any potential
liquidity issues, and to facilitate repayments as scheduled.
However, other issuers have a significant refinancing task ahead
of them in a market that has considerably lower liquidity than in
prior years," says David Carroll, Director in the agency's
property ratings team in Sydney.  "2008 saw all maturing
Australian CMBS refinanced by the issuer's relationship banks
rather than through the capital markets.  Issuers are seeking
greater diversification of their funding and are hoping to source
debt in the CMBS markets during 2009," adds Mr. Carroll.

The report notes the asset quality of Australian CMBS remains
strong with high occupancies and good weighted average lease
expiries.  It also notes that while property values are expected
to fall as property capitalization rates move higher, the strength
of the underlying assets should not be an impediment to
refinancing.  Centro is the highest profile issuer amongst the
forthcoming CMBS maturities, with two separate transactions
totalling approximately AUD1.2 billion, and various scheduled
maturities over the next three years.  Centro's ability to
refinance its CMBS is at present severely impacted by its
corporate debt refinancing issues and its approaching refinancing
deadline of 15 December 2008, at which time approximately AUD5.7bn
of rescheduled corporate debt matures.



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

AIR CHINA: Losses on Hedging Contracts Tripled to CNY3.1 Bil.
-------------------------------------------------------------
Bloomberg News reports Air China Ltd.'s losses on hedging
contracts tripled because of wrong-way bets on fuel prices.  The
fair-value loss on contracts widened to 3.1 billion yuan (US$454
million) as of Oct. 31, from 1 billion yuan in the third quarter,
the carrier said in a statement cited by Bloomberg News.

The report relates the carrier posted a loss of 1.9 billion yuan
in the third quarter, its first loss in seven quarters.

Jet-fuel prices plunged 62 percent from its July peak, leaving
airlines with contracts to buy fuel for more than market rates.
Bloomberg News recalls Air China
signed contracts in July with terms until 2011.

According to the report, of China's three-largest airlines, Air
China is the most exposed to fluctuation in international jet-fuel
prices as about half of its traffic is on international routes.
Fuel accounted for more than 40 percent of Air China's operating
costs this year.

"Air China has disappointed investors who used to believe it's the
best Chinese carrier," Bloomberg News quoted Jack Xu, an analyst
at Sinopac Securities Co. in Shanghai, as saying.  "The loss may
further widen as oil prices continues to drop."

Air China Limited – http://www.airchina.com.cn/-- together with
its subsidiaries, provides air passenger, air cargo, and airline
related services in China.  The company has four segments: Airline
Operations, Engineering Services, Airport Terminal Services, and
Others. The Airline Operation segment provides air passenger and
air cargo services.  The Engineering Services segment offers
aircraft engineering services, including aircraft maintenance,
repair, and overhaul services.  The Airport Terminal Services
segment provides ground services, including check-in service,
boarding service, premium class lounge service, ramp service,
luggage handling service, loading and unloading services, and
cabin cleaning and transit services.  The Others segment offers
air catering and various airline-related services.  As of December
31, 2006, Air China operated a fleet of 225 aircrafts serving 77
domestic, 43 international, and 1 regional destination.  The
company was founded in 1988 and is headquartered in Beijing,
China.  Air China Limited is a subsidiary of China National
Aviation Holding Company.


AMERICAN INT'L: Will Sell Int'l Lease to Investors & Management
---------------------------------------------------------------
Reuters reports that American International Group will sell
International Lease Finance Corp, its plane-leasing business, to a
group of investors and the unit's management.

Bloomberg News relates that ILFC founder and CEO Steve Udvar-Hazy
said that he and other unidentified investors will close the deal
by early 2009.  Mr. Udvar-Hazy said that ILFC has a value of
around $10 billion, the report states.

According to Flightglobal.com, Mr. Udvar-Hazy founded ILFC 35
years ago, and in 1990 AIG purchased it for $1.3 billion in stock.
Cargonewsasia.com relates that ILFC depended on AIG's "blue-chip"
credit rating for access to capital to purchase planes, but was
locked out of the debt market when AIG's rating dropped in
September.  Flightglobal.com says that Mr. Udvar-Hazy has been
reportedly negotiating for several months to buy ILFC back from
AIG.  According to Cargonewsasia.com, AIG suffered major losses on
mortgage derivatives and is selling assets to repay a bailout loan
from the Federal Reserve.

    AIG to Rename aigdirect.com as 21st Century Insurance

Hugh Son at Bloomberg reports that AIG spokesperson Nicholas
Ashooh said that the company will rebrand its aigdirect.com
business as 21st Century Insurance, effective January 2009.

Bloomberg relates that AIG has owned a stake in 21st Century since
1994.  It acquired in September 2007 the remaining 39% of shares
in 21st Century for $813 million, according to the report.

Rebranding the unit will make the business more attractive to a
prospective buyer, Bloomberg says, citing AIG's personal auto
group chief Tony DeSantis.

Mr. DeSantis said in a Nov. 17 letter that AIG will launch new
television commercials and a revamped logo and Web site on
Jan. 5, 2009, Bloomberg states.

Bloomberg quoted J.D. Power and Associates director Jeremy Bowler
as saying, "They probably weighed the benefits and costs and
figured that it has more worth labeled as 21st Century than as AIG
Direct.  Every consumer has so many choices, and AIG's problems
have been so highly publicized -- why would someone choose a
company with a bad rap?"

According to Bloomberg, AIG will also lay off about 6.6% of
aigdirect.com's workers.  The report says that the unit had 5,500
employees as of September 2007.

             China Life Eyes AIG's Asian Assets

Citing a senior China Life manager, Eadie Chen and Samuel Shen at
Reuters report that the company is interested in purchasing AIG's
Asian assets.

According to Reuters, the manager said in an interview, "We want
to buy parts of AIG's business, especially those in areas of Asia
such as Hong Kong, Singapore and South Korea." The report says
that the official declined to be disclosed because a deal wasn't
yet public.

Published reports in China say that China Life president Wan Feng
said at a media briefing that the quality of AIG's insurance
business in Asia was good but needed further observation, because
that company's financial condition might worsen.

A consortium led by China Investment Corporation and including
Chinese insurers was negotiating to purchase a 49% stake in AIG
unit Alico, in a deal that could be worth as much as $10.6
billion, Japanese business daily Nikkei relates.  According to the
report, the talks carry a year-end deadline.

A China Investment Corp. official denied that the firm was
interested in buying a stake in AIG, Dow Jones Newswires states.

  Collapse Derails Ex-CEO's settlement With Attorney General

AIG's collapse derailed a settlement between the company's former
CEO Maurice R. Greenberg and the New York Attorney General Andrew
Cuomo's office, Chad Bray at The Wall Street Journal reports,
citing David Ellenhorn, a lawyer from the Attorney General's
office.

According to WSJ, Mr. Ellenhorn told New York Supreme Court
Justice Charles E. Ramos in Manhattan during a hearing on Monday
that Mr. Greenberg had an oral agreement with the Attorney
General's office to settle a long-running lawsuit and were
preparing to put the settlement on the record "the week AIG
crashed."

Paul Tharp at The New York Post relates that Mr. Greenberg was
accused of improperly dressing up corporate books to show improved
profits.  According to the report, the lawsuit was filed more than
three years ago by former attorney general Eliot Spitzer.  Citing
lawyers familiar with the matter, the report says that Mr.
Greenberg was being asked to pay a big fine to settle the case,
but he was believed to be resisting.

Sources said in September that Mr. Greenberg could be fined at
least $100 million as part of a settlement envisioned by Mr.
Cuomo's office, WSJ states.

             About American International Group

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill  Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility. The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


INTERMOST CORP: Auditor Raises Going Concern Doubt
--------------------------------------------------
Albert Wong & Co., in Hong Kong, informed the board of directors
and stockholders of Intermost Corporation that after auditing the
company and its subsidiaries' financial statements for the years
ended June 30, 2008, and 2007, it has substantial doubt about the
company's ability to continue as a going concern.  The firm
pointed out that the company has suffered recurring losses from
operations and has a significant accumulated deficit.

The company incurred a net loss of US$1,557,594 for the year ended
June 30, 2008, and has an accumulated deficit of US$20,846,563 as
of June 30, 2008.  The company also continues to experience
negative cash flows from operations.  The company will be required
to raise additional capital to fund its operations, and will
continue to attempt to raise capital resources from both related
and unrelated parties until the company is able to generate
revenues sufficient to maintain itself as a viable entity.

The company plans to strengthen its core business, control its
overall expenditures, improve the efficiency of its operations and
continue its efforts to expand by acquiring other business
opportunities.

The company's consolidated balance sheet as of June 30, 2008,
showed total assets of US$9,179,791 and total liabilities of
US$4,832,412, resulting in total stockholders' equity of
US$4,334,961.

A full-text copy of Intermost Corporation's Annual Report is
available for free at: http://researcharchives.com/t/s?3525

A week after filing its Annual Report, the company delivered to
the Securities and Exchange Commission its latest quarterly report
ended September 30, 2008.  As of Sept. 30, 2008, the company's
consolidated balance sheet showed total assets of US$8,865,852,
total current liabilities of US$4,730,036, minority interests of
US$11,452, and total stockholders' equity of US$4,124,364.  For
the quarter ended September 30, 2008, the company posted a net
loss of US$229,467 on revenues of $520.

A full-text copy of Intermost Corporation's Quarterly Report is
available for free at: http://researcharchives.com/t/s?3526

The company had entered into a joint venture agreement with other
PRC investors on February 19, 2008, to spin off certain
subsidiaries and investments in operating equity exchange.  The
PRC investors will form a new company to hold these subsidiaries
and investments and seek an independent listing of the new company
on a US exchange.  The name of the new company is China Equity
Platform Holding Group Limited.  When the spin off process is
completed, IMOT will get 60% common stock of the newly formed
company.  As of October 14, 2008, the company disclosed that the
spin off process is still under processing and waiting for the
approval from PRC Officials.  The subsidiary and associate
companies that will be spin off are:

* ChinaE.com Technology (Shenzhen) Company Limited
* ChinaE.com Investment Consultant (Shenzhen) Company Limited
* ChinaE.com E-commerce Company Limited
* Intermost Focus Advertising Company Limited
* Shenzhen International Hi-Tech Property Right Exchange Centre
* Hainan Special Economic Zone Property Rights Exchange Centre

                   About Intermost Corporation

Intermost Corporation, including its subsidiaries and associated
companies, was originally incorporated in the State of Utah on
March 6, 1985, under the name Utility Communications
International, Inc.  The company changed its name from Utility
Communications International, Inc. to Intermost Corporation on
October 23, 1998.  In February 2003, the Company re-domiciled from
the State of Utah to the State of Wyoming.

On October 23, 1998, the Company acquired a 100% interest in
Intermost Limited, a company incorporated in the British Virgin
Islands, by issuing 4,970,000 shares of its common stock with a
par value of US$0.001 per share (after the redenomination of par
value and a stock split) to the shareholders of IL.  The
acquisition of IL by the Company was treated as a reverse
acquisition since IL was the continuing entity as a result of the
exchange reorganization.

The Company is engaged in providing, directly and through its
subsidiaries and associated companies, business portal and e-
commerce solutions in the People's Republic of China.



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

BANK OF BARODA: Shareholders' Final Meeting Set for December 29
---------------------------------------------------------------
The shareholders of Bank of Baroda (Hong Kong) Limited will hold
their final general meeting on December 29, 2008, at 11:30 p.m.,
at the 3rd Floor of Dina House, Ruttonjee Centre, 11 Duddell
Street, in Central, Hong Kong.

At the meeting, Chan Wah Tip, Michael and Ho Man Kei, Keith, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CAPITAL HUMAN: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
On November 10, 2008, the members of Capital Human Resources
Company Limited resolved to voluntarily liquidate the company's
business due to its inability to pay its debts.

The company's liquidators are:

          Au Wai Keung
          China Insurance Group Building
          Room 2601, 26th Floor
          141 Des Voeux Road Central
          Hong Kong; and

          Wong Kam Wah
          Gloucester Tower, 5th Floor
          The Landmark
          11 Pedder Street
          Central, Hong Kong


CSI SPORTS: Enters Wind-Up Proceedings
--------------------------------------
CSI Sports Limited commenced liquidation proceedings on Nov. 14,
2008.

The company's liquidators are:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


DAIWA SECURITIES: Final Meeting Set for December 22
---------------------------------------------------
The sole member of Daiwa Securities SMBC Futures (Asia) Limited
will hold their final meeting on December 22, 2008, at 10:00 a.m.,
at the 8th Floor of Gloucester Tower, The Landmark, 15 Queen's
Road, in Central, Hong Kong.

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


GIANT RAINBOW: Creditors' Proofs of Debt Due on Dec. 23
-------------------------------------------------------
The creditors of Giant Rainbow 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 liquidators are:

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


HOI SING: Commences Liquidation Proceedings
-------------------------------------------
Hoi Sing Transportation Co., Limited commenced liquidation
proceedings on November 10, 2008, due to its inability to pay
debts when it fall due.

The company's liquidators are:

          Au Wai Keung
          China Insurance Group Building
          Room 2601, 26th Floor
          141 Des Voeux Road Central
          Hong Kong; and

          Wong Kam Wah
          Gloucester Tower, 5th Floor
          The Landmark
          11 Pedder Street
          Central, Hong Kong


KAUPTHING (HONG KONG): Creditors' Proofs of Debt Due on Dec. 12
---------------------------------------------------------------
The creditors of Kaupthing (Hong Kong) Limited are required to
file their proofs of debt by December 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 11, 2008.

The company's liquidators are:

          Kennic Lai Hang Lui
          Yuen Tsz Chun, Frank
          Messrs. Kennic L. H. Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


MARVEL TOYS: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on November 7, 2008, the
members of Marvel Toys Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


MONEYLINE TELERATE: Yan and Haughey Cease to Act as Liquidators
---------------------------------------------------------------
On November 12, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of Moneyline Telerate (Hong Kong)
Limited.

The company's former Liquidators can be reached at:

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


NOBLE GROUP: Moody's Keeps 'Ba1' Ratings With Stable Outlook
------------------------------------------------------------
Moody's Investors Service has affirmed Noble Group Ltd's Ba1
corporate family and senior unsecured bond ratings with a stable
outlook.  This follows the recent results announcement made by
Noble.

"Noble's overall operating results for the first nine months of
2009 are strong, despite challenging conditions in the commodity,
credit and freight markets," says Elizabeth Allen, a Moody's
VP/Senior Credit Officer.  "Reported EBITDA improved to USD759
million during the period from USD304 million in the previous
year."

"Noble is in a healthy liquidity position and that it has good
financial flexibility to support its ongoing financial
requirements," adds Ms. Allen, also Moody's lead analyst for the
company.

About 70% of Noble's on-balance sheet debt is long term, including
bonds due in 2013 and 2015, convertible bonds with a put option
exercisable in 2011, and drawdowns under its USD1.2 billion
committed revolving credit facility.

This facility, maturing in 2010, is about 50% utilized and
therefore serves as a key stand-by liquidity support.  Noble also
has good headroom under its covenants in this facility.
Moody's further understands that Noble continues to maintain
uncommitted debt and trade facilities of USD3.8 billion with over
40 banks.

In addition, Noble has cash in excess of USD1.1 billion, which
covers all its short-term uncommitted bank debt, the bulk of which
is trade-related financing and self-liquidating.

Further supporting its liquidity profile is the fact that Noble's
working capital needs are falling from their peaks in 1H2008,
reflecting the decline in commodity prices.  As a result, Noble
generated net cash inflow from operating activities of US$514
million for the nine months ended Sept. 30, 2008, a substantial
improvement compared to previous periods.  In addition, reported
debt showed a reduction from USD3.2 billion as of June 2008 to
USD3.1 billion as of September 2008.  Net debt reduced from USD2.6
billion to USD2.1 billion reflecting the significant increase in
cash on hand.

These trends are expected to continue and further reduce leverage.
Moody's focus will remain on 1) Noble's ability to maintain its
solid liquidity profile; 2) its systems and policies to monitor
and control risk exposure; and 3) the potential for a global
slowdown in the commodity market to impact Noble's trading volumes
and profitability, but this situation is mitigated by its
diversification by product and by geography.

Noble is a global trader and supply chain manager and the largest
in Asia.  It is engaged in the sourcing, storage, transportation
and distribution of agricultural, energy and industrial products.
Headquartered in Hong Kong, it is listed on the Singapore Stock
Exchange.  It has over 100 offices in more than 40 countries.


WINBACK DEVELOPMENT: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on November 7, 2008, the
members of Winback Development Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Ho Hang Suet
          The Henley, Flat A, 1st Floor
          13-15 Village Road
          Hong Kong



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

GANGA ACROWOOLS: CRISIL Cuts Rating on Rs.245.6MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has revised downwards its rating on Ganga Acrowools Ltd's
term loan and cash credit facility to 'D' from 'C'.  The rating on
the company's letter of credit facility has been downgraded to
'P5' from 'P4'.  The revision follows delays in debt servicing on
the term loans, and over-drawl in cash credit facilities, by the
company.

   Rs.190.0 Million Cash Credit*      D (Downgraded from C)
   Rs.245.6 Million Term Loan      D (Downgraded from C)
   Rs.90.0 Million Letter of Credit**   P5 (Downgraded from P4)
                     
*Interchangeable with Cash Credit (Book Debts) Rs.71.3 million,
Export packing Credit(EPC) -123.1 million & Export Bill
Purchase(EPB) of Rs. 92.5 million.

**Interchangeable with Bank guarantee of Rs. 5 million.

The rating downgrade reflects Ganga Acrowools's stressed liquidity
position due to substantial debt and low cash accruals, leading to
delays in repayment to banks, and overdrawn limits.  The liquidity
has been further stretched by the slowdown in export sales of the
company, which has adversely affected the cash flow.  The rating
also reflects the company's stretched financial risk profile, and
its exposure to risks relating to volatility in raw material
prices and foreign exchange fluctuations.  These weaknesses are
mitigated by Ganga Acrowools's improving business risk profile,
marked by increasing presence in value-added acrylic yarn.

                      About  Ganga Acrowools

Promoted by Mr. Ravinder Verma in 1995, Ganga Acrowools began
operations in 1999.  The company manufactures worsted acrylic yarn
and other blended yarn.  In acrylic yarn, its products include
fine- and medium-count yarn, which are used in machine knitting,
hosiery, hand knitting and weaving; and coarse-count yarn, which
is used in carpets and hand knitting.  The company manufactures
both grey and dyed acrylic yarn.  Its manufacturing unit, in
Ludhiana (Punjab), has a daily production capacity of 16 tonnes of
yarn, and a spindle count of 15,552 (13,000 for fine and medium
yarn, and 2552 for coarse yarn).  It also has an in-house dyeing
division, set up in 2005, and a biological treatment unit to
recycle waste water from its dyeing unit; the treated water is
discharged into the company's plantation.

Ganga Acrowools reported a profit after tax (PAT) of Rs.2.0
million on net sales of Rs.549.5.5 million in 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.25.2
million on net sales of Rs.415.1 million in the previous year.


TATA MOTORS: U.K. Subsidiary Confirms Talks on GBP1 Bil. Loan
-------------------------------------------------------------
Economic Times reported that Jaguar Land Rover (JLR), which is
owned by Tata Motors Limited, has confirmed it is in talks with
the U.K. government for a GBP1 billion loan to support investments
in carbon reduction technology and stimulate demand.

"JLR supports, both, the UK's Society of Motor Manufacturers and
Traders (SMMT) and the European Automobile Manufacturers'
Association (ACEA) position that government intervention is
required to improve liquidity in the supply chain and support
continued investment in carbon reduction technology as well as
stimulating consumer demand," JLR said in a statement as cited by
the Times.

"The automotive industry is facing unprecedented trading
conditions as a direct fall out of the banking crisis and
turbulence in financial markets and we are of course keeping the
government appraised of the impact on our business.  We won't
comment on the confidential discussions with government," the
statement said.

                        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.


SACHDEV FOOD: CRISIL Rates Rs.20.5 Mil. Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable' to the
various bank facilities of Sachdev Food Products Pvt Ltd (SFPPL)
and Sachdev Food Products (SFP), together referred to as the
Sachdev group.

   Rs.20.5 Million Cash Credit     BB/Stable (Assigned)
   Rs.34.2 Million Term Loan@   BB/Stable (Assigned)

@Proposed amount of Rs.11.1 million

The ratings reflect the Sachdev group's low net worth, and
exposure to risks relating to Government of India's regulations
for the domestic rice industry, and the partnership nature of the
group's business, which restricts its financial flexibility.
These weaknesses are, however, partially offset by the expected
increase in the Sachdev group's revenues, backed by enhanced
capacities and assured off-take by the Food Corporation of India
(FCI).

CRISIL has combined the business and financial risk profiles of
SFP and SFPPL as part of this rating exercise; this is because the
two entities are under a common ownership and management, and
derive considerable business synergies from each other.

Outlook: Stable

CRISIL believes that Sachdev Group will maintain a stable business
risk profile backed by the strong experience of its partners in
the rice mill business.  The outlook may be revised to 'Positive'
if the group,s equity capital or the partners' capital increase
substantially.  Conversely, the outlook may be revised to
'Negative' if the group is unable to maintain its margins at
current levels.

                     About the Sachdev group

Set up as a partnership firm in Raipur in January 1986 by
Mr. Shamandas, Mr. Goverdhan Das, Mr. Ashok Kumar, Mr. Sushil
Kumar and Mr. Ajay Kumar, SFP has a rice milling capacity of 16
tonnes per day.  SFPPL was incorporated in 2003 and began
commercial operations in May 2008 with a rice milling capacity of
12 tonnes per day.  The company sells ~ 55 per cent of the rice
produce to FCI.

For 2007-08 (refers to financial year, April 1 to March 31), the
Sachdev group reported a profit after tax (PAT) of Rs.0.2 million
on net sales of Rs.283.5 million, as against a PAT of Rs.1.5
million on net sales of Rs.255.6 million for 2006-07.


SACHDEV FOOD: CRISIL Rates Rs.55 Mil. Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Sachdev Food Products (SFP) and Sachdev
Food Products Pvt Ltd (SFPPL), together referred to as the Sachdev
group.

   Rs.55 Million Cash Credit     BB/Stable (Assigned)
   Rs.15 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the Sachdev group's low net worth, and
exposure to risks relating to Government of India's regulations
for the domestic rice industry, and the partnership nature of the
group's business, which restricts its financial flexibility.
These weaknesses are, however, partially offset by the expected
increase in the Sachdev group's revenues, backed by enhanced
capacities and assured off-take by the Food Corporation of India
(FCI).

CRISIL has combined the business and financial risk profiles of
SFP and SFPPL as part of this rating exercise; this is because the
two entities are under a common ownership and management, and
derive considerable business synergies from each other.

Outlook: Stable

CRISIL believes that Sachdev Group will maintain a stable business
risk profile backed by the strong experience of its partners in
the rice mill business.  The outlook may be revised to 'Positive'
if the group's equity capital or the partners' capital increase
substantially.  Conversely, the outlook may be revised to
'Negative' if the group is unable to maintain its margins at
current levels.

                    About the Sachdev group

Set up as a partnership firm in Raipur in January 1986 by
Mr. Shamandas, Mr. Goverdhan Das, Mr. Ashok Kumar, Mr. Sushil
Kumar and Mr. Ajay Kumar, SFP has a rice milling capacity of 16
tonnes per day.  SFPPL was incorporated in 2003 and began
commercial operations in May 2008 with a rice milling capacity of
12 tonnes per day.  The company sells ~ 55 per cent of the rice
produce to FCI.

For 2007-08 (refers to financial year, April 1 to March 31), the
Sachdev group reported a profit after tax (PAT) of Rs.0.2 million
on net sales of Rs.283.5 million, as against a PAT of Rs.1.5
million on net sales of Rs.255.6 million for 2006-07.


WELSPUN: Warns Massive Job Cuts Without Gov't Support, FT says
--------------------------------------------------------------
Welspun India Limited said it might be forced to lay off hundreds
of workers unless the government acted swiftly to help the sector
by increasing subsidies for exporters, The Financial Times
reports.  The company employs about 12,000 people in India.

"We're going through the worst period in years...and the next few
quarters are going to be very challenging," Welspun told FT in New
Delhi.

According to FT, the textile company, which is the biggest
supplier of towels to Wal-Mart, saw its net income fell 80 per
cent in the third quarter of 2008 year-on-year due to slowing
demand from the US and Europe – to which more than 90 per cent of
its products are exported – and rising energy costs.

FT relates the Confederation of Indian Textile Industry said many
of the country's 15,000 textile companies, which account for
US$20.5 billion of the country's exports or 17 per cent of the
total, could close if the government does not intervene swiftly.

"Unless remedial measures [are] taken by the government
immediately, a large number of units will have to close, throwing
thousands of workers out of [a] job," FT quoted R.K. Dalmia,
chairman of the CITI, as saying.

Affecting the industry, according to FT, include:

   -- the rise of government-controlled cotton prices,
      which have gone up US$80 to US$462 a cotton-candy (356kg)
      in the past year;

   -- fluctuating currency;

   -- low demand, particularly in the US; and

   -- derivative losses.

Headquartered in Mumbai, India, Welspun India Limited (Welspun) --
http://www.welspun.com/-- is engaged in the business of home
textiles.  The Company is a producer of terry towels.  Welspun
offers a variety of products like towels in different sizes and
qualities, bed linen using Egyptian cotton.  It has additionally
launched organic products utilizing Soya, seaweed, milk and
bamboo.  On December 20, 2007, Welspun acquired 76% interest in
Sorema Tapates e Cortinas de Banho.


* Big 3 May Ask Congress for Measures That Would Spur Demand
------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that General Motors Corp., Ford Motor Co., and Chrysler LLC might
ask the Congress to take measures to spur consumer demand, in
addition to a US$25 billion bailout.

Tom Krisher at The Associated Press reports that the Congress has
asked GM, Chrysler, and Ford Motor Co. to show how they would
ensure that:

    -- the government would be reimbursed,

    -- the government would get a share in future profits,

    -- how the companies would stop dividend payments,

    -- how the companies would stop lavish executive pay
       packages,

    -- how the companies would meet fuel-efficiency standards,
       and

    -- how the companies would address their health care and
       pension obligations to workers.

GM CEO Rick Wagoner told the press on Thursday that the firm has
already shared a detailed plan confidentially with the Bush
administration and key staffers in Washington.  "Historically,
things like your future product plans, technology plans and
financial plans would be competitively sensitive information, and
so for a variety of reasons, we wouldn't be sharing that
publicly," The AP quoted Mr. Wagoner as saying.

According to WSJ, concern is rising in Detroit that it will be
difficult to show lawmakers how Ford Motor, GM, and Chrysler can
return to profitability with sales at their current depressed
level.  WSJ quoted an executive at one of the auto companies as
saying, "There is no way any car company can make money at the
current demand level.  The government has to get credit flowing so
that the market goes back to at least 14 million to 15 million
[vehicles].... We can figure out how to survive at that level."

WSJ reports that a spokesperson for Sen. Charles Schumer said that
the official will:

    -- ask the Federal Reserve to make financing available for
       the auto companies' lending arms, which would allow them
       to offer more auto loans; and

    -- also ask the Treasury to speed approval of GMAC LLC's
       request to become a bank holding company.

Auto dealers and a few members of the Congress called for tax
incentives or other measures designed to improve car buying, WSJ
reports.  Michigan Gov. Jennifer Granholm said that she is working
with the auto makers to come up with a "definitive plan" to
present to Congress on Dec. 2, which is also the deadline for Ford
Motor, GM, and Chrysler to present their business plans.

One way of getting help from TARP would be to have banks that get
some of the US$700 billion bring financing to GM, Ford Motor, and
Chrysler, or provide those companies with short-term loans to keep
them from running short of cash, WSJ relates, citing Gov.
Granholm.

               Need for More Cost Cutting Measures

GM and Chrysler must implement drastic spending cuts, to ensure
their companies live long enough to use any loans they get, The AP
states, citing industry analysts and bankruptcy experts.

According to The AP, GM and Chrysler face huge expenses and a lack
of revenue, as car buyers are having trouble getting financing or
are delaying big purchases due to uncertainty about their jobs.
Citing experts, the report says that inside the headquarters of GM
and Chrysler, teams are likely to be seeking ways to reduce
expenses any way they can, including delays in new investments.

The AP relates that GM said on Friday that it is canceling its
traditional holiday party for the media, and will replace that
party with a US$5,000 donation to a journalism scholarship fund.
Chrysler CEO Bob Nardelli said that the company has a cash
committee that scrutinizes requests every week, according to the
report.

Lawmakers, says The AP, also criticized Chrysler and GM's high
labor costs and the jobs bank, in which laid-off employees get 95%
of their pay plus benefits even though they aren't working.
According to The AP, the United Auto Workers said that it already
cut the jobs bank and placed time limits on it in new contracts
signed with the firms in 2007.  The report states that more than
3,500 employees are still getting paid for not working, and that
number will increase as the companies continue layoffs.

GM should seek help from the United Auto Workers union, The AP
reports, citing Northeastern University corporate turnaround
professor Harlan Platt.  "The bank right now is the union, and
they're going to have to give up something in the near term so
they have something very valuable in the long term," the report
quoted Mr. Platt as saying.

The AP relates that UAW President Ron Gettelfinger said on
Thursday that the union is at the bargaining table already and
that it "would welcome all the other stakeholders to the table to
make some concessions."

Citing a source familiar with the matter, WSJ says that GM is
negotiating some of its financial obligations, including terms of
debt and money it owes to UAW.  According to the report, the
source said that GM's board is open to considering all options for
GM's survival and will be meeting several times this week.  Ford
motor and Chrysler executives said on Sunday that they are also
developing plans, the report states.

John D. Stoll and Sharon Terlep at WSJ relates that, as part of a
drive to cut US$15 billion in costs, GM is not even keeping its
562 wall clocks in working order, now stops escalators at its
Renaissance Center headquarters at 7 p.m., has changed the type of
wipe-up towels it buys, used cheaper pencils, and eliminated voice
mail in the plants, the report states.

According to The AP, GM said on Friday that it would extend
holiday shutdowns and make other production cuts at five North
American factories.  GM also accelerated the closure of a truck
plant in Ontario, the report says.  GM and Chrysler, WSJ relates,
have stopped or slowed work on new vehicles to cut development
expenditures, and didn't hold news conferences at the Los Angeles
Auto Show last week.

WSJ reports that Ford Motor said earlier this month that it will
lay off about 10% of its North American salaried work force, and
cut its capital spending, manufacturing, information-technology,
and advertising costs.

GM won't be giving out in 2009 its "Mark of Excellence" awards to
its top-selling dealers, and has cut the fleet of cars for
reporters to test drive, WSJ states.

            Suppliers May Demand Cash on Delivery

Dow Jones Newswires relates that three major auto suppliers --
which provide GM with everything from brakes to entertainment
systems -- said on Thursday that the company may have to pay cash
on delivery for parts if it fails to secure government bailout.
According to Dow Jones, GM already acknowledged the threat of
suppliers switching to cash on delivery from the traditional 60-
to 90-day payment terms.

Dow Jones quoted an official at one supplier as saying, "No one
wants [cash on delivery], but we have to protect ourselves at this
point.  We have other customers that need products and we have to
pay our people to keep our plants open."

According to Dow Jones, GM Chief Financial Officer Fritz Henderson
said in a conference call, "We've not seen [cash on delivery] in
any substantive way, and we'll just have to continue to work with
them."

              Ellen J. Kullman May Leave Board

Joann S. Lublin at The Wall Street Journal reports that DuPont Co.
directors have asked the company's CEO Ellen J. Kullman to quit
her post at General Motors Corp.'s board before the agreed June
2009 deadline.

DuPont wants Ms. Kullman to leave GM sooner because she "lacks
time to breathe," WSJ states, citing a source.  Ms. Kullman had
agreed to resign from GM's board when DuPont directors named her
as the company's CEO.  MarketWatch reported in September 2008 that
Ms. Kullman was elected CEO as of Jan. 1.

According to WSJ, a GM spokesperson said that the company's
directors are meeting several times a week by phone as the company
seeks financial aid from the government, among other options.

                      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-'.


* Obama Team Denies Explore Prepack Bankruptcy for Big 3
--------------------------------------------------------
Bankruptcy Law360 reports that President-elect Barack Obama's
transition team has reportedly said it is not exploring a
prepackaged bankruptcy plan for the automakers.

According to the report, officials from Obama's team quickly
denied reports that surfaced Friday morning that the transition
team had contacted at least one bankruptcy law firm to discuss a
prepackaged deal.

American Bankruptcy Institute says the Obama transition team is
exploring a swift, prepackaged bankruptcy for automakers as a
possible solution to the industry's financial crisis.

ABI says the Detroit Three's troubles may affect the financial
sector.  Citing a Wall Street Journal report, ABI notes that the
automakers owe more than US$100 billion to their bankers and
bondholders, and Wall Street is starting to wonder how much of
that will be paid back.

As reported by the Troubled Company Reporter on November 19, 2008,
Siobhan Hughes at Dow Jones Newswires said Chrysler CEO Robert
Nardelli said his company wants US$7 billion of the requested
US$25 billion in emergency funding from the government.

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

Ford Motor Co. CEO Alan Mulally said that his company is seeking
US$7 billion to US$8 billion, Dow Jones reported.

                      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-'.



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

BANK DANAMON: Moody's Puts Positive Outlook on 'D' BFSR
-------------------------------------------------------
Moody's Investors Service has changed the outlook for Bank Danamon
Indonesia's bank financial strength rating of D to stable from
positive.

Consequently, the BFSR, which has had a positive outlook since
May 4, 2007 -- stays at D and will carry a stable outlook.  All
other ratings which are detailed below are unaffected.

"The rating action is due to the operating environment in
Indonesia facing severe financial and economic stress on the back
of a global economic slowdown.  Growth prospects are expected to
weaken with sizable deterioration in asset quality," says Beatrice
Woo, a Moody's Vice President and Senior Credit Officer.

"Indonesian banks' financial fundamentals are likely to be
challenged and negatively impacted as the banks steer through
tougher times, and which are expected to extend into 2009," adds
Ms. Woo.

Therefore, the BFSR is not likely to face upward rating pressure
in the near term and hence the change in the outlook to stable.
The previous positive outlook on the BFSR reflected the
anticipated positive impact on the bank's franchise and financial
fundamentals of its parent Asia Financial Pte. Ltd., a consortium
comprising Temasek Holdings (Aaa) and Deutsche Bank (Aa1/B).
Specifically, it considered the substantial benefits that BDI
would have received from its parent, including technical expertise
and management skills.  The advantages were expected to enhance
BDI's own franchise and prospects.

Finally, the positive outlook incorporated Moody's expectations
that BDI would continue to leverage on its unique franchise and
maintain its reasonably strong profitability and earnings
stability.

Since its acquisition by AFI, BDI has aligned itself, particularly
in the areas of corporate governance and risk management, with its
parent, a positive development in Moody's opinion.  In addition,
it maintained a strongly capitalized balance sheet.

With IDR103.5 trillion in assets, BDI is the 2nd largest private
national bank and the 5th largest commercial bank in Indonesia.
It has 5% of domestic system loans and deposits and operates a
network of 1,323 branch offices (including Adira Group).

BDI's other ratings are:

Global local currency long-term/short-term deposit of Baa3/Prime-
3, foreign currency long-term/short-term deposit of B1/Not Prime,
foreign currency subordinated debt of Ba2, long-term national
scale rating of Aaa.id.  The outlook for all ratings is stable.


BERLIAN LAJU: Loan Payments Cue S&P to Hold 'B' Corp. Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Indonesia's PT Berlian Laju Tanker Tbk.
and removed it from CreditWatch.  The outlook is negative.

The 'CCC+' foreign currency ratings on the US$400 million senior
unsecured notes due 2014, and the US$125 million five-year
convertible bond due 2012, issued by BLT Finance B.V., a wholly
owned subsidiary of BLT, were also affirmed and removed from
CreditWatch.

"This action comes after BLT's advances to pay down its US$250
million secured bridge loan due on Dec. 19, 2008, using a
combination of cash and proceeds from the sale and lease-back of
certain vessels," said Standard & Poor's credit analyst Manuel
Guerena.

BLT's ratings were first listed on CreditWatch with negative
implications on Oct. 15, 2007, after its debt-funded US$850
million acquisition of Chembulk Tankers LLC was announced.  After
two rating downgrades since, uncertainties regarding the timely
execution of its refinancing plan had prevailed.

As of September 2008, BLT had 86 vessels, representing 1,969,547
deadweight tonnage.  Its key businesses are the operation of
chemical and oil tankers, which have provided for approximately
69% and 24% of BLT's revenues this year, respectively.

The company's liquidity position is tight.  Going forward,
however, the company still has to deal with approximately US$278
million of short-term debt (US$94 million due in the first quarter
of 2009), and committed capital expenditures.  The company is in
compliance with its debt covenants, and is likely to remain so by
year-end.

The negative rating outlook is based on the refinancing risks that
still prevail for BLT.  The outlook assumes that BLT will be able
to roll-over some of the debts maturing in the first quarter of
2009.  The outlook also factors in BLT's high debt and limited
financial flexibility to face an operating environment that has
turned more challenging.

"A stable outlook will be considered if the company reduces its
debt and improve its cash flows to offset operating margin
pressure arising from decreasing freight rates and rising
competition and operating charges," Mr. Guerena said.


PAN INDONESIA: Moody's Puts Stable Outlook on 'D' BFSR
------------------------------------------------------
Moody's Investors Service has changed the outlook for Pan
Indonesia Bank's bank financial strength rating of D to stable
from positive.

Consequently, the BFSR, which has had a positive outlook since
May 4, 2007 -- stays at D and will carry a stable outlook.  All
other ratings which are detailed below are unaffected.

"The rating action is due to the operating environment in
Indonesia facing severe financial and economic stress on the back
of a global economic slowdown.  Growth prospects are expected to
weaken with sizable deterioration in asset quality," says Beatrice
Woo, a Moody's Vice President and Senior Credit Officer.

"Indonesian banks' financial fundamentals are likely to be
challenged and negatively impacted as the banks steer through
tougher times, and which are expected to extend into 2009," adds
Ms. Woo.

Therefore, the BFSR is not likely to face upward rating pressure
in the near term and hence the change in the outlook to stable.
The previous positive outlook on the BFSR reflected Panin's above-
industry average and relatively less volatile financial
performance when compared to its peers.

Specifically, it took into account Panin's solid capital position,
sound profitability, efficient cost controls and conservative
approach to growing its business.  Panin was able to recover in
2007 from a weakening in its operating performance that begun in
4Q05.

Finally, the positive outlook incorporated Moody's expectations
that Panin would continue to leverage on its established franchise
and maintain its strong financial metrics.

While Panin has continued to perform fairly well in its
profitability and capital strength since 2007, the sustainability
of its sound performance will undoubtedly be challenged by the
current crisis.

With IDR63.5 trillion in assets, Panin is the 7th largest
commercial bank in Indonesia.  It has 3% of domestic system loans
and 2.5% of domestic system deposits and operates a network of 331
branch offices.

Panin's other ratings are:

Global local currency long-term/short-term deposit of
Baa3/Prime-3, foreign currency long-term/short-term deposit of
B1/Not Prime. The outlook for all ratings is stable.


RIAU ANDALAN: To Slash 2,000 Workers Amid Raw Material Crisis
-------------------------------------------------------------
The Jakarta Post reported that PT Riau Andalan Pulp and Paper
(Riaupulp) will dismiss up to 2,000 workers, or around half of its
total workforce, to help stop the company from sinking amid a
prolonged raw material crisis.

According to the report, Riaupulp director Rudi Fajar said the raw
material shortage had been plaguing the giant pulp and paper mill
for the past two years.

The raw material shortage is attributed to difference of
interpretation between government agencies on forestry regulations
and bureaucratic red-tape on licensing procedures, Mr. Fajar said.

Before the layoff decision, Mr. Fajar added, the company had
carried out a number of efficiency measures to offset a drop in
production and rising production costs, such as saving on fuel,
electricity, water and working trips.  However, Mr. Fajar said,
those steps failed to yield results and left the company with no
choice but to resort to dismissals, some permanent and some
temporary.

Riaupulp had also severed the working contracts of 25 of the 54
expatriates working for the company, Mr. Fajar added.

PT Riau Andalan Pulp and Paper produces pulp, mechanical pulp,
paper and board.  The company employs around 4,000 workers.



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

DELPHI CORP: Wants to Defer GM Deal and DIP Hearing to Dec. 1
-------------------------------------------------------------
Delphi Corp. asked the U.S. Bankruptcy Court for the Southern
District of New York at the monthly omnibus hearing to defer
completing the hearings on Delphi's GM Arrangement Second
Amendment Agreement Approval Motion and Debtor-In Possession
Accommodation Motion until Dec. 1, 2008, pending further
discussions among Delphi, GM and the Administrative Agent for the
DIP Lenders.

Delphi filed both motions with the Bankruptcy Court on Nov. 7,
2008.  The DIP Accommodation Motion seeks authority to continue
use of the proceeds from its DIP Credit Facility through June 30,
2009, pursuant to an accommodation agreement to be entered into
between Delphi and certain lenders that constitute the majority of
holders by amount of Delphi's two most senior tranches of its DIP
Credit Facility.  When filed, the agreement reflected the support
of the administrative agent and the anticipated support of the
Required Lenders for Delphi's transformation efforts, despite the
economic downturn and the unprecedented turmoil in the capital
markets.  The company made various changes to the Accommodation
Agreement since the November 7 filing in order to obtain support
from as many DIP lenders as practicable and has received signature
pages from more than the Required Lenders needed to implement the
agreement.

The GM Arrangement Second Amendment Agreement Approval Motion
provides the company with access to up to US$600 million in
additional liquidity through June 2009 through a combination of
US$300 million in additional payments from GM that are
subordinated to the DIP lenders and the temporary acceleration of
US$300 million in payments from GM during March, April and May of
2009.  The company said that while the original form of
Accommodation Agreement was acceptable to GM, GM has asked, and
Delphi has agreed, to reconsider certain of the subsequent
amendments agreed to between Delphi and the Required Lenders
subsequent to the November 7 filing.  Delphi intends to engage in
discussions with GM and certain of Delphi's DIP lenders in an
attempt to identify acceptable changes to the documents presented
to the Bankruptcy Court.  While there can be no assurance that
acceptable changes will be agreed among the parties, the company
expects such discussions to be completed before the continued
hearing on Dec. 1, 2008.

                 About General Motors

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

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

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

                     About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GMAC LLC: JCR Cuts Senior Debts Rating to '#CCC'
------------------------------------------------
http://www.jcr.co.jp/english/top_cont/rat_info04.php?no=08i065&PHP
SESSID=3fa3314cb895f566d9748deadf1aae0b

JCR has downgraded GMAC LLC's foreign currency long term senior
debts rating to #CCC/Negative from #B-/Negative.  The rating
remains under Credit Monitor (Negative).

The downgrade reflects the following announcements by GMAC on
November 20:

   1) GMAC has submitted an application to the U.S. Federal
      Reserve Board of Governors for approval to become a
      bank holding company.

   2) It has also submitted an application to the U.S.
      Treasury to participate in the Capital Purchase
      Program created under the Emergency Economic
      Stabilization Act of 2008, conditional upon
      becoming a bank holding company.

   3) It has commenced private exchange offers and cash
      tender offers for certain outstanding debts of GMAC,
      its subsidiaries and Residential Capital, LLC in
      connection with its capital plan relating to its
      application to become a bank holding company.

The above private exchange offers and cash tender offers are to
purchase and/or exchange certain of GMAC's and its subsidiaries'
and Residential Capital's outstanding notes which are specifically
listed in the announcement (equivalent of US$38 billion in total)
for cash, newly issued notes of GMAC and, in the case of the GMAC
offers only, preferred stock of a wholly owned GMAC subsidiary
including the terms and conditions such as a reduction in
principal amount in the case of cash election.

GMAC states that the purpose of the above offers is to increase
its capital levels while reducing the amount of its and
Residential Capital's outstanding debts in connection with its
capital plan relating to its application to become a bank holding
company.  JCR, however, considers that GMAC's initiatives this
time illustrate its increasingly harsh financial situation.

Continuation of Credit Monitor (Negative) reflects possibility of
additional downgrades going forward in the near future.  Depending
on a delay in progress of the above offers, disapproval of the
application to become a bank holding company, further
deterioration of its profitability and more difficult liquidity
situations of GMAC, its rating could be further downgraded.
JCR will closely monitor the above factors and incorporate them in
the rating.



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

* Fitch Says Defaults to Rise on Korean Credit Card Performance
---------------------------------------------------------------
Fitch Ratings has said that the Korean central bank's recent
interest rate cuts will help reduce the immediate pressure on
credit card default rates.  However, the agency cautions that in
the medium-term, deteriorating economic conditions will more than
offset the positive impact of the rate cuts, and this is expected
to lead to higher credit card default rates.  Despite this, Fitch
does not expect an immediate impact on Korean credit card ABS
ratings, given the stress scenarios factored into its rating
analysis, coupled with improvements to the asset quality control
that have been made by credit card companies since the Korean
credit card crisis in 2003.

Korea's central bank lowered the benchmark seven-day repurchase
rate by 25bps to 4.00% on November 7, 2008.  This followed two
consecutive cuts of 75bps and 25bps, both in October 2008.  The
cuts are expected to reduce the funding costs of Korean credit
card companies in the short-term, thus easing the immediate
pressure on lenders to raise charges on credit cards.

For Fitch-rated Korean credit card ABS transactions, the average
61-90 days past due delinquency ratios, a useful indicator of
future defaults, have been stable for the past year at 0.2-0.3%.
However, it is unlikely that the interest rate cuts can prevent a
deterioration of asset performance in the medium-term.  Fitch
revised its rating Outlook on the Korean sovereign to Negative
from Stable on November 10, 2008, and highlighted that the economy
is experiencing a sharp slowdown and bank asset quality is
deteriorating.

With rising unemployment considered likely, card holders may find
it harder to service their debts, particularly those utilizing the
cash advances and revolving products.  This may be exacerbated by
the actual and future increases in the funding cost of credit card
companies, notwithstanding the recent rate cuts, which is expected
to be transferred to credit card holders in the medium-term.
Thus, although an increase in delinquencies is anticipated, the
agency does not expect to see delinquency rates increase to the
peaks of 2003, as more prudent underwriting policies have been
adopted by the Korean credit card companies since then.

During the credit card crisis, the average delinquency ratio
(excluding restructured loans) of credit card companies reached
14.06% as at end-2003, according to data from the Financial
Supervisory Service.  This was more than five times the 2.6%
recorded at the end of 2001.  The credit card market has
stabilized substantially since 2004 because credit card companies
have adopted tighter underwriting policies, improved risk
management systems, risk-based pricing and stronger asset quality
control.  This stability has been evidenced by a significant
improvement in the delinquency ratio and a turnaround in the
profit generation of most credit card companies since Q304.

Fitch believes that its ratings on Korean credit card ABS
transactions will be able to withstand the more challenging
economic environment.  The agency's rating approach applies
simultaneous stresses to increase charge-offs, reduce the monthly
payment rate and decrease expected yield.  Credit enhancement, in
the form of subordination, ranges from 20% to 25% for 'AAA'
tranches and continues to remain appropriate.  Therefore, the
agency believes that although the credit card delinquency rates
will rise in the medium-term, Korean credit card ABS transactions
will continue to perform within expectations.

Fitch will closely monitor the asset performance of the rated
transactions and continue to provide updates on a timely basis.


* KOREA: Personal Bankruptcies Rise to 10,169 in October
--------------------------------------------------------
As Korea's economy entered a depression, the number of monthly
personal bankruptcy cases soared to over 10,000 in just three
months, Chosun.com reports.

Citing the Supreme Court, the report notes that personal
bankruptcies filed in October reached 10,169, an increase from
8,786 in September.  The month-on-month increase rate of personal
bankruptcies was 117 cases, or 2 percent, in September and 1,383
cases, or 15.7 percent, in October, showing a steep climb since
Lehman Brothers collapsed, the report discloses.

According to Chosun.com, a Supreme Court official said that
deteriorating personal finances caused by the economic crisis is
responsible for the surging number of personal bankruptcies in the
past three months.

Chosun.com relates that the number of those who applied for
individual debtor rehabilitation, which offers conditional debt
relief, has been increasing for three consecutive months, from
3,373 in August to 3,802 in September and 4,322 in October.


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

ARCHITECTURAL GLASS: Fixes December 2 as Last Day to File Claims
----------------------------------------------------------------
Architectural Glass Industries NZ Ltd. requires its creditors to
file their proofs of debt by December 2, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


FLETCHER BUILDING: Faces US$21 Mil. Lawsuit in the U.S.
-------------------------------------------------------
Fletcher Building is in a US$21 million (NZ$39.4 million) fight
over its purchase of U.S. manufacturer Formica Corporation as the
previous owners seek additional payments relating to the
acquisition, various reports say.

According to The National Business Review, Fletcher said that the
vendors have filed proceedings in the New York State Supreme Court
seeking damages of at least US$21 million, interest and other
relief.

As reported by the Troubled Company Reporter - Asia Pacific on
May 23, 2007, Fletcher Building acquired Formica for US$700
million plus deferred payments of up to US$50 million from
private equity investors Cerberus Capital Management L.P. and
Oaktree Capital Management LLC.  The additional US$50 million
reportedly is conditional on Formica achieving specific
performance targets.

The Business Review notes that while Fletcher has to date paid $28
million to the private equity sellers, it is now disputing three
out of five cost saving initiatives.

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on September 30, 2008,
listed these Fletcher Building bonds as distressed:

           Coupon          Maturity            Price
           ------          --------            -----
           7.550%          03/15/11           NZ$8.90
           7.800%          03/15/09           NZ$9.50


GREENWORLD TOURS: Court to Hear Wind-Up Petition on December 15
---------------------------------------------------------------
A petition to have Greenworld Tours Ltd.'s operations wound up
will be heard before the High Court of Auckland on December 15,
2008, at 10:45 a.m.

John Bradshaw and Errol Bradshaw filed the petition against the
company on September 29, 2008.

The Petitioners' solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          c/o Baycorp House, Level 2
          15 Hopetoun Street, Auckland


MAVERICK N Z: Court to Hear Wind-Up Petition on December 1
----------------------------------------------------------
The High Court at Whangarei will hear a petition to have Maverick
N Z Ltd.'s operations wound up on December 1, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 24, 2008.

The CIR's solicitor is:

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


MILCROFT CONTRACTING: Enters Wind-Up Proceedings
------------------------------------------------
Milcroft Contracting Ltd. commenced liquidation proceedings on
October 20, 2008.

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


NATIONAL FINANCE: Directors Banned From Performing Duties
---------------------------------------------------------
The National Business Review reports that the directors of
National Finance 2000 Ltd have been banned from acting as company
directors.

According to the report, deputy registrar of companies Peter
Barker ruled that Trevor Allan Ludlow, Carol Anne Braithwaite and
Anthony David Banbrook mismanaged National Finance, among other
companies, and it was that mismanagement which, at least partly,
contributed to the company's failure.

Citing the Ministry of Economic Development, the Business Review
relates, the mismanagement allegations included reckless trading,
failure to comply with its prospectus, breach of director's
duties, and failure to maintain adequate books and records.

The report notes that prohibition notices were issued on October
14.  Mr. Ludlow and Ms. Braithwaite are both prohibited for a
period of four years and six months and Mr. Banbrook is prohibited
for four years, the Business Review says.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2006, National Finance 2000 is the first major finance
company to collapse in recent years and has re-ignited fears of a
wider rout in a sector weighed down by debt after several years of
strong economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

According to the Business Review,  the receivers estimate that
around NZ$24 million is owed to members of the public and that the
likely recovery for secured investors will be about 47 percent to
48 percent of their investments.  Subordinated investors and other
unsecured creditors are unlikely to recover anything from the
receivership.


SUPREMO INVESTMENTS: Faces Hesketh Henry's Wind-Up Petition
-----------------------------------------------------------
On October 10, 2008, Hesketh Henry filed a petition to have
Supremo Investments 2006 Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
December 15, 2008, at 11:45 a.m.

Hesketh Henry's solicitor is:

          A. J. Sherlock
          c/o Hesketh Henry, Lawyers
          41 Shortland Street, Level 11
          Private Bag 92093, Auckland


THE WINESHED: Commences Liquidation Proceedings
-----------------------------------------------
The Wineshed Ltd. commenced liquidation proceedings on Oct. 20,
2008.

The company's liquidators are:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


WESTFORCE LTD: Court Enters Wind-Up Order
-----------------------------------------
On October 20, 2008, the High Court at Christchurch entered an
order to have Westforce Ltd.'s operations wound up.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.

The Liquidators can be reached at:

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


YOUNG & RUBICAM: Fixes December 5 as Last Day to File Claims
------------------------------------------------------------
The creditors of Young & Rubicam (NZ) 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



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

* Fitch Maintains Ratings on Four Pakistan Banks
------------------------------------------------
Fitch Ratings has affirmed the ratings of these four Pakistan
banks:

  * MCB Bank Limited: Individual rating affirmed at 'D',
    Support affirmed at '5';

  * National Bank of Pakistan: Individual rating affirmed at
    'D', Support affirmed at '5';

  * United Bank Limited: Individual rating affirmed at 'D',
    Support affirmed at '5'; and

  * Habib Bank Limited: Individual rating affirmed at 'D/E',
    Support affirmed at '5'.

The Individual ratings of these banks reflect their modest balance
sheet strength in an international context, and generally good
profitability.  The ratings also factor the very volatile
operating environment in Pakistan, which poses significant
challenges and risks.  The agency expects the prevailing extremely
weak economic conditions in Pakistan to affect the financial
profile of these banks.  Although their Individual ratings, at the
low end of Fitch's scale, substantially capture these risks, the
agency also notes that their ratings may still face a downward
bias, should the economic weakening cause significant
deterioration to their financial profiles.

MCB has the strongest financial profile among Pakistani banks, as
reflected by its adequate capitalization (equity/assets 11.1% at
end-9M08), low net NPL/equity ratio (2.6% at end-9M08) and strong
profitability (ROA of 3.6% in 9M08).  However, given the very weak
domestic economy, MCB's financial profile is also expected to come
under pressure, with any significant weakening in either asset
quality or capitalization likely to exert downward pressure on the
rating.

NBP, the largest bank in Pakistan, could see its rating face
downward pressure should its already weak asset quality (gross NPL
ratio of 11.5% at end-9M08) deteriorate substantially; which is a
possibility, given its broader exposure to the economy and to
directed lending.  While NBP is well capitalized (capital adequacy
ratio (CAR) of 17.8% at end-9M08) Fitch notes that a high capital
buffer is necessary, given Pakistan's very volatile operating
environment and bleak economic outlook.

UBL's gross NPL ratio has been steady, in the 6% - 7% range (gross
NPL ratio of 6.5% at end-9M08) since 2005.  However given the
bank's sizable consumer lending portfolio (15% of domestic loans
at end-9M08) and rapid loan growth since 2004 (annual loan growth
rate range: 20% - 35%), the downside risks on the rating could
stem from both a deterioration in asset quality and any weakening
in its capitalization.  UBL's capitalization (CAR of 11.5% at
9M08) is considered modest in light of its limited risk absorption
capacity, amid a very challenging operating environment.

HBL's Individual rating is already at a very low level given its
generally weaker than peer, albeit improved, financial profile
(9M08: gross NPL ratio of 6.9%, equity/assets 8.8% and ROA of
1.9%).  While there are downside risks for the bank's financial
profile amid the current weak economic environment, the downside
risks on the rating are limited, as it is already at a very low
level.

Fitch's Support rating for all four banks is at '5', the lowest on
the agency's scale.  This is premised on Fitch's assessment that
although the propensity for support from the government (the
eventual supporter) may be high due to the systemic importance -
both individually and collectively - of these banks (about 45% of
banking system assets), the timeliness of such support would be
severely constrained by the government's very limited financial
flexibility.

MCB is majority-owned by a leading local corporate, the Nishat
Group, while Malaysia's Maybank has a 20% stake.  MCB operates
1,020 domestic and 6 overseas branches.

UBL is majority-owned by a consortium consisting of the Abu Dhabi
Group and UK-based Bestway Group (60%), while the government of
Pakistan has a 20% stake.  It operates 1,085 domestic and 17
overseas branches.

NBP is 75%-owned by the government of Pakistan and operates 1,243
domestic and 22 overseas branches.

HBL is majority owned by the Agha Khan Fund for Economic
Development (51%) and the government of Pakistan (41.5%). It
operates a network of 1,449 domestic and 40 overseas branches.


* PAKISTAN: IMF Approves US$7.6 Billion Loan
--------------------------------------------
The International Monetary Fund (IMF) has approved a US$7.6
billion loan for Pakistan to support its program to stabilize and
rebuild the economy while expanding its social safety net to
protect the poor, the fund said in a November 24 statement.

According to the IMF, the 23-month Stand-By loan will enable the
government to implement a stabilization program that envisages a
significant tightening of fiscal and monetary policies to bring
down inflation and reduce the external current account deficit to
more sustainable levels.  The program seeks to address current
macroeconomic imbalances while protecting the poor and preserving
social stability in the South Asian country of 170 million people.

"By providing large financial support to Pakistan, the IMF is
sending a strong signal to the donor community about the country's
improved macroeconomic prospects," said IMF Deputy Managing
Director Takatoshi Kato.

                   Pakistan's Economic Program

"The Government's program has two objectives: first, to restore
overall economic stability and confidence through a tightening of
macroeconomic policies, and second, to do so in a manner that
ensures social stability and adequate support for the poor during
the adjustment process," said Juan Carlos Di Tata, the IMF mission
chief to Pakistan.

The IMF said Pakistan authorities have already taken some
difficult steps to achieve these objectives: energy subsidies have
been cut and the interest rate has been increased to tighten
monetary policy.  The authorities' program for the coming 24
months envisages a number of additional steps:

   -- The fiscal deficit, excluding grants, will be
      brought to down from 7.4 percent of GDP in
      2007/08 (starting July 1) to a more manageable
      4.2 percent in 2008/09 and 3.3 percent in
      2009/10—in line with what it was three years ago.
      This fiscal adjustment will be primarily achieved
      by phasing out energy subsidies and strengthening
      revenue mobilization through tax policy and
      administration measures.  The reduction in
      expenditures will create room to increase
      spending on the social safety net.

   -- The State Bank Of Pakistan (SBP) will act on
      monetary policy to build its international
      reserves, bring down inflation to 6 percent in
      2010, and eliminate central bank financing of
      the government.  The program includes measures to
      improve monetary management and enhance the SBP's
      bank resolution capacity, and avoid the use of
      public resources to support the stock market.

   -- Expenditure on the social safety net will be
      increased to protect the poor through both cash
      transfers and targeted electricity subsidies.
      The fiscal program for 2008/09 envisages an
      increase in spending on the social safety net
      of 0.6 percentage points of GDP to 0.9 percent
      of GDP.  Pakistan will also work with the
      World Bank to prepare a more comprehensive and
      better targeted social safety net program.

                    Contribution of the IMF

The financing, IMF stated, will help to ease the path of
adjustment and will provide a strong signal of support to the
international community.  Of the US$7.6 billion loan, US$3.1
billion will be made available by the IMF immediately to
strengthen the reserve position.  And the regular monitoring of
the economy by the IMF will show how the macroeconomic objectives
set by the Government are being met and whether they need to be
adjusted in the light of changing circumstances.

"It is important to point out that the program—and its
conditionality—is based on the targets and measures that the
authorities have themselves set for the next two years.  The IMF
is convinced that the best implemented programs are the ones that
are home grown and fully owned by the country," Mr. Di Tata said.

The IMF said alongside its financial support, there is an urgent
need to mobilize additional donor support to strengthen Pakistan's
resilience to potential shocks, help finance the expanded social
safety net, and allow for higher spending on development programs.
"The Fund stands ready to participate in any donor meeting to
provide the economic and financial analysis that could underpin
expanded support."

                          Implementation

The IMF said success of the program could be affected by a number
of risks.  They arise from security and implementation
uncertainties, a more severe-than-anticipated slowdown in economic
activity in trading partners, and lower-than-expected private
capital inflows.

"Sustained and forceful implementation will be key to the success
of the program," Mr. Di Tata stated.

                          Previous Gains

According to the IMF, from the early 2000s to mid-2007, Pakistan's
macroeconomic performance was robust. During the period 2000/01-
2004/05, when Pakistan successfully implemented two IMF-supported
programs, real GDP growth averaged 5 percent a year with relative
price stability.  The improved macroeconomic performance enabled
the country to reenter international capital markets in the mid-
2000s.

The macroeconomic situation, however, deteriorated significantly
in 2007/08 and the first four months of 2008/09 on account of
domestic and external factors.  Adverse security developments,
large exogenous price shocks (oil and food), and the recent global
financial turmoil buffeted the economy, the IMF noted.

                        Quick IMF Response

The IMF has moved quickly to help emerging market and developing
countries affected by fallout from the financial crisis
originating in advanced economies.

The IMF has more than US$200 billion in lendable resources and
said it is ready to process loan proposals quickly through its
Emergency Financing Mechanism.  Japan has offered to provide
additional resources to the IMF if needed.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2008,
Standard & Poor's Ratings Services lowered its long-term foreign
currency sovereign credit rating on the Islamic Republic of
Pakistan to 'CCC' from 'CCC+' and its long-term local currency
rating to 'CCC+' from 'B-'.  The outlook on the long-term rating
is developing.

The rating on Pakistan's senior unsecured local currency debt was
also lowered to 'CCC+' from 'B-', while the foreign currency debt
rating was lowered to 'CCC' from 'CCC+'.  In tandem with lowering
of the sovereign rating, Pakistan's transfer and
convertibility rating has moved to 'B-' from 'B'.  Likewise, the
foreign currency issue rating on Pakistan International Sukuk Co.
was lowered to 'CCC' from 'CCC+'.



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

WATERFRONT PHILIPPINES: Gets Reprieve on PNB's Foreclosure Action
-----------------------------------------------------------------
Waterfront Philippines Incorporated has received a reprieve after
creditor Philippine National Bank (PNB) agreed to suspend
foreclosure proceedings involving two hotels in Cebu,
BusinessWorld reports.

BusinessWorld relates that Waterfront and PNB filed a settlement
agreement on Monday, November 22, at the Lapu-Lapu Regional Trial
Court in an attempt to amicably settle a dispute arising from an
unpaid loan.

Under the agreement, BusinessWorld says, Waterfront has to pay
Php40 million upon the execution of the deal.  Waterfront then has
to deliver the remaining principal loan amount of Php739.6 million
as well as unpaid interest within 90 days, or by February 19, 2009
at the latest.

According to BusinessWorld, the Php40 million payment is to be
applied on the interest due, estimated to have reached Php79.8
million as of November 18.

BusinessWorld notes that Waterfront will also reimburse, within 90
days, PNB foreclosure expenses amounting Php19.15 million.  If
Waterfront fails to pay within the three-month period,
BusinessWorld adds, it will be levied a penalty of Php239.5
million and forfeit the right to object to foreclosure
proceedings.

As reported by the Troubled Company Reporter-Asia Pacific on
November 11, 2008, Manila Standard said that two of Waterfront
Philippines's hotels in Cebu, have been foreclosed by Philippine
National Bank.

According to Manila Standard's sources, the two Cebu hotels
stopped paying the monthly installment of Php6 million to PNB
beginning 2008, even if the original loan of US$30 million
borrowed way back in March 1997 had been restructured three times
and had already been converted into pesos.

Standard Today related that as of end-2007, the PNB loan, which
carried an interest rate equivalent to the 91-day Treasury bill
plus 4 percent, still amounted to Php740 million.

                   About Waterfront Philippines

Based in Philippines, Waterfront Philippines Incorporated (WPI),
engages in hotel and marketing operations.  The company is 46%-
owned by The Wellex Group, Inc. (TWGI).  It holds equity interests
in hotels and resorts, a fitness gym, entities engaged in the
international marketing and promotion of casinos, manufacturing of
pastries, hotel management and operations.  Its wholly owned
subsidiaries include Waterfront Cebu City Casino Hotel,
Incorporated (WCCCHI) and Waterfront Mactan Casino Hotel,
Incorporated (WMCHI).



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

ASAHI SHIMBUN: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------
The creditors of Asahi Shimbun International Pte Ltd are required
to file their proofs of debt by December 22, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


AT & J: Declares First and Final Dividend
-----------------------------------------
AT & J Company Pte Ltd, which is in voluntary liquidation,
declared the first and final dividend for its creditors on
November 19, 2008.

The company paid 100 percent to all admitted preferential claims,
while 24 percent to all admitted unsecured claims.


COMPUTER AMBIENCE: Court to Hear Wind-Up Petition on December 12
----------------------------------------------------------------
A petition to have Computer Ambience System House Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on December 12, 2008, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
November 20, 2008.

Standard Chartered Bank's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


ELECTRO MAGNETICS: Court to Hear Wind-Up Petition on Nov. 28
------------------------------------------------------------
A petition to have Electro Magnetics (1992) Limited's operations
wound up will be heard before the High Court of Singapore on
November 28, 2008, at 10:00 a.m.

Deborah Tan Yang Sock and Goh Thien Phong filed the petition
against the company on November 12, 2008.

The Petitioners' solicitors are:

          Messrs. Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


FRASERS COMMERCIAL: S&P Maintains 'BB' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating on Frasers Commercial Trust with a stable
outlook.  The rating was removed from CreditWatch; it was placed
on CreditWatch with positive implications on Aug. 28, 2008, and
later revised to developing implications on Oct. 20.

The outlook is stable as F&N Treasury Pte. Ltd., a wholly owned
subsidiary of the sponsor Fraser and Neave Ltd., has extended a
loan of SGD70 million to FCOT to repay the debt due to
Commonwealth Bank of Australia (CBA; AA/Stable/A-1+) on Nov. 22,
2008.

Other CBA debts amounting to SGD400 million and SGD$150 million
will fall due in July and December 2009, respectively.  The stable
outlook factors in Standard & Poor's expectation of FCOT putting
in place committed refinancing arrangements for the SGD550 million
debts by March 31, 2009.

The rating may be placed on CreditWatch negative or lowered if
this is not in place.  A rating upgrade has become more
challenging for FCOT, given that refinancing costs are expected to
be higher and that access to equity has declined due to the
volatile financial markets.


RIVERSTONE NETWORKS: Pays First and Final Dividend
--------------------------------------------------
Riverstone Networks (Singapore) Pte Ltd, which is voluntary
liquidation, paid the first and final dividend on Nov. 26, 2008.

The company paid 100% to preferential dividends, while it paid
0.3282% to the ordinary dividend.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          20 Kramat Lane
          #05-05 United House
          Singapore 228773


TONG HUP: Creditors' Proofs of Debt Due on December 5
-----------------------------------------------------
Tong Hup Seng Construction Co. Pte Ltd, which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by December 5, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602



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

* TAIWAN: New Banking Law to Disclose Huge Loan Defaulters
----------------------------------------------------------
Taiwan's banking law will be revised so that defaulters on huge
amounts of loans will be disclosed, The China Post reports citing
the Financial Supervisory Commission.

Under the new law, the report relates, those defaulting on loans
over NT$50 million or those failing to make loan payments of over
NT$30 million within a six-month period will be disclosed on the
Web site of the Bureau of Monetary Affairs under the FSC.

According to the Post, under the current law, bank clients'
identity, deposits, loans, wiring and other activities should be
kept confidential.  However, FSC said it will authorize banks to
disclose those defaulting on loans over a certain amount as
borrower's failure to pay back loans may hurt the interest of the
public in the long term.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
  China\u2019s New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
  Reverse Mergers\u2014the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

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

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today\u2019s Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***