TCRAP_Public/081128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, November 28, 2008, Vol. 11, No. 237

                            Headlines

A U S T R A L I A

2 EASY: Commences Liquidation Proceedings
ABORIGINAL CORPORATION: Declares Interim Dividend
A.C.N. 091 063 062: To Declare Dividend
ACN 067 879 725: Members and Creditors Receive Wind-Up Report
BABCOCK & BROWN: Unit Submits Plan to Terminate Ties with Parent

BG COOMBES: Members and Creditors Hear Wind-Up Report
BLUE BAY: Placed Under Voluntary Liquidation
CENTRO RETAIL: Seeks Extension of Debt Facilities
FOOD SERVICES: Placed Under Voluntary Liquidation
GAMAZ PTY: Placed Under Voluntary Liquidation

GOMES FORMWORK: Appoints Chris Darin as Liquidator
GOODE COMMUNICATIONS: Final Meeting Slated for Nov. 29
JGEES PTY: Declares First and Final Dividend
JIM GRAHAM: Placed Under Voluntary Liquidation
K & Y DIGITAL: Members and Creditors Receive Wind-Up Report

MARINE HARVEST: Placed Under Voluntary Liquidation
MARINER FINANCIAL: Chairman Under ASX Probe on Breach
PERFECT PIPES: Appoints Chris Darin as Liquidator
PIRLANGIMPI PROGRESS: Declares Third and Final Dividend
REX KUCHEL: To Declare Dividend

TIRRABELLA PTY: Members Receive Wind-Up Report
WESTAFF INC: Denies Receipt of Buyout Bid from Koosharem Corp.
* Moody's Says Non-Conforming RMBS Delinquencies Remain High


C H I N A

ASCALADE COMMUNICATIONS: To Distribute Dividends to Creditors
CHINA SOUTHERN: Parent Gets CNY3 Billion Lifeline from Gov't
IVANHOE ENERGY: Recovers in 3rQ, But 9-Mos. Loss at US$20-Mil.
PORTOLA PACKAGING: Emerges from Pre-Packaged Ch. 11 Restructuring


H O N G K O N G

3D-GOLD JEWELLERY: Court to Hear Wind-Up Petition on December 24
COACTIVE TECHNOLOGIES: Moody's Cuts Corp. Family Rating to 'B3'
FAECO INDUSTRIAL: Subject to Jiangsu's Wind-Up Petition
GOLDEN DRAGON: Releases Kwan and Man as Liquidators
JOINTOP CREATION: Court to Hear Wind-Up Petition on December 17

WONIP INDUSTRIES: Court to Hear Wind-Up Petition on January 7


I N D I A

GENERAL MOTORS: Needs to Restructure Debt to Get US$12Bil. Bailout
MAXX MOBILE: CRISIL Rates Rs.212.6 Mil. Long Term Loan at 'BB'
PRIDE COKE: CRISIL Rates Rs.41.4 Million Term Loan at 'BB+'


I N D O N E S I A

TELEKOMUNIKASI: Seeks IDR9 Tril. Loan to Fund Expansion


J A P A N

L-JAC5 TRUST: Lehman Bankruptcy Cues Fitch to Downgrade 6 Classes
ORIENTAL SHIRAISHI: Files For Civil Rehabilitation Program
SANYO ELECTRIC: Goldman Ends Talks with Panasonic on Co. Stake
* S&P Reports Loan Receivables Profiles Backing Japan CMBS Deals


K O R E A

DAEWOO CAPITAL: Moody's Withdraws 'Ba2' Foreign Issuer Rating
* KOREA: Consumer Sentiment Index Stood at 94, Lowest in 9 Years


M A L A Y S I A

* Fitch Says Malaysian Insurers Face Regulatory Challenges


N E W  Z E A L A N D

ANDERSON-DECK COMPANY: Placed Under Voluntary Liquidation
BOOMERANG LTD: Fixes Dec. 10 as Last Day to File Claims
BLUE STAR: Fixes Dec. 15 as Last Day to File Claims
BOTRY-ZEN: Posts NZ$1.22 Mil. Net Loss in 6 Mos. Ended Sept. 30
D V BRICE: Creditors' Proofs of Debt Due on December 4

DORCHESTER PACIFIC: Discloses 3-Year Repayment Plan
GREENBUILD LTD: Creditors' Proofs of Debt Due on Dec. 12
LOMBARD FINANCE: Parent Reports NZ.44 Mil. Interim Loss
MOBILE ALARM: Fixes Dec. 5 as Last Day to File Claims
OVERLAND TRANSPORT: Commences Liquidation Proceedings

PACIFIC RIM: Court to Hear Wind-Up Petition on December 19
PRN NURSING: Creditors' Proofs of Debt Due Today
PROTRAC INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 5
RED.E STAFFING: Creditors' Proofs of Debt Due Today
RICHARD GEEWIZ ET AL: Fixes Dec. 5 as Last Day to File Claims

TL PROPERTIES: Fixes December 5 as Last Day to File Claims
VERITAS HOLDINGS ET AL: Fixes Feb. 3 as Last Day to File Claims
WAIPAPA INDUSTRIES: Creditors' Proofs of Debt Due on April 15
* NEW ZEALAND: Exports and Imports Higher, But Growth Rate Eases


S I N G A P O R E

MACARTHURCOOK INDUSTRIAL: Moody's Cuts CFR to 'Ba2'


X X X X X X X X

* IMF Sees Substantial Slowdown in Asia Amid Global Turmoil
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

2 EASY: Commences Liquidation Proceedings
-----------------------------------------
On September 22, 2008, the creditors of 2 Easy Scaffolding Pty
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          103-105 Northbourne Avenue
          Turner ACT 2612
          Telephone:(02) 6247 5988
          Facsimile:(02) 6262 8633


ABORIGINAL CORPORATION: Declares Interim Dividend
-------------------------------------------------
Aboriginal Corporation of Employment and Training Development
declared an interim dividend to priority creditors on Nov. 5,
2008.

The company's deed administrator is:

          Anthony Grieves
          WalterTurnbull Building
          44 Sydney Avenue
          Barton ACT 2600
          Telephone:(02) 6247 6200
          Facsimile:(02) 6257 6655


A.C.N. 091 063 062: To Declare Dividend
---------------------------------------
A.C.N. 091 063 062 Pty Limited will declare dividend.

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

The company's liquidator is:

          Hugh Martin
          195 Victoria Square, Level 1
          Adelaide SA 5000


ACN 067 879 725: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of ACN 067 879 725 Pty Ltd met on
November 3, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M. O. Basedow
          Pitcher Partners
          Accountants Auditors & Advisors
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


BABCOCK & BROWN: Unit Submits Plan to Terminate Ties with Parent
----------------------------------------------------------------
Babcock & Brown Wind Partners (BBW) said that it is seeking to
negotiate further changes to its relationship with its parent
Babcock & Brown Ltd (BNB) to maximize value to BBW
securityholders.

As part of this process, BBW said its Independent Directors
submitted a proposal to Babcock & Brown on November 24, 2008, to
terminate the Management Agreements, internalize BBW management
and acquire certain assets from Babcock & Brown.  The Proposal
involves a total cash consideration to Babcock & Brown which BBW
believes represents fair value.

Babcock & Brown has expressed a willingness to enter into
discussions with BBW on the Proposal, BBW said in a statement.

The BBW Boards have established a sub-committee consisting of the
Independent Directors to conduct negotiations with Babcock & Brown
and deal with all associated matters in relation to the Proposal.
The Independent Directors and Babcock & Brown have also agreed to
implement detailed protocols to govern discussions on the
Proposal.

If the Proposal is successful, it is intended that the existing
BBW management team which is currently employed by the BBW
manager, will continue in their operational roles and become
direct employees of BBW.  Other transition arrangements will also
be coordinated with Babcock & Brown, the company said.

The Independent Directors are advised by UBS and Mallesons Stephen
Jaques.

                    About Babcock & Brown Wind

Babcock & Brown Wind Partners (BBW)--
http://www.bbwindpartners.com/-- is a global wind energy company,
which owns and operates a portfolio of wind farms.  In December
2007, the company completed the acquisition of a 50% interest in
the Enersis Portfolio of wind farms.  BBW's portfolio comprises
interests in 87 wind farms that have a total installed capacity of
approximately 3,360 megawatts (MW).  BBW is managed by Babcock &
Brown Wind Partners Management Pty Limited.  BBW's portfolio of
assets includes wind farms in Europe, North America and the Asia
Pacific.

                     About Babcock & Brown

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.


BG COOMBES: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of BG Coombes And Co Pty Limited met on
September 30, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bruce Coombes
          10 Hunterford Crescent
          Oatlands NSW 2117


BLUE BAY: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on September 25, 2008, the members
of Blue Bay Developments (NSW) Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


CENTRO RETAIL: Seeks Extension of Debt Facilities
-------------------------------------------------
Centro Retail Group (CER) said it is seeking longer-term extension
of debt agreements related to Super LLC, a joint venture between
CER and Centro Properties Group to purchase New Plan US property
portfolio.

At the company's Annual General Meeting, Chairman Paul Cooper told
shareholders "the question of whether the banks will agree to
extend their debt agreements with Super LLC needs to be resolved
by 15 December.  We are currently in constructive discussions with
the lending groups and will make an announcement in regard to the
extension as soon as the outcome is known."

In addition, Mr. Cooper said CER was undertaking a number of steps
toward positioning the company for its future including examining
ways in which CER could become more independent of Centro
Properties Group.

"As we have been working through the issues surrounding CER, it
has become very clear that one of our primary objectives must be
to achieve board separation between CER and Centro," Mr. Cooper
said.

Mr. Cooper noted the process of achieving independence for CER
from Centro was not simple, and said it must be understood that
CER's immediate future was interlinked with that of the Centro
Group, particularly where financing was concerned.

"It is nevertheless important that we position CER to be as
independent as possible from the Centro Group as soon as
possible," Mr. Copper said.

According to The Age, Centro Properties Group, which is itself
struggling under a debt refinancing burden, holds 51 per cent of
Centro Retail Group.

Centro Retail Trust, The Age says, posted a net loss of AU$868
million for 2007/08, after booking writedowns on property
investments and its investment in Super LLC.

The report notes that at June 30, Centro Retail had total debt of
AU$5.1 billion.  Some AU$1.1 billion of facilities are subject to
the extension agreement negotiations, the report adds.

                       About Centro Retail

Centro Retail Group is engaged in property investment.  The
company has investments in a number of properties in Australia and
New Zealand.  It also has investments in real estate investment
trusts held in the United States.

                   About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.


FOOD SERVICES: Placed Under Voluntary Liquidation
-------------------------------------------------
The directors of Food Services Pty Limited met on Sept. 29, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          David Anthony Hurst
          Andrew Hugh Jenner Wily
          Armstrong Wily, Chartered Accountants
          75 Castlereagh Street, Level 5
          Sydney NSW 2000


GAMAZ PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 24, 2008, the members
of Blue Bay Developments (NSW) Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Stephen Wesley Hathway
          Terry John Rose
          c/o SV Partners Pty Ltd
          Website: http://www.svpartners.com.au


GOMES FORMWORK: Appoints Chris Darin as Liquidator
--------------------------------------------------
During a general meeting held on Oct. 1, 2008, the members of
Gomes Formwork Pty Ltd appointed Chris Darin as the company's
liquidator.

The Liquidator can be reached at:

          Chris Darin
          Worrells Solvency & Forensic Accountants
          333 George Street, Level 3
          Sydney NSW 2000
          Telephone:(02) 9929 6366
          Facsimile:(02) 9249 1211
          Website: http://www.worrells.net.au


GOODE COMMUNICATIONS: Final Meeting Slated for Nov. 29
------------------------------------------------------
The members and creditors of Goode Communications Pty Ltd will
hold their final meeting on November 29, 2008, at 10:00 a.m., to
receive a report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          M. O. Basedow
          Pitcher Partners
          Accountants Auditors & Advisors
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


JGEES PTY: Declares First and Final Dividend
--------------------------------------------
Jgees Pty Ltd, which is in liquidation, declared the first and
final dividend on November 11, 2008.

The company's liquidator is:

          Henry Kazar
          11 National Circuit, Level 3
          Barton ACT 2600
          Telephone:(02) 6285 1310


JIM GRAHAM: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on September 19, 2008, the members
of Jim Graham Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Andrew M. Smith
          Bonney Hortle & Partners Pty Ltd
          56 Oldaker Street
          Devonport TAS 7310


K & Y DIGITAL: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of K & Y Digital Photography Pty Ltd
met on Nov. 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.


MARINE HARVEST: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Marine Harvest Australia Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Geoffrey Donald Finch
          KPMG
          18 Smith Street
          Darwin NT 0800


MARINER FINANCIAL: Chairman Under ASX Probe on Breach
-----------------------------------------------------
Mariner Financial Limited is having its share trading examined by
the Australian Securities Exchange, the Australian reports.

The investigation, Australian says, pertains to a 7.65 million
share slice in the company that executive chairman Bill Ireland
held through various companies.

According to the report, Mr. Ireland transferred the 3.1 per cent
stake off-market in December last year but did not advise the
stock market until November 4 this year.  Mr. Ireland may have
breached ASX rules and the Corporations Act by lodging his change
in directors interests notice late, the report says.

The Australian further says that any breach of the ASX rule, which
says directors have five days to notify the market of any change
of directors' holdings, is examined by the ASX.  If the
notification takes more than 14 days, the Australian Securities
and Investments Commission takes over.

Mariner, the report notes, has been under considerable financial
distress for 20 months.  Its share price plunged 91 per cent from
AU$2.15 in February last year to just 19c on Tuesday, November 26.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.

As reported by the Troubled Company Reporter-Asia Pacific on
October 9, 2008, Mariner Financial appointed receivers and
managers to Mariner Treasury Limited, a wholly owned subsidiary of
the company.
                      About Mariner Financial

Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors.  During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment.  The company predominantly distributes its investment
products through independent advisory intermediaries.  In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.


PERFECT PIPES: Appoints Chris Darin as Liquidator
-------------------------------------------------
During a general meeting held on Oct. 1, 2008, the members of
Perfect Pipes Plumbing Pty Limited appointed Chris Darin as the
company's liquidator.

The Liquidator can be reached at:

          Chris Darin
          Worrells Solvency & Forensic Accountants
          333 George Street, Level 3
          Sydney NSW 2000
          Telephone:(02) 9929 6366
          Facsimile:(02) 9249 1211
          Website: http://www.worrells.net.au


PIRLANGIMPI PROGRESS: Declares Third and Final Dividend
-------------------------------------------------------
On November 11, 2008, Pirlangimpi Progress Association Inc
declared its third and final dividend on November 11, 2008.

The company's deed administrator is:

          A. R. M. Taylor
          Meertens Chartered Accountants
          49 Woods Street, Level 1
          Darwin NT 0800
          Telephone:(02) 8923 9239
          Facsimile: (08) 8942 3250


REX KUCHEL: To Declare Dividend
--------------------------------
Rex Kuchel Electrical Pty Limited will declare dividend.

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

The company's liquidator is:

          Hugh Martin
          195 Victoria Square, Level 1
          Adelaide SA 5000


TIRRABELLA PTY: Members Receive Wind-Up Report
----------------------------------------------
The members of Tirrabella Pty Limited met on November 3, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Brian P. Dunphy
          Freshwater Management Pty Ltd
          PO Box 663
          Harbord NSW 2096


WESTAFF INC: Denies Receipt of Buyout Bid from Koosharem Corp.
--------------------------------------------------------------
Westaff Inc. filed with the Securities and Exchange Commission
supplement statements contained in the Schedule 13D.

On Oct. 28, 2008, a Schedule 13D was filed jointly by the Sorensen
Trust, D. Stephen Sorensen and Shannon P. Sorensen with the SEC.
The Schedule 13D made statements concerning nonbinding proposals
for a business combination between the company and Koosharem
Corporation.

The company stated that it has never received a proposal from
Koosharem Corporation or any of its affiliates to purchase for
cash 100% of the company's outstanding shares.  The preliminary,
non-binding proposals received by the company from Koosharem have
excluded any purchase of shares owned by DelStaff, LLC, which
shares represent approximately 49.3% of the company's outstanding
shares.  Accordingly, the company's board of directors has never
had an opportunity to discuss a cash offer for 100% of the
company's outstanding shares.

                       About Westaff Inc.

Based in Walnut Creek, California, Westaff Inc. (Nasdaq: WSTF)
-- http://www.westaff.com/-- provides staffing services and
employment opportunities for businesses in global markets.
Westaff annually employs in excess of 125,000 people and services
more than 20,000 client accounts from more than 177 offices
located throughout the United States, Australia and New Zealand.

                        *     *     *

The company has incurred operating losses and negative operating
cash flow since the second quarter of fiscal 2007, offset by
slight operating income in the fourth quarter of fiscal 2007.  The
company says it expects to incur additional losses in the
future, particularly because of current soft economic conditions.

In addition, the company is currently in default under the primary
credit facility that it uses to finance its operations.   If the
company is unable to obtain a waiver or continued forbearance from
the U.S. Bank National Association on acceptable terms, the
company may be unable to access the funds necessary for its
liquidity requirements or may be unable to obtain letters of
credit under the facility needed for the company to obtain
workers' compensation insurance.  In that case, its business and
operating results would be adversely affected.


* Moody's Says Non-Conforming RMBS Delinquencies Remain High
------------------------------------------------------------
Moody's Investors Service says in a new report that the
performance of Australia's non-conforming RMBS market continued to
deteriorate in Q3 2008.

In addition, more delinquencies and higher losses may follow as
the property market's sluggish condition persists and economic
growth starts to slow.

Following the first new deal for the year during Q2 2008, there
was no further new issuance in Q3 2008 as the overall market
appetite for such securities remained low, and Moody's expects
issuance volumes to stay subdued for the rest of 2008.

In Q3 2008, average non-conforming RMBS delinquencies greater than
90 days past due reached another new record high of 8.91% in July
2008, the report says.

Furthermore, Moody's expects delinquency levels to remain at high
in the near term with significant upward pressure as non-
conforming borrowers are still likely to face a high level of
mortgage stress compared to typical prime borrowers.

But Moody's recent rating review shows that there is no immediate
downward rating pressure, given the current level of credit
enhancement, which would allow most non-conforming RMBS to
withstand more stressful losses than initially assumed.  In Q3
2008, Moody's upgraded 5 classes of notes from two transactions.

The Australian non-conforming lending market is comprised of loan
products which fall outside the scope of lenders mortgage
insurance due to certain risk factors and because its loans are
made to borrowers with adverse credit histories.  Historically,
loans to borrowers with such track records -- comparable to those
of US sub-prime borrowers -- have formed a relatively smaller
segment (30-35%) of the Australian non-conforming market.



=========
C H I N A
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ASCALADE COMMUNICATIONS: To Distribute Dividends to Creditors
-------------------------------------------------------------
Ascalade Communications Inc. disclosed that in connection with the
on-going legal proceedings filed by Ascalade and Ascalade
Technologies Inc. in Canada under the companies' Creditors
Arrangement Act, the Monitor has issued its second report to
creditors, which notifies creditors that the Monitor will
distribute an interim dividend to proven Class 2 creditors in an
amount equal to 80% for each proven dollar.  Any final
distribution will depend on the completion of the realization of
the remaining assets of the Ascalade group of companies.

    Update on CCAA proceedings and the Scheme of Arrangement

The Supreme Court of British Columbia ordered a stay of
proceedings with respect to any actions which have or might be
brought against the companies and the stay of proceeds will remain
in effect until all of the assets of the companies are sold and
the net proceeds are distributed to the stakeholders of the
companies.  The companies have focused their resources on an
orderly winding up of the Ascalade group of companies.

The Monitor's 2nd Creditors Report provides creditors with an
update on the companies' realization process.  Included in this
report is an update on the Hong Kong Scheme of Arrangement
proceedings involving Ascalade Communications Limited.  The
companies' claim of HK$377.2 million was filed and accepted under
the Scheme.  It was initially estimated that the companies would
receive approximately 37cents for each dollar filed.  This
estimate was subject to change and was dependent on ACL's ability
to realize upon its assets, including the factory, equipment and
inventory.  The estimate was also dependent upon the number and
dollar amount of creditors claims filed and accepted under the
Scheme.

The majority of ACL's movable assets have been realized; however,
the factory has yet to be sold. The factory is the largest asset
of the Ascalade group of companies and accordingly the amount
ultimately realized from the sale of the factory will determine
the funds available for the various creditors of the Ascalade
group of companies.  ACL has been in discussions with two parties
interested in the factory and one of those parties has executed a
non-binding letter of intent with respect to the purchase of the
factory.

The proposed purchase price set out in the letter of intent is
significantly lower than ACL and the Scheme Administrator had
anticipated, as a result of the economic downturn which is
occurring in the Peoples' Republic of China and world-wide.
Given that it is anticipated that the realization from the
factory will be significantly lower than anticipated, the
distribution from ACL to its creditors is not expected to be
37cents for each dollar filed.  However, the companies anticipate
that the creditors of the companies will receive full payment of
the proven claims, which have been filed under the CCAA
proceedings.  That being said, the amount available for future
payments to creditors is highly dependent on realization of ACL's
assets, including the sale of the factory.

Based upon the realizations to date, the Scheme Administrator
approved an interim distribution to Scheme creditors of 5.8% of
their proven claims.  As a result, the companies received a
payment of approximately HK$22.5 million or approximately
CAD3.4 million.  The Monitor has been advised that an
additional distribution will be made to the proven creditors upon
ACL and the Scheme Administrator completing the realization of the
remaining assets of ACL.  However, the timing and amount of this
distribution is unknown at this time and accordingly the timing
for any further distributions to creditors of the companies under
the CCAA proceedings is also unknown.

Any other recovery in the CCAA proceedings for creditors and any
recovery for other stakeholders of the Company, including
shareholders, is uncertain and is highly dependent upon a number
of factors, including the recovery from the sale of the factory,
equipment and inventory in the PRC and the outcome of the Scheme
in Hong Kong.

            Application to Delist Shares from the TSX

The Court's order, dated June 24, 2008, authorized Ascalade, at
anytime after July 25, 2008, to apply to the Toronto Stock
Exchange to have the trading of the Common Shares of Ascalade
suspended from trading and delisted.  Ascalade's board of
directors has determined to apply to the TSX for a voluntary
delisting of Ascalade's Common Shares and Ascalade plans to make
the delisting application on or about Dec. 1, 2008, and that
delisting will occur on or about Dec. 3, 2008.

               About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications Inc.
(TSE:ACG) -- http://www.ascalade.com/-- is an innovative product
company that designs, develops and manufactures digital wireless
and communication products.  The company deliver products by
offering its partners and customers complete vertical integration,
from product design and development to final production.  The
company's products include digital cordless phones, Voice over
Internet Protocol phones, digital wireless baby monitors and
digital wireless conference phones.  Ascalade products have been
distributed in more than 35 countries and under 80 regional
brands.  Ascalade also has facilities in Qingyuan, China, Hong
Kong and a sales office in Hertfordshire, United Kingdom.

As reported by the Troubled Company Reporter on March 4, 2008,
Ascalade announced its decision to seek protection from creditors
under the Companies' Creditors Arrangement Act with the British
Columbia Supreme Court.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of Ascalade
Communications Inc. and its debtor-affiliate (Bankr. N.D. Ill.
Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close, Esq. at
Chapman and Cutler LLP represents the Petitioner in the Chapter 15
case.  Ascalade's financial condition as of September 2007 showed
total assets of $99,630,000 and total debts of $40,410,000.


CHINA SOUTHERN: Parent Gets CNY3 Billion Lifeline from Gov't
------------------------------------------------------------
China Southern Airlines Co. Ltd.'s state-owned parent, China
Southern Air Holding Co., received a CNY3 billion (US$439 million)
cash injection from the government as losses from fuel hedging and
slowing demand take its toll on the industry, Bloomberg News
reports.

The nation's largest airline is also considering a private share
sale following its parent's capital injection, the company said in
a regulatory statement cited by Bloomberg News.

Bloomberg News says regulators will review the share-sale plan by
Dec. 10.

                             3Q Loss

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
31, 2008,
Bloomberg News said China Southern Airlines Co. Limited posted a
CNY810 million (US$118.4 million) loss from a CNY1.9 billion
profit last year, on low travel demands due to economic slowdown
and disruptions caused by Beijing's Olympic.
The airlines' sales for the quarter fell 11% to CNY14.6 billion,
the same report  noted.

Bloomberg News said China Eastern forecast a full-year loss.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


IVANHOE ENERGY: Recovers in 3rQ, But 9-Mos. Loss at US$20-Mil.
--------------------------------------------------------------
Ivanhoe Energy Inc. released financial results showing a
US$10,0602,000 net income in three months ended Sept. 30, 2008.
The company reported a net loss of US$7,232,000 for the same
period in the previous year.

The change from net loss to net income from 2007 to 2008 of
US$17.3 million was primarily due to a US$20.3 million increase in
unrealized gain on derivative instruments and a US$9.6 million
increase in oil and gas revenues offset by increases in realized
losses on derivative instruments and expenses.

For the nine months period ended Sept. 30, 2008, the company
incurred net loss of US$20,213,000 compared to net loss of
US$20,358,000 for the same period in the previous year.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$363,004 million, total liabilities of US$92,066,000 and
shareholders' equity of US$270,938,000

Net cash and cash equivalents increased for the three-month period
ended Sept. 30, 2008, by US$51,400,000 compared to US$3,700,000
for the same period in 2007.  Net cash and cash equivalents
increased for the nine-month period ended Sept. 30, 2008, by
US$50,300,000 compared to US$900,000 for the same period in 2007.

Financing activities for the three-month and nine-month periods
ended Sept. 30, 2008, consisted mainly of US$82,300,000 private
placement proceeds realized in the third quarter of 2008.  In July
2008, the company completed a CAD88,000,000 private placement
consisting of 29,334,000 Special Warrants at CAD3 per Special
Warrant.  Each Special Warrant entitled the holder to one common
share of the company upon exercise of the Special Warrant.

As at Nov. 3, 2008, there were 279,211,916 common shares of the
company issued and outstanding.  Additionally, the company had
11,400,000 share purchase warrants outstanding and exercisable to
purchase 11,400,000 common shares.  As at Nov. 3, 2008, there were
13,332,574 incentive stock options outstanding to purchase the
company's common shares.

In July, the company announced the completion of the acquisition
of Talisman Energy Canada's 100% working interests in two leases
(Leases 10 and 6) located in the heart of the Athabasca oil sands
region in the Province of Alberta, Canada.  Lease 10 is a 6,880-
acre contiguous block located approximately ten miles (16 km)
northeast of Fort McMurray.  Lease 6 is a small, un-delineated,
680-acre block, one mile (1.6 km) south of Lease 10.
The acquisition of Lease 10 will provide the site for the
application of Ivanhoe Energy's proprietary, HTL heavy oil
upgrading technology in a major, integrated heavy oil project.

In October, Ivanhoe Energy Ecuador Inc., a wholly owned
subsidiary, signed a contract with Ecuador state oil companies
Petroecuador and Petroproduccion to explore and develop Ecuador's
Pungarayacu heavy oil field (Block 20).  Block 20 is an area of
approximately 426 square miles, approximately 125 miles southeast
of Quito, Ecuador's capital.

A full-text copy of the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3553

                    About Ivanhoe Energy Inc.

Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX: IE;
Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an
independent international heavy oil development and production
company focused on pursuing long-term growth in its reserve base
and production using advanced technologies, including its
proprietary, patented heavy-oil upgrading process (HTL).  Core
operations are in the United States and China, with business
development opportunities worldwide.

Ivanhoe Energy has established a number of geographically focused
entities.  The parent company, Ivanhoe Energy Inc., will pursue
HTL opportunities in the Athabasca oilsands of Western Canada and
will hold and manage the core HTL technology.  Two new
subsidiaries have been established, one for Latin America and one
or the Middle East & North Africa, complementing Sunwing Energy
Ltd., Ivanhoe Energy's existing, wholly-owned company for
China.  Ivanhoe Energy Inc. owns 100% of each of these
subsidiaries, although the percentages are expected to decline as
they develop their respective businesses and raise capital
independently.

                      Going Concern Doubt

Ivanhoe Energy Inc. believes that existing conditions cast
substantial doubt about its ability to continue as a going
concern.  The company incurred a net loss of US$8.5 million for
the three-month period ended March 31, 2008, and as at March 31,
2008, had an accumulated deficit of US$168.5 million and negative
working capital of US$8.8 million.  In addition, the company
currently anticipates incurring substantial expenditures to
further its capital investment programs and the company's cash
flows from operating activities will not be sufficient to both
satisfy its current obligations and meet the requirements of these
capital investment programs.  Moreover, recovery of capitalized
costs related to potential HTL(TM) and GTL projects is dependent
upon finalizing definitive agreements for, and successful
completion of, the various projects, the outcome of which is
uncertain.


PORTOLA PACKAGING: Emerges from Pre-Packaged Ch. 11 Restructuring
-----------------------------------------------------------------
Portola Packaging Inc. completed the process of de-leveraging its
balance sheet.  The restructuring has significantly reduced
Portola's total outstanding indebtedness and associated interest
expense.  During the pre-packaged chapter 11 reorganization,
Portola continued to operate without any disruption or effect on
suppliers and customers while it eliminated US$180MM of debt from
its balance sheet.  In connection with the restructuring, Portola
converted all of the 8.25% senior notes into equity.  Portola has
emerged from the re-structuring with strong financial sponsorship.
Funds managed by Wayzata Investment Partners are now Portola's
majority shareholder, and Wells Fargo Foothill, part of Wells
Fargo & Company, and its lending partners have provided a senior
loan facility for the company.

Brian Bauerbach, Portola's chief executive officer, said "Portola
is now one of the most financially sound suppliers in the market
and is positioned to move forward successfully and bring the best
products, quality, and service to our customers.  I wish to thank
all of our customers, suppliers, and employees for their patience
and loyalty while we worked through this critical period."

                   About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.

As reported in the Troubled Company Reporter on Oct. 16, 2008, the
Bankruptcy Court has confirmed the Plan.



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

3D-GOLD JEWELLERY: Court to Hear Wind-Up Petition on December 24
----------------------------------------------------------------
A petition to have 3D-Gold Jewellery Holdings Limited's operations
wound up will be heard before the High Court of Hong Kong on
Dec. 24, 2009, at 9:30 a.m.

The Hong Kong and Shanghai Banking Corporation Limited filed the
petition against the company on Oct. 17, 2008.

The Petitioner's solicitor is:

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


COACTIVE TECHNOLOGIES: Moody's Cuts Corp. Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of CoActive Technologies, Inc. to B3 from B2 citing weaker
than anticipated earnings performance and credit protection
metrics.  In addition, the ratings on the first lien credit
facility and term loan were lowered to B2 from B1 and the rating
on the second lien term loan were lowered to Caa2 from Caa1. The
rating outlook is stable.

The downgrade reflects Moody's view that CoActive's financial
leverage and interest coverage metrics are expected to be
consistent with the B3 rating category over the next twelve
months.  Further, the rating reflects Moody's view that
challenging end-market conditions and weakened demand for its
products, particularly from European automotive and North American
material handling customers, will weigh on CoActive's operating
performance and cash flow generation over the near-term.

The stable outlook reflects Moody's view that CoActive's liquidity
profile is expected to remain adequate over the next twelve
months.  Existing cash balances, modest cash generation and
availability under the revolving credit facility are expected to
be sufficient to cover capital spending requirements, interest
payments and debt amortization over the near term.

These ratings have been downgraded:

-- Corporate Family Rating to B3 from B2;

-- Probability of default rating to B3 from B2;

-- US$25 million senior secured revolving credit facility
    to B2 (LGD3, 35%) from B1 (LGD3, 34%);

-- US$139 million senior secured first lien term loan
    to B2 (LGD3, 35%) from B1 (LGD3, 34%); and,

-- US$52 million senior secured second lien term loan to
    Caa2 (LGD5, 85%) from Caa1 (LGD5, 82%).

The previous rating action on CoActive was the assignment of all
existing ratings on June 26, 2007.

CoActive, incorporated in the U.S. and headquartered in Hong Kong,
is the former Switches Business of ITT Corporation.  CoActive is a
worldwide leader in the designing, manufacturing and marketing of
customized electromechanical switches, interface controls, and
dome arrays.


FAECO INDUSTRIAL: Subject to Jiangsu's Wind-Up Petition
-------------------------------------------------------
On Oct. 31, 2008, Jiangsu Jiangdong Group Imp & Exp Co., Ltd filed
a petition to have Faeco Industrial Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
January 14, 2009, at 9:30 a.m.

Jiangsu's solicitors are:

          Michael Cheuk, Wong & Kee
          Tower Two, Lippo Centre
          Rooms 407-410, 4th Floor
          No. 89 Queensway, Hong Kong
          Telephone: 2525 1080
          Facsimile: 2810 6433


GOLDEN DRAGON: Releases Kwan and Man as Liquidators
---------------------------------------------------
On November 7, 2008, Chiang Ping Kwan & Wu Wai Man were released
as liquidators of Golden Dragon Food Company Limited.

The company's former Liquidators can be reached at:

          Chiang Ping Kwan
          Wu Wai Man
          2213 Asian House
          1 Hennessy Road
          Wanchai, HK


JOINTOP CREATION: Court to Hear Wind-Up Petition on December 17
---------------------------------------------------------------
A petition to have Jointop Creation Limited's operations wound up
will be heard before the High Court of Hong Kong on Dec. 17, 2008,
at 9:30 a.m.

So Lai Sheung May filed the petition against the company on
Oct. 15, 2008.


WONIP INDUSTRIES: Court to Hear Wind-Up Petition on January 7
-------------------------------------------------------------
A petition to have Wonip Industries (Holdings) Limited's
operations wound up will be heard before the High Court of
Hong Kong on Jan. 7, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Nov. 4, 2008.

Bank of China's solicitors are:

          ONC Lawyers
          The Bank of East Asia Building, 15th Floor
          10 Des Voeux Road Central
          Hong Kong



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GENERAL MOTORS: Needs to Restructure Debt to Get US$12Bil. Bailout
------------------------------------------------------------------
General Motors Corp. must restructure its debt, because the
government requires that any federal borrowing must be senior to
all other debt, Jeff Green at Bloomberg News reports, citing
Merrill Lynch & Co. analysts James Leda and Steven Landgraber.

Citing the analysts, Bloomberg relates that GM must pay off a
US$4.5 billion revolver and US$1.5 billion loan secured by
equipment and assets of the Saturn brand, and then the government
could support a bankruptcy restructuring.  Other than the need to
cut debt and labor costs, GM may still need a government-backed
bankruptcy to remain viable, Bloomberg relates, citing Merrill
Lynch and JPMorgan Chase & Co. analysts.  According to the report,
the analysts said that a US$12 billion government bailout would
allow GM to continue operations until a restructuring plan is
devised after President-elect Barack Obama takes office.

Bloomberg quoted Messrs. Leda and Landgraber as saying, "It is
increasingly apparent that GM's only hope for survival, which we
define broadly as avoidance of Chapter 7 liquidation, is a bailout
from the U.S. government."

Citing people familiar with the situation, Bloomberg relates that
GM is working on a plan to reduce debt and labor costs, and
reassess brands and dealers as sales drop.

JPMorgan analyst Himanshu Patel said that GM would have to cut
combined hourly worker pay and benefits to US$44 from US$60 now,
and
interest payments would need to be reduced by 70%, which GM may
accomplish with debt-for-equity swaps, Bloomberg reports.

According to Bloomberg, Mr. Patel suggested that GM cancel its
US$7 billion cash contribution -- due in January 2010 -- to a
health-care trust fund for union retirees as the Obama
administration may expand access to health-care coverage.

Bloomberg relates that Messrs. Leda and Landgraber said that GM
must:

    -- cut production by as much as two million units,
    -- refinance US$6 billion in secured bank debt,
    -- buy out employees, and
    -- have enough money to operate.

According to Reuters, J.P. Morgan Securities widened its 2009 loss
estimates of US$25.25 a share for GM, compared to its prior loss
view of US$22 per share, on lower international earnings and
likely higher interest costs from government debt.

Reuters quoted Mr. Patel as saying, "We are deeply skeptical of
the commercial prospects for government-dictated product plans,"
and the U.S. government's "focus on forcing GM to make greener
cars is misguided."

           State Street Stops Stock Purchase Plans

Reuters reports that GM said on Tuesday that State Street Bank and
Trust Co. has imposed restrictions that prevent GM from restarting
a program that lets workers purchase its common stock.  According
to the report, the plan was suspended in September when GM
exhausted its authorized shares.  The report says that GM wanted
to reinstate the program, but was told by State Street that it
wasn't appropriate to allow additional investments by workers due
to the company's financial problems.

GM said that its directors and executive officers would remain
under indefinite restrictions of trading in GM shares, Reuters
states.  GM's directors and executives, according to the report,
won't be able to directly acquire, dispose of, or transfer any
equity securities of GM, and workers won't be able to sell GM
stock.

                 GM Can Keep Pension Plan Intact

Charles E. F. Millard -- the director of Pension Benefit Guaranty
Corporation, the federal agency that takes over failed plans --
believed that GM can afford to keep its pension plan intact,
despite the company's possible bankruptcy, Mary Williams Walsh at
The New York Times reports.

According to The Times, the cost of the possible restructuring of
GM could put a heavy burden on the company's pension fund, as it
would have to pay for employees at plants that are shut down or
who are forced to retire early.  As GM's blue-collar work force is
still building up new benefits with every additional hour worked,
the pension fund will have to grow to keep up with those costs,
The Times states.  If GM continues paying people to retire early,
the costs will increase, because the plan will have to pay
retirees for more years than it budgeted, says the report.  GM
isn't contributing additional money to the pension plan, and the
company said that it won't add any money to the fund for the next
three or four years, the report states.

GM holds a credit balance -- a running tally of the contributions
made in past years that were larger than the law required, The
Times states.  GM's credit balance was US$44 billion in 2006, and
the firm is using that balance to offset contributions it would
otherwise have to make, says the report.

The Times relates that GM said that it will be paying retirees
US$7 billion yearly for the next 10 years.  The pension fund had
US$104 billion in assets last year, more than enough to cover its
obligations of US$85 billion, says the report.  The value of the
assets has declined and the obligations have increased since then,
states the report.  According to the report, Credit Suisse analyst
David Zion estimates that GM's pension assets have dropped by 15%
so far this year, compared with a 24% decline for the typical
pension fund at the 500 largest firms in the U.S.

The Times reports that 26% of GM's pension fund is invested in
stocks.  GM Asset Management CEO Nancy C. Everett said that GM
didn't eliminate stocks from its pension fund completely,
according to The Times.  The report quoted Ms. Everett as saying,
"There's two sides to this issue.  One is making sure your pension
fund is adequately funded, and the other is that pension income
does come into play when you're looking at the company's income
statement."

GM, says The Times, appears to have sufficient money in the
pension fund to pay its more than 400,000 retirees their benefits
for many years.

The government, says The Times, might insist that GM keep the fund
and cover any shortfalls with its own money even if the company
files for bankruptcy.

                 GM Drops Tiger Woods Sponsorship

GM said on Monday that it would stop sponsoring golfer Tiger
Woods, a year ahead of schedule, as part of the company's effort
to cut costs, The Wall Street Journal reports.  The company had
sponsored the golfer since 2000, says the report.

According to WSJ, Mark Steinberg, Mr. Woods's agent, said that he
offered an "amicable separation" and won't associate Mr. Woods
with another car maker anytime soon.

                      About General Motors

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

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

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

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

                          *     *     *

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

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

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

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


MAXX MOBILE: CRISIL Rates Rs.212.6 Mil. Long Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Maxx Mobile Communications Ltd
(formerly known as Maxx Mobile Phone and Accessories (India) Pvt
Ltd).

   Rs.212.6 Million Long Term Loan  BB/Stable(Assigned)

   Rs.150.0 Million Cash Credit  BB/Stable(Assigned)

   Rs.175.0 Letter of Credit &      P4(Assigned)
   Bank Guarantee  

The ratings reflect Maxx's aggressive expansion plans that are
likely to result in deterioration in its capital structure; the
ratings also factor in the company's exposure to risks relating to
intense competition from large, organized players in the mobile
handset business.  These weaknesses are, however, partially offset
by Maxx's high operating margins in the battery manufacturing
business.

Outlook: Stable

CRISIL believes that Maxx will maintain its market position in the
mobile battery manufacturing business.  Maxx's financial risk
profile may deteriorate on account of its aggressive capital
expenditure (capex) plans and increasing working capital
requirements.  The outlook may be revised to 'Positive' if Maxx's
debt coverage indicators improve, while it maintains a moderate
capital structure and healthy operating margins; upfront infusion
of equity by promoters to fund capex plans may also lead to a
revision in outlook to 'Positive'.  Conversely, the outlook may be
revised to 'Negative' if a significant decline in profitability
and cash accruals and aggressive debt-funded capex result in a
strained financial risk profile for Maxx.

                         About Maxx

Established in January 2004 by Mr. Ajjay Agrawal, Maxx
manufactures and trades in mobile phone accessories, mainly,
lithium ion (Li-Ion) batteries and chargers.  Maxx was primarily a
trading entity till 2006, when it set up its first unit in
Haridwar for manufacture of mobile phone batteries and chargers;
the unit has capacity to manufacture 1.5 crore batteries and 30
lakh chargers per annum.  The company has a nationwide network of
around 200 dealers.  For 2007-08 (refers to financial year,
April 1 to March 31), Maxx reported a profit after tax (PAT) of
Rs. 70 million on net sales of Rs. 497 million, as against a PAT
of Rs. 11 million on net sales of Rs. 195 million for 2006-07.


PRIDE COKE: CRISIL Rates Rs.41.4 Million Term Loan at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of Pride Coke Pvt Ltd (Pride Coke).

   Rs.110 Million Cash Credit Limits     BB+/Stable (Assigned)
   Rs.41.4 Million Term Loan             BB+/Stable (Assigned)

The ratings reflect Pride Coke's exposure to risks relating to
cyclicality in its end-user industries, small scale of operations,
and low net worth.  These weaknesses are, however, partially
mitigated by Pride Coke's moderate business risk profile.

Outlook: Stable

CRISIL believes that Pride Coke will continue to benefit from its
comfortable operating efficiency.  The outlook may be revised to
'Positive' if infusion of equity results in increased net worth
for the company.  Conversely, the outlook may be revised to
'Negative' if Pride Coke takes on substantial debt to fund capital
expenditure, or if its operating margins decline.

                       About Pride Coke

Incorporated in 2004 as a closely held company by Mr. Kamal
Harlalka, Pride Coke began operations in 2005.  The company
manufactures low ash metallurgical coke (LAMC) and coke breeze.
Its manufacturing unit at Guwahati, Assam, has capacity to produce
125,000 tonnes of coke per annum.  For 2007-08 (refers to
financial year, April 1 to March 31), Pride Coke reported a profit
after tax (PAT) of Rs.48 million on net sales of Rs.358 million,
as against a PAT of Rs.34 million on net sales of Rs.281 million
for 2006-07.



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

TELEKOMUNIKASI: Seeks IDR9 Tril. Loan to Fund Expansion
-------------------------------------------------------
The Jakarta Post reported that PT Telekomunikasi Indonesia Tbk
(Telkom) plans to mobilize next year IDR9 trillion (US$756
million) in loans from a number of state banks to help it expand
operations and compete with rivals.

According to the report, Telkom president director Rinaldi
Firmansyah said on Tuesday the company will get the financing from
Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia and
several regional development banks (BPD).

Telkom, the report says, has targeted to spend IDR22.5 trillion in
capital expenditure next year, the same amount as last year.  Some
40 percent of the funds needed will be financed through loans, the
report notes.

                     About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.



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

L-JAC5 TRUST: Lehman Bankruptcy Cues Fitch to Downgrade 6 Classes
-----------------------------------------------------------------
Fitch Ratings has downgraded six classes of L-JAC5 Trust's trust
beneficiary interests due August 2015.

The rating actions reflect the current status and foreseeable
outcome of proceedings in the replacement of counterparties to the
transaction.  This follows the Lehman Brothers Group bankruptcy in
September 2008, rather than a result of the performance of the
transaction and its underlying assets.  Negative Outlooks have
been assigned to the non-investment grade classes, indicating the
agency's view on the current real estate market and the related
financing environment.

In this transaction, Lehman Brothers Special Financing Inc.,
guaranteed by Lehman Brothers Holdings Inc., acts as the interest
swap counterparty, and Lehman Brothers Japan Inc acts as the
advance provider.  To date, the replacement of both the interest
rate swap counterparty and advance provider have not been
completed.  However, the transaction parties are continuing to
negotiate with potential counterparty for both roles, and
procedures for the replacement of both are in progress.  As
indicated in the press release issued October 28, 2008, "Fitch: L-
JAC4 & L-JAC5 Remain on RWN; Possible Rating Actions Outlined",
the rating actions are a result of the agency's expectation on the
replacement of the advancing agent.

Fitch's analysis focused on whether the existence of the advance
facility is essential in supporting the current ratings under
corresponding rating scenarios, taking into account the
characteristics of the underlying loan assets and collateral
properties.  The underlying loans include those to Real Estate
Investment Trusts and loans backed by single properties.  In the
higher rating level scenarios, it has been assumed that the cash
flow from the properties may be suspended for certain periods,
despite there being less concern on the ultimate recovery of loan
principal.  Therefore the existence of the advance provider is
viewed as essential in supporting the ratings.

Based on recent action by the transaction parties and the fact
that the required procedures for the completion of the replacement
have begun, Fitch considers the possibility of the trustee
entering into a new advance agreement to be high.  Therefore, the
agency has taken the current candidate's credit-based ability to
perform as the alternative advance provider into account in its
analysis.

As for the interest rate swap counterparty, the negotiations with
prospective counterparties are ongoing.  However, as a result of
these rating actions, the likelihood of further downgrades is
small, even if no replacement swap is entered.

Fitch will continue to monitor the progress of counterparty
replacement activities made by the transaction parties.  The RWNs
will be resolved when the replacement of the advance provider is
completed, although the possibility of further downgrades remains
if the current candidate does not assume the role.

  -- JPY37.37 billion*, Class A TBIs downgraded to 'BBB-'
     (BBB minus) from 'AAA'; remain on RWN;

  -- JPY6.67 billion*, Class B TBIs downgraded to 'BBB-'
     (BBB minus) from 'AA'; remain on RWN;

  -- JPY5.65 billion*, Class C TBIs downgraded to 'BBB-'
     (BBB minus) from 'A'; remain on RWN;

  -- JPY1.69 billion*, Class D1 TBIs downgraded to 'BBB-'
     (BBB minus) from 'BBB'; remain on RWN;

  -- JPY1.53 billion*, Class D2 TBIs downgraded to 'BBB-'
     (BBB minus) from 'BBB'; Outlook Stable;

  -- JPY0.59 billion*, Class D3 TBIs downgraded to 'BBB-'
     (BBB minus) from 'BBB'; remain on RWN;

  -- JPY0.50 billion*, Class E1 TBIs 'BBB-' (BBB minus); remain on
     RWN;

  -- JPY0.70 billion*, Class E2 TBIs affirmed at 'BBB-'
     (BBB minus); Outlook Stable;

  -- JPY0.50 billion*, Class F1 TBIs 'BB+'; remain on RWN;

  -- JPY0.51 billion*, Class F2 TBIs affirmed at 'BB+'; Outlook
     Negative;

  -- JPY0.50 billion*, Class G1 TBIs affirmed at 'BB'; Outlook
     Negative;

  -- JPY0.35 billion*, Class G2 TBIs affirmed at 'BB'; Outlook
     Negative;

  -- JPY0.53 billion*, Class H1 TBIs affirmed at 'BB-' (BB minus);
     Outlook Negative;

  -- JPY0.56 billion*, Class I1 TBIs affirmed at 'B+'; Outlook
     Negative;

  -- JPY0.37 billion*, Class J1 TBIs affirmed at 'B'; Outlook
     Negative;

  -- Class X1 TBIs (interest only) affirmed at 'AAA'; Outlook
     Stable; and

  -- Class X2 TBIs (interest only) affirmed at 'AAA'; Outlook
     Stable

* As of November 25, 2008

The ratings address the timely payment of dividends and ultimate
repayment of principal by legal final maturity for all TBI classes
except for classes X1 and X2.  The ratings on the interest-only
class X1 and X2 address only the likelihood of receiving interest
payments while principal on the related TBIs remains outstanding,
as per L-JAC5 trust agreement.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


ORIENTAL SHIRAISHI: Files For Civil Rehabilitation Program
----------------------------------------------------------
Oriental Shiraishi Corporation and its two wholly owned
subsidiaries filed for a civil rehabilitation program in the Tokyo
district court on November 26, 2008, Reuters reported.  It has
debts amounting to JPY60.5 billion.

Citing credit researcher Teikoku Databank, Japan Times relates,
Oriental Shiraishi became the 30th publicly traded firm to fail
this year, bringing about the largest number of bankruptcies
involving listed firms since the end of World War II.

The Tokyo Stock Exchange is set to delist Oriental Shiraishi on
Dec. 27, 2008.

Based in Japan, Oriental Shiraishi Corporation --
http://www.orsc.co.jp/en/-- engages in the construction business.
The company operates in two business segments.  The Construction
segment consists two divisions: construction work and production
manufacturing.  Its Construction division is engaged in the
construction of pre-stressed concrete (PC), civil engineering and
construction works, as well as the building structure
reinforcement works and underground pipe laying works.  This
division is also engaged in the manufacture and sale of building
materials.  Its Product Manufacturing division is involved in the
manufacture and sale of PC products and other factory products.
The Real Estate Leasing segment is involved in the leasing of real
estates and the provision of non-life insurance agency services.
The company has 10 subsidiaries, four associated companies and one
affiliated company.


SANYO ELECTRIC: Goldman Ends Talks with Panasonic on Co. Stake
--------------------------------------------------------------
Goldman Sachs Group Inc. has broken off talks with Panasonic Corp
for now on selling its stake in Sanyo Electric Co. after Panasonic
made an offer below Sanyo's current stock price, Reuters reports.

"We have reached the decision that there is no use in carrying out
negotiations based on the current offer," Reuters quotes Goldman
Sachs spokeswoman Hiroko Matsumoto as saying.

According to Reuters, Ms. Matsumoto declined to disclose the
details of Panasonic's offer, but company and financial sources
close to the matter said it had offered 120 yen per Sanyo share,
valuing the company at $7.8 billion.

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Bloomberg News said Panasonic Corp. may buy all
Sanyo Electric Co. common and preferred shares in a deal worth
about JPY1 trillion (US$10.4 billion).  Panasonic, Bloomberg
related, is planning an offer for Sanyo at a price less than
JPY300 a share.

Meanwhile, citing Kyodo News, The Japan Times reported that
Goldman Sachs hopes to sell its holdings of Sanyo's preferred
shares for about JPY250 per share as part of an acquisition
process of the company by Panasonic Corp.

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

Reuters relates that to acquire Sanyo, Panasonic has to buy out
its top three shareholders, Goldman Sachs, Daiwa Securities SMBC,
and Sumitomo Mitsui Banking.

The three firms, Reuters says, hold almost 430 million preferred
shares in Sanyo, each of which can be exchanged for 10 common
shares.  If converted, they would hold a combined 70 percent
stake, Reuters notes.

                         About Panasonic

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

                           About Sanyo

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

                          *     *     *

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

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


* S&P Reports Loan Receivables Profiles Backing Japan CMBS Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services published a Japanese-language
report on the outstanding balances (broken down by scheduled
repayment date) and profiles of loan receivables backing
commercial mortgage-backed securities transactions in Japan.  From
the middle of this year, a number of defaults on loans and
specified bonds (collectively referred to as "loans") backing CMBS
transactions have occurred.  This can be partly attributed to: (1)
borrowers having a difficult time in refinancing their loans as
lenders limit refinancing and tighten lending; (2) sluggish
property sales amid severe real estate market conditions,
including a decline in the investment unit prices of Japan real
estate investment trusts (J-REITs); and (3) sponsors and asset
managers going bankrupt.  All these factors suggest that borrowers
are at risk of being unable to refinance their loans.

Although CMBS transactions in Japan are normally structured in
such a way that defaults on the underlying loans do not lead to
defaults on the CMBS transactions, defaults on the underlying
loans generally cause a decline in the transactions' credit
quality.  The impact, however, varies according to each tranche of
a transaction due to the senior-subordinate structure of each CMBS
transaction.  Progress in loan repayments is one of the key items
of CMBS surveillance.

Standard & Poor's has categorized rated CMBS transactions
according to their loan repayment dates and examined the profiles
of the loan receivables relating to the transactions.  In this
study, S&P focused on the attributes of the underlying property
portfolio, including major asset types, asset locations, the dates
on which the loans were extended, the types of loans (bullet-
repayment loans or sales-type loans), and the loan-to-value
ratios.  This report aims to provide market participants with more
information concerning the underlying loans of rated CMBS
transactions, including information covering loan types and loan
repayment dates.



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

DAEWOO CAPITAL: Moody's Withdraws 'Ba2' Foreign Issuer Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 foreign currency
issuer rating of Daewoo Capital Co., Ltd. The company has no rated
debts outstanding.

Moody's has withdrawn this rating for business reasons.

Moody's last rating action with respect to DWC was taken on
Nov. 25, 2008.  The foreign currency issuer rating was downgraded
to Ba2 from Ba1 and placed on review for possible downgrade.

This rating was withdrawn:

  -- Foreign currency issuer rating: Ba2 (on review for possible
     downgrade)

Daewoo Capital Co., Ltd., headquartered in Korea, is the second
largest auto financing company in Korea.  As of June 2008, the
company reported total assets of 4.9 trillion won ($4.7 billion).


* KOREA: Consumer Sentiment Index Stood at 94, Lowest in 9 Years
----------------------------------------------------------------
KBS World Radio reported that Korea's consumer sentiment on
employment and spending has reached lows unseen since the 1997
financial crisis.

The consumer survey index stood at 94 for this month, down six
points from October, the report said citing Bank of Korea.

For households bringing in more than five-million won a month, KBS
noted, the index fell ten points from 102 to 92.

According to KBS, a reading below 100 indicates that pessimists
outnumber optimists and is usually a signal that more people plan
to tighten their belts.



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

* Fitch Says Malaysian Insurers Face Regulatory Challenges
----------------------------------------------------------
Fitch Ratings has published a special report on the Malaysian
insurance sector providing an overview of the impending regulatory
changes facing the industry, as well as an analysis of the
competitive landscape.  The agency notes that these structural
changes, coupled with the ongoing global financial crisis, could
pose a significant threat to the more weakly capitalized players
in the market.  Fitch believes that it is likely that market
consolidation will continue to occur, with the weaker insurers
finding it increasingly difficult to compete.

In line with the expectations set out in the Financial Sector
Master Plan 2001, Bank Negara Malaysia has introduced a number of
regulatory changes that will permanently change the competitive
environment.  Perhaps the most significant change is the full
implementation of risk-based capital requirements in 2009.  The
RBC framework has run in parallel with the existing European
Solvency I-type regime since 2007.  Fitch expects the new capital
requirements will ultimately lead to increased risk awareness and
facilitate the orderly exit of those companies that lack the scale
and expertise to compete.

As far as competitive pressure is concerned, the agency believes
that Malaysia's life sector is somewhat better positioned than the
non-life sector.  Not only does the life industry enjoy more
promising growth prospects, it is also much less fragmented, with
the six largest players accounting for around two-thirds of the
total premium volume.  Despite the continued volatility in assets
prices globally, Fitch believes that Malaysia's life sector
remains fundamentally sound.  A portion of the volatility is also
passed on to the policyholders through profit participation
features commonly found in the marketplace.

By contrast, the non-life sector continues to be one of the most
overcrowded in Asia.  The tariff system has resulted in the
commoditisation of fire and motor policies.  More importantly, the
absence of risk-based pricing mechanisms has stifled the
industry's underwriting risk management.  That said, Fitch
recognises the imminent challenges of detariffication and believes
that the introduction of the RBC framework is a crucial step
towards gradual market liberalisation.

In addition to their traditional peers, many conventional insurers
are waking up to the reality that they have to cope with an
emerging competitive threat in the form of Takaful firms.  At end-
2007, net Takaful contributions accounted for 8.6% of the combined
insurance and Takaful industry, as compared to 5.0% in 2002.  The
fact that Takaful companies will not be subject to the new RBC
requirements could make the playing field more uneven and
competition more intense.  However, in Fitch's opinion, the
perceived competition between insurance and Takaful is far from
being a zero sum game.  With continued product innovation, Takaful
has become a solution for many Malaysians whose needs for savings,
protection and wealth management were not previously met by
conventional alternatives.


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

ANDERSON-DECK COMPANY: Placed Under Voluntary Liquidation
---------------------------------------------------------
On November 3, 2008, it was resolved to voluntarily liquidate
Anderson-Deck Company Ltd.'s business.

The company's liquidator is:

          Alison Ann Turner
          Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          Telephone:(06) 758 0956
          Facsimile:(06) 757 5081


BOOMERANG LTD: Fixes Dec. 10 as Last Day to File Claims
-------------------------------------------------------
The creditors of Boomerang Ltd. are required to file their proofs
of debt by December 10, 2008, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059, Greenmount
          Auckland
          Telephone:(09) 526 0743
          Facsimile:(09) 526 0748
          e-mail: grant@randa.co.nz


BLUE STAR: Fixes Dec. 15 as Last Day to File Claims
---------------------------------------------------
The creditors of Blue Star Travel Ltd. are required to file their
proofs of debt by December 15, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


BOTRY-ZEN: Posts NZ$1.22 Mil. Net Loss in 6 Mos. Ended Sept. 30
---------------------------------------------------------------
Botry-Zen Limited posted NZ$1.22 million net loss for the six
months ended September 30, 2008 and plans to delist from the New
Zealand sharemarket, The National Business Review reports.

The report relates that for the six months to September trading
revenues rose to NZ$14,000 compared to NZ$2000 a year earlier,
while the cost of sales was up to NZ$287,000 from NZ$69,000.
Finance costs in the latest period were NZ$303,000 from NZ$19,000.

As reported by the Troubled Company Reporter-Asia Pacific on
August 22, 2008, Botry-Zen Limited said that following
consultation with Bank of New Zealand, it has engaged
PricewaterhouseCoopers as an independent adviser to prepare a
report as to the company's financial position and options.

According to Botry-Zen, PricewaterhouseCoopers' executive summary
stated, among other things, "the company has products that are
strongly supported, particularly by the viticulture industry.
However it is yet to establish a commercially viable production
process.  The company is insolvent as it cannot pay its
liabilities as and when they fall due and it has lost shareholder
and bank support."

                     About Botry-Zen

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.

                       *     *    *

The company incurred three consecutive annual net losses of
NZ$1.22 million, NZ$1.67 million and NZ$1.58 million for the
years ended March 31, 2008, 2007 and 2006, respectively.


D V BRICE: Creditors' Proofs of Debt Due on December 4
------------------------------------------------------
The creditors of D V Brice Ltd. are required to file their proofs
of debt by Dec. 4, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          c/o Sue Fletcher
          HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


DORCHESTER PACIFIC: Discloses 3-Year Repayment Plan
---------------------------------------------------
Dorchester Pacific disclosed details of the Deferred Repayment
Plan for Dorchester Finance investors.  Investors will vote on the
plan on December 17, 2008.

Under the Plan, Dorchester Pacific said, Secured Debenture
Stockholders would be repaid their NZ$164 million principal in 12
payments over 3 years with an initial payment of 20% prior to
Christmas, followed by 10 quarterly payments of between 5% and
7.5% and a final payment of 17.5% on September 30, 2011.
Unsecured Noteholders owed NZ$8 million would be repaid in two
installments with an initial payment of 10% prior to Christmas and
a final payment of 90% on September 30, 2011.

No accrued or future interest would be payable to investors but
secured Debenture Stockholders would participate in a profit share
payment of 50% at the end of the 3 years, the company said.

According to Dorchester, details of the plan will be mailed to
investors on November 30, 2008, and a number of Investor Roadshows
will be held around the country between the December 6 and 12,
2008, before the meeting to vote on the Plan to be held in
Auckland on December 17, 2008.

If the Deferred Repayment Plan is approved PricewaterhouseCoopers
will be appointed Monitoring Manager to monitor progress over the
3 year term of the Plan.

Chairman, Barry Graham commented: "We appreciate that the delay in
finalizing the Deferred Repayment Plan has been frustrating for
investors.  But the time taken has been very well spent in
consulting and working closely with the Trustees and with a number
of expert independent advisors.  So, we are especially pleased
that we have been able to finalize the Plan in time for a vote and
the prospect of an initial payment prior to Christmas.

"The outcome contemplated by the Plan is dependent on the
performance of and volatility in the economy, particularly in the
property market.

"The Board considers that the Plan provides benefits and options
which would not be available under a receivership or in a
liquidation.  Under the plan the business will continue to operate
as a going concern.  Key management will be able to be retained
and loans will be able to be realized in an orderly way.  This
would give the Dorchester Group the time needed to restructure its
balance sheet, raise new equity, secure wholesale funding lines,
and participate in any industry consolidation that may eventuate
within the finance sector."

Executive Director, Paul Byrnes commented: "The focus of the Plan
is to return principal to investors as quickly as possible. The
business will continue to operate as a going concern but on a much
reduced scale.  No new lending on property will be undertaken over
the term of the Plan.  Consumer lending will be restricted under
lending covenants in the Plan and will also be subject to a new
Lending and Credit Policy recently developed and supplied to the
Trustees.  In developing the Plan a no-new-lending option was
modelled but the Board believes that a no-new-lending scenario is
simply not viable.

"Staff numbers within the Dorchester Group have been reduced by
approximately 30 over the last few months and a significantly
lower salary, wages and overhead cost base has been achieved.  The
executive team has been reduced from 6 to 2.  Further work is
continuing on simplifying the structure of the organization with
the objective of minimizing overheads and operating expenses."

Mr. Byrnes noted that "while restructuring of the business and
development of the Deferred Repayment Plan over the last 3 months
has been hugely time consuming our focus and priority has remained
on management of receivables and the company's cash position.
Despite the deteriorating market we have managed to exceed our
cash position projections.  This has enabled us to increase the
first repayment of principal from an originally proposed 15% to
20% of principal for secured Debenture Stockholders.

"Realization of the property loan book is where the biggest
uncertainty lies. The advantage of the Deferred Repayment Plan is
that it will allow time for an orderly realization of these
assets. The alternative of a receivership is unlikely to maximize
return for investors.  Forced sales and the stigma of
receivership, and its effect on counter party behavior, would
likely lead to lower realizations than under the Deferred
Repayment Plan.

"The Board believes that in the current economic circumstances the
Deferred Repayment Plan would provide a materially better outcome
than the alternative of receivership or liquidation."

                    About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

As at June 24, 2008, Dorchester Finance had NZ$168 million in
debenture stock secured against total assets of NZ$212 million,
including NZ$18 million in cash.  In addition it had NZ$8 million
in subordinated notes on issue.


GREENBUILD LTD: Creditors' Proofs of Debt Due on Dec. 12
--------------------------------------------------------
The creditors of Greenbuild Ltd. are required to file their proofs
of debt by December 12, 2008, to be included in the company's
dividend distribution.

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

The company's liquidators are

          Stephen Mark Lawrence
          Anthony John Mccullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone:(09) 306 7424
          Facsimile:(09) 302 0536


LOMBARD FINANCE: Parent Reports NZ.44 Mil. Interim Loss
-------------------------------------------------------
The National Business Review reported that Lombard Group, Lombard
Finance and Investments Limited's parent firm, had finance income
of just NZ$3000 in the six months to September 30, 2008, and
operating and staff costs of NZ$1.58 million.

The company reported a consolidated pre-tax operating loss of
NZ$406,000 for the six month ended September 30, 2008, compared
with a pre-tax operating profit of NZ$4,633,000 in the period last
year.

The company said that it has written down the value of the Groups
main trading subsidiary, United Home Mortgages, by NZ$339,000 from
NZ$1,425,000 to NZ$1,086,000.  This write-down is a non cash
charge.

After allowing for the write-down of goodwill, Lombard said, a
write-back for overstating the impairment losses last year and tax
the reported result for the period is a loss of NZ$439,000.

Business Review related that the bottom line loss of NZ$439,000
was an improvement from the NZ$3.12 million loss in the same
period last year.

According to the report, Lombard's accounts for the period do not
include subsidiary Lombard Finance and Investments Ltd because it
was placed in receivership on April 10 by Perpetual Trust.

                        About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specialising in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

On April 10, 2008, Lombard Finance was placed into receivership
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MOBILE ALARM: Fixes Dec. 5 as Last Day to File Claims
-----------------------------------------------------
Mobile Alarm Specialist Ltd. requires its creditors to file their
proofs of debt by Dec. 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:

          Kim S. Thompson
          PO Box 1027, Hamilton
          Telephone:(07) 834 6813
          Facsimile:(07) 834 6104
          e-mail: kim@kstca.co.nz


OVERLAND TRANSPORT: Commences Liquidation Proceedings
-----------------------------------------------------
Overland Transport Ltd. commenced liquidation proceedings on
October 30, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 27, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Timothy Wilson Downes
          Stephanie Beth Jeffreys
          c/o Nick Hawken
          Grant Thornton Auckland Limited
          152 Fanshawe Street, Auckland
          Telephone:(09) 308 2570


PACIFIC RIM: Court to Hear Wind-Up Petition on December 19
----------------------------------------------------------
A petition to have Pacific Rim Builders Ltd.'s operations wound up
will be heard before the High Court at Auckland on Dec. 19, 2008,
at 10:00 a.m.

Auckland Air Conditioning Limited filed the petition against the
company on October 16, 2008.

Auckland Air Conditioning's solicitor is:

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


PRN NURSING: Creditors' Proofs of Debt Due Today
------------------------------------------------
PRN Nursing Services Ltd. requires its creditors to file their
proofs of debt today, November 28, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


PROTRAC INTERNATIONAL: Creditors' Proofs of Debt Due on Dec. 5
--------------------------------------------------------------
The creditors of Protrac International Ltd. are required to file
their proofs of debt by December 5, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Henry David Levin
          c/o Liubov Medvedeva
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street
          Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


RED.E STAFFING: Creditors' Proofs of Debt Due Today
---------------------------------------------------
RED.E Staffing Ltd. is receiving creditors' proofs of debt until
today, Nov. 28, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

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


RICHARD GEEWIZ ET AL: Fixes Dec. 5 as Last Day to File Claims
-------------------------------------------------------------
Henry David Levin and Vivien Judith Madsen-Ries fixed Dec. 5,
2008, as deadline to file proofs of debt for the creditors of
these companies:

   -- Richard Geewiz Gee Consultants Limited;
   -- Quick Grips Limited; and
   -- J.W. Drywall Fixing Limited.

The Liquidators can be reached at:

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


TL PROPERTIES: Fixes December 5 as Last Day to File Claims
----------------------------------------------------------
TL Properties Ltd. requires its creditors 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. 28, 2008.

The company's liquidator is:

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


VERITAS HOLDINGS ET AL: Fixes Feb. 3 as Last Day to File Claims
---------------------------------------------------------------
Vivian Fatupaito fixes February 3, 2009, as deadline to file
proofs of debt for the creditors of these companies:

   -- Veritas Holdings NZ Ltd.;
   -- Morganic Limited;
   -- Catering Equipment Services Limited;
   -- Lower Northland Haulage Limited;
   -- Triangle Road Developments Limited;
   -- Veritas Holdings NZ Limited;
   -- Pauanui Properties Limited;
   -- Eco-Source NZ Limited; and
   -- Deyer Developments Limited.

The Liquidator can be reached at:

          Vivian Fatupaito
          PricewaterhouseCoopers
          Private Bag 92162, Victoria Street West
          Auckland 1142
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


WAIPAPA INDUSTRIES: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------------
The creditors of Waipapa Industries Ltd. are required to file
their proofs of debt by April 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 15, 2008.

The company's liquidator is:

          John Robert Buchanan
          North Shore Accounting Services Limited
          PO Box 101061, North Shore Mail Centre
          North Shore City 0745
          Telephone:(09) 444 1955
          Facsimile:(09) 441 1988


* NEW ZEALAND: Exports and Imports Higher, But Growth Rate Eases
----------------------------------------------------------------
The value of merchandise exports was 13.8 percent higher in
October 2008 than in October 2007, and reached NZ$3.8 billion,
Statistics New Zealand said.  Imports were up 15.3 percent to
NZ$4.8 billion over the same period.

The growth in the exports trend has eased since January 2008
following a period of strong growth between June 2007 and then.
The slower trend growth in 2008 coincided with the drought in the
early part of the year.  More recently, crude oil exports have
stabilized with quantities now similar to the second half of 2007
– the Tui oil field completed it first full year of operation in
July 2008.  The imports trend continues to grow but appears to be
easing in recent months.

Milk powder, butter and cheese (up NZ$123 million) led the exports
increase in October 2008 compared with October 2007.  Meat and
edible offal, and logs, wood and wood articles were both up NZ$68
million in October 2008.

Petroleum and products led the increase in the value of
merchandise imports in October 2008 compared with October 2007,
with crude oil the largest contributor.  The increase in petroleum
and products was partly offset by a fall in ships, boats and
floating structures, which were down from a high level in October
2007 when an oil rig was imported.

The value of passenger motor car imports fell to an eight-year low
of NZ$221 million in October 2008, as a decline in the number of
cars with engines larger than 1500cc has been only partly offset
by an increase in the number of smaller cars.

In October 2008, the value of the monthly trade balance was a
deficit of NZ$942 million.  Although this is the second largest
deficit for an October month in dollar terms, as a percentage of
exports it is below the average for October for the preceding five
years.



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

MACARTHURCOOK INDUSTRIAL: Moody's Cuts CFR to 'Ba2'
---------------------------------------------------
Moody's Investors Service has downgraded Macarthurcook Industrial
REIT's corporate family rating to Ba2.  The rating remains on
review for possible downgrade.

"The downgrade reflects Moody's views that MI-REIT is not likely
to meet the scale and diversity targets that were built into its
original rating when it was first assigned," says Kathleen Lee,
Moody's lead analyst for the trust.

"As a result MI-REIT shows high levels of asset and tenant
concentration, more consistent with a Ba2 rating," adds Lee.
"In addition, the trust has an outstanding sale & lease-back
arrangement with a call and put option in respect of 4A
International Business Park (entered into since August 2007) which
if completed by end-December 2009, on fully-debt financed terms,
would result in a material weakening of its credit metrics,"
continues Ms. Lee.  "There also remains considerable uncertainty
as to how this acquisition will be funded if the put option is
exercised by the vendor," she added.

"The rating remains on review for downgrade primarily reflecting
ongoing concerns surrounding MI-REIT's significant refinancing
risk with 91% of its total debts, or S$201 million, falling due in
April 2009, amid very challenging credit markets conditions," says
Ms. Lee.

"The absence of available committed facilities and the REIT's lack
of extensive relationships with banks have significantly
constrained MI-REIT's liquidity profile and increase the risk of
further downgrades," adds Ms. Lee.

Moody's acknowledges that MI-REIT's rating continues to be
supported by its steady revenue streams supported by a relatively
long lease maturity profile and adequate lease deposits that
partially mitigates the trust's low asset diversification and
moderate tenant concentration.

The review will continue to focus on 1) MI-REIT's progress in
securing committed financing to meet its debt maturities in April
2009 as well as the final contracted terms & conditions once
refinancing is raised, and 2) the funding plan for the committed
acquisition.  The ratings could decline rapidly if material
progress on securing committed financing for its April 2009 debt
maturities is not made over the course of the next 2 months.

Headquartered in Singapore, MI-REIT is a real estate unit trust
that was formed primarily to own and invest in a diversified
portfolio of industrial properties.  The company reported total
assets of approximately S$568 million and gross revenue of $12.4
million for the first quarter ended Sept. 30, 2008.



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

* IMF Sees Substantial Slowdown in Asia Amid Global Turmoil
-----------------------------------------------------------
Asia is facing the risk of a sharp slowdown as the global economy
enters a major downturn, and decisive actions are warranted to
maintain financial stability and support growth in the region, the
International Monetary Fund (IMF) said in its latest report on
Asia.  "Growth in Asia is expected to slow substantially along
with the rest of the world, as exports weaken and spillovers from
the global financial turmoil weigh on domestic activity,"
according to the Regional Economic Outlook (REO) for Asia and
Pacific, which was released Monday, November 24, 2008.

While the baseline scenario for Asia sees recovery beginning in
the second half of 2009, risks to the outlook are significantly
larger than usual and tilted to the downside, the REO warned.  A
deeper and more protracted global slowdown than currently
anticipated, combined with tighter international financial
conditions from the ongoing global deleveraging, could have
significant spillovers to the region through both exports and a
range of financial channels.  It remains unclear how domestic
demand in the region would stand up to a sharp decline in export
growth and tighter financial conditions, the report said.  Despite
Asia's generally strong fundamentals—including its substantial
cushion in official reserves, improved macroeconomic policy
frameworks and generally robust corporate balance sheets and
banking systems—the region is "being rattled by the crisis due to
its close trade and financial integration with the rest of the
world, and any hope that the region would escape the crisis
unscathed has by now evaporated."

In this uncertain environment, the REO calls for quick and
decisive actions by policymakers in the region to respond to
heightened financial risks and slowing domestic activity.  First,
their financial policies will need to focus on addressing
spillovers from the global credit turmoil by safeguarding
financial systems and maintaining orderly credit conditions.
Second, with inflation projected to moderate in the near term,
monetary policy in most countries has room to ease to stabilize
financial conditions and address downside risks.  Third, given
progress in fiscal consolidation in recent years, many countries
have room to implement fiscal stimulus to address downside risks
to growth.  For countries where fiscal sustainability is an issue,
however, it would be important not to lose sight of the need for
medium-term fiscal consolidation.

In the analytic chapters, the REO addresses longer-term issues
that will affect the region's economies as the impact of the
current crisis recedes.  Chapter II entitled "The Globalization of
Asian Inflation" examines the rising importance of commodity
prices in Asia's inflationary process and its potential
implications for monetary policy.  While in the past, inflation in
the region could largely be traced back to domestic factors,
global relative prices, notably of commodities, have been the
driving force behind rising inflation in recent years.  Despite
the recent downturn , commodity prices are expected to remain high
and volatile over the medium term, which would tend to create
persistent gaps between core and headline inflation and pose new
challenges for policymakers in facing trade-offs between output
and inflation volatility.  Going forward, these trends may require
a careful consideration of monetary policy frameworks, in
particular in commodity-importing countries.

Chapter III, "The Graying of Asia: Demographics, Capital Flows,
and Financial Markets," analyzes the impact of rapid demographic
change in Asian countries on their external positions and capital
flows as well as on financial markets and asset prices.  In
particular, the study shows that vastly different rates of aging
across Asia are likely to have sizable effects on current accounts
and capital flows—with capital tending to flow "uphill" from
younger to older countries.  Governments can ease the potentially
difficult demographic transition by beginning to take policy
measures now.  For aging countries, this may involve an emphasis
on pension and labor force reform.  For younger countries,
requiring substantial capital for their growing labor forces,
enhancing financial intermediation, and boosting productivity will
take center stage.


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


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


AUSTRALIA

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


CHINA

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


HONG KONG

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

INDIA

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


INDONESIA

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


JAPAN

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

KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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