TCRAP_Public/081201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 1, 2008, Vol. 11, No. 238

                            Headlines

A U S T R A L I A

ARCHITECTURAL PLASTER: Commences Liquidation Proceedings
BOULEVARDE INVESTMENTS: Commences Liquidation Proceedings
DEMILY PTY: Enters Wind-Up Proceedings
ELLENTEEKEANE PTY: Commences Liquidation Proceedings
HAMERKIT PTY: Commences Liquidation Proceedings

HANS CONTINENTAL: Placed in Voluntary Administration
JONKRO PTY: Placed Under Voluntary Liquidation
MILD INVESTMENTS: Members Receive Wind-Up Report
MURDWORDS TWO: Liquidator Presents Wind-Up Report
MURDWORDS ONE: Members Receive Wind-Up Report

NST PTY: Commences Liquidation Proceedings
O'BRIEN AND SEATON: Members and Creditors Hear Wind-Up Report
RON EARLE: Commences Liquidation Proceedings
SKIBUN INVESTMENTS: Placed Under Voluntary Liquidation
ST KOONA: Placed Under Voluntary Liquidation

TODD GRAHAM: Inability to Pay Debts Prompts Wind-Up


B A H R A I N

UNITED GULF: Moody's Extends Rating Review for Possible Downgrade


C H I N A

BANK OF CHINA: To Open First Office in Brazil on March 2009
* Fitch Says Gov't Aid Consistent With Chinese Airlines' Ratings


H O N G K O N G

ACTIVE TOWN ET AL: To Hold Annual Meetings
BILLION UP ET AL: Appoints Yu and Sutton as Liquidators
BUILDING MANAGEMENT: Creditors' Proofs of Debt Due on December 30
CIMB SECURITIES: Creditors' Proofs of Debt Due on December 29
CROWNTECH ENGINEERING: Huen Ho Yin Steps Down as Liquidator

FIRST SIGN: Requires Creditors to File Claims by December 29
GOODVALE LABORATORY: Creditors' Proofs of Debt Due on December 30
HANG SUNG: Creditors' Meeting Set for December 16
HUTCHISON INTERNATIONAL: Commences Liquidation Proceedings
MAU LAM: Wong Sun Keung Steps Down as Liquidator

MAXWILL LIMITED: Appoints Chan Yau Choi as Liquidator
PO WAI: Creditors' Proofs of Debt Due on December 29
SATORI AUTOMATICS: Placed Under Voluntary Liquidation
VICTANI (HONG KONG): Appoints Chiu Chi Yun as Liquidator


I N D I A

PUNJAB BANK: Cuts Lending Rate to 12.50% Effective Today
TATA MOTORS: Cuts 3,000 Temporary Jobs at Pune Plant
* INDIA: Housing Demand Falls 35% in Smaller Cities, ASSOCHAM Says


I N D O N E S I A

BANK LIPPO: Bank Niaga Merger Cues Moody's to Withdraw Ratings


J A P A N

AXCELIS TECHNOLOGIES: Management Raises Going Concern Doubt
CITIGROUP INC: Auction of NikkoCiti Trust to Start Today, WSJ Says
FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise
FUJI HEAVY: To Reduce Domestic Production; 800 Jobs Affected
PACIFIC HOLDINGS: JCR Upgrades Senior Debts Rating to '#B'

SANYO ELECTRIC: To Slash 200 Jobs at Tottori Plant


M A L A Y S I A

LITYAN HOLDINGS: Loan Default Reaches MYR39.14 Mil. at Nov. 30
PANGLOBAL BHD: Incurs MYR20.97MM Net Loss in Qtr. Ended Sept. 30


N E W  Z E A L A N D

ALLFIELDS BRICK: Appoints Shephard and Dunphy as Liquidators
CHAR CHAR: Court to Hear Wind-Up Petition on December 15
CRUICKSHANK ET AL: Creditors' Proofs of Debt Due on Jan. 30
EDWARD J SCHWARTZ: Court to Hear Wind-Up Petition on December 15
FLETCHER BUILDING: Drops Bid to Acquire Fielders Australia

MARIE HARPER ET AL: Fixes Feb. 4 as Last Day to File Claims
MINX LTD: Court to Hear Wind-Up Petition on December 15
PRAMUKH INTERNATIONAL: Fixes December 3 as Last Day to File Claims
PRN SERVICES: Commences Liquidation Proceedings
THE HOLDER: Enters Liquidation Proceedings

ULTIMATE CARWASH: Creditors' Proofs of Debt Due on December 10
YELLOW CROSS: Court to Hear Wind-Up Petition on December 15


S I N G A P O R E

REFCO INC: Suit Against Account Holder Settled for US$17.5 Mil.


                         - - - - -


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

ARCHITECTURAL PLASTER: Commences Liquidation Proceedings
--------------------------------------------------------
The members of Architectural Plaster (Aust) Pty Limited met on
Sept. 26, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


BOULEVARDE INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
During a general meeting held on Oct. 2, 2008, the members of St
Boulevarde Investments Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Peter Burton
          Brian Allen
          Burton Glenn Allen, Chartered Accountants
          57 Grosvenor Street, Level 2
          Neutral Bay, New South Wales


DEMILY PTY: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting held on June 26, 2008, the
members of Demily Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          James Ronald Murchison
          c/o Murchisons Services Pty Limited
          53 Berry Street, Level 2
          North Sydney NSW 2060


ELLENTEEKEANE PTY: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Oct. 1, 2008, the
members of Ellenteekeane Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Paul Andrew Fahey
          Winifred Gibson
          NorthCorp Accountants Chartered Accountants
          of 10-12 Short Street
          Port Macquarie NSW 2444


HAMERKIT PTY: Commences Liquidation Proceedings
-----------------------------------------------
The shareholders of Hamerkit Pty Limited met on Oct. 3, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Ian A. Jolly
          222 Clarence Street, Level 4
          Sydney NSW 2000


HANS CONTINENTAL: Placed in Voluntary Administration
----------------------------------------------------
Hans Continental Smallgoods Pty Ltd has gone into voluntary
administration.  Mark Mentha, Brian McMaster and John Park of
KordaMentha were on Friday, November 28, appointed as
administrators to the company.

According to the Sydney Morning Herald, the administrators said
the business will trade normally while they try to sell it.

Mr. Mentha said the company had been hurt by higher feed costs
caused by the drought and increased competition from subsidized
importers selling frozen ham.

Hans is owned by Japan Tobacco Inc. (JT), which last month
canceled a proposed sale of Hans and Swickers Kingaroy Bacon to
private equity firm Anchorage Capital Partners (ACP).

Hans Continental Smallgoods Pty Ltd -- http://www.hans.com.au/--
is a processed meat producer.  The company has sites across
Queensland, NSW and Victoria and over 1,200 staff.


JONKRO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on September 22, 2008,
the members of Jonkro Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          James Ronald Murchison
          c/o Murchisons Services Pty Limited
          53 Berry Street, Level 2
          North Sydney NSW 2060


MILD INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Mild Investments Pty Limited met on Nov. 14, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Baker
          79 Market Street
          Mudgee NSW 2850


MURDWORDS TWO: Liquidator Presents Wind-Up Report
-------------------------------------------------
The members of Murdwords Two Pty Limited met on Nov. 14, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Brian Murdoch
          79 Market Street
          Mudgee NSW 2850


MURDWORDS ONE: Members Receive Wind-Up Report
---------------------------------------------
The members of Murdwords One Pty Limited met on Nov. 14, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Brian Murdoch
          79 Market Street
          Mudgee NSW 2850


NST PTY: Commences Liquidation Proceedings
------------------------------------------
The members of NST Pty Limited met on Sept. 18, 2008, and resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

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


O'BRIEN AND SEATON: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of O'Brien and Seaton Pty Limited met on
November 17, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bruce Gleeson
          c/o Jones Partners
          Insolvency & Business Recovery
          Telephone:(02) 9251 5222


RON EARLE: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2008, the
members of Ron Earle Shopfitting Co Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          B. P. Woodward
          B P Woodward & Associates
          83 York Street, Suite 501
          Sydney NSW 2000


SKIBUN INVESTMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on June 24, 2008, the
members of Skibun Investments Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          James Ronald Murchison
          c/o Murchisons Services Pty Limited
          53 Berry Street, Level 2
          North Sydney NSW 2060


ST KOONA: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on September 30, 2008, the members
of St Koona Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Noel R. Willis
          c/o WHK
          WHK Centre
          491 Smollett Street
          Albury NSW 2640


TODD GRAHAM: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members and creditors of Todd Graham Management Pty Limited
met on September 29, 2008, and resolved to voluntarily liquidate
the company's business due to its inability to pay debts when it
fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000



=============
B A H R A I N
=============

UNITED GULF: Moody's Extends Rating Review for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service extended the review for possible
downgrade on the Baa3/Prime-3 deposit ratings, Ba1 subordinated
debt rating and D+ bank financial strength rating of United Gulf
Bank.

Moody's initiated the rating review in May 2008, following the
announcement by UGB that it had agreed to sell four commercial
banking subsidiaries and associates to Kuwait's Burgan Bank (rated
A1/C- (on review)Prime-1) for US$725.0 million.

Since that time, UGB has completed the sale of its stake in Jordan
Kuwait Bank for US$450 million, while the divestment of its
controlling stakes in Algeria Gulf Bank, Bank of Baghdad and Tunis
International Bank will be concluded once all regulatory approvals
have been obtained.  UGB also announced, in July, that it would
invest the total proceeds from these sales in new shares to be
issued by Burgan Bank.  That transaction, which will give UGB a
stake of up to 20% in Burgan Bank, will be concluded once the
Emiri decree governing the establishment of the Kuwaiti bank is
amended.  UGB and Burgan Bank are both majority-owned by Kuwait's
KIPCO Group (rated Baa1/Prime-2), with respective stakes of 88.1%
and 52%.

Moody's is extending the rating review pending the conclusion of
these transactions.  During the review period, Moody's will focus
on the full implications of these transactions on the bank's
business model, earning profile and balance sheet structure.
Moody's added that it will also take into account the more
difficult investment climate in the Gulf Cooperation Council
states and also globally and the impact that this will have on the
bank's franchise as a proprietary investment and asset management
company.  In Moody's view, UGB's strengthened capital position, as
a result of the significant capital gains from these transactions,
is likely to counterbalance the challenges from the more difficult
investment climate.  Therefore, provided all transactions go ahead
as planned, the most likely outcome of the review would be a
confirmation of the BFSR at D+.

Moody's review of UGB's Baa3/Prime-3 deposit ratings will
additionally take into account the possible implications of the
transaction with regard to the parental support assumptions for
the bank.  Currently, these ratings incorporate an uplift
reflecting a moderate likelihood of support from its shareholders,
to be distributed through Burgan Bank.

United Gulf Bank is headquartered in Manama, Bahrain, and had
total assets of US$3.14 billion at the end of June 2008.



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

BANK OF CHINA: To Open First Office in Brazil on March 2009
-----------------------------------------------------------
The Bank of China will start its business in Brazil in March 2009,
Xinhua News reports citing Bank of China general manager Zhang
Jianhua.

According to Xinhua, General Manager Zhang said it would be the
first office of the bank in a Latin American country.

The report relates it was only last year when the bank decided to
operate in Brazil and earlier this month Brazil's President Luiz
Inacio Lula da Silva gave his authorization.

                       About Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn-- provides corporate banking, retail banking
and investment banking.  Other activities include provision of
corporate deposits, corporate loans, foreign exchange business,
savings deposits, consumer credit and bankcards.  It has 12,967
domestic branches and 559 overseas branches.  The bank received a
US$22.5 billion capital injection from the Government in 2003 to
restructure state-owned banks.  The state-owned lender has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D-' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


* Fitch Says Gov't Aid Consistent With Chinese Airlines' Ratings
----------------------------------------------------------------
Fitch Ratings has said that the CNY3 billion capital injection
from the Chinese government to the parent company of China
Southern Airlines Co. Ltd (CSA, 'B+'/Stable) is consistent with
the expectation of government support to the industry that has
been factored into the agency's ratings.

CSA announced that its parent company -- China Southern Air
Holding Company -- received the equity injection from the
government and is considering whether to transfer the funds to its
subsidiary.  CSA also confirmed that it is planning a non-public
share subscription, subject to further policy consultation with
relevant government authorities.  Fitch expects that the parent of
China Eastern Airlines Corporation Limited (CEA, 'B+'/Stable) may
also be a beneficiary of similar financial aid from the
government.

"Fitch has factored government support to the Chinese airlines
into their ratings, and the announcement has demonstrated the
reality of that support," notes Jinqing Li, Associate Director in
the agency's Asia-Pacific Corporate group.  "However, the process
of the equity injection needs monitoring to ensure it is effective
and is of real benefit to creditors," adds Mr. Li.  He also notes
that the airline industry is regarded as one of "key strategic
importance" to the Chinese government, which indirectly owns 50%+
equity in both CSA and CEA.

Both CSA and CEA have been hit by high fuel prices and lower
passenger numbers.  In the first three quarters, CSA reported a
negligible profit while CEA registered a net loss of CNY2.3bn.
The operating losses recorded in H108 have been much larger -- at
CNY1.168 billion and CNY1.078 billion for CSA and CEA,
respectively -- without taking exchange gains into consideration.

Fitch believes that the CNY3 billion injection is more of an
emergency funding to improve liquidity than a contribution to a
significant strengthening of the financial structure, as the
latter would require a much greater cash injection.  Financial
leverage, as measured by net adjusted debt/EBITDAR, surged to 6.2x
and 8.8x for CSA and CEA, respectively, in H108, from 4.1x and
5.5x, respectively, in FY07.  More importantly, it remains to be
seen how the government will restructure the industry, laying the
foundation for the competitive landscape in future.  CEA has been
at the centre of M&A discussion in the domestic airline industry,
with a series of potential transactions with other airlines, such
as Singapore Airlines, Air China and Shanghai Airlines, having
been considered but not yet consummated.

Although the equity injection is prima facie good news for
creditors of CSA and, to some extent CEA, Fitch will monitor the
actual process of support and assess whether it means the
government would continue to step in, should the airlines require
additional aid.  The agency notes that Chinese airlines applied
for capital injections as early as two years ago and have not been
successful until now.  The transparency of the process and its
speed are also very important.  An arduous approval process
involving many government agencies with potentially conflicting
interests would introduce significant potential for delays,
thereby negating much of the benefit expected from the linkage
with the state, especially in view of the existing cash burn rates
of the Chinese airlines.

The application for fund aid reflects CSA's and CEA's intentions
to reduce their over-reliance on debt.  Should it become apparent
that the major Chinese banks are starting to exhibit reluctance in
increasing their exposure to Chinese airlines in the current
difficult operating environment, this could have negative rating
implications.  However, Fitch expects lenders to gain further
confidence from the equity injection, and to be reassured by the
evidence of the industry's strategic importance to the government.

To restore their balance sheets, Fitch also reiterates the
fundamental importance for CSA and CEA to improve operational
efficiency.  The recent sharp decline in fuel prices should help
to protect operating margins.  However, this benefit would
probably be completely offset by reduced passenger demand, which
has forced CSA and CEA to cut flights on both domestic and
international routes.



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

ACTIVE TOWN ET AL: To Hold Annual Meetings
------------------------------------------
Stephen Liu Yiu Keung will give a wind-up report and property
disposal during an annual meetings that will be held for the
members and creditors of these companies:

                          Date of Meetings     Time of Meetings
                                            (Members)  (Creditors)
Company

* Bright Town Investment
   Limited                  Dec. 29, 2008    9:00 a.m.   9:30 a.m.
* Build Sky Development
   Consultancy Limited      Dec. 29, 2008   10:00 a.m.  10:30 a.m.
* Colour Paint Limited      Dec. 29, 2008   11:00 a.m.  11:30 a.m.
* Dickson China
   (Enterprises) Limited    Dec. 29, 2008    2:00 p.m.   2:30 p.m.
* Dickson Properties
   Limited                  Dec. 29, 2008    3:00 p.m.   3:30 p.m.
* Interform Investment
   Company Limited          Dec. 29, 2008    4:00 p.m.   4:30 p.m.
* Pattern Enterprises
   (International) Limited  Dec. 29, 2008    5:00 p.m.   5:30 p.m.
* Active Town Limited       Dec. 30, 2008    9:30 a.m.  10:00 a.m.

* Henly Engineering Limited Dec. 30, 2008   10:30 a.m.  11:00 a.m.
* Longway Construction
   Engineering Limited      Dec. 30, 2008   11:30 a.m.  12:15 p.m.
* Polywin Engineering Limited Dec. 30, 2008  2:30 p.m.   3:00 p.m.
* Winshan Construction Company
   Limited                  Dec. 30, 2008    3:30 p.m.   4:00 a.m.
* Dickson Construction
   (Housing) Limited        Dec. 31, 2008    9:00 a.m.   9:30 a.m.
* Joint Wealthy Holdings
   Limited                  Dec. 31, 2008   10:00 a.m.  10:30 a.m.
* Uni-Technic Company
   Limited                  Dec. 31, 2008   11:00 a.m.  11:30 a.m.
* Zotos Investment Limited  Dec. 31, 2008    2:00 p.m.   2:30 p.m.


BILLION UP ET AL: Appoints Yu and Sutton as Liquidators
-------------------------------------------------------
On November 21, 2008, Fok Hei Yu and Roderick John Sutton were
appointed liquidators by the members and creditors of these
companies:

   * Billion Up Limited; and
   * Kongsonic Electronics Company Limited

The Liquidators can be reached at:

         Fok Hei Yu
         Roderick John Sutton
         Ferrier Hodgson Limited
         The Hong Kong Club Building
         14th Floor, 3A Chater Road
         Central, Hong Kong


BUILDING MANAGEMENT: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------------
The creditors of Building Management Best Practice Association
Limited are required to file their proofs of debt by December 30,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Chua Tin Chor
         Seabright Plaza
         Unit G, 10th Floor
         9-23 Shell Street
         North Point, Hong Kong


CIMB SECURITIES: Creditors' Proofs of Debt Due on December 29
-------------------------------------------------------------
The creditors of CIMB Securities (Hong Kong) Limited are required
to file their proofs of debt by December 29, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 18,
2008.

The company's liquidator is:

         Lee Angel
         CNT Tower, Unit E, 21st Floor
         338 Hennessy Road
         Wanchai, Hong Kong


CROWNTECH ENGINEERING: Huen Ho Yin Steps Down as Liquidator
-----------------------------------------------------------
On November 21, 2008, Huen Ho Yin stepped down as liquidator of
Crowntech Engineering (H.K.) Limited.

The company's former Liquidator can be reached at:

         Huen Ho Yin
         Li Po Chun Chambers, 8th Floor
         189 Des Voeux Road Central
         Hong Kong


FIRST SIGN: Requires Creditors to File Claims by December 29
------------------------------------------------------------
The creditors of First Sign Capital Limited are required to file
their proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Tan Yih Lin
         Lippo Centre, Rooms 2410B-2411, 24th Floor
         Tower Two
         No. 89 Queensway
         Hong Kong


GOODVALE LABORATORY: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------------
The creditors of Goodvale Laboratory and Research Limited are
required to file their proofs of debt by December 30, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 26,
2008.

The company's liquidator is:

         Ho Wai Chi
         Golden Centre, 20th Floor
         No. 188 Des Voeux Road Central
         Hong Kong


HANG SUNG: Creditors' Meeting Set for December 16
-------------------------------------------------
The creditors of hang Sung (Lau's) Industrial Company Limited will
hold their meeting on December 16, 2008, at 2:45 p.m., for the
purposes mentioned in Sections 241, 242, 243, 244, 251, 255A(2)
and S.283 of the Companies Ordinance.

The meeting will be held at Unit A, 14th Floor of JCG Building, 16
Mongok Road, Mongkok, in Kowloon, Hong Kong.


HUTCHISON INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
The shareholders of Hutchison International Finance Limited met on
Nov. 19, 2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

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


MAU LAM: Wong Sun Keung Steps Down as Liquidator
------------------------------------------------
On November 18, 2008, Wong Sun Keung stepped down as liquidator of
Mau Lam Industrial Company Limited.

The company's former Liquidator can be reached at:

         Wong Sun Keung
         Far East Consortium Building
         Unit 6, 20th Floor
         121 Des Voeux Road Central
         Hong Kong


MAXWILL LIMITED: Appoints Chan Yau Choi as Liquidator
-----------------------------------------------------
On November 18, 2008, the members and creditors of Maxwill Limited
appointed Chan Yau Choi as the company's liquidator.

The Liquidator can be reached at:

         Chan Yau Choi
         Causeway Bay Comm. Bldg., Room 1101A
         1-5 Sugar St.
         Hong Kong


PO WAI: Creditors' Proofs of Debt Due on December 29
----------------------------------------------------
The creditors of Po Wai Kwun Yam Limited are required to file
their proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 20, 2008.

The company's liquidator is:

         Liu Ying Yi
         C C Wu Building, Room 1901
         302 Hennessy Road
         Wanchai, Hong Kong


SATORI AUTOMATICS: Placed Under Voluntary Liquidation
-----------------------------------------------------
The sole member of Satori Automatics Hong Kong Co., Limited
resolved to voluntarily liquidate the company's business on Nov.
24, 2008.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road Central
         Hong Kong


VICTANI (HONG KONG): Appoints Chiu Chi Yun as Liquidator
--------------------------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
members of Victani (Hong Kong) Limited appointed Chui Chi Yun,
Robert as the company's liquidator.

The Liquidator can be reached at:

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



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

PUNJAB BANK: Cuts Lending Rate to 12.50% Effective Today
--------------------------------------------------------
Punjab National Bank said it has decided to reduce its benchmark
prime lending rate (BPLR) by 100 bps from 13.50 per cent to 12.50
per cent with effect from today, December 1, 2008.

The BPLR was last revised downward by the bank on November 1,
2008.

According PNB, the revised BPLR would be applicable in respect of
all existing and new accounts linked with BPLR where rates are
charged at BPLR and above.

At its board meeting on Wednesday, November 26, 2008, PNB decided
to reduce its peak deposit rate from 10.50 per cent to 9.50 per
cent for deposits of 1 year to less than 3 years.  Accordingly,
interest rates in the time buckets having maturities of 180 days
and above have also been reduced by 25 basis points to 100 basis
points with effect from December 1.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Punjab National Bank continues to carry Moody's Investors Service
'D+' Bank Financial Strength Rating.


TATA MOTORS: Cuts 3,000 Temporary Jobs at Pune Plant
----------------------------------------------------
Tata Motors Limited is cutting up to 3,000 temporary jobs at its
Pune factory, a week after its decision to cut production and
dismiss 3,000 temporary workers at its Jamshedpur plant, The
Economic Times reports.

Citing officials at Tata Motors' Pune factory, who asked not to be
named, the report says the number of temporary staff set to lose
jobs range from 1,000 to 3,000.

The workers losing jobs were on seven-month contracts, the
Economic Times quoted Sujit Patil, president of Tata Motors
Employees Union at the Pune factory as saying.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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


* INDIA: Housing Demand Falls 35% in Smaller Cities, ASSOCHAM Says
------------------------------------------------------------------
Nearly 35% fall in demand of purchase of properties in most of
Tier II and Tier III cities has been noticed in the first half of
current fiscal due to high cost of borrowings, according to an
assessment of The Associated Chambers of Commerce and Industry of
India (ASSOCHAM).

The assessment has been arrived at the Chamber in its latest
exercise about as to what has been happening in purchase of
properties in Tier II and Tier III cities in first 7 months of
current fiscal in which the properties purchases had registered a
growth of over 25% between April-October in the last year.

ASSOCHAM assessment reveals that over 2 crore people in about 25
Tier II and Tier III cities are the claimant for buying of
dwelling units who are unable to make purchases as higher
borrowing cost have compelled most of real estate developers to
defer their projects.

The buyers of dwelling units have also not been able to make
payments as higher interest rates  as also still higher inflation
have come on their ways to partly dampen their enthusiasm and
eroded their budget, ASSOCHAM said in a statement.

The analysis of ASSOCHAM is based from the feedback that it
received from its well known affiliates real estate members that
are developing real estate projects in number of tier II and tier
III cities which include Meerut, Bulandsahahr, Muradabad, Bhiwadi,
Dehradun, Rudarpur, Chandigarh, Sonepat, Panipat, Manesar, Pune,
Nasik, Bhopal, Indore and many other such cities and towns in
Southern and other parts of the country.  The developers who gave
the feedback to ASSOCHAM include Parsavnath, Omaxe, DLF, Unitech,
BPTP etc.

The assessment further reveals that not only the cost factor has
compelled, the promoters of properties makers to indefinitely
defer their real estate projects but non-availability of inputs
such as briks, cement, steel and availability of quality power and
delays in obtaining water connections etc. have caused inordinate
delays for developers to stick to their schedules as promised in
their pre-launch campaigns.

The Chamber, therefore has mooted a proposal to the government to
introduce Real Estate Investment Trusts (REITs) to bring the much
needed class of institutional investors to strongly support
transparency and reign the discipline of domestic commercial real
estate market, The Chamber holds that REITs can also help develop
Commercial Mortgage Backed Securities (CMBS) market and create a
source of cheaper debt for commercial real estate.

It further holds that since purchase and sale of real estate
assets would form part of the activity of REITs, the presence of a
large number of REITs can enhance liquidity in the secondary
market for commercial real estate.  The increase in liquidity
would make the sale of assets if necessitated in CMBS structure
easier, thereby improving the attractiveness of CMBS.

The Chamber has further pointed out that principal repayments to
CMBS investors are made through refinance or sale of property;
hence the enhanced liquidity in commercial real estate will make
CMBS more viable, in terms of availability of refinance and
quicker sale of property.

However, in the case of CMBS originated by a REIT, the REIT would
own the property.  As a financial investor, the REIT would be more
inclined to let the CMBS trust enforce the mortgage and sell the
property.  The REIT's franchise with its unit holdrs would improve
if cuts its losses from a property that did not provide adequate
returns.  CRISIL expects the legal risks associated with taking
possession of and selling mortgaged properties to reduce
considerably in the case of properties owned by REITs.

REITs typically own a variety of real estate properties, often
even across  geographies.  They thus offer a pool of well-
diversified properties of CMBS.  This, results in a better spread
of risks as compared to a regional developer who offers  mortgages
on a few similar properties often located in the same market
space.  Diversification will rescue the investors' overall market.
This will therefore improve the investment characteristics of CMBS
and provide REITs with easier access to lower-cost debt funds.



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

BANK LIPPO: Bank Niaga Merger Cues Moody's to Withdraw Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn Bank Lippo's ratings
following the bank's legal merger with Bank Niaga (Ba2/Not
Prime/D) on Nov. 1, 2008.

The merger was effected by the banks' common major shareholder --
Khazanah Nasional Berhad of Malaysia (Khazanah) -- to comply with
the 2010 deadline for the Single Presence requirement stipulated
under Indonesian regulations.

As of June 2008, CIMB Group owned 61.2% of Bank Niaga.  Meanwhile,
Khazanah effectively owned 92.6% of Bank Lippo and also indirectly
held 13.4% of Bank Niaga through its ownership of BCHB, the parent
of CIMB Group.

Upon completion of the merger, Khazanah held 19.6% of the enlarged
bank with CIMB Group holding 77.7%.

The merged bank became the sixth largest bank in Indonesia and was
renamed PT Bank CIMB Niaga Tbk.  While the legal merger took take
place on Nov. 1, 2008, full business integration and rebranding
are anticipated to be completed by end-2009.

Bank Niaga, headquartered in Jakarta, had assets of IDR59.2
trillion as of June 2008.  It operates a domestic network of 255
branch offices in 47 cities.

Bank Lippo, headquartered in Tangerang, had assets of IDR41.4
trillion as of June 2008.  It operates a domestic network of 399
offices in 120 cities.

These ratings were withdrawn:

  -- Issuer of Ba2; outlook stable

  -- Foreign currency long-term/short-term deposit of B1/Not
     Prime; outlook stable

  -- Bank financial strength rating of D; outlook stable

This obligation was assumed by Bank Niaga:

  -- Subordinated debt of Ba2; outlook stable


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

AXCELIS TECHNOLOGIES: Management Raises Going Concern Doubt
-----------------------------------------------------------
For the three months ended Sept. 30, 2008, Axcelis Technologies,
Inc., posted a net loss of US$24,741,000, on revenues of
US$46,454,000.  During the same period a year earlier, the company
posted a net loss of US$8,197,000, on revenues of US$107,553,000.

Stephen G. Bassett, executive vice president and chief financial
officer of Axcelis Technologies, discloses that unrestricted cash,
cash equivalents, and marketable securities at Sept. 30, 2008,
were US$49.7 million, compared with US$83.9 million at Dec. 31,
2007.

"The US$34.2 million decrease in cash, cash equivalents, and
short-term investments is mainly attributable to cash used by
operations of US$34.0 million.  At Oct. 31, 2008, unrestricted
cash, cash equivalents, and marketable securities were US$44.7
million.  Furthermore, as of Sept. 30, 2008, the company's Senior
Subordinated Notes, due Jan. 15, 2009, are classified as current
liabilities.  Axcelis' liquidity is affected by many factors.
Some of these factors are based on normal operations of the
business, including continued acceptance of the Optima product
line, and others relate to the uncertainties of global economies
and the semiconductor equipment industry."

According to Mr. Bassett, the company anticipates continued cash
outflows in the fourth quarter of 2008, and believes it will need
to preserve existing cash and cash equivalents to support
operations.  "The company expects that existing cash and cash
equivalents (based primarily on current expectations of customer
orders coupled with enacted cost reducing efforts) will be
sufficient to satisfy the company's anticipated cash requirements
for the remainder of 2008.  However, the company will need to
secure new financing to repay the 4.25% Convertible Senior
Subordinated Notes due Jan. 15, 2009.  At maturity, we will be
required to repay the outstanding principal of the Senior
Subordinated Notes plus a maturity premium of 11.125% of such
principal (a total of approximately US$84 million), resulting in
an effective annual yield to maturity of approximately 8.0%.  The
company is exploring various financing alternatives.  The amount
and timing of the company's financing needs depends on the
accuracy of our assumptions about levels of sales and expenses,
and a number of other factors.  In addition, should the company
continue to experience losses and negative cash flows from
operations, our assets, in particular, inventory, long-lived
assets, goodwill and internal use assets may become subject to
impairment in future periods."

In April 2008, the company entered into a revolving credit
facility with a bank that provides for borrowings up to
US$50 million, subject to a borrowing base calculation.
"Presently, the company's 2008 forecast does not anticipate
drawing down on the facility because the company is not currently,
and does not expect to become, in compliance with the financial
covenants under this facility," Mr. Bassett says.

Currently, Mr. Bassett continues, the company is seeking to
address its financing requirements through a combination of a
sale-leaseback of the company's headquarters and manufacturing
facility located in Beverly, Massachusetts, and a secured loan
facility with one or more lenders.  "We expect that the secured
loan facility would be an asset backed revolving line of credit
with a borrowing base that would consist of accounts receivable,
inventory and certain other assets of the company.  The terms of
these financing transactions will depend on market conditions and
the company's performance and financial condition.  The company
expects that the terms of any new financing arrangement will be
less attractive than the terms of the Senior Subordinated Notes.
There can be no assurance that any financing transaction will be
completed.  If the company is not able to obtain financing, it
will not have sufficient liquid resources to repay the Senior
Subordinated Notes in January 2009.  The uncertainty of the
company's ability to secure financing to repay the Senior
Subordinated Notes when they mature creates substantial doubt
about the company's ability to continue as a going concern."

In addition, Mr. Bassett says, the depressed market conditions and
the related negative effect on the company's ability to generate
revenues and positive cash flow could result in the company not
having sufficient cash to fund ongoing operations. "The company's
management may seek alternative strategies intended to improve the
company's cash position.  These strategies could include
initiating further efforts to restructure the business and reduce
the revenue breakeven level and equity financings that could be
dilutive to the existing holders of our common stock."

As of Sept. 30, 2008, the company's balance sheet showed
US$579,741,000 in total assets, US$142,365,000 in total
liabilities, and US$437,376 in total stockholders' equity.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?3560

                   About Axcelis Technologies

Axcelis Technologies, Inc., is a producer of ion implantation and
dry strip equipment used in the fabrication of semiconductors in
the United States, Europe and Asia.  In addition, the company
provides extensive aftermarket service and support, including
spare parts, equipment upgrades, and maintenance services to the
semiconductor industry.  The company owns 50% of the equity of a
joint venture with Sumitomo Heavy Industries, Ltd. in Japan.  This
joint venture, which is known as SEN Corporation, licenses
technology from the Company relating to the manufacture of
specified ion implantation products and has exclusive rights to
manufacture and sell these products in the territory of Japan. SEN
is the leading producer of ion implantation equipment in Japan.


CITIGROUP INC: Auction of NikkoCiti Trust to Start Today, WSJ Says
------------------------------------------------------------------
Citigroup Inc. is selling another Japanese unit, NikkoCiti Trust &
Banking Corp., The Wall Street Journal reports citing sources
familiar with the matter.

The auction of NikkoCiti Trust is expected to kick off today, the
Journal's sources said.

According to the Journal, Japan's large trust banks, such as
Mitsubishi UFJ Trust & Banking Corp. and Sumitomo Trust & Banking
Co., are expected to be among the bidders for NikkoCiti Trust.

The U.S. firm has been shedding assets and cutting workforce to
stabilize its finances.

The Journal recalls Citigroup already closed its Japanese
consumer-lending business and sold its investment firm, called
Nikko Antfactory KK, to Japanese bank Norinchukin and trading
house Mitsubishi Corp.

Just recently, Citigroup obtained a US$306 billion lifeline from
the U.S. Government.

Headquartered in Tokyo, Japan, NikkoCiti Trust and Banking
Corporation --
http://www.nikkocititrust.com/index...-- is a trust bank mainly
engaged in the investment trust business.  The Bank has two
business segments.  The Trustee for Investment Trust segment is
engaged in the delivery and settlement of securities, the
processing of corporate action entitlements and custody, as well
as the calculation of the fund net assets value and unit price, in
accordance with the instructions of the investment trust
management companies.  The Investment Trust Operational
Outsourcing segment is engaged in the provision of calculation
agency services on behalf of the investment trust management
companies, which provide the calculation of daily net assets value
and unit price of investment trust funds, as well as the
reconciliation of calculation with trustees.

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


FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise
-------------------------------------------------------------
Soyoung Kim at Reuters reports that Deutsche Bank said that
chances for Ford Motor Co. and General Motors Corp., and Chrysler
LLC to get a bailout from the government have improved.

Reuters quoted Deutsche Bank analyst Rod Lache as saying, "There
is growing concern about the risks to the U.S. economy that would
be derived from inaction.  The proximity of these bailout hearings
to the Citigroup bailout may have also tipped the scales
somewhat."

Ford Motor, GM, and Chrysler would likely present "relatively
aggressive" plans to the Congress during a Dec. 8 session,
addressing challenges to operating costs and revenues, Reuters
says, citing Mr. Lache.  "We believe winning over skeptics will
require U.S. automakers to submit plans that demonstrate an
ability to achieve cash flow break-even at relatively low demand
and conservative market share levels," the report quoted Mr. Lache
as saying.

Mr. Lache, according to Reuters, said that GM could reduce its
yearly fixed costs for North American operations to the
US$20 billion range, from US$31 billion, but that would involve
"significant execution and timing risks."  Shareholders would
likely be diluted near no value for the stock, even if GM were
able to restructure outside of bankruptcy, the report says, citing
Mr. Lache.

"There is speculation that the automakers are going to release
their future business plan by Monday, which would allow the
government to give the auto industry their funds for the bailout,"
Reuters quoted brokerage firm vFinance Investments options
strategist William Lefkowitz as saying.

Reuters relate that some analysts expect GM's remaining equity
value to be wiped out by a government recapitalization.  According
to the report, Mr. Lefkowitz said that "trading in options" on GM
shares was active on Wednesday.  Call options allow buyers to
acquire a security at the predetermined price.

Reuters relates that GM shares surged 36.5%, or US$1.30, to
US$4.86 on
the New York Stock Exchange, after hitting a 70-year low of
US$1.70
last week.  The report says that Ford Motor shares also rose
26.5%, or 44 cents, to US$2.10 on the same day.  No mention of
Chrysler's shares was made.

            No Changes in Executive Compensation

Matthew Dolan at The Wall Street Journal reports that Ford Motor
hasn't indicated any changes in CEO Alan Mulally's salary, after
the Congress suggested that company executives cut their pay.
Ford Motor said in a statement that its board of directors'
compensation committee regularly reviews pay packages.

As reported in the Troubled Company Reporter on Nov. 20, 2008, Mr.
Mulally and GM CEO Rick Wagoner refused to have their salaries cut
to US$1 per year.  Chrysler CEO Robert Nardelli agreed in the US$1
yearly salary.

Citing people familiar with the matter, WSJ relates that Mr.
Nardelli isn't paid a salary now under his current employment
agreement.  WSJ states that Mr. Nardelli will be compensated when
Chrysler's owner Cerberus Capital Management LP make a profit on
its acquisition of the auto maker.

          Ford Motor Focuses on Car Manufacturing

Seattlepi.com columnist Joel Connelly says that Mr. Mulally said
on Wednesday, "It's all about the products: We decided to make
cars that people really do want.  It's a very sophisticated plan."

According to Mr. Connelly, Mr. Mulally told the Seattle Rotary
Club, "This is a big deal for Ford because in the United States,
we had focused on big trucks and SUVs," and now has "the most safe
portfolio of new products."  The report states that Mr. Mulally
said that "in the United States, because of cost structures, we
moved away from cars."

                      About Ford Motor Co.

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

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

                      *     *     *

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

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


FUJI HEAVY: To Reduce Domestic Production; 800 Jobs Affected
------------------------------------------------------------
Fuji Heavy Industries Ltd said it would reduce domestic production
by an additional 40,000 vehicles in the January-March quarter of
2009, tradingmarkets.com reports.

According to the report, the company had earlier intended to
reduce production by 20,000 vehicles in the U.S. and Japan because
of rapidly slowing sales of its Forester sport utility vehicle in
emerging markets.

Tradingmarkets.com says the company will also eliminate 750
contract workers and 50 temporary workers as a result of reducing
production.

                        About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

                         *     *     *

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


PACIFIC HOLDINGS: JCR Upgrades Senior Debts Rating to '#B'
----------------------------------------------------------
JCR had upgraded the ratings on senior debts, bonds and shelf
registration of the issuer from #B-/Negative, #CCC/Negative and
preliminary #CCC/Negative to #B/Positive, #B-/Positive and
preliminary #B-/Positive, respectively, changing the direction
from Negative to Positive.  The ratings remain under Credit
Monitor (shown by "#" placed before the rating symbol).  JCR has
affirmed the NJ rating on CP program of the issuer.

Senior debts: #B/Positive

Issues     Amount(bn) Issue Date  Due Date  Coupon  Rating
------     ---------  ----------  --------  ------  ------

bonds no. 3  JPY10     03-15-07    03-15-12  2.94%   #B-/Positive
bonds no. 4  JPY7      02-27-08    02-26-10  3.43%   #B-/Positive

Shelf Registration: preliminary #B-/Positive
Maximum: Y30 billion
Valid: two years effective from March 26, 2007
CP: NJ

Rationale:

JCR considered on September 30 it extremely unlikely that Pacific
Holdings would be succeeded in agreeing with Daiwa Securities
Group Inc. on the capital alliance.  JCR also considered that it
would be difficult for the company to make an agreement with any
other sponsor.  Given the rapid deterioration in the business
environment, it was considered that the company would have
difficulty in continuing its business smoothly without steps to
enhance capital.  The company announced that the basic agreement
with Daiwa Securities Group Inc. would terminate on November 30,
2008.

It will enhance capital by JPY47.6 billion by entering into an
investment agreement with Chuhaku Japan. The capital injection
will help the company to continue its business smoothly.
Accordingly, JCR upgraded the rating on senior debts of the
company by one notch.  To examine carefully the following, JCR
continues to place the rating under Credit Monitor with Positive
direction.

Chuhaku Japan will ensure funds for the investment from a real
estate company in China.  JCR considers it necessary to make sure
progress of the fund procurement and realization of raising fund
through issuance of preferred stock by the Company scheduled for
February 2009.  JCR will also examine the future management policy
and management system of the Company, understanding intention of
the Chinese real estate company, its involvement in the management
and the purpose of the funds, and the future cash flow generation
capacity and the financial soundness, and will reflect the
outstanding in the rating for the company.


SANYO ELECTRIC: To Slash 200 Jobs at Tottori Plant
--------------------------------------------------
Sanyo Electric Co. Ltd. is slashing some 200 jobs among its
temporary workers at its electronics parts plant in the city of
Tottori as it is planning to transfer production to China and
other low-cost overseas production units, Japan Today reports
citing sources familiar with the matter.

According to Japan Today's sources, Sanyo started the job cuts in
October to terminate employment contracts with all such employees
at the plant by March 20, 2009, due to sluggish sales of
electronics components such as optical pickups used for DVD
players and personal computers, they said.

                           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.



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

LITYAN HOLDINGS: Loan Default Reaches MYR39.14 Mil. at Nov. 30
--------------------------------------------------------------
Lityan Holdings Bhd provided the Bursa Malaysia Securities Bhd
an update on the status of its default to credit facilities as
of November 30, 2008.

As of end-November 2008, Lityan Holdings' default, plus interest
owed to financial institutions, total MYR39.14 million:

                                              Total Principal and
Lender                Type of Facility       Interest in Default
------                ----------------       -------------------

RHB Bank Berhad       Overdraft Facility           MYR347,546.75
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              696,819.04
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit             22,937,165.66
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            13,623,660.72
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility            1,533,446.30
                      of MYR1 million
                                                ----------------
                                                MYR39,138,638.47

The three subsidiaries of Lityan, namely Lityan Systems Sdn.
Berhad, Digital Transmission Systems Sdn. Bhd. and Lityan (L)
Incorporated who have defaulted MYR37,605,192.17 out of the
MYR39,138,638.47 total amount default are not major subsidiaries
of the company.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

The company announced a New Proposed Restructuring Scheme on
December 6, 2007.  The company submitted the Proposed
Restructuring Scheme (PRS) to the Securities Commission on
April 4, 2008.  The Group requested the Securities Commission to
defer its review process of the application for two months until
end of August 2008.


PANGLOBAL BHD: Incurs MYR20.97MM Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Panglobal Berhad has incurred a net loss of MYR20.97 million for
the three months ended September 30, 2008, an increase from the
MYR20.2 million net loss recorded for the same period in 2007.

Revenues for the third quarter totaled MYR37.24 million,
compared with the MYR36.25 million recorded in the third quarter
of 2007.

As of September 30, 2008, the company's balance sheet showed
MYR574.47 million in total assets and MYR1.21 billion in total
liabilities, resulting in a shareholders' deficit of
MYR636.91 million.

The company's balance sheet at September 30, 2008, also showed
strained liquidity with MYR55.85 million in total current assets
available to pay MYR1.06 billion in total current liabilities.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.

Currently, the company is also in the process of negotiating with
its lenders to restructure its loans and to regularize its
financial position under a revised restructuring scheme.  Due to
unforeseen circumstances, the implementation of the scheme of
arrangement has been delayed but the Board is confident that the
Scheme of  Arrangement can be implemented within the next six
months.


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

ALLFIELDS BRICK: Appoints Shephard and Dunphy as Liquidators
------------------------------------------------------------
On November 4, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed liquidators of Allfields Brick & Block
Specialists Ltd.

The Liquidators can be reached at:

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


CHAR CHAR: Court to Hear Wind-Up Petition on December 15
--------------------------------------------------------
A petition to have Char Char Ltd.'s operations wound up will be
heard before the High Court of Christchurch on December 15, 2008,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 31, 2008.

The CIR's solicitor is:

          Richard Hearn
          EDS House, Level 2
          Gilmer Terrace, Wellington
          PO Box 2198, Wellington 6140
          Telephone:(04) 890 6209
          Facsimile:(04) 890 0069)


CRUICKSHANK ET AL: Creditors' Proofs of Debt Due on Jan. 30
-----------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson fixed Jan. 30,
2009, as the last day to file proofs of debt for the creditors of
these companies:

   -- Cruickshank Properties Limited; and
   -- Paekakariki Developments Limited.

The Liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone:(04) 462 7000
          Facsimile:(04) 462 7492


EDWARD J SCHWARTZ: Court to Hear Wind-Up Petition on December 15
----------------------------------------------------------------
A petition to have Edward J Schwartz Entertainment Inc Ltd.'s
operations wound up will be heard before the High Court of
Christchurch on December 15, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 31, 2008.

The CIR's solicitor is:

          Richard Hearn
          EDS House, Level 2
          Gilmer Terrace, Wellington
          PO Box 2198, Wellington 6140
          Telephone:(04) 890 6209
          Facsimile:(04) 890 0069)


FLETCHER BUILDING: Drops Bid to Acquire Fielders Australia
----------------------------------------------------------
Fletcher Building Limited said it has agreed with Hills Industries
Ltd and FSR Investments Pty Ltd to formally terminate the
conditional agreement to acquire Fielders Australia Pty Ltd.

Mr. Jonathan Ling, Chief Executive Officer of Fletcher Building
Limited, stated that "The decision not to proceed with the
acquisition at this time is not a reflection of the Fielders
business but is indicative of the current market volatility and
uncertainty in the Australian economy.  Although the business is
still seen as a good fit for Fletcher Building, these external
factors cannot be disregarded at the moment."

As reported by the Troubled Company Reporter-Asia Pacific on
October 8, 2008, Fletcher Building Limited said it entered into a
conditional agreement to acquire all of the shares in Fielders
Australia Pty Limited.  Fielders is owned jointly by Hills
Industries Limited (60%) and FSR Investments Pty Ltd (40%).

Based in Adelaide, Fielders provides roll formed steel building
components to the Australian commercial, industrial and
residential construction industries.  The business has annual
sales of approximately AU$275 million and employs 890 people
across Australia.

                    About Fletcher Building

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

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on Nov. 18, 2008,
listed these Fletcher Building bonds as distressed:

           Coupon          Maturity            Price
           ------          --------            -----
           7.550%          03/15/11           NZ$9.40
           7.800%          03/15/09           NZ$10.50


MARIE HARPER ET AL: Fixes Feb. 4 as Last Day to File Claims
-----------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed Feb. 4,
2009, as the last day to file proofs of debt for the creditors of
these companies:

   -- Phoenix Forestry Contractors Limited;
   -- Marie Harper 2007 Limited;
   -- TAG Limited.

The Liquidators can be reached at:

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


MINX LTD: Court to Hear Wind-Up Petition on December 15
-------------------------------------------------------
A petition to have Minx Ltd.'s operations wound up will be heard
before the High Court of Christchurch on December 15, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 31, 2008.

The CIR's solicitor is:

          Richard Hearn
          EDS House, Level 2
          Gilmer Terrace, Wellington
          PO Box 2198, Wellington 6140
          Telephone:(04) 890 6209
          Facsimile:(04) 890 0069)


PRAMUKH INTERNATIONAL: Fixes December 3 as Last Day to File Claims
------------------------------------------------------------------
Craig Andrew Young and Raymond Gordon Burgess fixed Dec. 3, 2008,
as the last day to file proofs of debt for the creditors of these
companies:

   -- Pramukh International Limited;
   -- Pramukh Trading Limited;
   -- Pramukh Investments Limited;
   -- Pramukh Swami Limited;
   -- Pramukh Enterprises Limited;
   -- Pramukh Holdings Limited; and
   -- Antsarah Limited.

The Liquidators can be reached at:

          Craig Andrew Young
          Raymond Gordon Burgess
          PO Box 87340, Meadowbank
          Auckland
          Telephone:(09) 525 7236
          Facsimile:(09) 528 9521


PRN SERVICES: Commences Liquidation Proceedings
-----------------------------------------------
PRN Services Ltd. commenced liquidation proceedings on Oct. 30,
2008.

Only creditors who were able to file their proofs of debt by
November 28, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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


THE HOLDER: Enters Liquidation Proceedings
------------------------------------------
The Holder Group 2003 Ltd. commenced liquidation proceedings on
November 4, 2008.

The company's liquidator is:

          Michael William Hartley
          PO Box 46127, Herne Bay
          Auckland 1147
          Telephone:(09) 360 2089


ULTIMATE CARWASH: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Ultimate Carwash Cafe 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 Nov. 4, 2008.

The company's liquidator is:

          Colin A. Gower
          c/o Wiona Pienaar
          BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch 8013
          PO Box 246, Christchurch 8140
          Telephone:(03) 379 5155
          Facsimile:(03) 353 5526
          e-mail: wiona.pienaar@chc.bdospicers.com


YELLOW CROSS: Court to Hear Wind-Up Petition on December 15
-----------------------------------------------------------
A petition to have Yellow Cross Brewing Company Ltd.'s operations
wound up will be heard before the High Court of Christchurch on
December 15, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 31, 2008.

The CIR's solicitor is:

          Richard Hearn
          EDS House, Level 2
          Gilmer Terrace, Wellington
          PO Box 2198, Wellington 6140
          Telephone:(04) 890 6209
          Facsimile:(04) 890 0069)



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

REFCO INC: Suit Against Account Holder Settled for US$17.5 Mil.
---------------------------------------------------------------
Bankruptcy Law360 says the plan administrator for Refco Capital
Markets Ltd. has settled an adversary proceeding with an account
holder, allowing US$175 million in unsecured claims to stand
against the estate.  In return, the report says, the claimant has
agreed to return US$17.5 million of a disputed US$30 million to
RCM.  The proposed settlement, the report says, resolves the
administrator's action to disallow the account holder's claims.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Pursuant to the plan, RJM, LLC, was named plan administrator to
reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner
as plan administrator to Refco Capital Markets, Ltd.  (Refco
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



                         *********

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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