TCRAP_Public/081203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, December 3, 2008, Vol. 11, No. 240

                            Headlines

A U S T R A L I A

A.C.N 119 934 806: Inability to Pay Debts Prompts Wind-Up
ANDREW SNEDDON: Enters Wind-Up Proceedings
ATHELSTANE PTY: Commences Liquidation Proceedings
AUSTRALIAN SAFETY: Members and Creditors Hear Wind-Up Report
CADOFONE PTY: Placed Under Voluntary Liquidation

CLEARSPAN AWNINGS: To Declare Dividend on December 9
E & R TORRESAN: Members and Creditors Hear Wind-Up Report
EXCELSIOR MANAGEMENT: Members and Creditors Hear Wind-Up Report
EXCELSIOR PRINTING: Commences Liquidation Proceedings
GLOBAL MACHINERY: Goes Into Receivership After Losing Contract

L & T PROJECT: Commences Liquidation Proceedings
LMHF PTY: Placed Under Voluntary Liquidation
LUDONI HOLDINGS ET AL: Members and Creditors Hear Wind-Up Report
MARRICKVILLE BOWLING: To Declare Dividend on December 13
OZ MINERALS: Extends Trade Suspension Amid Debt Refinancing Talks

PARRAMATTA SECURITY: Members and Creditors Hear Wind-Up Report
RIVERSTONE DISTRICT: Commences Liquidation Proceedings
STANMORE CORPORATION: Commences Liquidation Proceedings
SUPERTALENT NETWORK: Court Enters Wind-Up Order


C H I N A

BEIJING CENTERGATE: Chairman Under Economic Crime Probe


H O N G K O N G

AMERICAN INT'L: Sells AIG Private Bank to Aabar Investments
BSI INTERNATIONAL: Members' Final Meeting Set for January 7
CHEER CORPORATION: Creditors' Proofs of Debt Due on December 31
COUNTRY GARDEN: S&P Downgrades Corporate Credit Rating to 'BB+'
FIRM STEP: Placed Under Voluntary Liquidation

HB-2007: Moody's Withdraws Ratings on $80 Million 2012 Notes
IT'S ACADEMIC: Placed Under Voluntary Liquidation
NEW JAPAN: Members' Final Meeting Set for December 31
OLD MUTUAL: Final Meeting Set for December 29
SEKAI ENTERPRISES: Creditors' Proofs of Debt Due on December 30

THE WHITNEY: Inability to Pay Debts Prompts Wind-Up
ZAREMBO LIMITED: Requires Creditors to File Claims by December 29


I N D I A

BHARAT INDUSTRIAL: Weak Financial Risk Profile Cues CRISIL's 'P4'
GENERAL MOTORS: Banks on Investment in India for Growth
GENERAL MOTORS: More Cuts Needed to Win Gov't Loan, Says Conway
HIGHRISE ROLLER: CRISIL Rates Rs.80MM Cash Credit Limits at 'BB+'
KONASEEMA GAS: CRISIL Rates Rs.12.59 Bil. Term Loan at 'B'

SHIV SHAKTI: Bank Loan Gets CRISIL's 'P4' Rating
TATA MOTORS: Offers Public 11% Annual Interest on 3-Year Deposits
TATA MOTORS: Total Vehicle Sales Decline by 30% in October
* INDIA: ASSOCHAM Seeks Gov't. Relief Package for Exporters


I N D O N E S I A

PT MOBILE-8: Moody's Cuts CFR and Senior Unsecured Rating to 'Ca'


J A P A N

ASAHI MUTUAL: S&P Keeps 'BB+' Long-Term Counterparty Rating
DELPHI CORP: Court Allows Reargument of Fraud Claim Order
DELPHI CORP: Court Gives Go Signal for Auction of Exhaust Business
DELPHI CORP: Delays Hearing on Bankruptcy Exit Plan to Dec. 17
DELPHI CORP: Gets Six Months Extension of US$4.35-Bil. DIP Loan

DELPHI CORP: Tranche C Lenders, et al., Balk at DIP Loan Extension
FORD MOTOR: To Cut CEO's Pay Package & Focus on Making Small Cars
GKL JAC: Fitch Cuts 5 Classes of Bonds Due to Replacement Delays
JAPAN GENERAL: Cancels Plan to Hire 53 Staff
NOMURA HOLDINGS: Eyes JPY500 Bil. Pretax Profit in March 2011

* JAPAN: BOJ Sets Measures to Ease Tight Corporate Credit


N E W  Z E A L A N D

ACP LTD ET AL: Creditors' Proofs of Debt Due on December 9
ATOMIX NEW ZEALAND: Appoints Shephard and Dunphy as Liquidators
DOMINION FINANCE: Investors Approve Unit's Debt Moratorium
EASTSIDE TRUSTEE: Court to Hear Wind-Up Petition on December 19
GARLANDS DESIGN: Liquidates Business After 52 Years

JOURDAN DEVELOPMENTS: Court Hears Wind-Up Petition
LEAH EVANS: Court to Hear Wind-Up Petition on January 28
LITHO SERVICES: Commences Liquidation Proceedings
MAINLAND SALES: Court Hears Wind-Up Petition
PILE SERVICES: Court to Hear Wind-Up Petition on December 8

RELSON LTD: Court Hears Wind-Up Petition
STRATEGIC FINANCE: Trustee and Banker Agree on Proposed Moratorium
TE ROOPU: Court Hears Wind-Up Petition
THE ULTIMATE: Appoints Shephard and Dunphy as Liquidators
* NEW ZEALAND: Housing Consent in October Lowest Since 1992


S I N G A P O R E

H & Q ASIA: Requires Creditors to File Claims by December 29
HOCK BEE: Wind-Up Petition Hearing Set for December 12
HQO DESIGN: Court to Hear Wind-Up Petition on December 12
SUNRISE F & B: Creditors' Proofs of Debt Due on December 28
SUPERIOR MODULAR: Creditors' Proofs of Debt Due on January 9


S R I  L A N K A

SRI LANKA TELECOM: Fitch Maintains 'B+' Issuer Default Rating


X X X X X X X X

* Detroit Three In Talks With Union to Stop Idled Worker Payment
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

A.C.N 119 934 806: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
The members of A.C.N 119 934 806 Pty Limited met on Sept. 10,
2008, and resolved to voluntarily liquidate the company's business
due to its inability to pay debts when it fall due.

The company's liquidator is:

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


ANDREW SNEDDON: Enters Wind-Up Proceedings
------------------------------------------
The shareholders of Andrew Sneddon Pty Limited met on Sept. 24,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


ATHELSTANE PTY: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Athelstane Pty Limited met on Sept. 24, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


AUSTRALIAN SAFETY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Australian Safety Training Services
Pty Ltd met on November 14, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


CADOFONE PTY: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on September 24, 2008, the members
of Cadofone Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          C. Wykes
          Lawler Partners Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


CLEARSPAN AWNINGS: To Declare Dividend on December 9
----------------------------------------------------
Clearspan Awnings Pty Limited, which is in liquidation, will
declare dividend on December 9, 2008.

Only creditors who were able to file their proofs of debt by
November 5, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          R. G. Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Telephone:(02) 4962 2294
          Facsimile:(02) 4962 2290


E & R TORRESAN: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of E & R Torresan Pty Ltd met on
November 19, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


EXCELSIOR MANAGEMENT: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
The members and creditors of Excelsior Management Services Pty Ltd
met on November 17, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


EXCELSIOR PRINTING: Commences Liquidation Proceedings
-----------------------------------------------------
The members and creditors of Excelsior Printing Works Pty Ltd  met
on November 17, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


GLOBAL MACHINERY: Goes Into Receivership After Losing Contract
--------------------------------------------------------------
Global Machinery Company (GMC) has gone into receivership, the
Herald Sun reports.  KordaMentha has been appointed receivers and
managers to the company.

The Herald Sun relates that GMC lost a major sales contract with
Bunnings two months ago that sliced almost AU$100 million off
GMC's turnover, which once stood at AU$250 million and delivered
net profit of about AU$25 million.

According to the report, Leanne Chesser of KordaMentha said GMC's
turnover was US$100 million and the group held numerous valuable
patents and trademarks.

"Our objective will be to sell the business as a going concern and
we are seeking immediate expressions of interest," the report
quotes Ms. Chesser as saying.

GMC, the report says, was unable to service debt of about AU$50
million with its bank Westpac on Monday, December 1, calling in
administrators.

Established in 1997, GMC (Global Machinery Company) manufactures
and imports power tools for the do-it-yourself and retail
hardware.  The company exports its products to countries including
the US, Britain, Poland, Spain, France and Germany.  GMC employs
45 people and sells brands including GMC, Triton and Redeye.


L & T PROJECT: Commences Liquidation Proceedings
------------------------------------------------
The shareholders of L & T Project Management Pty Limited met on
September 24, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001


LMHF PTY: Placed Under Voluntary Liquidation
--------------------------------------------
The members of LMHF Pty Ltd met on October 3, 2008, and resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

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


LUDONI HOLDINGS ET AL: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
On November 14, 2008, Ozem Kassem, presented a wind-up report and
property disposal for the members and creditors of these
companies:

   -- Ludoni Holdings Pty Limited;
   -- Selmon Pty Limited; and
   -- A.C.N. 105 230 206

The Liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          76-80 Clarence Street, Level 10
          Sydney
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


MARRICKVILLE BOWLING: To Declare Dividend on December 13
--------------------------------------------------------
Marrickville Bowling & Recreation Club Ltd will declare dividend
on December 13, 2008.

Only creditors who were able to file their proofs of debt by
November 4, 2008, will be included in the company's dividend
distribution.

The company's deed administrator is:

          John Vouris
          Lawler Partners
          Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


OZ MINERALS: Extends Trade Suspension Amid Debt Refinancing Talks
-----------------------------------------------------------------
OZ Minerals Limited has taken the extraordinary step of
suspending trading in its shares until December 29 as it scrambles
to refinance some of its debt, the Herald Sun reports.

In a regulatory filing to the Australian Securities Exchange, OZ
Minerals said it has not been able to extend the time by which it
is required to refinance facilities in the amount of US$560
million to January 31, 2009, as it was seeking to do.

The company said it has accepted an offer from its lenders to
extend the date by which it is required to refinance these
facilities to December 29, 2008, with an option, subject to
certain conditions being satisfied, for the extension to run until
December 29, 2008, but given continuing volatility in commodity
markets and state of global crisis market, believes there is a
risk it may have to exercise the option to extend the refinancing
date to January 31, 2009.

The company added that it requires time to continue negotiations
with the counter-parties to the refinancing and believes that
these negotiations may be jeopardized if they took place during a
period of potentially extreme share price volatility.

According to the Herald, banks on the syndicate include ANZ, BOS
International, NAB, Royal Bank of Scotland, Commonwealth Bank and
Societe Generale.

Citing sources close to the talks with the syndicate, the Herald
relates BOS International was presenting the biggest obstacle to
the refinancing of the facility.

A subsidiary of the troubled HBOS group, BOS International is now
reining in lending exposures around the world under a program to
stabilize its balance sheet.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.


PARRAMATTA SECURITY: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------------
The members and creditors of Parramatta Security Pty Limited met
on November 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          76-80 Clarence Street, Level 10
          Sydney
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


RIVERSTONE DISTRICT: Commences Liquidation Proceedings
------------------------------------------------------
During a general meeting held on September 14, 2008, the members
of Riverstone District Bowling & Recreation Club Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          Rowena Margaret Sigelski
          Lawler Partners, Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


STANMORE CORPORATION: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on September 30, 2008,
the members of Stanmore Corporation Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Peter Robert Vince
          Vince & Associates, Chartered Accounts
          51 Robinson Street
          Dandenong Vic


SUPERTALENT NETWORK: Court Enters Wind-Up Order
-----------------------------------------------
On October 1, 2008, the Supreme Court of New South Wales entered
an order to have Supertalent Network Pty Ltd's operations wound
up.

The company's liquidator is:

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



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

BEIJING CENTERGATE: Chairman Under Economic Crime Probe
-------------------------------------------------------
Beijing Centergate Tech (Holding) Co said that its Chairman and
President Xu Zhongmin was being investigated in suspicion of
economic crime, Pan Xiaoyi of Shanghai Daily reports.

The report relates that the company's major shareholder Huang
Guangyu, chairman of Gome Electrical Appliances Co, was also
detained over alleged economic crime and for reportedly
manipulating Centergate's shares.

According to the Daily, a spokesman for the China Securities
Regulatory Commission confirmed that the inquiry into share
trading by Sanlian Commercial Co and Centergate had found that the
Beijing Pengrun Investment Co, owned by Huang, had acted
suspiciously in restructuring listed companies and replacing
assets.

Chairman and President Xu has appointed Director Wei Qiuli and
Vice President Zhou Ning to run the company during the
investigation, the report says citing a company statement released
on Sunday.

The company could not estimate the impact on the its business.

Beijing Centergate, the Daily says, slumped 9.89 percent on
Monday, December 1, on the first trading day since it halted
trading on November 24, a sharp contrast with the 2.83 percent
daily gain of the Shenzhen Composite Index.

Beijing Centergate Technologies (Holding) Co., Ltd. is principally
engaged in the development of real estate and the construction of
buildings.  The company is also involved in property management,
software development and the provision of advertising services.
During the year ended December 31, 2007, the company obtained
approximately 84% of its total revenue from the building
construction and real estate development business.  The company
mainly operates its businesses in Beijing, China.  As of
December 31, 2007, the company had seven major subsidiaries and
one major associate.



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

AMERICAN INT'L: Sells AIG Private Bank to Aabar Investments
-----------------------------------------------------------
American International Group Inc. has agreed to sell its wholly
owned subsidiary AIG Private Bank Ltd. to Aabar Investments PJSC
(Aabar), a global investment company based in Abu Dhabi, the
company said in a statement Monday.

Bloomberg News relates AIG sold the bank unit for 307 million
Swiss francs (US$254 million).

Under its new ownership, AIG Private Bank will become an
independent financial institution, headquartered in Switzerland
along with branches and representative offices in Hong Kong,
Shanghai, Singapore and Dubai.  AIG Private Bank will conduct its
business under a new name and will continue to focus on providing
wealth management services to high net worth individuals in
Switzerland, Western and Eastern Europe, Asia and the Middle East.

"We have looked very thoroughly at AIG Private Bank and are
impressed by the professionalism and dedication of the management
team and staff.  This transaction represents a great opportunity
to leverage AIG Private Bank's expertise in wealth management and
to further develop it in our region.  AIG Private Bank provides us
with a platform with the potential for significant long-term
growth and value creation," said H.E. Khadem Al Qubaisi, Chairman
of Aabar and future designated Chairman of the bank.

"We are proud and delighted that we have found a strong and
internationally renowned investor such as Aabar to support the
future development of our bank.  This sends a clear message to our
customers that we will continue to be a trustworthy, reliable and
competent partner for them," said Eduardo Leemann, CEO of AIG
Private Bank.  "It also offers us new opportunities to expand our
operations, especially in the Middle East," Mr. Leemann added.  He
and his senior management team will remain with the bank.

The transaction is subject to satisfaction of certain conditions,
including approvals by appropriate regulatory authorities.

Blackstone Advisory Services provided financial advice to AIG in
connection with AIG's global restructuring program.  UBS
Investment Bank acted as financial advisor and Lenz & Staehelin
served as legal counsel to AIG on this transaction.

                     About Aabar Investments

Headquartered in Abu Dhabi, United Arab Emirates, Aabar
Investments PJSC (ABD:AABAR), fka Aabar Energy PJSC --
http://www.aabar.com/-- is a United Arab Emirates-based public
joint stock company engaged, together with its subsidiaries, in
investment activities in the fields of commercial and industrial
projects, oil and gas exploration and production, and oil well
drilling.  The Company's operations cover the Middle Eastern,
North African and Southeast Asian markets.  The Company has two
wholly owned subsidiaries: Dalma Energy LLC, a United Arab
Emirates-based company that owns and operates oil well drilling
rigs and equipment, provides related manpower for drilling
operations to the oil and gas industry, and leases drilling rigs
and equipment, and Pearl Energy Limited, which is a Singapore-
based company engaged in the exploration of oil and gas, as well
as in investment activities in Southeast Asian countries.

               About American International Group

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

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

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

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

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

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

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


BSI INTERNATIONAL: Members' Final Meeting Set for January 7
-----------------------------------------------------------
The members of BSI International Limited will hold their final
meeting on January 7, 2009, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Room 2429, 24th Floor of Sun Hung Kai
Centre, 30 Harbour Road, in Wanchai, Hong Kong.


CHEER CORPORATION: Creditors' Proofs of Debt Due on December 31
---------------------------------------------------------------
The creditors of Cheer Corporation Limited are required to file
their proofs of debt by December 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 18, 2008.

The company's liquidator is:

          Cheuk Yee Man
          113 Argyle Street
          Room 2810, 28th Floor
          Kowloon


COUNTRY GARDEN: S&P Downgrades Corporate Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Country Garden Holdings Co.
Ltd. to 'BB+' from 'BBB-'.  The outlook is stable.  At the same
time, Standard & Poor's lowered its issue rating on the company's
US$600 million convertible bonds due 2013 to 'BB+' from 'BBB-'.

"The rating action reflects the risk that Country Garden's debt
service ratios in 2008 are unlikely to be as strong as S&P
previously expected," said S&P's credit analyst Bei Fu.  "The
company's financial metrics are likely to be more in line with
those of 'BB'-rated peers, although its liquidity is better than
the wider peer group's."

The general slowdown in the Chinese real estate market partly
contributed to the deterioration of the company's financial
profile from its strong 2007 levels.  Country Garden's large
exposure to Guangdong province, the worst-hit property market in
China in the past year, has exacerbated the situation.  S&P
expects the majority of the company's revenue and contracted sales
in 2008 to continue to be derived from Guangdong, even though 59%
of its 46 million square meter land bank was situated outside the
province as of June 30, 2008.

Execution risk remains high as Country Garden continues to enter
less-developed new markets, some of which have small populations
and limited affordability levels.  Although the company has made
progress in new markets -- it launched a total of 19 projects
outside of Guangdong in 2008, including in five new provinces, one
municipality, and one autonomous region -- it has yet to establish
a track record and market position outside its home market,
particularly under challenging market conditions.

Positively, S&P acknowledge that Country Garden now has a more
diversified contracted sales mix.  S&P expects about 25% of its
contracted sales to come from outside Guangdong in 2008, compared
with an immaterial amount a year ago.  The company has projects on
sale in seven provinces, one municipality, and one autonomous
region, with satisfactory sales in some areas, which have helped
the company build its brand in those markets.

Standard & Poor's expects Country Garden's financial performance
to weaken substantially in 2008, but the company should remain one
of the strongest Chinese property developers.  Its results for the
first six months of 2008 were good, as the majority of revenue
came from properties presold in 2007, which was close to the peak
of the market.  Expenses have been rising due to a large number of
"young" projects acquired in the past two years.  For full-year
2008, S&P expects the company to achieve contracted sales of
Chinese renminbi 16 billion, EBITDA interest coverage of more than
6x, and a ratio of debt to EBITDA of less than 2.5x.


FIRM STEP: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on November 20, 2008, the
shareholders of Firm Step Toys Manufacture Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Li Kwok On
          Gilbert Washington Hoosang
          Chun Wo Commercial Centre, 10th Floor
          23-29 Wing Wo Street
          Central, Hong Kong


HB-2007: Moody's Withdraws Ratings on $80 Million 2012 Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn its rating of one class of
notes for HB-2007.  The issuer purchased all of the notes on
Nov. 21, 2008, and subsequently the notes have been canceled.

This rating action is:

(1) $80,000,000 Series 4 Secured Variable-Rate Notes due 2012

  -- Current Rating: WR
  -- Prior Rating: C
  -- Prior Rating Date: Oct. 31, 2008


IT'S ACADEMIC: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on November 18, 2008, the
members of It's Academic (Asia) Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Francis Young
          Tung Wai Commercial Building, 20th Floor
          109-111 Gloucester Road
          Wanchai, Hong Kong


NEW JAPAN: Members' Final Meeting Set for December 31
-----------------------------------------------------
The members of New Japan Securities International (Hong Kong)
Limited will hold their final meeting on December 31, 2008, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


OLD MUTUAL: Final Meeting Set for December 29
---------------------------------------------
The sole member of Old Mutual (Hong Kong) Limited will hold final
meeting on December 29, 2008, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, in 15 Queen's Road Central,
Hong Kong.

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


SEKAI ENTERPRISES: Creditors' Proofs of Debt Due on December 30
---------------------------------------------------------------
The creditors of Sekai Enterprises Limited are required to file
their proofs of debt by December 30, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 18, 2008.

The company's liquidator is:

          Francis Young
          Tung Wai Commercial Building, 20th Floor
          109-111 Gloucester Road
          Wanchai, Hong Kong


THE WHITNEY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on November 20, 2008, the
members of The Whitney Group (Asia) Limited resolved to
voluntarily liquidate the company's business due to its inability
to pay debts when it fall due.

The company's liquidators are:

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


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

The company's liquidators are:

          Robert Michael James Atkinson
          Chim Foong Heng
          Two Pacific Place, 35th Floor
          88 Queensway
          Hong Kong



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

BHARAT INDUSTRIAL: Weak Financial Risk Profile Cues CRISIL's 'P4'  
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'P4' to the various
bank facilities of Bharat Industrial Enterprises Ltd (BIEL).

   Rs.450.0 Million Export Packing Credit      P4(Assigned)
   Rs.100.0 Million Bank Guarantee / Letter    P4(Assigned)
                    of Credit*  
     * includes proposed limit of Rs.70.0 million.

The ratings reflect the Bharat group's weak financial risk profile
on account of the working capital intensive nature of its
business, small size of operations, and exposure to risks relating
to revenue concentration, changes in government policy, and prices
of raw materials.  These rating weaknesses are, however, partly
offset by the healthy growth prospects of the rice industry and
the group's improving operating efficiency.

CRISIL has combined the business and financial risk profiles of
BIEL and Shiv Shakti Rice Mills (SSRM), together referred to as
the Bharat group, as part of this rating exercise.  This is on
account of the common ownership and management that BIEL and SSRM
share, and the strong business linkages between them: BIEL
outsources a major part of its milling requirement to SSRM on a
job work basis, and enjoys an extended credit period with SSRM.

                            About BIEL

Promoted by Mr. Panna Lal Gupta as a partnership firm in 1969,
BIEL became a public limited company in 1997.  BIEL is engaged in
milling, processing and selling basmati rice.  The company also
undertakes rice trading, whereby it exports rice purchased from
small rice mills after sorting; it also operates a petrol pump at
Taraori (Karnal), Haryana. The milling capacity of BIEL's plant at
Taraori is being expanded to 4 tonnes per hour (tph) from 2 tph;
BIEL also has a sorting capacity of 8 tph.  The milling capacity
of its associate company, SSRM, is being expanded to 8 tph from 6
tph.  SSRM also has a sorting capacity of 8 tph. BIEL also
operates a petrol pump in Taraori.  The group reported a profit
after tax (PAT) of Rs.13 million on net sales of Rs.1,681 million
in 2007-08, as against a PAT of Rs.4 million on net sales of
Rs.1,126 million for the previous year.


GENERAL MOTORS: Banks on Investment in India for Growth
-------------------------------------------------------
Despite slowing demand, General Motors Corp. will push through
with its investment plans in India, Bloomberg News reports.

"Emerging markets are the obvious growth areas for the auto
industry," Karl Slym, managing director of GM's Indian unit, told
Bloomberg Television, adding that the company's plans for India
"remain solid."

Bloomberg News says GM, which is building factories in India to
counter declining sales in the U.S., has invested US$1 billion in
India and is also spending more than US$200 million to set up an
engine plant.  GM, the report relates, has two factories in the
country with a capacity to produce 225,000 vehicles every year,
which it plans to raise to 300,000 a year.

"Our activities are already funded and we move ahead with our plan
as it is," Mr. Slym was quoted by Bloomberg News as saying.

Bloomberg News recalls GM said last month it will fall short of
its India sales target this year as higher loan rates and slower
economic growth damp demand.
The automaker now expects to sell as many as 78,000 vehicles in
the country this year compared with a previous target of 90,000.
Sales totaled 60,032 vehicles last year, the report states.

Still, the report says, the automaker expects to more than double
its market share in India to 10 percent by the end of 2010, from a
3.8 percent share in the fiscal year ended March 2008.

                       About General Motors

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

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

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

                           *     *     *

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

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

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

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


GENERAL MOTORS: More Cuts Needed to Win Gov't Loan, Says Conway
---------------------------------------------------------------
General Motors Corp., Ford Motor Co., and Chrysler LLC must
implement more cuts, The Wall Street Journal reports, citing
restructuring firm Conway MacKenzie & Dunleavy senior managing
director Van Conway.

"I think you need to demonstrate sincerely that you are doing the
very painful cuts -- white collar, blue collar, plant closings.
They need to really look like they're suffering on the expense
line so people believe they can make it," WSJ quoted Mr. Conway as
saying.

According to WSJ, Ford Motor and GM directors met separately on
Monday to vote on their viability plans to be presented to the
Congress on Tuesday, to try to win support for US$25 billion in
low-
cost loans from the federal government.  Chrysler LLC top
executives, WSJ relates, were finalizing their own plan to show
that it can survive and return to profitability with government
aid, after its private-equity owner Cerberus Capital Management LP
reviewed the plan on Monday.

A source said that Ford Motor and GM would be willing to seek
further cost-cuts and concessions from the United Auto Workers
union, WSJ states.  The report says that once GM reaches an
agreement with the United Auto Workers union on any wage or
benefit concessions for a rescue of the company, Chrysler, Ford
Motor will also insist on a similar arrangement.  GM, according to
the report, owes the health care trust for retiree union workers
some US$7.5 billion by 2010, which many suspect the company can't
afford.

Citing a source, WSJ says that UAW President Ron Gettelfinger is
open to eliminating the jobs bank, which pays employees most of
their wages even when they no longer work in plants, but Mr.
Gettelfinger wants to see management sacrifices in return.  The
sacrifices, WSJ relates, would include limits on executive
compensation and a retraining program that will help laid-off
workers get high-tech jobs in areas like battery development for
electric vehicles.

WSJ relates that sources said that GM will plan more cuts to North
American production capacity, an initiative to offer debt-holders
equity to tidy its balance sheet, and cuts to executive pay, while
aspects of the plan include goals to gain more labor concessions,
and executive pay cuts.  Citing a source, the report states that
GM would also include in its plan cutting brands and details on
new fuel-efficient vehicles and how the firm will meet new
stringent federal mileage rules.  The report says that GM hopes to
start selling electric plug-in car Chevrolet Volt in 2010.

Cerberus Capital is also interested in combining Chrysler with
another firm, WSJ states.  Cerberus Capital had discussed selling
Chrysler to GM before the request for government aid, according to
the report.

Jeff Bennett at WSJ reports that Ford Motor is again considering
selling its Swedish luxury vehicle maker Volvo Cars, saying on
Monday that it will re-evaluate strategic options for the unit as
part of a broader effort to strengthen Ford Motor's balance sheet.
Ford Motor, according to WSJ, acquired Volvo Cars from Swedish
truck maker AB Volvo for more than US$6.5 billion in 1999.

The review could take several months, during which time Volvo Cars
will continue implementing a restructuring, which includes laying
off a quarter of its workforce, states WSJ.  Mr. Mulally had
affirmed in November this year his decision in 2007 to keep Volvo
Cars after a review of the advantages of selling the unit that
year, according to the report.  Mr. Mulally said last month that
he was still committed to restoring Volvo Cars' financial health,
the report states.

According to WSJ, CSM Worldwide analyst Michael Robinet doubts
that Ford Motor will be able to quickly find a suitor.  The report
quoted Mr. Robinet as saying, "Anyone who purchases Volvo would
have to have very close ties to Ford because virtually every Volvo
is using a Ford platform.  It will be difficult because it's not
like cutting a piece of pie that's already perforated and just
cracking it off.  They are very integrated and it could take
years."

AB Volvo said on Monday that it wasn't interested in purchasing
back Volvo Cars from Ford Motor, WSJ reports.

WSJ relates that GM, Ford Motor, and Chrysler were also devising
alternative travel plans after the Congress criticized their CEOs
for using expensive corporate jets to make their way to Capitol
Hill.  Ford Motor said on Monday that Mr. Mulally will drive by
car to Washington this time, while Chrysler said that its CEO
Robert Louis Nardelli has ruled out flying by private jet,
according to the report.

WSJ states that if the Congress approves the requests of GM, Ford
Motor, and Chrysler for government financial assistance, the
lawmakers would be called back to Washington next week.

Jeff Green and John Lippert at Bloomberg News report that GM, Ford
Motor, and Chrysler union leaders will hold an emergency meeting
on Dec. 3 at the Detroit Marriott Hotel.  Citing a person familiar
with the matter, the report says that participants of the meeting
will be asked to reopen a 2007 labor agreement to consider
concessions.

Sources said that GM also wants to change how it pays for a union
retiree health care fund as part of a broader cost cutting plan
designed to win government aid, Bloomberg states.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


HIGHRISE ROLLER: CRISIL Rates Rs.80MM Cash Credit Limits at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of Highrise Roller Flour Mills (P)
Ltd.

   Rs.80 Million Cash Credit Limits    BB+/Stable(Assigned)
   Rs.10 Million Bank Guarantee        P4(Assigned)

The ratings reflect susceptibility of Highrise's operating margins
to low pricing power and changes in raw material prices and its
low net worth and small size of operations.  These weaknesses are,
however, partly offset by the company's long-standing
relationships with established clients and its prudent inventory
management.

Outlook: Stable

CRISIL believes that Highrise will maintain its business profile
backed by its established relations with customers. The outlook
may be revised to 'Positive' if Highrise's operating margins
improve considerably on account of diversification initiatives and
other factors. Conversely, the outlook may be revised to
'Negative' if the company is unable to maintain margins at current
levels.

                         About Highrise

Incorporated in 1987, Highrise is closely held and managed by the
Saboo family.  Highrise commenced commercial wheat processing
operations in 1989 and since then, has diversified into the
business of roller flour mills.  Highrise's milling facility at
Shibrampur in West Bengal has an installed capacity of 84,000
tonnes per annum.  For 2007-08, Highrise reported a profit after
tax (PAT) of Rs. 5.05 million on net sales of Rs. 588 million, as
against a PAT of Rs. 3.83 million on net sales of Rs. 501 million
for 2006-07.


KONASEEMA GAS: CRISIL Rates Rs.12.59 Bil. Term Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the various bank
facilities of Konaseema Gas Power Ltd (KGPL).

   Rs.12.59 Billion Term Loan     B/Stable(Assigned)
   Rs.1 Billion Proposed Long        B/Stable(Assigned)
   Term Bank Facility  

The rating reflects KGPL's weak financial risk profile, exposure
to risks relating to non-availability of gas, and counter-party
risks.

Outlook: Stable

CRISIL believes that KGPL will generate stable revenues over the
medium term. The outlook may be revised to 'Positive' if the
credit risk profiles of KGPL's off-takers, the Andhra Pradesh
power distribution companies (APdiscoms), improve significantly.
Conversely, the outlook may be revised to 'Negative' if the off-
takers default on payments to KGPL and/or if the company is faced
with irregular fuel supply, leading to a weakening in its
operational profile.

                           About KGPL

Promoted jointly by VBC Ferro Alloys Ltd, VBC Industries Ltd, and
Elgitread (India) Ltd, KGPL has set up a 445-megawatts (MW)
natural gas-based combined cycle power plant at Devarapalli in
AP's East Godavari district.  Although construction of the plant
was completed in September 2006, operations are yet to begin
because of non-availability of gas.  KGPL has a fuel supply
agreement, valid till December 31, 2019, with Gas Authority of
India Ltd for the supply of 2 million metric standard cubic metre
per day of natural gas.  KGPL estimates that the plant will be
able to commence operations from December 31, 2008, based on
supply of gas from Reliance Industries Ltd's KG basin.  The
company has a power purchase agreement for 15 years with the AP
discoms for the sale of 80 per cent of the generated power; the
remaining 20 per cent will be sold on merchant basis.


SHIV SHAKTI: Bank Loan Gets CRISIL's 'P4' Rating
------------------------------------------------
CRISIL has assigned its bank loan rating of 'P4' to the bank
facility of Shiv Shakti Rice Mills (SSRM).

   Rs.300.0 Million Export Packing Credit*   P4(Assigned)

* including proposed limits of Rs.140.0 million

The rating reflects the Bharat group's (the group consists of SSRM
and its associate company, Bharat Industrial Enterprises Ltd) weak
financial risk profile on account of the working capital intensive
nature of its business, small size of operations, and exposure to
risks relating to revenue concentration, changes in government
policy, and prices of raw materials.  These rating weaknesses are,
however, partly offset by the healthy growth prospects of the rice
industry and the group's improving operating efficiency.

CRISIL has combined the business and financial risk profiles of
SSRM and Bharat Industrial Enterprises Ltd (BIEL), together
referred to as the Bharat group, as part of this rating exercise.
This is on account of the common ownership and management that
BIEL and SSRM share, and the strong business linkages between
them: BIEL outsources a major part of its milling requirement to
SSRM on a job work basis, and enjoys an extended credit period
with SSRM.

                         About SSRM

A partnership firm set up in 1985, by four brothers, Mr. Nathi Ram
Gupta, Mr. Naresh Chand Gupta, Mr. Ramesh Chand Gupta and
Mr. Rakesh Kumar Gupta, SSRM is engaged in milling, processing and
selling of basmati rice. The milling capacity of its plant at
Taraori (Karnal), Haryana, is being expanded to 8 tonnes per hour
(tph) from 6 tph; SSRM also has a sorting capacity of 8 tph.  It
also processes paddy for BIEL on a job work basis.  The group
reported a profit after tax (PAT) of Rs.13 million on net sales of
Rs.1,681 million in 2007-08, as against a PAT of Rs.4 million on
net sales of Rs.1,126 million for the previous year.


TATA MOTORS: Offers Public 11% Annual Interest on 3-Year Deposits
-----------------------------------------------------------------
Tata Motors Ltd. will borrow from the public for the first time in
13 years as the credit crunch limits its ability to refinance
loans used to acquire Jaguar and Land Rover units from Ford Motor
Co. in June, Bloomberg News reports.

Tata Motors will pay as much as 11 percent annual interest on
three-year deposits from the public, spokesman Debasis Ray told
Bloomberg News in a phone interview.

The Financial Times relates the automaker said in an advertisement
in an Indian newspaper Monday "Tata Motors invites deposits from
the public," adding it would pay "additional interest for senior
citizens, shareholders and employees".

The FT says Indian companies are permitted to take fixed-term
deposits from the public.  According to the FT, the minimum
deposit published was Rs20,000 (US$400), but the company did not
say how much money it intended to raise from the move.

The automaker, Bloomberg News says, needs money to replace a US$3
billion bridge loan it used to fund the US$2.4 billion purchase of
the U.K.-based luxury units from Ford.

"They are giving every source a shot," Bloomberg News quoted
Ambrish Mishra, analyst at MF Global Sify Securities India Pvt, as
saying.  "They are running out of time" to refinance the bridge
loan taken for the purchase, he said.

Separately, Reuters reports Tata Motors said it will shut its
commercial vehicle plant in the western city of Pune for three
days from Dec. 5, as it tries to avoid a build-up in unsold stock
amid falling sales.

According to Reuters, the plant was also closed for six days last
month, and the company has closed other plants on a short-term
basis to manage inventory levels.

Citing the Business Standard newspaper, Reuters notes the Pune
plant would be shut again for three days beginning Dec 26.

"That is not final.  I cannot say anything about that," a Tata
Motors spokesman told Reuters.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
2, 2008, Moody's Investors Service 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
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


TATA MOTORS: Total Vehicle Sales Decline by 30% in October
----------------------------------------------------------
Tata Motors reported total sales of 32,696 vehicles (including
exports) for the month of November 2008, a decline of 30% compared
to 46,947 vehicles sold in November last year.  Cumulative sales
for the company at 3,38,110 nos., declined by 6%.  Unavailability
of finance, coupled with high interest rates, continues to defer
customer purchases.

                       Commercial Vehicles

The company's sales of commercial vehicles in November 2008 in the
domestic market were 16,229 nos., a decline of 40% compared to
26,895 vehicles sold in November last year.  M&HCV sales stood at
5,792 nos., a decline of 60% over November 2007, while LCV sales
were 10,437 nos., a decline of 16% over November 2007.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal were 1,81,123 nos., a decline of 3% over 1,86,859 nos.
last year.  Cumulative M&HCV sales stood at 81,909 nos., a decline
of 16% over last year, while LCV sales for the fiscal were 99,214
nos., a growth of 11% over last year.

                       Passenger Vehicles

The company's sales of passenger vehicles in November 2008 in the
domestic market were 14,327 nos., a decline of 12% compared to
16,322 vehicles sold in November last year.  The Indica range
sales at 9,039 nos. declined by 13.8% over last November despite
orders in hand which could not be converted into sales due to lack
of financing in the market, but held close to October 2008 level
of 9,484 nos. The Indigo range with sales of 3,477 nos., reported
a 73% growth over November 2007.  Car sales of 12,516 nos. between
the Indica and the Indigo range in the month of November 2008 are
marginally up, compared to car sales of 12,502 nos. in November
2007, continuing the growth uptrend registered for the first time
this fiscal in October 2008.  The Sumo and Safari accounted for
sales of 1,811 nos., a decline of 52.6% compared to November 2007.
The UV/SUV segment in the industry continues to be under pressure
in the market since the July ad hoc imposition of an additional
element of excise duty on vehicles having engine displacement of
over 1.5 litre.

Cumulative sales of passenger vehicles in the domestic market for
the fiscal were 1,29,246 nos., a decline of 5.5% over 1,36,820
nos. in the same period last year.  Cumulative sales of the Indica
at 68,078 nos., reported a decline of 25%, with de-growth having
been controlled from a peak of 32.2% in July 2008 to 13.8% in
November 2008, since the launch of the Indica Vista.  Cumulative
sales of the Indigo family were 34,759 nos., a growth of 86%.
Cumulative sales of Sumo and Safari at 26,409 nos. went into a
decline of 4% for the first time this fiscal arising from a
slowing down of the segment since July.

                             Exports

The company's sales from exports at 2,140 vehicles in November
2008 declined by 43% compared to 3,730 vehicles in November 2007.
The cumulative sales from exports for the fiscal at 27,741 nos.
declined by 22% over 35,562 nos. in the same period last year.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
December 2, 2008,  Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to B1 from Ba2.  The
outlook remains negative.


* INDIA: ASSOCHAM Seeks Gov't. Relief Package for Exporters
-----------------------------------------------------------
The Associated Chambers of Commerce and Industry of India
(ASSOCHAM) has expressed its serious concern over 12.1% decline in
Indian exports in the month of October 2008 and therefore sought a
relief package for exporters without any further delay.

In a statement issued Monday, Mr. D S Rawat, ASSOCHAM Secretary
General, said that the ASSOCHAM had already warned the government
for declining exports about a month ago.  The Chamber
apprehensions have already turned true and urge the Ministry of
Industry & Commerce to unveil its promised package for exporters
so that from December onwards, the declining export trends are
arrested.

According to Mr. Rawat, 12.1% fall in exports is extremely steep
and India cannot afford to live with it as its immediate fall out
would be on job cuts.  Increasing decline in exports would mean
slashing of jobs and therefore, whatever package in terms of
incentives to exporters are possible under existing circumstances,
the government should roll them out at once, urged Mr. Rawat.



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

PT MOBILE-8: Moody's Cuts CFR and Senior Unsecured Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa2 PT
Mobile-8 Telecom Tbk's corporate family rating and the senior
unsecured rating on the US$100 million 11.25% notes due 2013
issued by Mobile-8 Telecom Finance Company B.V.  The outlook on
the ratings is negative.

The ratings downgrade follows the company's announcement that
the holders of the US dollar notes have rejected a proposed debt
restructuring, and requested accelerated repayments on the US$100
million principal and unpaid interest no later than 14 business
days after Nov. 26, 2008.

The request for accelerated repayments follows the company's
failure to launch a tender offer to redeem the US dollar notes
within 30 days of the Change of Control event, therefore
triggering an event of default under the notes indenture.

"The downgrade to Ca reflects the fact that Mobile-8's current
liquidity sources are not sufficient to cover early repayment of
the notes and therefore a default on the notes after the grace
period looks unavoidable" says Ivan Palacios, a Moody's
AVP/Analyst.  "Furthermore, a default on the company's US$ notes
could trigger a cross-default on its Rupiah senior secured notes,
at the option of the bondholders."

As of Sept. 30, 2008, Mobile-8 had IDR681 billion (approximately
US$54 million at current exchange rates) of unrestricted cash and
short-term investments.  The company has no committed revolving
credit facility or line of credit to provide additional liquidity.
In addition, in Q4 2008 Mobile-8 is expected to be significantly
free cash flow negative.

Mobile-8's very weak liquidity profile results from a material
deterioration of the company's operations, as reflected by the
IDR153 billion operating loss reported for the nine months ended
September 2008, eroding market share and margins, and the
inability for the company to roll out new products on a timely
basis and successfully compete with larger and better capitalized
Indonesian telecoms operators.

The negative outlook reflects the uncertainties regarding the
extent of final losses to be borne by the US$ bondholders, given
their subordinated position in the capital structure.
The last rating action on Mobile-8 was on Oct. 10, 2008 when the
company's ratings were downgraded to Caa2 and placed under review
for possible further downgrade.

Established in 2002 and operating commercially since the launch of
its pre-paid services in 2003, PT Mobile-8 Tbk is the fourth
largest mobile cellular operator in Indonesia.  It operates in the
800 MHz spectrum on a CDMA2000 1X platform.  The company reported
net revenues of IDR867 billion (approximately US$80 million) for
the 12-month period ending Sept. 30, 2008.



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

ASAHI MUTUAL: S&P Keeps 'BB+' Long-Term Counterparty Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlooks on its long-term counterparty and financial strength
ratings on Asahi Mutual Life Insurance Co., reflecting the
insurer's weakening capitalization.  Amid a stagnant investment
environment due to turmoil in global financial markets, latent
losses from the company's marketable securities, which include its
domestic equity portfolio, are increasing.  At the same time, S&P
affirmed its 'BB+' long-term counterparty and financial strength
ratings on Asahi Life.

For several years leading up to the first half of 2007, Asahi
Life's capitalization relative to its risk had been improving due
to the steady accumulation of retained earnings, backed by a
relatively stable revenue flow.  Furthermore, the recovery in
Asahi Life's capitalization was given a boost by a recovery in
stock prices over the past few years, which lead to an increase in
latent profit from the company's stock portfolio.  However, Asahi
Life's relatively weak position in the market compared to industry
peers means its capitalization is susceptible to market
volatility.  For example, the company has accumulated retained
earnings relatively slowly, while its domestic equity holdings
account for a large proportion of the company's capitalization
level.  As such, the company's latent losses from securities
holdings expanded to JPY112.3 billion as at the end of September
2008, being affected by declining stock prices and the rapid
appreciation of the yen since the second half of 2007.

Asahi Life has taken various actions to enhance its
capitalization, including reducing its holdings of domestic
equities and foreign currency-denominated foreign bonds, which
accounted for 7.0% and 6.2% of its general account assets as of
Sept. 30, 2008, respectively; executing foreign exchange hedging
arrangements; and planning an increase in "kikin", a type of
subordinated debt unique to Japanese life insurers.  However, S&P
considers that a prudent view is required when assessing the
resilience of Asahi Life's capitalization, as there is no clear
prospect for an early recovery in the asset management
environment.  Despite continued declines in business in force,
however, the company maintains a certain level of underwriting
profit, supported by ample mortality gains.  S&P will focus on the
company's ability to enhance retained earnings by increasing
profit contributions from its highly profitable third-sector
products.

S&P may consider a downgrade if capitalization concerns increase
as a result of deterioration in revenues from the company's
insurance business or continued turmoil in the financial markets,
which could lead to an expansion of related losses at Asahi Life.
Conversely, the outlooks may be revised to stable if the asset
management environment, which includes Japan's stock market,
recovers, and the company's insurance sales remain sound, thereby
enhancing its capitalization.

                            Ratings List
        Ratings Affirmed; CreditWatch/Outlook Action

                                  To                 From
                                  --                 ----
Asahi Mutual Life Insurance Co.

Counterparty Credit Rating
  Local Currency                  BB+/Negative/--    BB+/Stable/--

Financial Strength Rating
  Local Currency                  BB+/Negative/--    BB+/Stable/--


DELPHI CORP: Court Allows Reargument of Fraud Claim Order
---------------------------------------------------------
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern
District of New York has issued a ruling with respect to Appaloosa
Management, L.P. and A-D Acquisition Holdings, LLC's request under
Rule 9023 of the Federal Rules of Bankruptcy Procedure, and Rule
9023-1 of the Local Rules for the United States Bankruptcy
Court for the Southern District of New York, for an order:

   (i) granting reargument of the Court's August 11, 2008,
       decision and, upon reargument, dismissing:

         * Claims One (Breach of Contract against Investors
           under the Equity Purchase and Commitment Agreement)
           and Two (Breach of Contract against the parties to
           the Commitment Letter Agreements) to the extent that
           such claims seek specific performance or damages
           against ADAH and AMLP in excess of US$250 million and

         * Claims Three (claim for all defendants to perform
           under Delphi's confirmed plan pursuant to Section
           1142 of the Bankruptcy Code) and Four (claim of
           fraud against Appaloosa) as against ADAH and AMLP,
           and

(ii) striking paragraphs 71 through 83, 129, 130, and 132 of
      the Complaint, which provides for, among many
      allegations, that even before the Court confirmed
      Delphi's Plan of Reorganization on Jan. 25, 2008,
      Appaloosa engaged in efforts to avoid its obligations
      under the EPCA and undermine the consummation of the
      Plan.

In his short ruling, Judge Drain said that he is granting AMLP
and ADAH's motion to reargue and strike, to the extent of hearing
reargument.  "The motion in all other respects, is denied," he
ruled.

Delphi Corp., in May 2008, sued AMLP and other parties in light of
their refusal to comply with their prior agreement to provide
US$2,550,000,000 in equity exit financing to Delphi.  Appaloosa's
termination of their EPCA stalled the consummation of Delphi's
Plan of Reorganization, which was confirmed by the Court January
25, 2008, and kept Delphi in Chapter 11.

The defendants to Delphi's US$2.55-billion lawsuit are:

     - Appaloosa Management L.P.;
     - A-D Acquisition Holdings, LLC;
     - Harbinger Del-Auto Investment Company, Ltd.;
     - Pardus DPH Holding LLC;
     - Merrill Lynch, Pierce, Fenner & Smith Incorporated;
     - Goldman Sachs & Co.;
     - Harbinger Capital Partners Master Fund I, Ltd.;
     - Pardus Special Opportunities Master Fund L.P.; and
     - UBS Securities LLC.

Delphi still insists that Appaloosa wrongfully terminated the
EPCA and disputes the allegations that it breached the EPCA or
failed to satisfy any condition to the Investors' obligations
thereunder as asserted by Appaloosa in its April 4 letter.

Delphi's fraud claims rely upon the events and allegations made
by Delphi in Paragraphs 71-83 of its US$2,550,000,000 lawsuit
against Appaloosa and other parties.  The allegations included
that even before the Court confirmed Delphi's Plan of
Reorganization on Jan. 25, 2008, Appaloosa engaged in efforts to
avoid its obligations under the EPCA and undermine the
consummation of the Plan.

Appaloosa notes that while those "unsupported and incorrect
allegations" have been dismissed as against every other
defendant, Delphi continues to advance the false allegations as
the "core" of its claims against Appaloosa.  Accordingly,
Appaloosa asked the Court to strike Par. 71-83.

According to Reuters, Judge Drain said at a hearing on Oct. 8
that that he will reconsider Delphi's fraud claim against
Appaloosa that he had earlier dismissed.  "It seems to me that I
was unclear in what aspects of the allegations needed to be dealt
with," Judge Drain said.  "I may well have been wrong."

In that light, the parties submitted various memorandums that
back their positions with respect to Delphi's fraudulent omission
claim against Appaloosa.  Delphi wants its fraudulent omission
claim reinstated, citing that the claim is in compliance with Rule
9(b) of the Federal Rules of Civil Procedure.

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 151; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Gives Go Signal for Auction of Exhaust Business
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the proposed bidding and auction procedures for the sale
of Delphi Corp.'s exhaust business.

The Official Committee of Unsecured Creditors in Delphi's cases
says that it is particularly concerned that the sale of the
exhaust business may not at that price may not benefit the
Debtors, and it could be more advantageous to retain the business.
The Committee, though, has not filed a formal objection to the
sale, noting that its professionals have not yet had the
opportunity to complete its due diligence with respect to the
contemplated transaction.

As reported by the Troubled Company Reporter, Delphi Corp., and
its debtor affiliates Delphi Automotive Systems LLC, and Delphi
Technologies, Inc., sought permission to sell their exhaust
business to Bienes Turgon S.A. de C.V., subject to further market
test through an auction on December 11.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in Chicago, Illinois, relates that as part of its
transformation plan, Delphi has identified its exhaust business
as a non-core business subject to disposition.  Accordingly,
following broad marketing efforts, on November 10, 2008, Delphi
Corp. and its debtor and non-debtor affiliates entered into a
Master Sale and Purchase Agreement with Bienes Turgon S.A. de
C.V.

The Agreement contemplates a global divestiture of the Exhaust
Business to Bienes Turgon for a purchase price of US$17 million,
subject to certain adjustments.

                 Sale of Global Exhaust Biz.

Delphi's global exhaust emissions business produces a broad array
of catalytic converters and related assemblies that are sold
globally and used in a variety of gas and diesel emissions
control applications. The company began making catalytic
converters in 1974 as the AC Spark Plug division of GM and at the
time of the Spin-Off, the operations became part of Delphi. The
Exhaust Business is part of Delphi's Powertrain business, a core
business of the Company.  The Exhaust Business has a global
platform with operations at six primary manufacturing sites in
Australia, China, India, Mexico, Poland, and South Africa, all
of which -- other than the Mexican and South African sites --
also manufacture other Delphi products.

Except for the Mexican site where Delphi Entities hold a minority
interest in one joint venture, Katcon S.A. de C.V., all sites are
wholly-owned or controlled by the Delphi Entities.  Sixty percent
of the Katcon joint venture is owned by Bienes Turgon and 40% is
owned by Delphi Corp's non-Debtor affiliate, Delphi Controladora,
S.A. de C.V.  Delphi Automotive Systems (Holding), Inc. owns
99.99% of DCSA, and Delphi International Holdings Corp. owns .01%
of DCSA.  Both DASHI and DIH are Debtors.  Pursuant to this
transaction, the applicable non-Debtor Seller will be selling its
equity interest in Katcon.

In addition to certain engineering capabilities at the
manufacturing sites, the Exhaust Business also has engineering
resources located at technical centers in Luxembourg and Michigan
where engineering personnel carry out their responsibilities to
develop and test the Exhaust Business' products and associated
processes.

The dedicated workforce for the Exhaust Business is comprised of
approximately 135 salaried and 158 hourly employees.  Of these
employees, 23 are U.S. employees, all of whom are salaried
employees (primarily engineers).

The Exhaust Business is benefiting because of increasingly
stringent regulatory exhaust emission requirements in the global
market which aim to reduce noxious emissions. For the year ended
December 31, 2007, the Exhaust Business achieved revenue of
US$294.4 million and EBITDA of US$19.1 million on a pro-forma
basis, excluding certain Delphi

Because of the increasingly stringent environmental requirements,
the company believes that with the right buyer, the Exhaust
Business has strong growth prospects.  The revenue from the
Exhaust Business is comprised of two different value streams: (i)
76% is through a customer-directed purchase process through which
the Delphi Entities obtain catalyst material from a specified
supplier and pass it to the customer, receiving a handling fee
but not otherwise adding value to the product and (ii) 24% is
generated from sale of product to which Delphi has added content,
thereby increasing its value.

Nearly two-thirds of the Exhaust Business sales are to GM and its
affiliates, virtually all of which is sold outside of the U.S.
In addition to its customer relationship with GM, the Exhaust
Business has customer relationships with many other leading
original equipment manufacturers, including AvtoVAZ, Brilliance,
Ford, and Renault.

                      Bidding Procedures

The Sale of the Exhaust Business would be subject to higher or
otherwise better offers.

The Debtors propose a December 8, 2008 at 11 a.m. (prevailing
Eastern time) deadline to submit bids for the Exhaust Business.
In light of the short timeframe, the Debtors are commencing the
process of contacting potential bidders and will open the virtual
data room to such parties even prior to Nov. 24 hearing.

Bids must at least have a value equal to the purchase price plus
the amount of the Break-Up Fee, plus US$650,000 (approximately
US$18,160,000).

If the Selling Debtor Entities receive at least one "qualified
bid" in addition to that of the Bienes Turgon, they would conduct
an auction on December 11, 2008.

Delphi will seek approval of the sale to Bienes Turgon or to the
winning bidder on December 17, 2008 at 10:00 a.m.  Objections are
due December 10, 2008 at 4:00 p.m.

A full-text copy of the Court-approved Bid Procedures is available
for free at:

  http://bankrupt.com/misc/delphi_exhaust_bsns_bidprocedures.pdf

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 151; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Delays Hearing on Bankruptcy Exit Plan to Dec. 17
--------------------------------------------------------------
The hearing to consider preliminary approval of the Delphi Corp.'
and its affiliates' proposed modifications to their confirmed
First Amended Joint Plan of Reorganization has been adjourned to
10:00 a.m. on December 17, 2008.

Delphi presented to the U.S. Bankruptcy Court for the Southern
District of New York changes to an already confirmed Plan after
Appaloosa Management, L.P., and other investors backed out from
their commitment to provide US$2.550 billion in exit financing.
The
new plan does not require financing from plan investors, but
requires more funding from primary customer General Motors Corp.,
which is facing its own liquidity crisis, and US$3.75 billion from
an exit debt financing and a rights offering.

The Preliminary Plan Modification Hearing has been adjourned
three times.  Under the original schedule, the Debtors
contemplated an October 23, 2008 preliminary hearing and
emergence from bankruptcy by Dec. 31, 2008.

Delphi Corp. has signed deals with General Motors Corp. and its
DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to have
access to borrowed cash until mid-2009.  The Debtors' financing
deals mature Dec. 31, 2008.

On Oct. 3, the Debtors submitted proposed modifications to their
Plan of Reorganization.  Under the modified plan, the Debtors
targeted a Dec. 17 confirmation hearing, and a Chapter 11 exit by
year-end.   The modified plan does not require, in addition to
US$4,700,000,000 of debt exit financing, Appaloosa's
US$2,550,000,000 cash-for-equity investment, which was the
highlight of the Court-confirmed, but unconsummated, Jan. 25, 2008
PoR.  The modified plan requires debt exit financing of US$2.75
billion plus a US$1,000,000,000 raised through a rights offering.

Delphi, however, has said that "in the face of the current
unprecedented turbulence in the credit markets and uncertainty in
the automobile industry," it does not anticipate emerging from
chapter 11 prior to December 31, 2008, when its financing deals
mature.

"Despite the efforts of the federal government to provide
stability to the capital markets and banks, the markets have
remained extremely volatile and liquidity in the capital markets
has been nearly frozen, resulting in an unprecedented challenge
for the Debtors to successfully attract emergence capital funding
for their Modified Plan, particularly in light of the current
conditions in the global automotive industry," John Wm. Butler,
Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois, said, in a court filing.

In its third quarter report on Form 10-Q, General Motors Corp.,
Delphi's primary customer, admitted, "Given the current credit
markets and the challenges facing the automotive industry, there
can be no assurance that Delphi will be successful in obtaining
US$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges US$4.1 billion for nine
months ended Sept. 30, 2008.  GM recorded a net loss of
US$2,542,000,000 on US$37,503,000,000 of revenues for three months
ended Sept. 30, 2008, compared with a net loss of
US$38,963,000,000 on US$43,002,000,000 of sales during the same
period in 2007.

General Motors, along with Ford Motor Company and Chrysler LLC,
has asked Congress to grant the U.S. carmakers access to
US$25 billion of the US$700 billion Troubled Asset Relief Program
approved by Congress to bail out financial institutions.
Congress is expected to tackle on Nov. 18 and 19 the proposed
bailout, which, according to reports, may be necessary to save
the U.S. automakers from collapse or bankruptcy.

A bankruptcy filing for GM could shatter its former unit Delphi's
plans to finally exit bankruptcy this year or early next year,
according to a report by Bloomberg News.  "If GM fails, it's
likely the Delphi reorganization fails, and Delphi converts to a
case under Chapter 7 -- a liquidation," Nancy Rapoport, a law
professor at the University of Nevada-Las Vegas, in an e-mail,
according to Bloomberg News.  "For the creditors of Delphi, this
of course isn't optimal, and the usual issues in Chapter 7,
determining the liquidation value of the company, will apply."

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 151; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Gets Six Months Extension of US$4.35-Bil. DIP Loan
---------------------------------------------------------------
Delphi Corp. won approval from the U.S. Bankruptcy Court for the
Southern District of New York to extend until June 30, 2009, the
maturity date of its US$4.35 billion DIP financing, Bloomberg News
reports.

Delphi, according to the report, can use proceeds from its
US$4.35 billion bankruptcy loan to fund operations while working
to emerge from Chapter 11 protection.  Delphi previously
contemplated a Dec. 31, 2008 emergence from bankruptcy but has
found difficulty accessing credit.

Delphi in October presented to the Bankruptcy Court changes to an
already confirmed Plan after Appaloosa Management, L.P., and other
investors backed out from their commitment to provide US$2.550
billion in exit financing.  The new plan does not require
financing from plan investors, but requires more funding from
primary customer General Motors Corp., which is facing its own
liquidity crisis, and US$3.75 billion from an exit debt financing
and a rights offering.  Delphi has deferred seeking approval of
the plan and has instead sought an extension if its bankruptcy
loan.

The Debtors, on Nov. 7, filed with the Bankruptcy Court sought
authority to continue their use of the proceeds from their DIP
Facility through June 30, 2009, by entering into an accommodation
agreement with JPMorgan Chase Bank, N.A., as administrative agent,
and certain lenders that constitute the majority of holders by
amount of Delphi's two most senior tranches of its DIP Credit
Facility -- the "Required Lenders".

Delphi stated that while the original form of the accommodation
agreement was acceptable to GM, Delphi agreed with GM to
reconsider certain of the subsequent amendments agreed to between
Delphi and the "required lenders" under the DIP Facility.
Delphi stated its intent to engage in discussions with GM and
certain of Delphi's lenders under the existing DIP financing
agreement in an attempt to identify acceptable changes to the
documents presented to the Court.

Delphi said that when filed, the Accommodation Agreement
reflected the support of the administrative agent and the
anticipated support of the Required Lenders for Delphi's
transformation efforts, despite the current economic downturn and
the unprecedented turmoil in the capital markets.  The company
made various changes to the Accommodation Agreement since the
Nov. 7 filing in order to obtain support from as many DIP lenders
as practicable and has received signature pages from more than
the Required Lenders needed to implement the agreement.

         Delphi Will Go Through Half Its Cash By March

Delphi, in a Nov. 28 filing with the Securities and Exchange
Commission said that it would provide supplemental financial in
connection with their solicitation of lenders' consents to the
Accommodation Agreement.  This information includes near-term
forecast updates to cash flows and liquidity levels through
March 31, 2009:

     (in millions)        2008               |      2009
  -------------------------------------------|------------------
                     Actual      |         Projected
  Cash       June    Sep    Oct  | Nov   Dec |   Jan   Feb   Mar
  --------------------------------------------------------------
  U.S. Cash  $148 $1,136   $793   $417  $198 |   $34   $28   $26
                                             |
  Non-U.S.                                   |
  Cash        985    788    843    862 1,176 |   935    857  715
  --------------------------------------------------------------
  Consoli-  1,133  1,904  1,636  1,279 1,374 |   969    885  741
  ted Cash                                   |
  --------------------------------------------------------------
  Availa-
  bility

  DIP         613    138     46      -     - |     -     -     -
  GM
  Support     300      -      -    300   300 |   300    215  110
  --------------------------------------------------------------
  Total    $  913   $138    $46   $300  $300 |  $300   $215 $110
  Avai-
  lability                                   |
  --------------------------------------------------------------
  Cash and                                   |
  Availa-                                    |
  bility   $2,046 $2,042 $1,682 $1,579 $1,674 $1,269 $1,100 $851
  ==============================================================
  DIP                                        |
  Revolver                                   |
  Balance     311    465    511    397    397|   370    370  370
  GM Agreement                               |
  Balance       -      -      -     -       -      _     85  190
                                             |
  Memo: Borrowing Base Cash Collateral       |
                 -     -      -      -    200|   200    155  150

According to Bloomberg News, the disclosure means that Delphi
will burn through $633 million in cash from December through
March, or almost half its reserves.

The Debtors' $4,350,000,000 DIP facility consists of:

  Tranche        Facility
  -------        --------
     A           US$1,100,000,000 first priority revolving
                 Credit facility

     B           US$500,000,000 first priority term loan

     C           Approximately US$2,750,000,000 second priority
                 term loan.

Through the Accommodation Agreement, certain Tranche A Lenders
and Tranche B Lenders would agree to, among other things, allow
the Debtors to continue using the proceeds of the DIP Facility
notwithstanding, among other things, the DIP Facility's maturity
date of December 31, 2008.

Delphi is facing opposition from some of its lenders, who,
according to CNNmoney.com, say the other lenders who agreed to
the extension arranged a "sweetheart deal" for themselves.  The
third lender group who said the arrangement would "trample" their
rights by giving additional liens to the other lenders that have
consented to the change, Dow Jones reports.

The lenders that are opposing the loan changes said their
collateral is at risk as Delphi burns through cash.  The opposing
lenders also said a subset of lenders, led by JPMorgan, would see
$200 million in unsecured claims elevated to first-priority lien
status.

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 151; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Tranche C Lenders, et al., Balk at DIP Loan Extension
------------------------------------------------------------------
Greywolf Capital Management, LP, Tranche C Lender under Delphi
Corp.'s DIP Credit Agreement, opposes an extension of the loan's
maturity date, contending that Delphi sought an extension of the
maturity date, without adhering to the requirements of the DIP
Facility.

As reported in today's Troubled Company Reporter, according to a
Bloomberg News report, Delphi won approval from the U.S.
Bankruptcy Court for the Southern District of New York to extend
until June 30, 2009, the maturity date of its US$4.35 billion DIP
financing.

Ronald R. Sussman, Esq. at Cooley Godward Kronish LLP, in New
York, notes that Delphi, expecting that DIP Lenders' unanimous
consent for the extension of the maturity date of the DIP Credit
Agreement is not possible, seeks to force Greywolf into
indentured servitude by holding by hostage for an additional six
months, its funds in excess of US$100,000,000, Mr. Sussman says.
This, he adds is in direct contravention of the terms of the DIP
Credit Agreement.

To note, the extension of the maturity date of the DIP Credit
Agreement is prohibited by the plain terms of the DIP Credit
Agreement.  The extension of the maturity date of the DIP Credit
Agreement can only be obtained through a unanimous consent of all
the Lenders, Mr. Sussman contends.

M.D. Sasse Re/Enterprise Portfolio Company L.P., another Tranche
C Lender, shares Greywolf's contentions regarding the need for
the Debtors to get a unanimous consent of the Lenders as a
requirement to obtain approval to supplement the DIP Credit
Agreement.

Other Tranche C Lenders also asked the Court to deny the terms of
the proposed extension, citing that Delphi is seeking to elevate
US$200,000,000 of pre-existing unsecured hedging obligations to
first priority liens status, thereby diluting the liens held by
all first-lien lenders and priming holders of Tranche C Loans,
with all these being done to the Lenders at a time when
macroeconomic conditions and the automotive industry in
particular, are their weakest point in decades.  Furthermore, the
Tranche C Collective asks the Court, pursuant to Sections 361(e)
and 363(e) of the Bankruptcy Code in exchange for the Debtors'
continued use of the collateral in these Chapter 11 cases.

The Tranche C collective is composed of these Lenders:

-- Sberdeen Loan Funding Ltd.
-- Anchorage Capital Master Offshore, Ltd.
-- Anchorage Crossover Credit Offshore Master Fund, Ltd.
-- Carlson Capital, L.P
-- Geer Mountain Financing Ltd.
-- Highland Credit Opportunities CDO Ltd.
-- Hillmark Funding Ltd.
-- Luxor Capital, LLC
-- Mariner LDC
-- Mariner Tricadia Credit Strategies Master Fund Ltd.
-- Monarch Alternative Capital LP
-- OHP CBNA Funding LLC
-- Pentwater Credit Partners, Ltd.
-- RiverSource Investments, LLC
-- Silver Point Capital Fund, L.P.
-- Spectrum Investment Partners, L.P.
-- Stoney Lane Funding Ltd.
-- Tricadia Distressed and Special Situations Master Fund Ltd.
-- West Gate Horizon Advisors
-- WhiteHorse I, Ltd.
-- Whitehorse II, Ltd.
-- Whitehorse III, Ltd.
-- Whitehorse IV, Ltd.

Susheel Kirpalani, Esq., at Quinn Emmanuel Urquhart Oliver &
Hedges, LLP, in New York, told the Court that the relief requested
by the Tranche C Collective is narrowly tailored to the harms to
be avoided, and is warranted when:

(i) traditional means of adequate protection are not available
     based on the unique facts of these cases; and

(ii) the Accommodation Agreement ensures the Collateral's trend
     toward decline will continue at alarming rate.

Moreover, Mr. Kirpalani asserts, in operating the Debtors'
businesses post-maturity, the Court should take measures,
pursuant to Section 1107(a) of the Bankruptcy Code, to establish
a closer watch over the estates and ensure that the rights of all
parties in interest are continuously monitored consistent with
the Bankruptcy Code, including the priority provisions therein
and pursuant to the Court's prior DIP financing orders.

Select Tranche A and B Lenders also objected to the Accommodation
Agreement.  Calyon New York Branch, a Tranche A Lender under the
DIP Credit Agreement, asked the Court to deny the Debtors' motion
or in the alternative, direct the Debtors and their Agents to
count votes for or against the proposed Accommodation Agreement in
accordance with the voting rules set out in the DIP Credit
Agreement.  Calyon contends that there are provisions of the DIP
Credit Agreement that prohibit modifications of the type sought in
the Proposed Accommodation Agreement which the Debtors did not
discuss in their motion.

In an addition, an ad hoc group of Tranche A and B DIP Lenders
asked the Court to direct the Debtors to provide adequate
protection for the use of their collateral.  Represented by David
Neier, Esq., at Winston & Strawn LLP, in New York, the Ad Hoc
Group clarifies that it would support an accommodation agreement
in aid of the Debtors' reorganization. However, the Ad Hoc Group
wants the Accommodation Agreement, in its current form, denied
because, among other things, the Debtors seek to provide liens for
US$200,000,000 of presently unsecured  Hedging Obligations of the
Debtors, and the liens will be pari passu with the DIP liens
granted to the Ad Hoc Group, even though the Debtors will be
in default of the DIP Credit Agreement on the maturity date,
December 31, 2008.

Other key parties, like the Official Committee of Equity Security
Holders and the Official Committee of Unsecured Creditors,
expressed support on the Accommodation Agreement.  The Equity
Committee said some of the lenders have been overreaching in
certain respects, however it believes that the Debtors have sought
the best and most beneficial arrangement they deem possible while
attempting to resolve the issues raised by the lenders under the
DIP Facility.

The Creditors Committee says that while it does not object to
other concessions the Debtors propose to make to the DIP lenders
in the Accommodation Agreement, including to the Tranche C
lenders, the Committee submits that granting voting rights where
none currently exist makes little sense and increases the risk
that actions of the Tranche C lenders may negatively affect the
Debtors' restructuring efforts.

The Debtors, in response to the objections, say that
notwithstanding the various objections filed in opposition to the
Accommodation Motion, nearly all of the Objecting Lenders actually
agree that an accommodation is the preferred outcome.

                     About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 151; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: To Cut CEO's Pay Package & Focus on Making Small Cars
-----------------------------------------------------------------
Ford Motor Co. will present before the congress its business plan,
which includes a reduction in CEO Alan Mulally's compensation
package, Mike Spector, Mathew Dolan, and Greg Hitt at The Wall
Street Journal report, citing a person familiar with the matter.

According to WSJ, Ford Motor and General Motors Corp. directors
met separately on Monday to vote on their viability plans to be
presented to the Congress on Tuesday, to try to win support for
US$25 billion in low-cost loans from the federal government.
Chrysler LLC top executives, WSJ relates, were finalizing their
own plan to show that it can survive and return to profitability
with government aid, after its private-equity owner Cerberus
Capital Management LP reviewed the plan on Monday.

Citing a source, WSJ states that it isn't yet clear how Mr.
Mulally's pay package will be reduced, but Ford Motor is
considering cutting off Mr. Mulally's salary until the firm
becomes profitable again, or paying him through stock options.
According to the report, Mr. Mulally has earned almost
US$50 million in total compensation since leading Ford Motor in
2006.

WSJ reports that executive compensation became an issue when the
Ford Motor, GM, and Chrysler asked the Congress for financial help
in November 2008.  Mr. Mulally, says WSJ, had been unwilling to
accept a US$1 yearly salary when he was asked during the first
meeting of the Congress, and people familiar with the matter said
that Ford Motor Executive Chairperson William Clay Ford and some
other members of the company's board were unnerved by Mr. Mulally.

            Ford Motor to Focus on Small Cars

Citing a person familiar with the matter, WSJ relates that Ford
Motor will also mention in its business plan that it will shift to
making small fuel-efficient cars and break from the past strategy
of focusing mainly on large pick up trucks and sport-utility
vehicles.  According to the report, Ford Motor's plan would likely
underscore its new fuel-efficient gasoline turbocharged direct-
injection engines and bringing its high-mileage cars from its
European operations to the U.S.

    Conway MacKenzie Says More Cuts Must be Implemented

GM, Ford Motor, and Chrysler must implement more cuts, WSJ
reports, citing restructuring firm Conway MacKenzie & Dunleavy
senior managing director Van Conway.  "I think you need to
demonstrate sincerely that you are doing the very painful cuts --
white collar, blue collar, plant closings.  They need to really
look like they're suffering on the expense line so people believe
they can make it," the report quoted Mr. Conway as saying.

According to WSJ, a source said that Ford Motor and GM would be
willing to seek further cost-cuts and concessions from the United
Auto Workers union.  The report says that once GM reaches an
agreement with the United Auto Workers union on any wage or
benefit concessions for a rescue of the company, Chrysler, Ford
Motor will also insist on a similar arrangement.  GM, according to
the report, owes the health care trust for retiree union workers
some US$7.5 billion by 2010, which many suspect the company can't
afford.

Citing a source, WSJ says that UAW President Ron Gettelfinger is
open to eliminating the jobs bank, which pays employees most of
their wages even when they no longer work in plants, but Mr.
Gettelfinger wants to see management sacrifices in return.  The
sacrifices, WSJ relates, would include limits on executive
compensation and a retraining program that will help laid-off
workers get high-tech jobs in areas like battery development for
electric vehicles.

WSJ relates that sources said that GM will plan more cuts to North
American production capacity, an initiative to offer debt-holders
equity to tidy its balance sheet, and cuts to executive pay, while
aspects of the plan include goals to gain more labor concessions,
and executive pay cuts.  Citing a source, the report states that
GM would also include in its plan cutting brands and details on
new fuel-efficient vehicles and how the firm will meet new
stringent federal mileage rules.  The report says that GM hopes to
start selling electric plug-in car Chevrolet Volt in 2010.

Cerberus Capital is also interested in combining Chrysler with
another firm, WSJ states.  Cerberus Capital had discussed selling
Chrysler to GM before the request for government aid, according to
the report.

Jeff Bennett at WSJ reports that Ford Motor is again considering
selling its Swedish luxury vehicle maker Volvo Cars, saying on
Monday that it will re-evaluate strategic options for the unit as
part of a broader effort to strengthen Ford Motor's balance sheet.
Ford Motor, according to WSJ, acquired Volvo Cars from Swedish
truck maker AB Volvo for more than US$6.5 billion in 1999.

The review could take several months, during which time Volvo Cars
will continue implementing a restructuring, which includes laying
off a quarter of its workforce, states WSJ.  Mr. Mulally had
affirmed in November this year his decision in 2007 to keep Volvo
Cars after a review of the advantages of selling the unit that
year, according to the report.  Mr. Mulally said last month that
he was still committed to restoring Volvo Cars' financial health,
the report states.

According to WSJ, CSM Worldwide analyst Michael Robinet doubts
that Ford Motor will be able to quickly find a suitor.  The report
quoted Mr. Robinet as saying, "Anyone who purchases Volvo would
have to have very close ties to Ford because virtually every Volvo
is using a Ford platform.  It will be difficult because it's not
like cutting a piece of pie that's already perforated and just
cracking it off.  They are very integrated and it could take
years."

AB Volvo said on Monday that it wasn't interested in purchasing
back Volvo Cars from Ford Motor, WSJ reports.

WSJ relates that GM, Ford Motor, and Chrysler were also devising
alternative travel plans after the Congress criticized their CEOs
for using expensive corporate jets to make their way to Capitol
Hill.  Ford Motor said on Monday that Mr. Mulally will drive by
car to Washington this time, while Chrysler said that its CEO
Robert Louis Nardelli has ruled out flying by private jet,
according to the report.

WSJ states that if the Congress approves the requests of GM, Ford
Motor, and Chrysler for government financial assistance, the
lawmakers would be called back to Washington next week.

Jeff Green and John Lippert at Bloomberg News report that GM, Ford
Motor, and Chrysler union leaders will hold an emergency meeting
on Dec. 3 at the Detroit Marriott Hotel.  Citing a person familiar
with the matter, the report says that participants of the meeting
will be asked to reopen a 2007 labor agreement to consider
concessions.

Sources said that GM also wants to change how it pays for a union
retiree health care fund as part of a broader cost cutting plan
designed to win government aid, Bloomberg states.

                      About Ford Motor Co.

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

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

                      *     *     *

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

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


GKL JAC: Fitch Cuts 5 Classes of Bonds Due to Replacement Delays
----------------------------------------------------------------
Fitch Ratings has downgraded five classes of G.K.L-JAC Four
Funding's bonds.

The rating actions reflect the current status and foreseeable
outcome of proceedings in the replacement of counterparties to the
transaction, following the Lehman Brothers Group bankruptcy in
September 2008; rather than as a result of the performance of the
transaction and its underlying assets.

In this transaction, Lehman Brothers Special Financing Inc.,
guaranteed by Lehman Brothers Holdings Inc., acts as the interest
swap counterparty, and Lehman Brothers Japan Inc acts as the
advance provider.  To date, the replacement of both the interest
rate swap counterparty and advance provider have not been
completed.  However, the transaction parties are negotiating with
potential counterparties for both roles, and procedures for the
replacement of both roles are in progress.  As indicated in the
press release the rating actions are a result of the agency's
expectation that the advancing agent will be replaced.

The agency's analysis focused on whether the existence of the
advance facility is essential in supporting the current ratings
under corresponding rating scenarios, taking into account the
characteristics of the underlying loan assets and collateral
properties.  In the higher rating level scenarios, there is one
loan for which the existence of the advance provider is viewed as
essential in supporting the ratings.  This is despite there being
less concern about the ultimate recovery of the loan principal.

Fitch views that there is a high possibility that the trustee will
enter into a new advance agreement, based on recent actions by the
transaction parties, and the fact that the replacement procedures
are underway.  Therefore, the agency has taken the current
candidate's credit-based ability to perform as the alternative
advance provider, into account in its analysis.

As for the interest rate swap counterparty, negotiations with
prospective counterparties are ongoing and the agency notes that
the possibility of the trustee entering into a new swap agreement
is high.  However, as a result of today's rating actions, the
likelihood of further downgrades is small, even if no replacement
swap is entered into.

Fitch will continue to monitor the progress of counterparty
replacement activities made by the transaction parties.  The
Rating Watch Negative will be resolved when the replacement of the
advance provider is completed, although the possibility of further
downgrades exist for certain classes of bonds remaining on RWN, if
the current candidate does not assume the role.

The full list of rating actions:

  -- JPY18.84 billion* Class A2 Bonds downgraded to 'BBB-'
     (BBB minus) from 'AAA'; remain on RWN;

  -- JPY4.28 billion* Class B2 Bonds downgraded to 'BBB-'
     (BBB minus) from 'AA'; remain on RWN;

  -- JPY4.0 billion* Class C2 Bonds downgraded to 'BBB-'
     (BBB minus) from 'A'; remain on RWN;

  -- JPY1.1 billion* Class D2 Bonds affirmed at 'BBB';
      removed from RWN; Outlook Stable;

  -- JPY1.0 billion* Class D3A Bonds downgraded to 'BBB-'
     (BBB minus) from 'BBB'; remain on RWN;

  -- JPY2.3 billion* Class D3B Bonds downgraded to 'BBB-'
     (BBB minus) from 'BBB'; remain on RWN;

  -- JPY0.46 billion* Class E2 Bonds affirmed at 'BBB-'
     (BBB minus); Outlook Stable;

  -- JPY1.2 billion* Class E3 Bonds 'BBB-' (BBB minus);
     remain on RWN;

  -- JPY0.29 billion* Class F2 Bonds affirmed at 'BB+';
     removed from RWN; Outlook Stable;

  -- JPY1.1 billion* Class F3 Bonds 'BB+'; remain on RWN;

  -- JPY0.29 billon* Class G2 Bonds affirmed at 'BB'; removed
     from RWN; Outlook Stable;

  -- JPY0.4 billion* Class G3 Bonds affirmed at 'BB'; removed
     from RWN; Outlook Stable; and

  -- Interest (dividend)-only Classes X1** and X2** TBIs affirmed
     at 'AAA'; Outlook Stable.

* As of November 28, 2008
** X-1 TBIs: interest (dividend)-only class

X-2 TBIs: in addition to interest (dividend), trust principal
payments on the fractional principal amount on the underlying
loans and cash reserves

The ratings address the timely payment of interest and ultimate
repayment of principal by legal final maturity for all bond
classes.  The ratings on the interest (dividend)-only Class X1 and
X2 TBIs address only the likelihood of receiving interest payments
while principal on the related TBIs remains outstanding, as per
the L-JAC Four trust agreement.

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


JAPAN GENERAL: Cancels Plan to Hire 53 Staff
--------------------------------------------
Japan General Estate Co. has withdrawn all 53 employment offers it
gave to university students, The Mainichi Daily News reports.

According to Bloomberg News, Japan General fell 14 percent on
Monday, December 1, after the job offer cancellation.

"With the outlook still so uncertain, we must focus on improving
our balance sheet quickly," Bloomberg News cites Seiji Matsumoto,
a spokesman at Japan General Estate as saying.

The Mainichi Daily says the Tokyo Labor Bureau and the Tokyo Tobu
branch of the National Union of General Workers intend to press
the company for an explanation.  It is extremely unusual for a
company to withdraw such a large number of job offers at one time,
The Mainichi Daily notes.

Japan General Estate Co., Ltd. is a Japan-based company engaged in
the real estate business in the metropolitan area.  The company
has five business segments.  The Real Estate Sales segment sells
condominiums directly to consumers and on consignment through
realtors in the metropolitan area.  The Real Estate Leasing
segment is engaged in the leasing of real estate in metropolitan
and Kansai areas.  The Real Estate Management segment is engaged
in the management of real estate.  The Advertising segment is
engaged in the planning and production of advertisement, as well
as the construction of interior works.  The Others segment is
engaged in the facility management, hotel operation, food service,
manpower dispatching business, the operation of hot spring
facilities and the sale of cosmetics.  The company has nine
subsidiaries and one associated company.


NOMURA HOLDINGS: Eyes JPY500 Bil. Pretax Profit in March 2011
-------------------------------------------------------------
Bloomberg News reports Nomura Holdings Inc. repeated a target of
reaching a JPY500 billion (US$5.3 billion) pretax profit for the
year that ends in March 2011.

The report says Chief Executive Officer Kenichi Watanabe told
investors rising profit from investment banking outside Japan will
help Nomura reach the goal.

The report relates Mr. Watanabe's remarks came as Goldman Sachs
Group Inc. cut a forecast for Nomura's fiscal 2011 pretax profit
by 20 percent to JPY250 billion.
Goldman said Nomura's acquisition of Lehman Brothers Holdings
Inc.'s Europe, Middle East and Asia units may force Nomura to
raise more capital.

Bloomberg News recalls the company said in October it may spend
US$2 billion to integrate about 8,000 employees it acquired when
it took over Lehman's operations
outside the Americas.

"We believe further funding is likely and see risk of shareholder
value dilution. . . ," Bloomberg News quoted Goldman analysts
Takehito Yamanaka and Tomoko Imoto as saying.  The analysts
reiterated their "sell" rating on Nomura and cut their share-price
target to JPY670 yen from JPY1,180.  "Recovery in Nomura's share
price is likely to be delayed," they said.

                             Losses

According to Bloomberg News, Nomura reported three straight
quarterly losses as global markets declined and flagged US$2
billion in costs stemming from the purchase of parts of Lehman
Brothers.  The company had a pretax loss of JPY64.6 billion for
the year ended March 31 while global investment banking profit was
JPY22.8 billion.  Nomura had about JPY430.9 billion of cash as of
Sept. 30.

Bloomberg News relates the brokerage posted a wider-than-expected
JPY72.9 billion second-quarter loss, putting it on course for a
record full-year deficit.  The firm's first-half shortfall of
JPY149.5 billion was more than double its record JPY67.8 billion
annual loss last year, prompting Standard & Poor's and Moody's
Investors Service to say they may cut the firm's credit ratings,
Bloomberg News adds.

                          Dai-ichi Deal

Nomura plans to sell JPY110 billion (US$1.2 billion) of bonds,
mostly to Dai-ichi Mutual Life Insurance Co., to boost capital,
Bloomberg News reports.

According to the report, Nomura will sell JPY100 billion of
subordinated convertible bonds to Dai-ichi and will sell JPY10
billion of the bonds to Shinkin Central Bank.

Nomura also may sell as much as JPY300 billion of corporate bonds
by Dec. 8, 2010, the report says.

                      About Nomura Holdings

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


* JAPAN: BOJ Sets Measures to Ease Tight Corporate Credit
---------------------------------------------------------
Xinhua News Agency reported that the Bank of Japan (BOJ) on
Tuesday rolled out a series of emergency measures to ease tight
corporate credit as the ongoing global financial turmoil makes it
difficult for companies to raise operating capital.

According to Xinhua, BOJ's eight-member policy board decided to
start accepting BBB-rated corporate debt as eligible collateral on
Dec. 9, easing the conditions for eligible collateral currently
set at A-rated or higher.

The central bank, Xinhua relates, will provide an unlimited amount
of funds at an interest rate of 0.3 percent against the value of
corporate debt pledged as eligible collateral.  The policy board
also decided to hold the key short-term interest rate unchanged at
0.3 percent.


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

ACP LTD ET AL: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
The creditors of ACP Ltd. and Partitions Limited are required to
file their proofs of debt by December 9, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Gregory John Sherriff
          Barry Phillip Jordan
          c/o Logan Nicholls
          Deloitte
          Deloitte House, Levels 11-16
          10 Brandon Street
          Wellington 6011
          Telephone:(04) 472 1677
          Facsimile:(04) 472 8023


ATOMIX NEW ZEALAND: Appoints Shephard and Dunphy as Liquidators
---------------------------------------------------------------
The shareholders of Atomix New Zealand Ltd. appointed Iain Bruce
Shephard and Christine Margaret Dunphy as the company's
liquidators on November 4, 2008.

The Liquidators can be reached at:

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


DOMINION FINANCE: Investors Approve Unit's Debt Moratorium
----------------------------------------------------------
Dominion Finance Holdings Ltd said that the debt moratorium for
its subsidiary North South Finance Ltd has been approved by the
stockholders yesterday, December 2.

Fiona Robertson at The National Business Review reports that the
latest financial figures available in moratorium documents showed
that North South's main assets as at September 30 represented
around 86% of investors' capital.

Its loan book, the report says, had been hit by around NZ$30
million provisions for losses and stood at NZ$76.4 million.

According to The National Business Review, the company's trustee
has raised questions over alleged related party lending, but says
this will still be investigated under a moratorium.

The report notes North South owes NZ$102.3 million capital to
investors, including NZ$33.3 million to its bankers.  Interest
owing of NZ$4.4 million is unlikely to be returned, the report
says.

                     About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
Dominion Finance Group.

According to The National Business Review: "Dominion went into
voluntary administration after it was fined NZ$65,000 by NZX
Discipline for filing its annual report late.  At that time,
directors said the holding company had little cash to its own
name.  Subsidiary Dominion Finance Group is in receivership while
directors are still pursuing a moratorium for North South Finance.
Dominion Finance Group owes 6,055 debenture holders NZ$224
million."


EASTSIDE TRUSTEE: Court to Hear Wind-Up Petition on December 19
---------------------------------------------------------------
A petition to have Eastside Trustee Ltd.'s operations wound up
will be hears before the High Court of Auckland on December 19,
2008, at 11:45 a.m.

Allied Nationwide Finance Limited filed the petition against the
company on October 23, 2008.

The Petitioner's solicitor is:

          Edward Michael Somers Cox
          Gibson Sheat, Lawyers
          Gibson Sheat Centre, Level 3
          1 Margaret Street
          Lower Hutt


GARLANDS DESIGN: Liquidates Business After 52 Years
---------------------------------------------------
Fiona Robertson at The National Business Review reports that
Garlands Design has closed its doors and gone into liquidation.

The company, Business Review says, opened 52 years ago in the
Strand Arcade off Queen Street, before moving to Remuera quarters
in the early 1970s.


JOURDAN DEVELOPMENTS: Court Hears Wind-Up Petition
--------------------------------------------------
On November 24, 2008, the High Court at Wellington heard a
petition to have Jourdan Developments Ltd.'s operations wound up.

Acrow Limited filed the petition against the company on Oct. 7,
2008.

Acrow Limited's solicitor is:

          B. R. Young
          Golden Bay Collections Limited
          PO Box 207, Takaka 7172
          Telephone:(03) 525 7100
          Facsimile:(03) 525 9040
          e-mail: gb.collections@xtra.co.nz


LEAH EVANS: Court to Hear Wind-Up Petition on January 28
--------------------------------------------------------
A petition to have Leah Evans Ltd.'s operations wound up will he
heard before the High Court at Rotorua on January 28, 2008, at
10:45 a.m.

L.E.A.D Training Trust Limited filed the petition against the
company on October 21, 2008.

The Petitioner's solicitor is:

          Charles Fletcher
          Fletcher Law
          Barristers & Solicitors
          20 Rostrevor Street
          PO Box 29, Hamilton


LITHO SERVICES: Commences Liquidation Proceedings
-------------------------------------------------
Litho Services Property Ltd. commenced liquidation proceedings on
October 28, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bryan G. Pocock
          44 Victoria Street, Level 7
          (PO Box 10788), Wellington
          Telephone:(04) 472 3560
          Facsimile:(04) 472 3564


MAINLAND SALES: Court Hears Wind-Up Petition
--------------------------------------------
On December 1, 2008, the High Court at Christchurch heard a
petition to have Mainland Sales and Marketing Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 14, 2008.

The CIR's solicitor is:

          Julie Newton
          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street
          PO Box 1782, Christchurch 8140
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


PILE SERVICES: Court to Hear Wind-Up Petition on December 8
-----------------------------------------------------------
A petition to have Pile Services Ltd.'s operations wound up will
be heard before the High Court of Palmerston on December 8, 2008,
at 10:00 a.m.

Accident Compensation Corporation filed the petition against the
company on October 17, 2008.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, 2nd Floor
          Cobham Court
          PO Box 5055, Porirua City


RELSON LTD: Court Hears Wind-Up Petition
----------------------------------------
On November 24, 2008, the High Court at Wellington heard a
petition to have Jourdan Developments Ltd.'s operations wound up.

Acrow Limited filed the petition against the company on Oct. 7,
2008.

Acrow Limited's solicitor is:

          Brent O'Callahan
          Carter & Partners
          Barristers & Solicitors
          West Plaza Tower, 9th Floor
          1-3 Albert Street, Auckland


STRATEGIC FINANCE: Trustee and Banker Agree on Proposed Moratorium
------------------------------------------------------------------
Strategic Finance Limited said it has reached agreement with
Perpetual Trust Limited and BOS International (Australia) Limited
(BOSIAL), its financier on the terms of the moratorium proposal to
be voted on by stockholders, deposit holders and subordinated
noteholders in Wellington on December 22, 2008.  Based on
documentation requirements, this was the earliest possible date
available open to Strategic Finance to ensure the meetings were
held this year.

Under the moratorium plan, Strategic Finance said it will, subject
to the availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

The directors of Strategic Finance believe that, in the context of
the current circumstances, the moratorium is the best way forward
and that it will result in higher repayments to all
securityholders than would be available in a receivership.  The
aim of Strategic Finance is to repay all principal and pay accrued
interest to stockholders, deposit holders and subordinated
noteholders over the course of the moratorium period.  However,
the ultimate outcome of the moratorium and the amount and timing
of payments to securityholders will depend on the successful
realization of Strategic Finance's assets.

Under the moratorium proposal, interest on investments will be re-
set at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).

It is anticipated that PricewaterhouseCoopers will be appointed as
the monitoring accountant during the moratorium and will monitor
Strategic Finance's compliance with the terms of the moratorium.

The moratorium proposal allows Strategic Finance the opportunity
to work with borrowers, realizing assets on an orderly basis to
ensure value is preserved and investor money is repaid if and when
funds are available.

The moratorium is not subject to the approval of the perpetual
preference shareholders.  No changes are proposed to the terms of
issue the perpetual preference shares under the moratorium.
However, if the moratorium proposal is approved then it is
intended that a dividend cancellation notice will be issued
cancelling all future dividends on the perpetual preference shares
until the end of the moratorium and Strategic Finance has been
able to fully repay the prior ranking stockholders, deposit
holders and subordinated noteholders.

The moratorium notice of meetings and explanatory memorandum
(including an independent report on the moratorium proposal from
PricewaterhouseCoopers) will be posted at the end of this week to
all investors.  As well a copy of a short form prospectus,
containing information on Strategic Finance's financial position
as at June 30, 2008, will be sent separately to all investors
prior to the meetings.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services.  Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

The TCR-AP reported on October 17, 2008, that Strategic Finance
intends to present to Perpetual Trust Limited of New Zealand, the
trustee under SFL's Debenture Trust Deed, a new capital
restructure proposal for SFL, which will endeavor to set out the
best course of action for SFL and its debenture investors, and all
stakeholders after a proposal by a management-led consortium to
buy Strategic Finance Limited's parent, Strategic Investment Group
Limited, from Allco HIT, fell through.


TE ROOPU: Court Hears Wind-Up Petition
----------------------------------------
On December 1, 2008, the High Court at Whangarei heard a petition
to have Te Roopu Whakapiringa (Coming Together) Inc.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 20, 2008.

The CIR's solicitor is:

          M. B. Smith
          Marsden Woods Inskip & Smith
          122 Bank Street
          PO Box 146, Whangarei


THE ULTIMATE: Appoints Shephard and Dunphy as Liquidators
---------------------------------------------------------
On November 4, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed liquidators of The Ultimate Recruitment
Company Ltd.

The Liquidators can be reached at:

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


* NEW ZEALAND: Housing Consent in October Lowest Since 1992
-----------------------------------------------------------
Building consent statistics show there were 1,173 new housing
units authorized in October 2008, Statistics New Zealand said.
This is the lowest monthly total since January 1992.

In October 2008, the seasonally adjusted number of authorized new
housing units excluding apartments fell 7.1 percent compared with
September 2008.

There were 50 apartment units authorized in October 2008.  This is
the lowest monthly total since April 2000, apart from March 2008
when there were also 50 apartment units authorized.

For the year ended October 2008, the value of consents issued for
residential buildings fell NZ$1,192 million (15 percent), while
the value for non-residential buildings rose NZ$301 million (7.2
percent), compared with the year ended October 2007.



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

H & Q ASIA: Requires Creditors to File Claims by December 29
------------------------------------------------------------
The creditors of H & Q Asia Pacific Venture Management Pte Ltd are
required to file their proofs of debt by December 29, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


HOCK BEE: Wind-Up Petition Hearing Set for December 12
------------------------------------------------------
A petition to have Hock Bee Food Corporation Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
Dec. 12, 2008, at 10:00 a.m.

The Bank of East Asia Limited filed the petition against the
company on November 11, 2008.

The Petitioner's solicitors are:

          Messrs Ho & Wee
          No. 90 Cecil Street #17-02
          RHB Bank Building
          Singapore 069531


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

Contrac-Image Trading Pte Ltd filed the petition against the
company on November 18, 2008.

Contrac-Image's solicitors are:

          M/s Tan Jee Ming & Partners
          No. 58 Tras Street #02-01
          Singapore 078997


SUNRISE F & B: Creditors' Proofs of Debt Due on December 28
-----------------------------------------------------------
Sunrise F & B Pte Ltd, which is in liquidation, requires creditors
to file their proofs of debt by Dec. 28, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


SUPERIOR MODULAR: Creditors' Proofs of Debt Due on January 9
------------------------------------------------------------
Superior Modular Products Asia Pte Ltd, which is in liquidation,
requires creditors to file their proofs of debt by Jan. 9, 2009,
to be included in the company's dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road #12-02 Tower Fifteen
          Singapore 089316



================
S R I  L A N K A
================

SRI LANKA TELECOM: Fitch Maintains 'B+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom PLC's Long-term
foreign currency Issuer Default Rating at 'B+', which is
constrained by the Democratic Socialist Republic of Sri Lanka's
LTFC IDR.  At the same time, the agency has affirmed SLT's Long-
term local currency IDR at 'BB-' (BB minus), as well as its
National Long-term rating at 'AAA(lka)'.  The Outlook is Stable.
The rating on SLT's US$100 million senior-unsecured notes due in
2009 has been affirmed at 'B+' with a recovery rating of 'RR4'.

SLT's ratings reflect its entrenched position in the country's
telecommunications market, its robust ability to generate cash
flow from operations and its strong financial profile.  SLT is a
fully integrated operator with a monopoly in wire-line services.
The company has defended its market share in the fixed-wireless
space (June 2008: 30%) and has improved its market share in the
mobile segment (June 2008: 20%; FY06: 16%).  The latter is
expected to account for a significant share of SLT's revenue
growth over the short- to medium-term and is now positively
contributing to SLT's operating cash generation.  The company also
enjoys a dominant share of the international long-distance and IP
and data-related services.  In the nine moths to September 2008,
SLT reported revenues of LKR35 billion (+9.8% over the FY07
corresponding period).

The changes to SLT's ownership with the exit of Japan's NTT
Corporation ('A+'/Stable) do not appear to have resulted in any
notable changes to its business or financial strategy.  Fitch
understands that the Government of Sri Lanka (GoSL, 'B+' Long-term
local currency IDR; more than 50% effective ownership in SLT) is
in negotiation with Usaha Tegas Sdn Bhd (UT, a major shareholder
of Maxis Communications Berhad of Malaysia) which acquired NTT's
stake, with regards to various administrative arrangements.  SLT's
Long-term local currency IDR, which is a notch higher than Sri
Lanka's LTLC IDR, takes into consideration the former's strong
standalone financial profile in addition to GoSL's majority
ownership, the weak macroeconomic domestic environment and the
risks stemming from an evolving regulatory framework.

Fitch expects competition to increase, particularly in the mobile
segment, following the launch of services by India's Bharti Airtel
Limited ('BB+'/Stable) as the fifth mobile operator later this
year.  The weak macroeconomic environment in Sri Lanka with
sustained high inflation has set a more challenging stage for the
telecom operators - operating costs are increasing, and the
operators are witnessing lower usage levels and experiencing more
difficulties penetrating in to the lower income segments.  This is
evident in SLT's margins - its EBITDA margins have deteriorated in
the nine months to September 2008 to 43% from 46% a year ago.

SLT's capex is expected to increase through FY10 in order to
expand coverage and capacity, as well as to make the transition to
an IP-based Next Generation Network.  This could result in SLT
generating negative free cash flow over the next two years.
However, barring any substantial increase in cash returns to
shareholders, SLT should be able to revert quickly back to
positive FCF generation once its capex moderates. Notwithstanding
this, SLT is expected to maintain a strong financial profile and
credit metrics appropriate for its current ratings.  SLT's debt
maturities will increase in FY09 with the US$100 million notes
falling due.  The company has built-up cash reserves (LKR17
billion (US$155 million) at September 2008) to repay this
liability.  Its medium-term liquidity is supported by strong cash
generation, low debt maturities and good access to bank funding.

SLT had total debt of LKR19.1 billion at September 2008 and very
low net debt with strong cash balances.  Leverage measured by
adjusted debt net of cash to EBITDA was 0.1x for 9M08.  Fitch
expects SLT to maintain its net leverage below 1.0x over the
short- to medium-term.  However, a negative rating action could be
taken if net leverage increases to over 1.5x on a sustained basis
and/or any action by shareholders which might be detrimental to
its financial profile.



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

* Detroit Three In Talks With Union to Stop Idled Worker Payment
----------------------------------------------------------------
General Motors Corp., Ford Motor Co., and Chrysler LLC are
negotiating with the United Auto Workers union to stop a program
that pays idled workers, Matthew Dolan at The Wall Street Journal
reports, citing people familiar with the matter.

Gary Haber at The News Journal relates that "jobs bank" is a
unique protection for laid-off workers.  According to the report,
laid-off workers are placed in the jobs bank, where they can get
about 95% of their usual pay and benefits.  WSJ says that GM, Ford
Motor, and Chrysler are trying to eliminate or scale back the
program as part of an effort to secure a US$25 billion loan from
the
government.  The News Journal states that the jobs bank doesn't
start until laid-off employees exhaust a period of unemployment
benefits and supplemental pay from the company.

Citing GM spokesperson Tony Sapienza, the News Journal states that
said that the workers can start benefiting from the jobs bank when
they have been idled for 48 weeks.  The report states that the
workers would get unemployment benefits and supplemental pay of
85% of pay.  GM, according to the report, can remain in the jobs
bank for up to two years, but will lose their pay and benefits if
they refuse a single job offer at a GM plant within 50 miles of
their home plant, or turn down four job offers at GM plants more
than 50 miles away.

Critics say that the "jobs banks" are a disadvantage for GM, Ford
Motor, and Chrysler, as they are an "overly generous benefit" at
firms that report billions in losses, The News Journal states.

The News Journal quoted UAW President Ron Gettelfinger as saying,
"We're on the verge of eliminating that provision."

UAW Wants Cos. to Curb Corporate Pay, Bonuses & Severance Pays

Citing Gettelfinger, Reuters relates that Ford Motor, GM, and
Chrysler should limit corporate pay, bonuses, and severance
packages in return for government loans.  Reuters quoted Mr.
Getterlfinger as saying, "They need to establish that executive
compensation is something that they're willing to curtail, as well
as bonuses and 'golden parachutes' on exiting the business.  They
can also give the government an equity stake in the business."

Mr. Gettelfinger said on CNN that the automakers need a loan to
help them survive a tough period.  According to WSJ, Mr.
Gettelfinger said, "It's not just here in the United States and
this is not a bailout, this is a loan, a bridge loan that will get
us through until we can take a longer term look at what needs to
be done in the industry."

Union wages weren't the key cause of waning sales at the
companies, Reuters states, citing Mr. Gettelfinger.

                      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-'.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
  Deepening Insolvency \u2013 Widening Controversy: Current
Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





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