TCRAP_Public/081202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, December 2, 2008, Vol. 11, No. 239

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Strained Liquidity Cues Moody's to Cut CFR to B1
CALLIVA ASSET: Enters Wind-Up Proceedings
CALLIVA GROUP: Commences Liquidation Proceedings
CASPER ENTERPRISES: Members Receive Wind-Up Report
D & J AIRCONDITIONING: Inability to Pay Debts Prompts Wind-Up

DURAL GALLERIES: Inability to Pay Debts Prompts Wind-Up
G.P. SECURITY: Members and Creditors Hold Meeting
GOOD OL: Placed Under Voluntary Liquidation
LYMCHROME PTY: Commences Liquidation Proceedings
MACQUARIE GROUP: Unit Sells 100% Stake in Westlink for AU$805 Mil.

MURDWORDS ONE: Liquidator Presents Wind-Up Report
MWH ENVIRONMENTAL: Commences Liquidation Proceedings
PARADISE COVE: Enters Wind-Up Proceedings
PUPRUSH PTY: Inability to Pay Debts Prompts Wind-Up
R & FA JACKSON: Placed Under Voluntary Liquidation

RAMJON PTY: Placed Under Voluntary Liquidation
SANTEL MARKETING: Placed Under Voluntary Liquidation


C H I N A

BANK OF CHINA: Opens First Two Subsidiaries in Switzerland


H O N G K O N G

AIG FINANCE: Fitch Downgrades Individual Rating to 'D'
BILLION SUCCESS ET AL: Appoints Lam Ying Sui as Liquidator
BUEHLER MOTOR: Seng and Lo Cease to Act as Liquidators
CHINA-KOREA: Placed Under Voluntary Liquidation
ENVIRONMENTAL ET AL: Creditors' Proofs of Debt Due on December 22

FEGA ENTERPRISES: Appoints Chun as Liquidator
GERMAN-STEELS: Members' Final Meeting Set for January 12
HAPPY VIEW: Members' Final Meeting Set for January 6
HIU KEE: Creditors' Meeting Set for December 9
UNITED BISCUITS: Yuen and Yin Cease to Act as Liquidators


I N D I A

GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing
IRCON-SOMA TOLLWAYS: Fitch Puts Expected Bank Loan Rating at 'BB-'
TATA MOTORS: Slowdown in Market Demand Cues Moody's Rating Cuts


I N D O N E S I A

BAKRIE GROUP: Northstar Agrees to Assumes US$575 Mil. in Debts
BANK CENTURY: Founder Detained for Breaching Bank Regulations


J A P A N

CABS LIMITED: Moody's Confirms B2 Rating on 2005-1 Class B Notes
FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea
MORIMOTO CO: Files for Bankruptcy Protection
PANASONIC: Forecasts Full-Year Profit to Decrease 90%
POWER MEDICAL: Requests a Hearing and Delisting Action Stay

SKYLARK CO: To Sell JPY40 Bil. in New Shares to Nomura
* JAPAN: 12 Automakers Cut 2008 Output by 1.9 Million
* S&P Cuts Two Classes of Credit-Linked Secured Notes to 'CCC-'


K O R E A

* KOREA: Banks and Firms to Redeem Maturing Bonds Early Next Year
* KOREA: Exports Plunge 18.3% in November
* KOREA: Gov't Plans to Revive Corp. Restructuring Agency


N E W  Z E A L A N D

AUSTRAL PACIFIC: Restructures Loan Facility
BACKCOUNTRY CONCEPTS: Commences Liquidation Proceedings
DORCHESTER PACIFIC: Posts NZ$35 Million Interim Loss
EPIC HOLDINGS: Creditors' Proofs of Debt Due on December 5
GENEVA FINANCE: Banker Reconfirms NZ$35 Mil. Funding Loan

MASEFIELD ENTERPRISES: Fixes Dec. 19 as Last Day to File Claims
NORTHSPAN 2007: Creditors' Proofs of Debt Due on December 8
NOTJUSTJO LTD: Court to Hear Wind-Up Petition on December 15
SALBERN HEALTH: Fixes December 19 as Last Day to File Claims
SMARTPAY: Posts NZ$2.4 Mil. Net Loss in Six Mos. Ended Sept. 30

ST LAURENCE: Unit Posts NZ$34.8MM Loss in 6 Mos. Ended Sept. 30
STEREO WORLD: Court to Hear Wind-Up Petition on December 19
SUPER CHEAP: Court Hears Wind-Up Petition
TIMFIN GROUP ET AL: Creditors' Proofs of Debt Due on December 12
WESTERN WOODCRAFT: Commences Liquidation Proceedings


S I N G A P O R E

ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due on December 15
BIO-E RESOURCES: Court to Hear Wind-Up Petition on December 12
BINTAI ENGINEERING: Requires Creditors to File Claims by Dec. 12
KNOWLEDGE DIRECTOR: Court Enters Wind-Up Order
QUANTEC REALTY: Creditors' Proofs of Debt Due on December 15


X X X X X X X X

* S&P Junks Ratings on Two Asia-Pacific Synthetic CDOs; WatchNeg
* S&P Junks Ratings on Seven Tranches of Asia Pacific CDOs
* BOND PRICING: For the Week November 24 to November 28, 2008


                         - - - - -


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

BABCOCK & BROWN: Strained Liquidity Cues Moody's to Cut CFR to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Babcock & Brown Infrastructure Group to B1 from Ba2.  At
the same time, the senior secured rating has been downgraded to B2
from Ba3.  Both ratings are on review with direction uncertain.

"The ratings downgrade reflects the strained liquidity position of
BBI and Moody's concerns that asset sale plans may not be
completed in time to alleviate the high liquidity challenges
facing BBI," says Ian ChanChong, Vice President and Senior
Analyst.

BBI has cash requirements in the next 3 months, without committed
available facilities.  These include $100 million debt due in
February 2009 at the BBI corporate level.  In addition, Moody's
understands that an additional amount of $157 million BBI is
payable in relation to the remaining minority interest in WestNet
Rail ($66 million mezzanine debt at Babcock & Brown WA Rail Trust
and $91million in equity at BBI Rail Holdings Pty Ltd).  These
$157 million payments are not obligations at the BBI parent
Corporate level.

The ratings are on review with direction uncertain.  Moody's
considers that BBI's fundamental financial profile -- absent the
current liquidity pressure -- continues to perform, with ample
interest service coverage, and the key driver for the current low
ratings is the very challenging liquidity position.  Accordingly,
to the extent that BBI resolves these liquidity challenges, and
establishes a sustainable liquidity platform, the ratings could be
raised to mid/high Ba range.

On the other hand, the ratings could be quickly downgraded further
if the liquidity challenges are not resolved over coming weeks.
BBI, based in Sydney, is a listed infrastructure fund which owns a
series of infrastructure assets in Australia.


CALLIVA ASSET: Enters Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on September 18, 2008,
the members of Calliva Asset Management Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Bradley Tonks
          John Vouris
          1 O'Connell Street, Level 9
          Sydney NSW 2000


CALLIVA GROUP: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on September 18, 2008,
the members of Calliva Group Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Bradley Tonks
          John Vouris
          1 O'Connell Street, Level 9
          Sydney NSW 2000


CASPER ENTERPRISES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Casper Enterprises Pty Limited met on Nov. 21,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Murray Godfrey
          RMG Partners
          88 Pitt Street, Level 12
          Sydney NSW 2000
          Telephone:(02) 9231 0889


D & J AIRCONDITIONING: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
The members of D & J Airconditioning Pty Limited met on Sept. 16,
2008, and resolved to voluntarily liquidate the company's business
due to its inability to pay its debts when they fall due.

The company's liquidator is:

          Robert Moodie
          c/o Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


DURAL GALLERIES: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
During a general meeting held on September 30 , 2008, the members
of Dural Galleries Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Robert Moodie
          c/o Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


G.P. SECURITY: Members and Creditors Hold Meeting
-------------------------------------------------
The members and creditors of G.P. Security Pty Ltd met on Nov. 19,
2008, and attended statutory duties.

Nicholas Crouch is the company's liquidator.


GOOD OL: Placed Under Voluntary Liquidation
-------------------------------------------
During a general meeting held on September 10, 2008, the members
of Good Ol Signs Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Morgan Chubb
          Clout & Associates
          Level 1, 144-148 West High Street
          Coffs Harbour NSW 2450


LYMCHROME PTY: Commences Liquidation Proceedings
------------------------------------------------
During a general meeting held on October 1, 2008, the members of
Lymchrome Pty Limited resolved to voluntarily liquidate the
company's business.

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:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail admin@jirschsutherland.com.au


MACQUARIE GROUP: Unit Sells 100% Stake in Westlink for AU$805 Mil.
------------------------------------------------------------------
Macquarie Infrastructure Group (MIG), one the funds managed by
Macquarie Group Limited, disclosed that it has accepted a binding
offer for 100% of its interest in Westlink M7 toll road from the
Western Sydney Road Group (WSRG).

WSRG is jointly owned by MIG and a leading Australian
institutional investment manager.

Mr. John Hughes, Chief Executive Officer of MIG said, "The binding
offer is AU$805 million and generates net proceeds for MIG of
approximately AU$402.5 million.  The price will deliver for
investors an internal rate of return of 25.9%.  The offer implies
an enterprise value of AU$2.8 billion for Westlink M7 and an
EV/EBITDA multiple of 23.9x.

"MIG is holding its 50% interest in WSRG pending ongoing
discussions regarding a sell-down of that interest to third party
investors."

Mr. Hughes said "WSRG will have the same voting and control rights
in Westlink that MIG has under the current 50:50 ownership
structure of Westlink.  Any sell down of MIG's interest in WSRG
will be subject to the pre-emptive rights of the existing Westlink
shareholder and MIG's partner in WSRG."

Upon completion of this transaction and after accounting for the
expected proceeds of Lusoponte sale, MIG said it is expecting to
hold cash balances in excess of AU$1.2 billion, prior to the
payment of the December 2008 distribution.

Bloomberg News says MIG's shares dropped 44 percent this year as
investors avoid listed funds managed by parent Macquarie Group
Ltd. as asset values drop amid the global credit crisis.

                     About Macquarie Group

Macquarie Group Limited (ASX:MQG) -- http://www.macquarie.com.au
-- acts as non operating holding company.  Through its
subsidiaries, it is engaged in offering a range of investing,
commercial banking and retail financial services in Australia and
selected financial services offshore.  The company operates in
seven segments.  Financial Services Group consists of Macquarie
Adviser Services, which manages relationships with external
financial intermediaries, and Macquarie Private Wealth, which
provides investment planning and private banking service.  Funds
Management Group provides a range of investment solutions.
Banking and Securitization Group offers retail lending and banking
businesses.  Real Estate Group encompasses real estate funds
management, finance, and investing and advisory. Treasury and
Commodities Group activities include trading and related
activities.  Equity Markets Group manages its equity derivatives
and trading business.  Macquarie Capital offers wholesale
structuring, corporate advisory and equities research.


MURDWORDS ONE: Liquidator Presents Wind-Up Report
-------------------------------------------------
Murdwords One Pty Limited held a final general meeting 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


MWH ENVIRONMENTAL: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on September 22, 2008, the members
of MWH Environmental Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Chris Wykes
          Chartered Accountant
          c/o Lawler Partners, Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


PARADISE COVE: Enters Wind-Up Proceedings
-----------------------------------------
During a general meeting held on September 30, 2008, the members
of Paradise Cove Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


PUPRUSH PTY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members of Puprush Pty Limited met on Sept. 10, 2008, and
resolved to voluntarily liquidate the company's business due to
its inability to pay its debts when they fall due.

The company's liquidator is:

          Robert Moodie
          c/o Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


R & FA JACKSON: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 1, 2008, the members of
R & FA Jackson Ttransport Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Andrew Bowcher
          c/o RSM Bird Cameron Partners
          55 Berry Street
          Wagga Wagga NSW 2650
          Telephone:(02) 02 6921 9055


RAMJON PTY: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Ramjon Pty Ltd met on October 1, 2008, and resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          Nicholas Crouch
          Crouch Amirbeaggi, Insolvency Accountants
          31 Market Street, Level 28
          Sydney NSW 2000


SANTEL MARKETING: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 30, 2008, the members
of Santel Marketing Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au



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

BANK OF CHINA: Opens First Two Subsidiaries in Switzerland
----------------------------------------------------------
Bank of China has opened two subsidiaries in Switzerland, becoming
the first Chinese banking group to establish a presence in the
country, Xinhua News Agency reports.

Citing a bank's press release, Xinhua relates that the bank has
received approval from the Swiss Federal Banking Commission to
open the two subsidiaries.

The Bank of China (Suisse) SA will start operations immediately.
"It will offer top quality private banking services to Chinese as
well as international clients," the bank said as cited by Xinhua.

The second subsidiary, Xinhua says, BOC (SUISSE) Fund Management
SA, will offer institutional asset management services and also
manage funds in both Chinese and global financial markets.

                       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.



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

AIG FINANCE: Fitch Downgrades Individual Rating to 'D'
------------------------------------------------------
Fitch Ratings has downgraded AIG Finance Ltd.'s Long-Term local
currency Issuer Default Rating to 'BBB' from 'A', Individual
Rating to 'D' from 'C' and Support Rating to '2' from '1'.  At the
same time, Fitch has affirmed AIG Finance's Short-term local
currency IDR at 'F1'.  The IDRs remain on Rating Watch Evolving
while the Individual and Support ratings have been taken off
Rating Watch Negative.

The downgrade of the Individual rating reflects the negative
impact brought upon AIG Finance's franchise since mid-September
2008 by the much publicized difficulties of its US-based parent-
holding-company, American International Group, Inc.  That said,
the actual loss of deposit funding by AIG Finance was quite
limited and has been stable for some weeks now following the
Hong Kong government's provision of a blanket deposit guarantee
for all banks in HK.  Meanwhile, AIG Finance has effectively
retained all its credit lines (from mostly regional and global
banks) and the assurance of support from the AIG group, which in
turn is being strongly supported by the US government.  As a
demonstration of its support, AIG transferred a substantial amount
of liquidity funding to AIG Finance, which is being largely kept
in cash and equivalents.

Fitch's rating actions incorporate a high degree of confidence for
AIG to serve as a source of support for AIG Finance.  This
confidence is particularly strong in the near term, which is
reflected in the assignment of an 'F1' rating to AIG Finance's
short-term obligations.  However, AIG is in the process of selling
the company, at which time such support will presumably end, which
has therefore resulted in the downgrades of the Support Rating and
IDR.  That said, AIG intends to find a buyer with very good
financial/management standing, as would be required in any case to
ensure ongoing confidence in the company and in order to satisfy
Hong Kong's regulatory authorities - hence the Rating Watch
Evolving on the ratings.

Fitch notes that AIG Finance's loans quality has remained very
good over recent months, with delinquencies remaining negligible.
In addition, the company's capitalization is solid (Tier I and
Total CARs of 13.5% and 19.0%, respectively, at Sept. 30, 2008),
and its profitability strong.  Credit costs may rise somewhat as
the economic environment becomes more challenging, although this
is not expected to be overly significant, given the generally very
good quality of AIG Finance's generally up-market customer base
and Hong Kong's good repayment culture (in part due to a very
effective credit bureau).


BILLION SUCCESS ET AL: Appoints Lam Ying Sui as Liquidator
----------------------------------------------------------
At an extraordinary general meeting held on Nov. 18, 2008, the
shareholders appointed Lam Ying Sui as the liquidator of:

   -- Billion Success Technology Limited;
   -- Lianyida International Trading Limited;
   -- Willing Dental Consultants Limited; and
   -- Wisen Garments Limited.

The Liquidator can be reached at:

          Lam Ying Sui
          Allied Kajima Bulding, 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


BUEHLER MOTOR: Seng and Lo Cease to Act as Liquidators
------------------------------------------------------
On November 28, 2008, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of Buehler Motor China Limited.

The company's former Liquidators can be reached at:

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


CHINA-KOREA: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on November 21, 2008, the
members of China-Korea Recycle Technology Fun Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Li Wen Liang
          Chinachem Golden Plaza
          Suite 708, 7th Floor
          77 Mody Road, Tsimshatsui East
          Kowloon, Hong Kong


ENVIRONMENTAL ET AL: Creditors' Proofs of Debt Due on December 22
-----------------------------------------------------------------
J R Lees fixes December 22, 2008, as the last day to file claims
for the creditors of these companies:

   -- Environmental Management Limited; and
   -- MWH Hong Kong Limited.

The Liquidator can be reached at:

          J R Lees
          1904 Hong Kong Club Building
          3A Chater Road, Central
          Hong Kong


FEGA ENTERPRISES: Appoints Chun as Liquidator
---------------------------------------------
On November 28, 2008, a special  resolution was passed appointing
Yim Wai Chun as the liquidator of Fega Enterprises Limited.

The Liquidator can be reached at:

          Yim Wai Chun
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road
          Kowloon, Hong Kong


GERMAN-STEELS: Members' Final Meeting Set for January 12
--------------------------------------------------------
The members of German-Steels Company Limited will hold their
general meeting on January 12, 2009, at 9:30 a.m., at the 16th
Floor of Jonsim Place, 228 Queen's Road East, in Wanchai,
Hong Kong.

Leung Shiu Tong, the company's liquidator, will give a report on
the company's wind-up proceedings and property disposal.


HAPPY VIEW: Members' Final Meeting Set for January 6
----------------------------------------------------
The members of Happy View Investment Company Limited will hold
their final meeting on January 6, 2009, at 11:00 a.m., at the 1st
Floor of Full View Commercial Building, in 140-142 Des Voeux Road
Central, Hong Kong.

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


HIU KEE: Creditors' Meeting Set for December 9
----------------------------------------------
The creditors of Hiu Kee Engineering Co Limited will meet on
December 9, 2008, at 11:30 a.m., for the purposes of considering
the matters provided on Sections 241, 242, 243, 244, 251(1)(a) and
255A of the Companies Ordinance.

The meeting will be held at Unit 4, 20th Floor of Far East
Consortium Building, 121 Des Voeux Road Central, Hong Kong.


UNITED BISCUITS: Yuen and Yin Cease to Act as Liquidators
---------------------------------------------------------
On November 24, 2008, Yeung Betty Yuen and Chung Miu Yin Diana
stepped down as liquidators of United Biscuits Asia Pacific
Limited.

The company's former Liquidators can be reached at:

          Yeung Betty Yuen
          Chung Miu Yin Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong



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

GENERAL MOTORS: Turns to Debtholders to Evade Chapter 11 Filing
---------------------------------------------------------------
John D. Stoll and Monica Langley at The Wall Street Journal report
that people familiar with the matter said that General Motors
Corp. is asking debtholders to exchange debt with equity.

WSJ relates that GM CEO Rick Wagoner and company executives are
drafting a business plan to be submitted to the Congress by
Tuesday.  The plan, says WSJ, must prove that GM can remain a
viable company despite bleak market conditions.  The report states
that GM will insist that it can turn itself into a leaner entity
with the help of a short-term loan from the government and
agreements with creditors and unions.  Citing people familiar with
the matter, the report says that that plan is yet to be approved
by GM's board and would include details on how GM will lighten its
debt obligations without filing for Chapter 11.

According to WSJ, many unsecured debtholders would absorb big
losses on their investment, but access to equity could allow them
to cash out of GM at a more attractive price.

WSJ quoted KDP Investment Advisors auto analyst Kip Penniman as
saying, "The terms will be very important," and investors will ask
"are they really going to fix this company or are we going to
potentially be back in a bankruptcy situation in a couple of
years."  Mr. Penniman, according to the report, said that this
recent maneuver could be critical to gaining government support.
It must be accompanied by strategy shifts or bondholders might
decline, the report states, citing the analyst.

WSJ says that GM has been asking banks, investors, and other
parties to help it as it seeks to sell assets, raise financing,
and cut debt.  "At a high level, we think interest expense
reduction is needed immediately for cash flow improvement, but GM
simply needs to reduce overall leverage.  This suggests principal
reduction should be one of the primary drivers of debt
restructuring," the report quoted J.P. Morgan Chase & Co. auto
analyst Himanshu Patel as saying.

J.P. Morgan estimates GM's debt load at US$43.3 billion, with an
annual interest expense of US$2.9 billion, WSJ reports.  The debt
has been a primary cause in GM's deterioration in recent years,
says the report.

Alex P. Kellogg at WSJ states that an expected decline in auto
sales for November could help GM, Ford Motor Co., and Chrysler LLC
make their case before the Congress for a government bailout.  If
the three companies succeed, the Congress could start considering
legislation next week, according to the report.  The report says
that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of
10.6 million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

Douglas A. McIntyre at 24/7 Wall St. relates that the debt to
equity conversion GM is seeking won't solve its problems.
According to 24/7, it would lead to several more problems.

GM's debt, according to WSJ, is trading at "distressed levels."
24/7 states that GM, with its stock at US$5.24, has a market cap
of US$3.2 billion.  The report says that a large conversion of
debt to equity could dilute shareholders by two or three times the
current level of stock, and GM's price-per-share could drop below
US$2.  The value of the equity "could be further compromised" when
GM secures a government loan, the report adds.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported a US$14 billion deficit in 2007, which was
narrowed to US$11 billion in September 2008, according to WSJ.

                      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 $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.


IRCON-SOMA TOLLWAYS: Fitch Puts Expected Bank Loan Rating at 'BB-'
------------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(ind)' (BB
minus (ind)) to India-based Ircon-Soma Tollways Pvt Ltd.'s long-
term project bank loans aggregating INR4,500 million.  The Outlook
is Stable.

ISTPL was granted a 20-year build-operate-transfer concession by
the National Highways Authority of India (NHAI, rated
'AAA(ind)'/Stable) to widen, construct, operate and maintain, on a
BOT basis, a 115km road stretch on the National Highway between
Pimpalgaon and Dhule, two towns located in the state of
Maharashtra, at an estimated cost of INR6.06 billion.

While the project has a number of strengths, including the
completion of a major section of the roadway, equity support from
NHAI, and the experience of the project sponsors, a negative
rating consideration is the moderate-to-high probability of one or
more technical defaults of financial covenants under the current
loan agreement (dated August 7 2006), due to projected cash flow
weakness in the early years of operation.  The company furnished
Fitch with a letter to one of its bankers seeking an amendment to
the loan agreement, with respect to these covenants.  The agency
will review the status of this proposed amendment within 60 days
and thereafter assign final ratings.  Another risk is the ability
of the concessionaire to successfully draw upon existing bank
facilities for construction payments, given the current liquidity
squeeze in the banking system.

Positive rating triggers include the completion of the
construction of a continuous 50km stretch of the toll way, which
is awaiting NHAI's approval to commence tolling.  Should partial
tolling start ahead of the planned commercial operations date of
April 1, 2009, this could somewhat cushion the project's cash
flows.  Meanwhile, work on the remaining 65km of the road is
progressing well.  Another positive rating consideration is a
five-year tail in the concession, which allows flexibility for
restructuring the loan for any of construction and completion,
interest rate or traffic risks.

The slippage in India's economic performance in recent months
could affect the project's traffic and revenue ramp-up; however,
the agency believes that the road has long-term economic merit,
arising from its arterial nature, which connects major industrial,
port, commercial and tourist cities and towns of western, central
and northern India.  Shipments of agricultural produce to other
parts of India, as well as to neighboring countries, could provide
a fillip to toll collections.  Traffic is also expected to benefit
from the presence of several small, medium and large-sized
industries situated on both sides of the stretch of road, although
the demand contraction being experienced by the industry in
general, could affect vehicular movement originating from this
segment.

ISTPL is an SPV created by a JV between Ircon International Ltd,
and Soma Enterprise Ltd.  Ircon is a public sector undertaking
under the Ministry of Railways with 30 years of experience in
turnkey construction contracts in more than 20 countries.  Soma is
a Hyderabad-based infrastructure developer operating in the areas
of transportation, hydroelectric power, water resources, urban
infrastructure and residential real estate, with over 10 years of
experience.


TATA MOTORS: Slowdown in Market Demand Cues Moody's Rating Cuts
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Motors Ltd to B1 from Ba2.  The outlook remains
negative.

"The rating change reflects the slowdown in demand seen in both
TML's domestic and overseas markets.  This translates into
pressure on profitability, and happens at a time when the company
has increased its leverage.  TML's financial flexibility is
therefore significantly weakened," says Elizabeth Allen, a Moody's
Vice President/Senior Credit Officer.

"The key European and US markets of Jaguar Land Rover -- a TML
subsidiary -- have both deteriorated materially in recent months,
and conditions are expected to remain weak for at least the next
12 months," says Ms. Allen.  "With this, JLR's performance has
become uncertain and could have a significant impact on TML's
consolidated performance."

"At the same time, TML's Indian business has been affected,
particularly in the last two months as the availability of
financing for vehicle purchases declined rapidly," says Ms. Allen,
adding, "Therefore Moody's expect ongoing pressure in this segment
as well."

"As a result of these negative developments and high input costs,
TML's reported standalone EBIT margin has fallen from an average
of around 10% in previous years to about 5% now," says Ms. Allen.
The worsening in the state of the global car markets is likely to
persist through 2009, and pressure on the company's earnings and
cash flow will therefore likely continue to FY2010.

"While the recent falls in commodity and steel prices as well as
increase in vehicle prices could mitigate pressures on costs, the
company's profit margin is still under pressure due to weak demand
and keen competition," says Ms. Allen.

The slowdown comes at a very exposed time for TML since -- after
the debt-funded acquisition of JLR -- leverage is very high on a
consolidated basis.  For example, adjusted Debt/EBITDA was over 6
times at the end of FY3/2008 and could increase further next year.
Moody's acknowledges that TML is taking prompt actions to adjust
production levels, capex spending and costs in order to stabilize
its financial profile.  Nonetheless, in such an environment, room
for de-leveraging is limited, and its leverage will remain high,
such that its credit ratios no longer support a Ba rating.

In addition, TML's liquidity profile is weak.  It has a high
proportion of short-term debt in its capital structure and which
includes a US$2 billion acquisition bridge loan for the JLR
acquisition due in June 2009.  Given the poor equity market and
tight credit conditions now prevalent, the refinancing or
repayment of this loan is proving very challenging.

TML's remaining short-term debt is mainly uncommitted renewable
domestic bank lines, a common local practice.  Moody's notes TML's
recognition in the Indian market and the fact that, as part of the
broader Tata Group, it has strong access to the Indian banking
system and therefore should be able to renew these domestic bank
credit facilities.

The rating also reflects recent support for TML from Tata Sons Ltd
(unrated) and an expectation that this support will continue.
However, the broader Tata Group has significant challenges, given
group expansion in recent years.  Therefore, the ability of the
group to further support TML is not as strong as it once was.
The B1 rating also continues to be underpinned by the market
positions that TML commands in the Indian commercial vehicle
segment and in the low- and mid-end passenger vehicle segment.
These markets may improve in FY3/2010 from current conditions, if
financing conditions improve.

The negative outlook reflects the refinancing requirement and the
uncertainty with respect to its future operating and financial
performance under current market conditions.  The current rating
does not factor in any potential deficit in JLR's pension plan,
which will be revalued in the first half of next year.

A rating upgrade is unlikely, given the negative outlook.  But the
rating could revert to stable if a significant portion of the
bridge loan is successfully funded by a mixture of non-debt and
appropriate long-term debt funding, such that Debt/EBITDA falls
below 5-5.5x on a sustained basis.

On the other hand, the rating would experience downward pressure
if TML faces major disappointments in new product launches; a
further material deterioration occurs in the Indian motor
industry's fundamentals; and/or a further worsening occurs in
profitability.  The financial indicators that Moody's would
consider for a further downgrade include Debt/EBITDA exceeding
6.5x-7.0x on a sustained basis.

A failure to effectively term out the bridge loan in the next 3
months is also likely to create further negative rating pressure.
Before today, Moody's last rating action on TML was the conclusion
of its rating review on June 3, 2008.  Its rating was then
downgraded to Ba2 with a negative outlook.

The principal methodology used in rating TML is Rating
Methodology: Global Automobile Manufacturer Industry.  This can be
found at the Credit Policy & Methodologies directory and then the
Ratings Methodologies subdirectory.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest of
passenger vehicles.  Its products include light, medium and heavy
commercial vehicles (trucks, pick-ups and buses), utility vehicles
and cars.  TML is listed on the Bombay Stock Exchange, National
Stock Exchange of India and New York Stock Exchange.  It was
ultimately 42% owned by the Tata Group as of November 2008.



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

BAKRIE GROUP: Northstar Agrees to Assumes US$575 Mil. in Debts
--------------------------------------------------------------
Northstar Pacific Partners Ltd. agreed Friday, November 28, to
take on US$575 million of Bakrie Group's debt, Antara News reports
citing unnamed executives.

PT Bakrie & Brothers Tbk. (BNBR), Bakrie Group's holding company,
confirmed in a press release that it has reached agreement with
Northstar Pacific to form a strategic partnership, transforming
the sales and purchase agreement dated October 31, 2008, into a
buyout arrangement to take over BNBR's collateralized assets from
Oddickson Finance.

By this route, BNBR said Northstar indirectly retains control of
the portfolio of assets of the company and be in a position to
conclude their strategic interest in Bumi Resources.

According to BNBR, significant portion of the company's loan
facility provided by Oddickson is being taken over by Northstar
which will form the basis to establish a joint venture company
with BNBR.  This company would, in turn, own the BNBR
collateralized assets presently in custody of Oddickson, BNBR
said.

Antara News relates that the British Virgin Island-based Oddickson
lent US$1.1 billion in April to Bakrie and has had US$70 million
returned.

According to Antara News, Bakrie finance director Yuanita Rohali
said Oddickson had agreed to turn its remaining loan to Bakrie
into stakes in other Bakrie companies, such as Bakrieland
Development and Energi Mega Persada.

Rohali added that the Jakarta-based Anchora Capital planned to
take over US$72 million of Bakrie's debt to JPMorgan and would
convert the debt into a stake in Bumi.

Bakrie Brothers still owes US$105 million to India's ICICI Bank
and US$81.5 million dollars to several local lenders.

Additionally, BNBR said it has already settled most of its direct
debt and will arrange to resolve the remaining debt of about $200
million by end December 2008.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2008, Bakrie was aiming to settle its US$1.2 billion
debt.

The TCR-AP, citing Reuters, also reported on Oct. 27, that Credit
Suisse is arranging a new loan package for Bakrie's holding
company.

Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, that the share trading in six companies
owned by Bakrie Group were suspended on October 7, as its shares
dropped by between a quarter and more than 40%.  The situation had
been aggravated by "rumours, distress news creaters (and) short
sellers" the TCR-AP added citing Reuters.

                         About PT Bakrie

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.


BANK CENTURY: Founder Detained for Breaching Bank Regulations
-------------------------------------------------------------
Rendi A. Witular at The Jakarta Post reports that The National
Police has detained Robert Tantular, one of the key controlling
shareholders of PT Bank Century Tbk, for allegedly requesting the
bank's management to breach the existing banking regulations.

According to the report, National Police chief detective Comr.
Gen. Susno Duadji said Mr. Tantular had put the bank at risk by
regularly interfering in its management, preventing them from
doing their jobs in line with banking regulations.

"We're charging him with breaching Articles 50 and 50a of the
banking law.  He has made the bank run counter to principles of
prudent banking," the Post quoted Comr. Gen. Susno as saying.

The Post notes Mr. Tantular has been confirmed by the central bank
as a controlling shareholder in Century, along with Rafat Ali
Rivsi, from the UK, and Hesham Alwarraq from Saudi Arabia.  Mr.
Tantular's father Hashim Tantular founded the bank in 1989.

Officially, the Post says, Mr. Tantular has a 9 percent stake in
Century via PT Century Mega Investindo, and Rivsi and Alwarraq
have 11.23 percent through First Gulf Asia Holding Limited.

Meanwhile, the report relates, Bank Indonesia (BI) has accused
Century's controlling shareholders of hiding the bank's assets,
worth around US$123 million, in Singapore and the United Kingdom
in the form of securities portfolios.

BI has said, the Post notes, the Century fiasco was due to an
"inherited problem" resulting from the imprudent purchase in 2002
of high-risk notes worth US$225 million.  On Oct. 30, Century
defaulted on loan repayments for the note exchange amounting to
US$56 million.

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, The Jakarta Post said the government-sanctioned
Deposit Insurance Corporation (LPS) is injecting INR1 trillion
(US$90 million) into troubled PT Bank Century Tbk to keep it
afloat.

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

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

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

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

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

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

                        About Bank Century

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



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

CABS LIMITED: Moody's Confirms B2 Rating on 2005-1 Class B Notes
----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the rating of the Series 2005-1 Class A Notes issued by
CABS Limited, and has confirmed the rating of the Class B Notes.
The Notes were issued in July 2005 and are backed by a pool of
unsecured consumer finance loan receivables originated by Credia
Co., Ltd. (currently, Phlox Co., Ltd.).

The complete rating actions:

Issuer: CABS Limited

JPY8,700,000,000 Series 2005-1 Class A Notes due August 2014

  -- Prior Rating: Ba2
  -- Prior Rating Action Date: Aug. 21, 2008
  -- Current Rating: Ba2, on review for possible upgrade

JPY1,300,000,000 Series 2005-1 Class B Notes due August 2014

  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Action Date: Nov. 14, 2007
  -- Current Rating: B2

On Sept. 14, 2007, Credia Co., Ltd. filed for civil
rehabilitation.  On Sept. 18, Moody's placed on review for
possible downgrade the ratings (Aa2, Baa2) of the Notes listed
above because of potential changes in the performance of the
securitized pool (due to changes in the servicer or servicing
arrangements, or obligor payment patterns).

On Sept. 21, 2007, Tokyo District Court ordered the start of Civil
Rehabilitation procedures.  On October 26, Moody's downgraded the
ratings of the Class A Notes to A2 and the Class B Notes to Ba3,
and placed both under review for possible further downgrade, as
Moody's believed that the credit enhancement at the time was not
sufficient to maintain the ratings prior to the downgrade action,
in terms of tolerance for performance deterioration.

On Nov. 14, 2007, Moody's downgraded the ratings of the Class A
Notes to Ba2, and the Class B Notes to B2, and placed both under
review for possible further downgrade.  The negative action
reflected Moody's updated analysis, including its estimate of the
risk that could emerge should borrowers file claims for refunds of
overpaid interest directly against the trustee or entrusted asset,
based on data then available.

On April 25, 2008, KAZAKA Finance Co., Ltd. (currently, NEOLINE
CAPITAL Co., Ltd) was appointed as sponsor.  The proposed
rehabilitation plan was submitted to the court on May 21 and
approved at the creditors' meeting on August 20.  On August 21,
Moody's confirmed the ratings of the Class A Notes and also
announced the continuation of its review of the rating of Class B
Notes for possible downgrade, based on Moody's judgments whether
the credit enhancement at the time could have been sufficient to
maintain the ratings, in terms of tolerance for performance
deterioration.

On Oct. 1, 2008, Phlox Co., Ltd. acquired and assumed the rights
and obligations arising from all of Credia's businesses, and
started operations. Subsequently, Moody's visited Phlox for an on-
site review of its servicing operations.

There was a spike in the default rates in the underlying pool
because of the growing number of claims for refunds of overpaid
interest after Credia's filing, but the default rates have been
declining, and have now recovered to the level as it was just
before the filing.  Meanwhile, credit enhancement has increased
extensively, due mainly to the availability of the overcollateral
for the series which had been issued out of the same master trust
to be used as enhancement for Series 2005-1.

On the basis of these considerations, Moody's confirmed the rating
of the Class B Notes, as it believes that the credit enhancement
is sufficient for the current rating level, although future
performance needs to be monitored carefully.  As for the Class A
Notes, Moody's believes that the level of credit enhancement may
turn out to be sufficient for a rating higher than the current
one, provided that the performance were to remain at the current
level or improve -- hence the review for possible upgrade.
Moody's will determine any rating changes after monitoring the
performance of the underlying pool.

Moody's report, November 2005, was applied in relation to the
rating actions.


FORD MOTOR: Expected Drop in November Sales May Help Bailout Plea
-----------------------------------------------------------------
Alex P. Kellogg at The Wall Street Journal reports that an
expected decline in auto sales for November could help Ford Motor
Co., GM, and Chrysler LLC make their case before the Congress for
a government bailout.

If the three companies succeed, the Congress could start
considering legislation next week, according to WSJ.  The report
says that big declines for stronger rivals like BMW, Toyota Motor
Corp., and Honda Motor Co. would support GM, Ford Motor, and
Chrysler's argument that the financial crisis is a major cause of
trouble across the auto industry.

Citing Barclays Capital, WSJ says that vehicle sales in November
are expected to come in at an annualized pace of below 11 million
vehicles, a slight improvement from October's rate of
10.6 million.  The report states that the November 2008 vehicle
sales would be five million vehicles below the 16.1 million year-
ago seasonally adjusted annualized rate.  GM, Ford Motor, and
Chrysler could suffer 30% drops or more in their sales, according
to the report.

         PBGC Express Concern on Use of Pension Funds

WSJ reports that the U.S. Pension Benefit Guaranty Corp. has
written to GM, Ford Motor, and Chrysler, asking for projections on
how they will use their pension plans to cover early retirements
or other buyout deals.  PBGC, says the report, is concerned that
the companies' use of pension funds to pay for restructuring
threatens to drain the funds.  The agency is worried that it might
have to step in to make the payments, the report states.

WSJ relates that the three companies' pension plans currently are
currently overfunded and PBGC Director Charles E. F. Millard said
that they won't have any funding problems in the next year or so.
WSJ says that Mr. Millard was worried of the continued use of the
plans for other corporate purposes, including restructuring, as
Ford Motor, GM, and Chrysler could take several more years to
restructure and could use the pension plans to cover the cost of
offering buyouts and early retirement.

The PBGC reported a $14 billion deficit in 2007, which was
narrowed to $11 billion in September 2008, according to WSJ.

                      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-'.


MORIMOTO CO: Files for Bankruptcy Protection
--------------------------------------------
Morimoto Co. Ltd has filed for protection from creditors with
JPY162 billion (US$1.7 billion) in debts, Kathleen Chu of
Bloomberg News reports.

Citing information from Teikoku Databank Ltd., a bankruptcy
research firm, Bloomberg News relates the company's filing with
the Tokyo District Court late on Nov. 28 pushed the number of
bankruptcies among listed firms in 2008 to 30, the most since
World War II.

According to Bloomberg News, twenty-three of the publicly traded
companies that went under so far this year are in the real estate
and construction industries.

Morimoto Co., Ltd. is a Japan-based real estate company.  The
company operates through three business segments.  The Real Estate
Development segment is involved in the purchase of land for
leasehold properties, the planning and sale of leasehold
properties, the provision of neighboring coordination services and
building management services, as well as the renovation and
improvement works for properties.  The Real Estate Subdivision
segment is engaged in the purchase of land for condominiums, the
planning and sale of condominiums, as well as the provision of
neighboring coordination services and building management
services.  The Real Estate Service segment is engaged in the
leasing of real estate, the management of condominiums, the
provision of leasing agency services and asset management
services, among others.  The company has five subsidiaries and one
associated company.


PANASONIC: Forecasts Full-Year Profit to Decrease 90%
-----------------------------------------------------
Panasonic Corporation disclosed a downward revision of its
consolidated financial results forecast for the current fiscal
year ending March 31, 2009, from the previous forecast announced
on April 28, 2008.

The company now expected net income to decrease by 90 percent from
the previous forecast of JPY310 billion to JPY30 billion.

Regarding net sales on a consolidated basis, the company said it
has revised its previous forecast of JPY9,200 billion downward to
JPY8,500 billion.  Consolidated operating profit is expected to
amount to JPY340 billion, down from the previous forecast of
JPY560 billion yen.  Consolidated income before income taxes is
forecast to be JPY100 billion, down from the previously announced
JPY500 billion.

"The current financial crisis originated in the United States has
spread across the world and the business sentiment in Japan and
overseas has significantly worsened.  Under these circumstances,
the company's business conditions are deteriorating sharply, due
mainly to the rapid appreciation of the yen, sluggish consumer
spending and ever-intensified price competition," Panasonic said
in a statement.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged 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's 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.


POWER MEDICAL: Requests a Hearing and Delisting Action Stay
-----------------------------------------------------------
Power Medical Interventions(r), Inc., received a letter from the
Listing Qualifications Staff of The NASDAQ Stock Market LLC
notifying it that, based upon the company's non-compliance with
the US$50 million market value of listed securities requirement
for continued listing on The NASDAQ Global Market, as set forth in
NASDAQ Marketplace Rule 4450(b)(1)(A), the company's securities
were subject to delisting from NASDAQ unless the company requested
a hearing before a NASDAQ Listing Qualifications Panel.

The company requested a hearing before the NASDAQ Panel, which
will stay any action with respect to the Staff Determination until
the Panel renders a decision subsequent to the hearing.  There can
be no assurance that following the hearing the Panel will grant
the company's request for continued listing.

The Staff Determination follows correspondence from NASDAQ dated
Oct. 22, 2008, which was disclosed by the company on Oct. 24,
2008, indicating that, should the company fail to regain
compliance with the market value of listed securities requirement
by Nov. 21, 2008, NASDAQ would provide written notification of
such and the opportunity to request a hearing before the NASDAQ
Panel.

Based in Langhorne, Pennsylvania, Power Medical Interventions(r),
Inc. (NASDAQ:PMII) -- http://www.pmi2.com/-- is the world's only
provider of computer-assisted, power-actuated surgical stapling
products.  PMI's Intelligent Surgical Instruments(tm) enable less
invasive surgical techniques to benefit surgeons, patients,
hospitals and healthcare networks. PMI manufactures durable
recyclable technology to reduce medical waste and help keep the
planet clean.  The company was founded in 1999, and has additional
offices in Germany, France, and Japan.


SKYLARK CO: To Sell JPY40 Bil. in New Shares to Nomura
------------------------------------------------------
Skylark Co. Limited will sell more than JPY40 billion (US$419
million) of new shares in a private placement to major shareholder
Nomura Holdings Inc., Stuart Biggs at Bloomberg News reports
citing Nikkei English News.

According to Japan Today, informed sources said Skylark eyes a
total JPY50 billion in fresh funds, by also selling two
subsidiaries.  Japan Today's sources meanwhile said the company
will use the money to repay interest-bearing liabilities amounting
to some JPY200 billion.

Skylark, Bloomberg notes, posted losses for two consecutive years
through fiscal 2007 as sales at family restaurants in Japan fell
for 11 years in a row.

                         About Skylark Co

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services lowered
its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.


* JAPAN: 12 Automakers Cut 2008 Output by 1.9 Million
-----------------------------------------------------
Twelve major Japanese automakers have cut their global output for
fiscal 2008 by a total of 1.9 million units from their initial
plans and slashed over 14,000 factory jobs in Japan due to
sluggish sales in major markets, Japan Today reports citing Kyodo
News.

According to the report, the sweeping reduction is expected to
take a drastic toll on the Japanese economy as a whole, since the
auto business is the key industry in Japan and its performance
directly and widely affects the future course of steel makers,
parts makers, dealerships and other businesses.

The payroll cut has been implemented at factories across Japan,
and is expected to deal a heavy blow to regional economies as
well, Japan Today says.

The automakers' bottom lines, Japan Today relates, have already
been weighed on:

   -- by the price upsurge in steel products, resins and
      other materials since earlier this year;

   -- the global financial crisis, which deepened this fall,
      has further affected their performance; and

   -- financial firms' recent move to tighten their inspections
      on car loans, which chilled demand in Asia, Russia and
      other emerging markets that had underpinned the Japanese
      makers' revenues.

In addition, the report says, there is also concern that the
recent terrorist attacks in Mumbai, India, will further push down
consumption.  The yen's appreciation has also hurt the Japanese
makers' global competitive edge.


* S&P Cuts Two Classes of Credit-Linked Secured Notes to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 61
tranches relating to 53 Japanese synthetic CDO transactions.  At
the same time, S&P affirmed its rating on one Japanese synthetic
CDO tranche and removed it from CreditWatch with negative
implications.  Among the 61 downgraded tranches, 23 tranches
remain on CreditWatch with negative implications and 38 tranches
have been removed from CreditWatch.

The downgrades and CreditWatch placements reflect S&P's views on
the impact of several events that have occurred since the previous
rating actions (on Oct. 30) relating to the relevant portfolios.
These events include: (1) rating migration relating to reference
entities; (2) the auction results of International Swaps and
Derivatives Association. Inc.'s protocol being taken into
consideration in the evaluation of three Iceland-based banks
(Kaupthing Bank, Landsbanki Islands, and Glitnir Bank); and (3)
revisions to S&P's assumptions regarding probabilities of default,
industry classifications, and correlation assumptions applied to
real estate investment trusts, real estate operating companies,
and the insurance sector, in rating collateralized debt
obligations and credit default swaps.

                           Ratings List

                           Andante Ltd.
              Credit-linked secured notes series 3

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        A-1    CCC            B-/Watch Neg    JPY700.0 mil.
        A-2    CCC            B-/Watch Neg    JPY300.0 mil.
        B      CCC-           CCC/Watch Neg     JPY3.0 bil.
        C      CCC/Watch Neg  CCC+/Watch Neg   US$10.0 mil.

                    Corsair (Jersey) No. 2 Ltd.
   Floating rate secured portfolio credit-linked notes series 38

        To                    From            Issue Amount
        --                    ----            ------------
        BBB+/Watch Neg        AA-/Watch Neg   JPY5.6 bil.

     Fixed rate secured portfolio credit-linked loan series 45

        To                    From            Issue Amount
        --                    ----            ------------
        BBB-                  BBB/Watch Neg   JPY3.0 bil.

   Floating rate secured portfolio credit-linked notes series 47

        To                    From            Issue Amount
        --                    ----            ------------
        BBB+/Watch Neg        A-/Watch Neg    JPY1.0 bil.

      Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

        To                    From            Issue Amount
        --                    ----            ------------
        BBB-                  BBB/Watch Neg   JPY1.0 bil.

           Floating rate credit-linked notes series 63

        To                    From            Issue Amount
        --                    ----            ------------
        BB/Watch Neg          BB+/Watch Neg   JPY3.1 bil.

            Fixed rate credit-linked notes series 64

        To                    From            Issue Amount
        --                    ----            ------------
        BB-                   BB+/Watch Neg   $50.0 mil.

   Floating-rate secured portfolio credit-linked notes series 76

        To                    From            Issue Amount
        --                    ----            ------------
        BB-/Watch Neg         BBB-/Watch Neg  $20.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

        To                    From            Issue Amount
        --                    ----            ------------
        BB                    BBB-/Watch Neg  JPY3.0 bil.

   Floating rate secured portfolio credit-linked notes series 81

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+                  B-/Watch Neg    JPY1.0 bil.

                          Eirles Two Ltd.
         Portfolio credit linked secured notes series 310

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        A      BBB+           A-/Watch Neg    JPY5.0 bil.
        B      BB+/Watch Neg  BBB-/Watch Neg  JPY1.0 bil.

                              ELM B.V.
           Global portfolio CDO secured notes series 43

        To                    From            Issue Amount
        --                    ----            ------------
        BB/Watch Neg          BBB-/Watch Neg  $20.0 mil.

       Elysium class B secured credit linked notes series 95

        To                    From            Issue Amount
        --                    ----            ------------
        CCC-/Watch Neg        CCC+/Watch Neg  $40.0 mil.

       Elysium class B secured credit linked notes series 97

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+/Watch Neg        B+/Watch Neg    $20.0 mil.

                Ethical CDO I (Jersey No. 1) Ltd.
        Floating-rate extendible maturity secured portfolio
                  credit-linked notes series 2

        To                    From            Issue Amount
        --                    ----            ------------
        B-                    B/Watch Neg     AU$50.0 mil.

                       Helium Capital Ltd.
       Asset backed securities and collateralized debt obligation
              limited credit linked notes series 51

        To                    From            Issue Amount
        --                    ----            ------------
        BB+                   BBB-/Watch Neg  JPY1.0 bil.

          Limited recourse secured callable fixed rate
                  credit-linked notes series 56

        To                    From            Issue Amount
        --                    ----            ------------
        BB                    BB+/Watch Neg   JPY3.0 bil.

    Limited recourse secured floating rate credit-linked notes
                                  series 57

        To                    From            Issue Amount
        --                    ----            ------------
        BB/Watch Neg          BB+/Watch Neg   $10.0 mil.

     Corporate basket credit-linked note series 60 (Esperance)

        To                    From            Issue Amount
        --                    ----            ------------
        BB-                   BBB-/Watch Neg  AU$85.0 mil.

     Corporate basket limited recourse secured credit-linked
             extendable notes (Scarborough) series 64

        To                    From            Issue Amount
        --                    ----            ------------
        CCC                   CCC+/Watch Neg  AU$100.0 mil.

         Series 79 limited recourse secured floating rate
                       credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+/Watch Neg        B-/Watch Neg    $20.0 mil.

                  Hummingbird Securitisation Ltd.
                          Series 2 loan

        Class     To          From            Issue Amount
        -----     --          ----            ------------
        #2 Loan   BBB-        BBB+/Watch Neg  JPY3.0 bil.

                        J-Bear Funding Ltd.
         Limited recourse secured floating rate portfolio
                  credit-linked notes ( Series 31)

        To                    From            Issue Amount
        --                    ----            ------------
        BBB-/Watch Neg        BBB/Watch Neg   JPY3.0 bil.

            Limited recourse secured floating rate portfolio
                      credit-linked notes series 36

        To                    From            Issue Amount
        --                    ----            ------------
        BBB                   BBB/Watch Neg   $10.0 mil.

                    Momentum CDO (Europe) Ltd.
                    SONATA notes series 2006-2

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        AF     BBB-           BBB/Watch Neg   JPY2.0 bil.
        AX     BBB-           BBB/Watch Neg   JPY1.1 bil.

               SONATA floating rate notes series 2006-5

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        AF     BBB-           BBB+/Watch Neg  EUR5.0 mil.

                   SONATA notes series 2006-7

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        BF     BB             BBB-/Watch Neg  JPY100.0 mil.
        BX     BB             BBB-/Watch Neg  JPY700.0 mil.

               SONATA fixed-rate notes series 2006-10

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        AX     BB             BBB-/Watch Neg  EUR20.0 mil.

              SONATA floating rate notes series 2006-11

        Class  To             From            Issue Amount
        -----  --             ----            ------------
         AF     BBB/Watch Neg  BBB+/Watch Neg  $6.0 mil.

             SONATA 5 floating rate notes series 2006-22

        To                  From           Issue Amount
        --                  ----           ------------
        B                   B+/Watch Neg   $10.0 mil.

                     Omega Capital Investments PLC
                   Series 10 secured floating rate notes

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        A      BBB-/Watch Neg BBB+/Watch Neg  JPY2.0 bil.
        B      BBB-/Watch Neg BBB+/Watch Neg  JPY3.1 bil.

                Class A1 series 11 secured 1.5% notes

        To                  From           Issue Amount
        --                  ----           ------------
        AA/Watch Neg        AA+/Watch Neg  JPY2.2 bil.

                  Series 16 secured floating rate notes

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        A      AA+/Watch Neg  AAA/Watch Neg  JPY2.0 bil.

                    Secured multi rate notes series 32

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        A1     BB-           BB/Watch Neg    JPY500.0 mil.
        A2     BB-           BB/Watch Neg    JPY300.0 mil.

                         Series 48 secured notes

        Class  To             From            Issue Amount
        -----  --             ----            ------------
         7Y-B1  B              B+/Watch Neg    JPY300.0 mil.

                         Orpheus II Ltd.
                    Secured credit link notes

        Class  To             From            Issue Amount
        -----  --             ----            ------------
        BF     BBB/Watch Neg  BBB+/Watch Neg  JPY2.3 bil.
        BX     BBB/Watch Neg  BBB+/Watch Neg  JPY400.0 mil.

                        Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2004-08

        To                    From            Issue Amount
        --                    ----            ------------
        AA+/Watch Neg         AAA/Watch Neg   JPY1.0 bil.

   Class A secured fixed rate credit-linked loan series 2005-04

        To                    From            Issue Amount
        --                    ----            ------------
        BBB-                  BBB+/Watch Neg  JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2005-06

        To                    From            Issue Amount
        --                    ----            ------------
        BBBpNRi               A-pNRi/Watch Neg  JPY3.0 bil.

         Series 2005-10 secured floating rate credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        CCC                   B-/Watch Neg    JPY2.0 bil.

         Secured floating rate credit-linked notes series 2006-03

        To                    From            Issue Amount
        --                    ----            ------------
        BBB-                  BBB+/Watch Neg  $10.0 mil.

         Series 2006-04 secured floating rate credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+/Watch Neg        B-/Watch Neg    JPY1.0 bil.

          Series 2006-06 secured fixed rate credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        BB/Watch Neg          BB+/Watch Neg   JPY500.0 mil.

        Series 2006-07 secured fixed rate credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        B                     BB-/Watch Neg   JPY500.0 mil.

      Secured floating rate credit-linked notes series 2006-08

        To                    From            Issue Amount
        --                    ----            ------------
        CCC                   CCC+/Watch Neg  JPY1.0 bil.

      Secured floating rate credit-linked series 2006-09 notes

        To                    From            Issue Amount
        --                    ----            ------------
        B+/Watch Neg          BB/Watch Neg    JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-10

        To                    From            Issue Amount
        --                    ----            ------------
        B+                    BB/Watch Neg    JPY300.0 mil.

      Secured floating rate credit-linked notes series 2006-11

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+                  B-/Watch Neg    JPY2.0 bil.

       Series 2007-02 secured fixed rate credit-linked notes

        To                    From            Issue Amount
        --                    ----            ------------
        CCC+                  B-/Watch Neg    JPY1.0 bil.

                        Silk Road Plus PLC
      Limited recourse secured fixed-rate credit-linked notes
                        series 3 class C2-J

        To                    From            Issue Amount
        --                    ----            ------------
        A-                    A/Watch Neg     JPY2.0 bil.

    Limited recourse secured floating-rate credit-linked notes
                       series 5 class C1-J

        To                    From            Issue Amount
        --                    ----            ------------
        A-                    A/Watch Neg     JPY1.0 bil.

    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

        To                    From            Issue Amount
        --                    ----            ------------
        AA+                   AAA/Watch Neg   $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

        To                    From            Issue Amount
        --                    ----            ------------
        AA+                   AAA/Watch Neg   EUR10.0 mil.



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

* KOREA: Banks and Firms to Redeem Maturing Bonds Early Next Year
-----------------------------------------------------------------
South Korean banks and companies have to redeem or refinance a
huge number of bonds that mature early next year amid the
deepening economic slump and lingering credit crunch, The Seoul
Times reports citing industry sources.

Around KRW21.2 trillion (US$14.5 billion) worth of bonds issued by
local lenders are due during the first quarter of the year, and
local companies have to redeem or refinance debts totaling KRW3.9
trillion won, according to The Seoul Times' sources.

Bonds issued in October by banks amounted to KRW4.2 trillion, down
23 percent from a month earlier while sales of corporate bonds
also dropped 27.7 percent to KRW1.4 trillion last month, the
report notes.

South Korea, the report recalls, has pumped money into the
financial system and The Bank of Korea plans to offer liquidity of
up to 50 percent of the KRW10 trillion fund to be set up for local
corporate bonds and other debt securities.

With the bond fund, the Times relates, banks and other financial
companies will buy the corporate bonds to extend a lifeline to
cash-starved firms, including builders.

According to the report, the yield on three-year corporate bonds,
which move inversely to prices, stood at 8.91 percent on Friday,
November 28, compared to 6.73 percent at the end of last year.


* KOREA: Exports Plunge 18.3% in November
-----------------------------------------
South Korean exports nosedived 18.3 percent from a year earlier to
US$29.26 billion in November, Yonhap News reports citing a report
from the Ministry of Knowledge Economy.

According to Yonhap, the government's report said that the
country's imports also dropped 14.6 percent to US$28.96 billion
last month, resulting in a trade surplus of US$297 million.

The Ministry's report said ship exports surged 34.7 percent, but
overseas shipments of all major export items dropped.  Imports of
crude oil fell 15.4 percent, helping the nation post a trade
surplus.

The trade surplus marks the third time this year that total
exports exceeded imports on a monthly basis.  The nation's trade
deficit came to US$13.34 billion in the first 11 months of this
year, Yonhap said.


* KOREA: Gov't Plans to Revive Corp. Restructuring Agency
---------------------------------------------------------
The government may revive an agency for corporate restructuring
led by the private sector similar to one operated at the time of
the 1997 financial crisis, KBS WORLD Radio reports.

According to a government official cited by KBS WORLD, such bodies
exist for the financial and construction sectors, but if the
recession spreads, a comprehensive agency on corporate
restructuring and assistance will be necessary.

However, KBS WORLD says, the government wants to place the agency
under the current creditors' association and assign leadership to
the financial institutes and the private sector.

According to KBS WORLD, the government plans to deal with
insolvent companies through effective restructuring, as the
economic recession is expected to affect shipbuilders and car
makers along with builders.


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

AUSTRAL PACIFIC: Restructures Loan Facility
-------------------------------------------
Austral Pacific Energy Ltd. said it has agreed with its loan
facility provider, Investec Bank (Australia) Ltd, to further
restructure the facility.

Under the agreement with Investec, the maturity date for the
current facility has now been pushed back to the end of January,
and the Bank has proposed to work with Austral through this period
to restructure the facility.

Austral said it will immediately pay part of the loan down, by
payments of cash on hand and from closing out the oil puts taken
out in May 2008.

Austral Pacific Energy Ltd. is a limited liability company
incorporated in British Columbia under the Business Corporations
Act (British Columbia).  The Company is domiciled in New Zealand.
The Company is primarily engaged in the acquisition, exploration,
appraisal and development and production from oil and gas
properties in New Zealand (and until the end of May 2008, Papua
New Guinea).

In July 2008, KPMG LLP raised substantial doubt about Austral
Pacific Energy Ltd.'s ability to continue as a going concern after
it audited the company's financial statements for the year ended
Dec. 31, 2007.

The auditor reported that the company has suffered recurring
losses from operations, has a working capital deficit and a net
capital deficiency and has also been unable to generate net cash
from operating activities.  In addition, the company is in breach
of several covenants relating to its bank loan facility.


BACKCOUNTRY CONCEPTS: Commences Liquidation Proceedings
-------------------------------------------------------
On November 3, 2008, the members of Backcountry Concepts Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by December 2,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          PO Box 29432, Christchurch 8540
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


DORCHESTER PACIFIC: Posts NZ$35 Million Interim Loss
----------------------------------------------------
Dorchester Pacific Limited disclosed its unaudited interim results
for the six month period to September 30, 2008.  The company
reported a net loss after tax of NZ$35.0 million, compared with a
net profit of NZ$3.1 million in the same period last year.

The loss for the six month period includes a NZ$21.3 million write
down of the investment in St Laurence Limited and additional
provisioning of NZ$11.5 million.

Dorchester Pacific said that pending the outcome of the meeting of
investors to approve the Deferred Repayment Plan, the company has
prepared its accounts on a going concern basis which includes the
assumption that the deferred tax asset can be carried forward.  If
the Deferred Repayment Plan is not approved then the going concern
basis for Dorchester Pacific would be brought into question as it
is likely that the Trustee for the Debenture Stockholders would
place Dorchester Finance into receivership or the Trustee for
Noteholders would initiate a winding up action and appointment of
a liquidator.

                           St Laurence

Dorchester said that as disclosed last month, the company has
negotiated and secured an option to participate in the
Recapitalization Plan of St Laurence Limited.  The option is
exercisable at any time within 3 years of St Laurence investors
approving that company's Recapitalization Plan.

Dorchester's Directors have decided to write-down the investment
in St Laurence to a nil carrying value.

                        Dorchester Finance

Net revenue for the six months of NZ$16.1 million reflects the
ongoing wind down of the finance receivables book, a reduction in
interest income as a consequence of an increase in the level of
impaired property loans and no new lending.

The increase in provisions for the six months of NZ$11.5 million
mostly reflects the drop in property asset values and the
estimated length of time required to realize property positions in
the current market.  The timing of property realizations presents
a significant uncertainty.

Senate Finance continues to return cash to the finance group from
the collection of motor vehicle receivables.

                         Dorchester Life

Dorchester Life achieved an operating profit of NZ$0.9 million for
the six months and continues to maintain its presence in the
savings and reverse mortgage markets.

                     Dorchester Pacific Group

Chairman, Barry Graham commented: "Over the last 12 months we have
experienced a constant deterioration in economic conditions
including an unprecedented loss in investor support for finance
companies and more recently a substantial fall in the value of
property finance assets.

Our focus has been on preparing the Deferred Repayment Plan which
if accepted by investors will provide the company with an
opportunity to recapitalize and re-establish those businesses
which are likely to be profitable in the future."

The group Shareholders' Equity has decreased significantly from
NZ$41.7 million at March 31, 2008, to NZ$6.6 million at
September 30, 2008, as a result of the requirement for additional
provisions and the write down of the investment in St Laurence.

                        Management Update

As part of the restructuring of the management team Mr. Lobb has
agreed to step down from his role as Chief Financial Officer and
Company Secretary but will continue to offer Dorchester his
assistance in the coming months.

                        Interim Dividend

The Directors confirm that an interim dividend will not be
payable.

                    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.


EPIC HOLDINGS: Creditors' Proofs of Debt Due on December 5
----------------------------------------------------------
The creditors of Epic Holdings 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 liquidators are:

          John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


GENEVA FINANCE: Banker Reconfirms NZ$35 Mil. Funding Loan
---------------------------------------------------------
Geneva Finance Limited said that it's banker, BOS International
(Australia) Limited (BOS), has reconfirmed its NZ$35.0 million
funding facility through to April 30, 2011.

In a regulatory filing, the company said that agreement has now
been reached on commercially acceptable terms, including an
ongoing process of review of performance against agreed
milestones.

As reported by the Troubled Company Reporter-Asia Pacific on
October 16, 2008, Geneva Finance said that the group had breached
certain BOSIAL (the company's banker) facility covenants  and was
in discussions with BOSIAL with a view to resolving those issues.

The first review being scheduled for March 2009.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on November 5, 2007.  The outlook on the
rating is negative.


MASEFIELD ENTERPRISES: Fixes Dec. 19 as Last Day to File Claims
---------------------------------------------------------------
Masefield Enterprises (Auckland) Ltd. requires its creditors to
file their proofs of debt by December 19, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 4, 2008.

The company's liquidator is:

          Clive Ashley Johnson
          PO Box 33171, Takapuna
          North Shore City 0740
          Telephone:(09) 377 5536
          Facsimile:(09) 377 5537


NORTHSPAN 2007: Creditors' Proofs of Debt Due on December 8
-----------------------------------------------------------
The creditors of Northspan 2007 Ltd. are required to file their
proofs of debt by December 8, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Jeffrey Philip Meltzer
          Rachel Karen Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


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

Just Dig It Limited filed the petition against the company on
October 24, 2008.

The Petitioner's solicitor is:

          W. J. Palmer
          Clarendon Tower, Level 13
          78 Worcester Street
          Christchurch


SALBERN HEALTH: Fixes December 19 as Last Day to File Claims
------------------------------------------------------------
Salbern Health Ltd. requires its creditors to file their proofs of
debt by December 19, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Clive Ashley Johnson
          PO Box 33171, Takapuna
          North Shore City 0740
          Telephone:(09) 377 5536
          Facsimile:(09) 377 5537


SMARTPAY: Posts NZ$2.4 Mil. Net Loss in Six Mos. Ended Sept. 30
---------------------------------------------------------------
SmartPay Limited reported an unaudited net loss of NZ$2.4 million
for the six months ended September 30, compared with NZ$826,000
loss in the same period last year.

For the six months ended September 30, 2008, the company reported
operating revenue of NZ$17.6 million, compared with an operating
revenue of NZ$20.78 million in the prior year.

SmartPay Limited, formerly Cube Capital Limited --
http://www.smartpay.co.nz/-- a provider of technology services
for merchants and retailers. The Company offers services to 4,500
merchants throughout New Zealand. It provides merchant services,
including voice over Internet protocol (VoIP) and broadband. In
addition, the Company operates and manages Wireless fidelity (Wi-
Fi) network. It offers a range of other services, such as audio
and video decision marketing tools with retail radio. The
Company's subsidiaries are SmartPay New Zealand Limited, Software
International Limited, Card Processing Services Limited, Retail
Radio Limited, Merchant IP Services Limited and FIVO Limited. In
March 2007, the Company acquired Card Processing Services Limited.

                             *     *     *

SmartPay Limited incurred three consecutive net losses of NZ$2.57
million, NZ$1.49 million and NZ$0.36 million for the years ended
March 31, 2008, 2007 and 2006, respectively.


ST LAURENCE: Unit Posts NZ$34.8MM Loss in 6 Mos. Ended Sept. 30
----------------------------------------------------------------
St Laurence Property & Finance Limited (SLPF) disclosed its
financial results for the six months ended September 30, 2008.

For the six months ended September 30, 2008, SLPF reported a
consolidated net loss after tax of NZ$34.8 million.  Key items
contributing to the result were a NZ$22.8 million decrease in
property valuations, an increase in loan provisions and write-offs
of NZ$9.9 million and a loss of NZ$4.0 million on equity accounted
investments.

The net tangible asset backing has reduced from NZ$1.39 post the
April 2008 rights issue to NZ$1.21 as at September 30, 2008.

SLPF sold three mature properties during the period.  Divestments
were:

   * Master Builders House, 234 Wakefield Street, Wellington
     for NZ$12.5 million (NZ$300,000 ahead of book value)
     representing a yield of 6.6% on passing rent;

   * 137 Gracefield Road, Petone for NZ$9.9 million
     (NZ$200,000 ahead of book value); and

   * 37 Omega Street, Albany, Auckland for NZ$2.6 million
     (close to book value of NZ$2.65 million).

Two of the properties fetched prices above the March 31, 2008,
book value.  The company said proceeds from the sale of these
buildings have been applied to debt reduction.

SLPF executive chairman Kevin Podmore says, "We will continue to
look to sell mature and non-strategic properties when the
opportunities arise.  SLPF is highly focused on debt management in
the current environment and will allocate surplus realized cash to
lowering debt levels."

The National Business Review reports that NZDX-listed St Laurence
Property & Finance is a separate entity from troubled finance
company St Laurence, although St Laurence owns a stake in SLPF and
also holds its management contract.

                        About St Laurence

Headquartered in Wellington, New Zealand, St Laurence Limited
(NZX: DPC) -- http://www.stlaurence.co.nz/st_laurence.php-- is
a property-based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995 it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, citing New Zealand Herald, St Laurence Limited
stopped repaying principal investments ahead of a vote on a scheme
of repayment.

According to the report, managing director Kevin Podmore
confirmed that the company had now halted repayments of
principal after it received legal advice which said all
debenture holders needed to be treated equally and fairly.

The TCR-AP reported on June 25, 2008, that St. Laurence Limited
said it decided to exit from its money lending activities and
is to withdraw its prospectus immediately.  This decision results
from rapid changes in the property lending markets affecting many
financiers and investors, the company said.


STEREO WORLD: Court to Hear Wind-Up Petition on December 19
-----------------------------------------------------------
A petition to have Stereo World Ltd.'s operations wound up will be
heard before the High Court of Auckland on December 19, 2008, at
11:45 a.m.

Retravision (NZ) Limited filed the petition against the company on
October 28, 2008.

Retravision's solicitor is:

          G. C. Jordan
          Lowndes Jordan
          The ANZ Centre, Level 22
          23-29 Albert Street
          Auckland


SUPER CHEAP: Court Hears Wind-Up Petition
-----------------------------------------
On December 1, 2008, the High Court at Christchurch heard a
petition to have Super Cheap Ltd.'s operations' wound up.

Gibson Veneer & Plywood Limited filed the petition against the
company on October 13, 2008.

Gibson Veneer's solicitor is:

          C. N. Lord
          Gibson Veneer & Plywood Limited
          Account Collection Service Limited
          33B Constellation Drive
          Mairangi Bay, North Shore City


TIMFIN GROUP ET AL: Creditors' Proofs of Debt Due on December 12
----------------------------------------------------------------
Kim S. Thompson fixes December 12, 2008, as the last day to file
claims for the creditors of these companies:

   -- TimFin Group Management Services Limited;
   -- TimFin Limited; and and
   -- Matangi Sawmills Limited.

The Liquidator can be reached at:

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


WESTERN WOODCRAFT: Commences Liquidation Proceedings
----------------------------------------------------
On November 5, 2008, the shareholders of Western Woodcraft
(Administration) Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
November 25, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Peter Charles Chatfield
          Stephen Rex Tietjens
          Accru Smith Chilcott Limited
          Chartered Accountants
          South Canterbury Finance Building, Level 5
          57 Fort Street, Auckland 1010
          PO Box 5545, Wellesley Street
          Auckland 1141
          Telephone:(09) 379 8035
          Facsimile:(09) 307 8892



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

ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due on December 15
-----------------------------------------------------------------
Alliance Technology and Development Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by Dec. 15, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


BIO-E RESOURCES: Court to Hear Wind-Up Petition on December 12
--------------------------------------------------------------
A petition to have Bio-E Resources Pte Ltd's operations wound up
will be heard before the High Court of Singapore on Dec. 12, 2008,
at 10:00 a.m.

Tiko SA filed the petition against the company on Nov. 17, 2008.

Tiko SA's solicitors are:

          Messrs Haridass Ho & Partners
          24 Raffles Place, #18-00 Clifford Centre
          Singapore 048621


BINTAI ENGINEERING: Requires Creditors to File Claims by Dec. 12
----------------------------------------------------------------
The creditors of Bintai Engineering International Pte Ltd are
required to file their proofs of debt by December 12, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

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


KNOWLEDGE DIRECTOR: Court Enters Wind-Up Order
----------------------------------------------
On May 6, 2008, The High Court of Singapore entered an order to
have Knowledge Director Pte. Ltd.'s operations wound up.

Michael Faith Consultants Pte Ltd filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


QUANTEC REALTY: Creditors' Proofs of Debt Due on December 15
------------------------------------------------------------
Quantec Realty Pte Ltd, which is in liquidation, requires the
company's creditors to file their proofs of debt by Dec. 15, 2008,
to be included in the company's dividend distribution.

The company's liquidators are:

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



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

* S&P Junks Ratings on Two Asia-Pacific Synthetic CDOs; WatchNeg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on two Asia-
Pacific synthetic CDOs.  The rating remains on CreditWatch with
negative implications.

The downgraded CDO transactions have Lehman Brothers Special
Financing Inc. as a swap counterparty and Lehman Brothers Holdings
Inc. as a swap guarantor.  These rating actions reflect S&P's view
on the likelihood of losses being incurred by the transactions.

S&P understands from the swap documents that the bankruptcy
filings of LBHI and LBSF constitute events of default and
termination in each case; however, the swap is not automatically
terminated.  In each transaction stated below, the swap
counterparty should have posted collateral to cover one period's
premium in advance.  Therefore, the timing of the termination of
the credit default swap, the next payment date, and the value of
the collateral are important factors in the analysis of this
transaction and the timing of any rating action.  Once S&P
receives final payment reports, S&P expects to take further
action.  If the notes experience a loss, S&P expects to downgrade
the rating to 'D'; however, if the notes are repaid in full, S&P
will withdraw the rating.

The rating actions taken on the affected transactions are:

  Transaction             Rating To          Rating From
  -----------             ---------          -----------
  Beryl Finance Ltd.
   Series 2008-10         CCC-/Watch Neg     AAA/Watch Neg

  Saphir Finance PLC
   Series 2008-13         CCC-/Watch Neg     AAA/Watch Neg


* S&P Junks Ratings on Seven Tranches of Asia Pacific CDOs
----------------------------------------------------------
Standard & Poor's Ratings Services downgraded the ratings on 68
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations.  About 21 CDO tranches were also
placed on CreditWatch with negative implications.  The ratings on
another two were withdrawn.

The synthetic rated overcollateralization levels for the ratings
that were placed on Credit Watch with negative implications fell
below 100% at the current rating levels during the SROC analysis
for November.  Where the SROC is less than 100%, scenarios that
project the current portfolio 90 days into the future are run,
assuming no asset rating migration.  Where this projection
indicates that the SROC would return to a level above 100%, the
rating is maintained, but placed on CreditWatch negative.  If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.

The rating actions taken on the affected transactions are:

  Name                Rating To           Rating From
  ----                ---------           -----------
Alpha Financial
  Products Ltd.
  Series 1            BB+pNRi             BBBpNRi/Watch Neg
Aphex Pacific
  Capital Ltd.
  Series 5
  DESIGN 2006         BB+                 BBB-/Watch Neg
ARLO IX Ltd. 2007
  (Pascal SCO A-1)    BBB-                BBB+/Watch Neg
ARLO Ltd. Series
  2005 (SKL CDO
  Series 6)           BBB+pNRi/Watch Neg  A+pNRi/Watch Neg
ARLO Ltd. Series
  2006 (OCL-1)        BB-                 BB+/Watch Neg
ARLO Ltd. Series
  2006 (SKL CDO
  Series 11)          A-pNRi              AA-pNRi/Watch Neg
Athenee CDO PLC
  Series 2007-12      AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-14      AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-15      AA+                 AAA/Watch Neg
Athenee CDO PLC
  Series 2007-3       AA+                 AAA/Watch Neg
Athenee CDO PLC
  Series 2007-4       AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-5       AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-6       AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-7       AA-                 AA/Watch Neg
Athenee CDO PLC
  Series 2007-8       AA+                 AAA/Watch Neg
Beryl Finance Ltd.
  Series 2007-13      CCC+pNRi/Watch Neg  BpNRi/Watch Neg
Beryl Finance Ltd.
  Series 2008-14      BBpNRi/Watch Neg    BBB-pNRi/Watch Neg
Beryl Finance Ltd.
  Series 2008-6       BBpNRi/Watch Neg    BBB-pNRi/Watch Neg
Cairn SC Jersey
  Finance Ltd. I      CCC-                CCC/Watch Neg
Castle Finance I
  Ltd. Series 1       BBB+                A+/Watch Neg
Castlereagh Trust
  Series 1            B-                  B+/Watch Neg
Castlereagh Trust
  Series 2            CCC+                B-/Watch Neg
Corsair (Cayman
  Island) No.4 Ltd.
  Series 5            CCC+                B-/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 69           CCC/Watch Neg       CCC+/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 72           BBB-                BBB/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 88           CCC                 CCC+/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 89           CCC+                B/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 91           CCC+                B/Watch Neg
Corsair (Jersey)
  No.2 Ltd.
  Series 97           CCC-                CCC/Watch Neg
Diadem City CDO
  Ltd. Series
  2008-3              CCC+pNRi/Watch Neg  BpNRi/Watch Neg
Echo Funding Pty
  Ltd. Series 18      BBB/Watch Neg       BBB+/Watch Neg
Echo Funding Pty
  Ltd. Series 19      BB                  BBB-/Watch Neg
Echo Funding Pty
  Ltd. Series 21      BBB/Watch Neg       BBB+/Watch Neg
ELM B.V.
  Series 109          NR                  B+/Watch Neg
ELM B.V.
  Series 110          D, NR               B+/Watch Neg
ELM B.V.
  Series 112          CCC-/Watch Neg      CCC/Watch Neg
ELM B.V.
  Series 99           CCC-                CCC/Watch Neg
Lion City CDO Ltd.
  Series 2006-5       B+/Watch Neg        BB/Watch Neg
Magnolia Finance I
  PLC Series 2006-21  BBB/Watch Neg       BBB+/Watch Neg
Magnolia Finance I
  PLC Series 2006-22  BBB/Watch Neg       BBB+/Watch Neg
Mahogany Capital
  Ltd. Series  II     B+pNRi/Watch Neg    BB-pNRi/Watch Neg
Momentum CDO
  (Europe) Ltd.
  Series 2006-19      CCC-                CCC/Watch Neg
Morgan Stanley
  ACES SPC 2007-21
  Class I             BB+                 BBB-/Watch Neg
Morgan Stanley
  ACES SPC 2007-29    BBB-                BBB/Watch Neg
Morgan Stanley
  ACES SPC 2007-38
  Class I             A-/Watch Neg        A+/Watch Neg
Morgan Stanley ACES
  SPC 2007-9 Class
  III (Interest)      BB-i                BBi/Watch Neg
Morgan Stanley ACES
  SPC 2007-9 Class
  III (Principal)     BBB-p               BBB+p/Watch Neg
Morgan Stanley ACES
  SPC Series 2006-31  BBB+                A/Watch Neg
Morgan Stanley
  Managed ACES SPC
  Series 2006-12
  Class IA            BB-/Watch Neg       BB/Watch Neg
Morgan Stanley
  Managed ACES SPC
  Series 2006-12
  Class IIA           B-                  B+/Watch Neg
Morgan Stanley
  Managed ACES SPC
  Series 2006-12
  Class IIIA          CCC+                B-/Watch Neg
Morgan Stanley
  Managed ACES SPC
  Series 2006-7
  Class IIA           CCC+                B-/Watch Neg
Obelisk Trust
  2005-3 Mica         BBB+                A-/Watch Neg
Obelisk Trust
  2006-3 Eden         BB+/Watch Neg       BBB-/Watch Neg
Prelude Europe CDO
  Ltd. Series
  2006-3              CCC-pNRi            CCCpNRi/Watch Neg
Saphir Finance PLC
  Series 2006-5       B+pNRi/Watch Neg    BB-pNRi/Watch Neg
Sceptre Capital
  B.V. Series 2007-2  BB                  BB+/Watch Neg
Signum Platinum I
  Ltd. Series 2006-1  B/Watch Neg         BB/Watch Neg
Signum Platinum II
  Ltd. Series 2006-1  CCC+                BB-/Watch Neg
Signum Platinum III
  Ltd. Series 2007-1  B-                  BB/Watch Neg
STARTS (Cayman)
  Ltd. Series 2007-35 BB-                 BB/Watch Neg
STARTS (Cayman)
  Ltd. Series 2005-5  CCC                 CCC+/Watch Neg
Thunderbird
  Investments PLC
  Series 21           CCC-                CCC/Watch Neg
XELO PLC Series
  2006 (Spinnaker
  III Asia Mezz)
  Tranche A           BBB                 BBB+/Watch Neg
XELO PLC Series
  2006 (Spinnaker
  III Asia Mezz)
  Tranche B           BB-                 BB+/Watch Neg
XELO PLC Series
  2007 (Spinnaker III
  Asia Mezzanine 2)
  Tranche C           BBB/Watch Neg       BBB+/Watch Neg
XELO PLC Series
  2007 (Spinnaker III
  Asia Mezzanine 3)   BB/Watch Neg        BB+/Watch Neg
Zenesis SPC
  Series 2006-1       AA-/Watch Neg       AA/Watch Neg
Zenesis SPC
  Series 2006-5       BBB                 BBB+/Watch Neg

Notes:

1. The rating action on Prelude Europe CDO Ltd. 2006-3 follows the
   action on the Series 2006-19 credit-linked notes issued by
   Momentum CDO (Europe) Ltd. (Momentum Series 2006-19).  The
   Momentum Series 2006-19 CLNs represent the authorized
   investments in the Prelude Europe CDO 2006-3 transaction.

2. The rating action on Mahogany Capital Ltd. Series II follows
   the action on the Series 2006-5 credit-linked notes issued by
   Saphir Finance PLC. (Saphir Finance PLC Series 2006-5).  The
   Saphir Finance PLC Series 2006-5 CLNs represent the authorized
   investments in the Mahogany Capital Ltd. Series II transaction.

3. The rating on Beryl Finance Ltd. Series 2007-13 follows the
   action on the Series 2008-3 credit-linked notes issued by
   Diadem City CDO Ltd.  The Diadem City CDO Ltd.  Series 2008-3
   notes represent the authorized investments in the Beryl
   Finance Ltd. Series 2007-13 transaction.

4. The rating on ELM BV Series 109 has been withdrawn following
   redemption of the notes at par.

5. The rating on ELM BV Series 110 has been downgraded to D and
   subsequently withdrawn following liquidation of the notes at
   market value, which resulted in a loss to the noteholder.


* BOND PRICING: For the Week November 24 to November 28, 2008
-------------------------------------------------------------

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

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

Ainsworth Game                8.000%   12/31/09   AUD       0.41
Technology Ltd

A&R Whitcoulls Group          9.500%   12/15/10   NZD      11.10
Allco Hit Ltd                 9.000%   08/17/09   AUD      22.00
Alumina Finance          2.000%   05/16/13   USD      54.93
AMP Group Financ              6.875%   08/23/22   GBP      73.95
Antares Energy               10.000%   10/31/13   AUD       0.95
Babcock & Brown Pty           8.500%   11/17/09   NZD      33.64
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD      65.00
Becton Property Group         9.500%   06/30/10   AUD       0.15
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capital Properties NZ         8.000%   04/15/10   NZD      13.50
Carpal Aluminum              10.000%   03/29/12   AUD      60.00
Fletcher Building Ltd         7.550%   03/15/11   NZD       9.40
Fletcher Building Ltd         7.800%   03/15/09   NZD      10.50
Insurance Australia           5.625%   12/21/26   GBP      72.69
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       0.58
Nylex Ltd.                   10.000%   12/08/09   AUD       0.90
Metal Storm Ltd              10.000%   09/01/09   AUD       0.09
Minerals Corp                10.500%   03/31/09   AUD       1.00
Myer Grouo Fin               10.194%   03/15/13   AUD      60.50
Orchard Invest                9.000%   12/15/10   AUD      32.00
Oxiana Ltd                    5.250%   04/15/12   USD      59.84
Paladin Energy                4.500%   12/15/11   USD      51.23
Paladin Energy                5.000%   03/11/13   USD      49.63
Rio Tinto Financ              5.875%   07/15/13   USD      71.34
Rio Tinto Financ              6.500%   07/15/18   USD      60.00
Rio Tinto Financ              7.125%   07/15/28   USD      65.77
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Timbercorp Ltd                8.900%   12/01/10   AUD       7.00
Westfield Fin                 3.625%   06/27/12   GBP      72.12
Westfield Fin                 5.500%   06/27/17   GBP      68.47

   CHINA
   -----
China Govt Bond                4.860%  08/10/14     CNY     0.00
Jianxi Copper                  1.000%  09/22/16     CNY    68.79

   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    66.82
Respacrcs Funding              8.000%  12/29/49     USD    26.00
Treasure Source                2.000%  05/23/11     HKD    71.03

   INDIA
   -----
Adani Enterprise               6.000%  01/27/12     USD    73.75
Amtek Auto                     0.500%  06/03/10     USD    64.82
Astrazeneca Phar               8.000%  01/11/09     INR    25.50
Grabal Alok Impx               1.000%  04/05/12     USD    64.31
Gitanjali Gems                 1.000%  11/25/11     USD    69.37
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    52.74
State Bank India               6.439%  02/28/49     USD    71.41
Tata Motors                    1.000%  04/27/11     USD    62.75

   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    52.50
Indonesia (Rep)                6.875%  03/10/17     USD    69.25
Indonesia (Rep)                6.875%  01/17/18     USD    66.50
Indonesia (Rep)                7.500%  01/15/16     USD    74.32
Indonesia (Rep)                7.500%  01/15/16     USD    74.22
Indonesia (Rep)                7.750%  01/17/38     USD    59.45
Indonesia (Rep)                8.500%  10/12/35     USD    65.62
Indonesia Government           9.000%  09/15/18     IDR    62.98
Indonesia Government           9.500%  06/15/15     IDR    72.09
Indonesia Government           9.500%  07/15/23     IDR    64.39
Indonesia Government           9.750%  05/15/37     IDR    59.99
Indonesia Government          10.000%  07/15/17     IDR    69.77
Indonesia Government          10.000%  09/15/24     IDR    66.34
Indonesia Government          10.000%  02/15/28     IDR    62.56
Indonesia Government          10.250%  07/15/22     IDR    65.21
Indonesia Government          10.250%  07/15/27     IDR    65.98
Indonesia Government          10.500%  07/15/38     IDR    65.34
Indonesia Government          11.000%  11/15/20     IDR    70.19
Indonesia Government          11.000%  09/15/25     IDR    71.84
Indonesia Government          11.750%  08/15/23     IDR    64.80

   JAPAN
   -----
Aozora Bank                    0.400%  12/12/13     JPY    69.56
Aozora Bank                    0.560%  02/27/13     JPY    74.24
Aozora Bank                    0.560%  03/12/13     JPY    74.06
Aozora Bank                    0.560%  03/27/13     JPY    73.84
Aozora Bank                    0.560%  04/12/13     JPY    73.60
Aozora Bank                    0.560%  04/27/13     JPY    73.40
Aozora Bank                    0.560%  05/12/13     JPY    73.20
Aozora Bank                    0.560%  05/27/13     JPY    72.94
Aozora Bank                    0.560%  06/12/13     JPY    72.71
Aozora Bank                    0.560%  06/27/13     JPY    72.49
Aozora Bank                    0.560%  07/12/13     JPY    72.27
Aozora Bank                    0.560%  07/27/13     JPY    72.07
Aozora Bank                    0.560%  08/12/13     JPY    71.82
Aozora Bank                    0.560%  08/27/13     JPY    71.61
Aozora Bank                    0.560%  09/12/13     JPY    71.38
Aozora Bank                    0.560%  09/27/13     JPY    71.17
Aozora Bank                    0.560%  10/12/13     JPY    70.97
Aozora Bank                    0.560%  10/27/13     JPY    70.77
Aozora Bank                    0.560%  11/12/13     JPY    70.51
Aozora Bank                    0.560%  11/27/13     JPY    70.30
CSK Corporation                0.250%  09/30/13     JPY    64.80
Ebara Corp                     1.300%  09/30/13     JPY    74.56
Hiroshima Bank                 1.720%  05/14/14     JPY    73.07
Es-con Japan Ltd               3.360%  05/10/10     JPY    44.97
Hiroshima Bank                 1.890   09/20/17     JPY    60.45
Kenedix Inc                    2.090   11/09/10     JPY    59.89
Resona Bank                    4.425%  09/29/49     EUR    61.10
Resona Bank                    5.850%  09/29/49     USD    51.08
Resona Bank                    5.986%  08/29/49     EUR    67.57
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    33.12
Sumitomo Mitsui                4.375%  07/29/49     EUR    59.44
Sumitomo Mitsui                5.625%  07/29/49     EUR    68.65

   KOREA
   -----
Exp-Imp Bk Korea               5.125%  03/16/15     USD    72.65
Exp-Imp Bk Korea               5.375%  10/04/16     USD    73.23
GS Caltex Corp                 5.500%  10/15/15     USD    68.74
Hanarotelecom                  7.000%  02/01/12     USD    70.00
Hynix Semi Inc.                4.500%  12/14/12     USD    42.92
Hynix Semi Inc.                7.875%  06/27/17     KRW    28.51
Kookmin Bank                   5.651%  02/25/23     KRW    72.77
Kookmin Bank                   5.860%  11/09/27     USD    67.92
Korea Dev. Bank                7.310%  11/08/21     KRW    43.27
Korea Dev. Bank                7.350%  10/27/21     KRW    43.37
Korea Dev. Bank                7.400%  10/27/21     KRW    43.37
Korea Dev. Bank                7.400%  11/02/21     KRW    43.32
Korea Dev. Bank                7.450%  10/31/21     KRW    43.34
Korea Dev. Bank                8.450%  12/15/26     KRW    66.64
Shinhan Bank                   5.663%  03/02/35     USD    57.17
Woori Bank                     6.208%  05/02/37     USD    54.08

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.03
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.87
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.50
Cagamas Berhad                 3.640%  05/05/09     MYR     4.07
Cheating Capital               2.000%  07/05/12     USD    71.00
Eastern & Orient               8.000%  07/25/11     MYR     0.65
EG Industries                  5.000%  06/16/10     MYR     0.16
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Huat Lai Resources             5.000%  03/28/10     MYR     0.45
Insas Berhad                   8.000%  04/19/09     MYR     0.28
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.17
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.70
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.23
Mithril Bhd                    3.000%  04/05/12     MYR     0.50
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.10
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.08
Plus Spv Bhd                   2.000%  06/27/17     MYR    70.31
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.32
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.69
Wah Seong Corp.                3.000%  05/21/12     MYR     2.01
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.33
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.10

   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    42.83
Rizal Comm Bank                9.875%  10/31/49     USD    70.00

   SINGAPORE
   ---------
Capitaland Ltd.                2.100%  11/15/16     SGD    61.82
Capitaland Ltd.                2.950%  06/20/22     SGD    45.33
Capitaland Ltd.                3.125%  03/05/18     SGD    55.78
Capitaland Treas               3.500%  07/17/17     SGD    67.07
Flextronics International      6.250%  11/15/14     USD    70.53
Flextronics International      6.500%  05/15/13     USD    72.25
Stats Chippac                  6.750%  11/15/11     USD    71.03
Empire Cap Res                 9.375   12/15/11     USD    64.88
Keppel Land Ltd                2.500%  06/23/13     SGD    73.59
Olam International Limited     1.000%  07/03/13     SGD    45.92
Wah Hai S Pte                  5.500%  06/29/15     USD    73.83


   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     67.95
Sri Lanka Govt                6.850%  10/15/12     LKR     64.84
Sri Lanka Govt                7.000%  08/01/11     LKR     73.27
Sri Lanka Govt                7.000%  10/15/11     LKR     71.74
Sri Lanka Govt                7.000%  10/01/23     LKR     47.74
Sri Lanka Govt                7.500%  08/01/13     LKR     63.55
Sri Lanka Govt                7.500%  11/01/13     LKR     62.87
Sri Lanka Govt                7.500%  08/15/18     LKR     55.62
Sri Lanka Govt                8.500%  01/15/13     LKR     68.06
Sri Lanka Govt                8.500%  07/15/13     LKR     66.60
Sri Lanka Govt                8.500%  02/01/18     LKR     59.92
Sri Lanka Govt                8.500%  07/15/18     LKR     60.00
Sri Lanka Govt               10.500%  04/01/13     LKR     72.99

  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     45.31



                         *********

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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