TCRAP_Public/081204.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

            Thursday, December 4, 2008, Vol. 11, No. 241

                            Headlines

A U S T R A L I A

ACN 075 004 643 ET AL: Members and Creditors Hear Wind-Up Report
AUSTRALIAN SAFETY: Members and Creditors Hear Wind-Up Report
BABCOCK & BROWN LTD: Secures AU$150 Million Facility
BNZ SECURITIES: Placed Under Voluntary Liquidation
DOWINNER PTY: Placed Under Voluntary Liquidation

DOWNUNDER CONGLOMERATE: Enters Wind-Up Proceedings
DRSC PROPERTY: Enters Wind-Up Proceedings
ELEVEN FIFTY: Liquidator Presents Wind-Up Report
FORTESCUE METALS: Shares Soars on Takeover Speculations
GLEN-VALE DRIVE-IN: Members Receive Wind-Up Report

JJD SERVICES: Placed Under Voluntary Liquidation
JPM TECHNOLOGY: Members and Creditors Receive Wind-Up Report
KELDEA PTY: Enters Wind-Up Proceedings
MONASH PENINSULA: Declares First and Final Dividend
MOTORWAY TYRES ET AL: Placed Under Voluntary Liquidation

SEDGWICK SUPERANNUATION ET AL: Members Receive Wind-Up Report
SOLAREX PTY: Placed Under Voluntary Liquidation
TANDA INVESTMENTS: Placed Under Voluntary Liquidation


C H I N A

PING AN: Seeks Compensation for Losses in Fortis
SHANGHAI PUDONG: To Purchase 18% Stake in Laishang Bank
* CHINA: Sharp Decline in IPOs Spurs Job Cuts in Accounting Firms


H O N G K O N G

ANGBU & HANG: Faces Thapa Mohan's Wind-Up Petition
BANK OF BARODA: Shareholders' Final Meeting Set for December 29
CF INTERNATIONAL: Faces Chan Kim's Wind-Up Petition
DAPHNE FINANCE: Fitch Downgrades Ratings on 5 Classes of Notes
HAWK YAO: Court to Hear Wind-Up Petition on December 31

HOPSON DEVELOPMENT: Wins Bid to Buy Site in Beijing for CNY859.2MM
LEADER METRO: Court to Hear Wind-Up Petition on December 31
MEDICAL ALLIANCE: Wind-Up Petition Hearing Set for January 21
NEW MAY: Court to Hear Wind-Up Petition on December 31
TAISHIN INTERNATIONAL: Members' Final Meeting Set for December 29

U-RIGHT ET AL: Creditors' Meeting Set for December 10


I N D I A

ARS METALS: CRISIL Rates Rs.24.00 Mil. Long Term Loan at 'BB'
HYUNDAI MOTOR: Indian Unit Domestic Sales Fall 23% in November
INTERDRIL (ASIA): CRISIL Rates Rs.91.1MM Long Term Loan at 'BB+'
KARLE INT'L.: CRISIL Rates Rs.322.20 Mil. Long Term Loan at 'BB+'
TATA MOTORS: To Close Pune Plant for Three More Days This Month


I N D O N E S I A

MOBILE-8 TELECOM: S&P's Cuts Corporate Credit Rating to 'D'
* Moody's Maintains Indonesia's 'Ba3' Sovereign Credit Rating


M A C A U

GALAXY CASINO: Moody's Reviewing 'B1' Ratings for Downgrade


M A L A Y S I A

GOLD BRIDGE: Fails to File Plan; Bursa Suspends Securities
GOLDEN PLUS: Court Grants Bourse to Proceed with Wind-up Hearing
PANGLOBAL: SC Approves Valuation Report Waiver Application
TALAM CORP: Provides Update on Default Status as of October 31
TENGGARA OIL: Has MYR22,398,192 Outstanding Debt as of Nov. 30


N E W  Z E A L A N D

CA CONSULTANTS: Court Hears Wind-Up Petition
CABBIE LEASING: Court Hears Wind-Up Petition
CUSTOMS STREET ET AL: Creditors' Proofs of Debt Due on December 15
HAMBEG LTD ET AL: Commences Liquidation Proceedings
J D TRANSPORT: Court Hears Wind-Up Petition

MARINE PORTS: Fixes April 15 as Last Day to File Claims
MAXXIN RELAXXIN: Court to Hear Wind-Up Petition on December 12
SHAMIM FARAH: Fixes December 11 as Last Day to File Claims
SMARTY PANTZ: Court to Hear Wind-Up Petition on December 12
SPECIALIST TRANSPORT: Court Hears Wind-Up Petition


P H I L I P P I N E S

RIZAL COMMERCIAL: Submits Formal Offer for Asiatrust


T A I W A N

TOM DRAGON: Temporarily Shuts Down Operations


T H A I L A N D
* Fitch Changes Outlooks on Thailand's 9 Major Banks to Negative


X X X X X X X X

* S&P Reports Refinancing Strain for Private-Sector Borrowers


                         - - - - -


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

ACN 075 004 643 ET AL: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
On November 17, 2008, J. P. Downey gave an account on the wind-up
and property disposal for the members and creditors of these
companies:

   -- ACN 075 004 643 Pty Ltd;
   -- F & T Industries Pty Ltd;
   -- Illinga Agents & Distributors Pty Ltd;
   -- Stanley & Windsor Pty Ltd;
   -- Euro-CRU Pty Ltd;
   -- Sarosi Pty Ltd;
   -- Sterling Apparel Pty Ltd; and
   -- Tenfold Clothing Pty Ltd.

The Liquidator can be reached at:

          J. P. Downey
          J P Downey & Co
          22 William Street, Level 1
          Melbourne Vic


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 liquidators'
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


BABCOCK & BROWN LTD: Secures AU$150 Million Facility
----------------------------------------------------
Babcock & Brown Ltd disclosed in a regulatory filing that it has
reached agreement with its banking syndicate on a solution to
address the immediate funding requirements of the business and the
establishment of a framework for Babcock & Brown to provide the
banking syndicate with a proposal to recapitalize the business
over the longer term.

The agreement reached includes:

   -- The establishment of a AU$150 million funding facility
      to address the immediate funding requirements of the
      business.  The facility is due for repayment on Dec. 31,
      2009.

   -- Immediate cashflow relief arising from the agreement to
      convert all interest on the two existing corporate
      facilities and the new facility to a "Pay If You Can"
      basis.

   -- The suspension of all financial covenants under Babcock &
      Brown's two existing corporate facilities.

   -- Babcock & Brown and its banking syndicate will work
      together towards a capital restructure of the Group.
      Babcock & Brown expects to include a debt for equity
      swap in the proposed capital restructure which will be
      subject to agreement with the banking syndicate.

Michael Larkin, Chief Executive of Babcock & Brown said, "We
appreciate the support of our banking syndicate who have moved
quickly to provide measures to address some of the immediate
funding requirements within the business and provide a structure
for ongoing discussions around the long term positioning of the
business."

                      New Funding Facility

A group of Babcock & Brown's existing lenders under the corporate
facility have agreed to provide the additional AU$150 million
facility to assist with funding the business through to Dec. 31,
2009.  This facility will rank ahead of the existing corporate
facilities.  The facility will be available to be used to fund
certain infrastructure asset development projects in North America
and other planned cash outflows.

The interest rate on the facility is the 30 day BBSY rate plus a
margin of 6% pa.

Babcock & Brown has come to an arrangement with the bank that
originally with held a deposit regarding the use of that deposit.

The interest payable under the new facility and all interest
payable under the existing corporate facilities is immediately
converted to being payable on a 'Pay If You Can' basis.  The
determination of whether interest can be paid when due will be
based on the operating funding needs of the Babcock & Brown Group.
This represents an immediate and substantial benefit to the
company as it seeks to divest assets and refocus its business.

Under the terms of the new facility, interest on Babcock & Brown's
Australian and New Zealand subordinated notes will not be able to
be paid until such time as the new facility is repaid.  Interest
on the Australian notes was last paid on November 17, 2008, and
the next payment is not due until May 15, 2009.  Interest on the
New Zealand notes was last paid on September 15, 2008, and the
next payment is not due until the March 15, 2009.

Interest that is not paid on the notes will accrue from the
scheduled payment date and itself will accrue further interest at
the then applicable interest rate plus a margin of 2%.

No dividends will be paid on the Babcock & Brown ordinary shares
until the new short term facility is repaid and while there is
outstanding accrued interest on the subordinated notes.

                Suspension of Financial Covenants

Following a preliminary review of potential impairment provisions
for the 12 month period ended December 31, 2008, it has been
determined that forecast impairment charges will be in a range
such that there would likely have been a breach of financial
covenants under the company's senior banking facilities at
December 31, 2008.

The banking syndicate has agreed with Babcock & Brown to suspend
all key financial covenants from the existing facilities.  Babcock
& Brown will therefore not have an obligation to comply with these
covenants at December 31, 2008.

Babcock & Brown confirms that it has provided certification of
compliance with its September 30, 2008, financial covenants to its
banking syndicate.

Babcock & Brown said it has undertaken to have in place no later
than January 9, 2009, a revised business plan acceptable to its
banking syndicate that will address the repayment of the new short
term funding facility and form the basis of discussions to
restructure its balance sheet.  The revised business plan will be
based around the updated strategic review plan outlined to the
market on  November 19, 2008.  New financial covenants are
expected to be agreed with the banking syndicate in connection
with the revised business plan.

The existing review events under the corporate facilities will
remain in place.  Any review event under the corporate facilities
which is triggered prior to agreement on the business plan will be
addressed as part of this plan.

            Negotiation on Long Term Capital Structure

The agreement contemplates that by February 28, 2009, Babcock &
Brown will propose a longer term capital restructure, which is
expected to include a debt for equity swap, acceptable to its
banking syndicate.  The agreement provides for this to be
implemented by April 30, 2009.

Mr. Larkin continued, "We remain focused on reducing debt levels
while managing the business to meet our obligations and preserving
the value of our assets and funds management platform. We will
continue to seek to maximize value for all stakeholders through an
orderly asset sale process which is expected to take place over
the next two-three years. During this transition period there may
be significant volatility in the earnings base of the business.

"We appreciate that this is an extremely difficult period for all
Babcock & Brown stakeholders.  The Board and senior management
would like to thank all stakeholders for their ongoing commitment
and support."

                      About Babcock & Brown

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

                          *     *     *

As reported in the Troubled Company Reporter Asia Pacific on
December 2, 2008, Moody's Investors Service downgraded the
corporate family rating of Babcock & Brown Infrastructure Group to
B1 from Ba2.   At the same time, the senior secured rating has
been downgraded to B2 from Ba3.  Both ratings are on review with
direction uncertain.


BNZ SECURITIES: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 26, 2008, the members
of BNZ Securities Australia Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          George Georges
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne, Victoria


DOWINNER PTY: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Dowinner Pty Ltd met on October 2, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Samuel Richwol
          O'Keeffe Walton Richwol
          Suite 3, 431 Burke Road
          Glen Iris 3146


DOWNUNDER CONGLOMERATE: Enters Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on September 26, 2008,
the members of Downunder Conglomerate Pty Ltd agreed to
voluntarily liquidate the company's business.

The company's liquidator is:

          Matthew James Byrnes
          Grant Thornton
          215 Spring Street, Level 2
          Melbourne, Victoria


DRSC PROPERTY: Enters Wind-Up Proceedings
-----------------------------------------
During a general meeting held on September 30, 2008, it was
resolved to voluntarily wind up the operations of:

   -- DRSC Property Pty Ltd;
   -- Peter Olde Pty Limited;
   -- Nopaco Pty Ltd;
   -- Taraina Pty Ltd;
   -- Fathead Pty Ltd; and
   -- E.E. Ranicar Properties Proprietary Limited.

The company's liquidator is:

          Richard Herbert Judson
          Members Voluntarys Pty Ltd
          PO Box 819
          Moorabbin VIC 3189


ELEVEN FIFTY: Liquidator Presents Wind-Up Report
------------------------------------------------
On November 17, 2008, the members and creditors of Eleven Fifty
Five Pty Ltd held a meeting and received the liquidator's report
on the company's wind-up proceedings and property disposal.

Gregory Mccluskey is the company's liquidator.


FORTESCUE METALS: Shares Soars on Takeover Speculations
-------------------------------------------------------
Shares in Fortescue Metals Group soared as much as 42 per cent on
Monday, December 1, on speculation that the company could be the
target of a takeover bid by BHP Billiton or a deal with Chinese
investors to take a stake in Fortescue, Financial Times reported.

The report related that Fortescue shares rose as much as 87 cents
to AU$2.93 on Monday, before easing to close up 21 per cent at
AU$2.50.

In response to a stock exchange query, Fortescue said it is not
aware of any other explanation for the recent increase in the
share price or the volume of shares traded.

Fortescue said "The company does from time to time, hold
discussions with industry entities regarding product supply and
investment opportunities which are confidential in nature and
there are none that are progressed to a level that could be
considered complete."

According to FT, most fund managers consider the idea of a
takeover offer from BHP to be unlikely given Fortescue's high debt
levels, which was one of the factors behind BHP's decision last
week to abandon its AU$66 billion bid for rival Rio Tinto.

FT said these fund managers also consider it unlikely that
Australia's competition watchdog would approve of BHP absorbing
one of the country's few remaining independent mid-tier iron ore
miners.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


GLEN-VALE DRIVE-IN: Members Receive Wind-Up Report
--------------------------------------------------
The members of Glen-Vale Drive-In Nurseries Pty Ltd met on
Nov. 17, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

A. L. Dunner is the company's liquidator.


JJD SERVICES: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 1, 2008, the members of
JJD Services Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544


JPM TECHNOLOGY: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of JPM Technology Pty Ltd met on
November 18, 2008, and received the liquidators' 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


KELDEA PTY: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting held on September 29, 2008,
the members of Keldea Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          William Bernard Abeyratne
          c/o APL Insolvency
          150 Albert Road, Level 5
          South Melbourne VIC 3205
          Telephone:(03) 9696 2885


MONASH PENINSULA: Declares First and Final Dividend
---------------------------------------------------
Monash Peninsula Children's Centre Inc., which is in liquidation,
declared the first and final dividend on November 10, 2008.

Only creditors who were able to file their proofs of debt by
Oct. 3, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

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


MOTORWAY TYRES ET AL: Placed Under Voluntary Liquidation
--------------------------------------------------------
On September 29, 2008, the creditors resolved to voluntarily wind
up the operations of:

   -- Motorway Tyres Pty Ltd;
   -- Environ Management Services Pty Ltd; and
   -- Recycle Australia Pty Ltd.

The company's liquidators are:

          Gideon Rathner
          David Coyne
          Lowe Lippmann, Chartered Accountants
          5 St. Kilda Road, St. Kilda
          Victoria, 3182


SEDGWICK SUPERANNUATION ET AL: Members Receive Wind-Up Report
-------------------------------------------------------------
On November 14, 2008, Richard G. Mansell presented the wind-up
report and property disposal for the members of these companies:

   -- Sedgwick Superannuation Pty Ltd.;
   -- Sedgwick Noble Lowndes Trusteeship Services Limited; and
   -- Sedgwick Noble Lowndes Asia Pacific Limited.

The Liquidator can be reached at:

          Richard G. Mansell
          R.G. Mansell & Associates
          628 Bourke Street, Level 12
          Melbourne


SOLAREX PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 29, 2008, the members
of Solarex Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          George Georges
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne VIC 3000
          Phone: (03) 9600 4922
          Facsimile: (03) 9642 5887


TANDA INVESTMENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 12, 2008, the members
of Tanda Investments Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544



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

PING AN: Seeks Compensation for Losses in Fortis
------------------------------------------------
Ping An Insurance (Group) Co of China Ltd is seeking help from the
Chinese government to claim compensation of the 4.81 percent stake
investment loss in Fortis NV, Trading Markets reports citing a
person close to the matter.

In October, Trading Markets recounts, the Belgian government spent
EUR4.7 billion purchasing 51% bank assets under Fortis and sold
75% of the bank assets to French BNP Paribas, which also bought
Fortis' insurance business in Belgium at EUR 5.7 billion.

China Daily relates that the Belgian government established a
special fund to share part of the profits from the sale with
Fortis's EU-based shareholders though Ping An Insurance was
excluded, which triggered the Ping An's compensation claim.

As reported in the Troubled Company Reporter Asia Pacific on
October 29, 2008, Ping An Insurance (Group) Co of China, Limited
posted a sharp third quarter loss after an impairment charge from
its investment in Fortis NV and slumping stocks at in China.

Ping An reported a net loss of CNY7.88 billion (US$1.15 billion)
for the quarter ended September, against a profit of CNY5.28
billion a year ago, while investment loss for the period was
CNY12.4 billion from a gain of CNY17.1 billion a year ago.

                     About Ping An Insurance

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The company conducts its insurance business through
Ping An Life, Ping An Annuity and Ping An Health.  The property
and casualty insurance business of the company is conducted
through Ping An Property & Casualty and Ping An Hong Kong.  The
company provides asset management services to the customers
through Ping An Trust.  In addition, Ping An Trust also provides
infrastructure investment and property investment services to
other subsidiaries.  The company conducts securities business
through Ping An Securities, and provide securities services to
customers through the PA18 Internet financial portal. During the
year ended Dec. 31, 2006, the company completed the acquisition of
Shenzhen Commercial Bank.


SHANGHAI PUDONG: To Purchase 18% Stake in Laishang Bank
-------------------------------------------------------
Shanghai Pudong Development Bank Co. has agreed to buy 18 percent
of the total equity of Laishang Bank, China Knowledge reports.
The bank will pay CNY378 million yuan (US$55 million).

According to the report, Shanghai Pudong will become Laishang's
second-largest shareholder.

Under the deal, China Knowledge relates, Pudong will cooperate
with Laishang Bank in a large range of areas including management,
banking operation and staff training.

Based in Laiwu City, Laishang Bank, had total assets of CNY12.92
billion of assets at the end of last year.  It booked a profit of
CNY307 million last year.

                      About Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2008, Fitch Ratings affirmed the Individual and Support
ratings of Shanghai Pudong Development Bank as SPDB: Individual
'D' and Support '3'.

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


* CHINA: Sharp Decline in IPOs Spurs Job Cuts in Accounting Firms
-----------------------------------------------------------------
The sharp fall in initial public offerings and other businesses
has forced many accounting firms in China, including the big four
international giants, to start cutting jobs for the first time in
many years, China Daily reported.

Citing market researcher Zero2IPO Group, China Daily related that
the number of IPOs in China fell by more than 70 percent to 28 in
the third quarter, with the total capital raised falling more than
80 percent, from a year earlier.

According to China Daily, Society for Human Resource Management
chief operating officer Miner Gorman said that globally, it will
continue to be negative next year in the human resource sector,
especially for the auto, finance and construction industries.

Ernst & Young laid off 50 to 100 auditor at its Beijing office,
the reported said citing a source at the firm.

Meanwhile, China Daily disclosed a group of auditors at KPMG were
told to cancel their appointments and return to the office the
next day.  On what was known in the firm as "black Monday", this
group of about 70 to 100 professionals were asked to resign
"voluntarily" by Nov 21 at the latest.

PricewaterhouseCoopers (PwC) and Deloitte, the report noted, are
not known to be laying off staff.  But according to China Daily's
sources at these firms, there has been an increase in the number
of auditors who are not being assigned auditing projects and some
have been asked to avail their leave.

However, China Daily added, these "big four" international
accounting firms currently have no plans to curtail campus
recruitment.



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

ANGBU & HANG: Faces Thapa Mohan's Wind-Up Petition
--------------------------------------------------
On October 22, 2008, Thapa Mohan filed a petition to have Angbu &
Hang Construction Company Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
December 31, 2008, at 9:30 a.m.


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

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


CF INTERNATIONAL: Faces Chan Kim's Wind-Up Petition
---------------------------------------------------
On November 3, 2008, Chan Kim Hung Tommy filed a petition to have
CF International Group Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
January 7, 2008, at 9:30 a.m.


DAPHNE FINANCE: Fitch Downgrades Ratings on 5 Classes of Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of three classes and
downgraded five classes of Daphne Finance 5 PLC, and
simultaneously assigned Outlooks:

  -- US$2043.7 million Super Senior CDS affirmed at 'AAA', Stable
     Outlook;

  -- US$96.3 million Class S notes affirmed at 'AAA', Stable
     Outlook;

  -- US$132.5 million Class A notes downgraded to 'A' from 'AAA',
     Stable Outlook;

  -- US$25 million Class B notes downgraded to 'A-' (A minus) from
     'AAA', Stable Outlook;

  -- US$20 million Class C notes downgraded to 'BBB' from 'A+',
     Negative Outlook;

  -- US$15 million Class D notes downgraded to 'BBB-' (BBB minus)
     from 'A-', Negative Outlook;

  -- US$32.5 million Class E notes downgraded to 'BB' from 'BBB-'
     (BBB minus), Negative Outlook; and

  -- US$12.5 million Class F notes affirmed at 'BB', Negative
     Outlook.

The transaction (also known as Daphne Asia 1 CLO) is a synthetic
balance sheet collateralized loan obligation arranged by Calyon in
2006.  The current US$2.4bn portfolio consists of a diverse pool
of 205 senior unsecured loans from 180 obligors, primarily from
Asia. There has been US$60m portfolio reduction since closing and
hence the Super Senior CDS has slightly reduced in size as some
matured assets were not fully replenished.

The affirmation of the Super Senior CDS and the Class S notes and
Stable Outlooks reflects both classes' significant adjusted credit
enhancement levels of 15.9% and 11.9%, respectively (adjusted with
potential losses arising from Semcrude LP), which allow these two
classes to withstand the default of over 40 of the lowest-rated
obligors out of the current portfolio of 180, assuming an average
recovery rate of 30%.

The ratings downgrades of the Class A and Class B notes reflect
their adjusted credit enhancement levels of 6.5% and 5.5%,
respectively, which are commensurate with Fitch's default coverage
expectations for the 'A' rating category stress. The Stable
Outlooks reflect their ability to withstand Fitch's forward-
looking deterministic stress scenarios which focus on the negative
rating migration trends expected from several industries in the
portfolio.

The downgrades of Class C and Class D reflect the moderate
adjusted credit enhancement levels of 4.6% and 4.0%, respectively,
and their limited ability to withstand the default of portfolio
assets rated above sub-investment grade.  The negative outlooks
assigned to both classes reflect that the credit enhancement
levels of the two classes are less able to withstand the potential
negative rating migration risk in those aforementioned industry
sectors under Fitch's forward-looking deterministic stress
scenarios.

The downgrade of Class E with Negative Outlook reflects the low
adjusted credit enhancement level of 2.7% which given the
proportion of sub-investment grade assets in the portfolio, offer
comparable tranche impairment risks to Class F, which was affirmed
at 'BB' with Negative Outlook, in line with its low adjusted
credit enhancement level of 2.2%.

The portfolio continues to be actively managed by Calyon with
about 40% of the portfolio being replenished since the last
review.  Whilst the portfolio's weighted average rating remains
broadly unchanged at 'BBB' the proportion of sub-investment grade
assets on a notional basis has increased to 5% from 0% at closing.
Going forward, the risk of further negative rating migration in
the portfolio has increased, with an aggregate of 10% of the
portfolio being exposed to South Korea, India and Thailand,
countries whose sovereign rating outlooks have been revised
recently to negative from stable by the agency.  In addition, a
material portion of the portfolio is exposed to sectors with
expected negative credit trends, such as Banking & Finance, Real
Estate, Building & Materials and Automobiles.  Mitigating this is
the relative granularity of the portfolio and its diversified
country and industry concentrations.

Since last reviewed in November 2007, the transaction has
experienced one credit event - Semcrude LP, representing 1% of
closing portfolio notional.  The settlement and recovery process
for this defaulted reference entity is still currently being
conducted, and as a result its final recovery value, and hence the
credit enhancement erosion, is yet to be determined. In its
analysis Fitch applied a recovery rate assumption of 60% in order
to estimate the resultant credit enhancement levels of each class,
using the RR3 Fitch recovery rating assigned to Semcrude LP prior
to the rating withdrawal in July 2008.

The ratings are based on the portfolio credit risk, a review of
the mapping of Calyon's internal credit scoring system, the
available credit enhancement in the transaction, the arrangements
provided under the CDS, and the sound legal and financial
structure of the transaction.  The ratings of the notes, Class S
to Class F, address the likelihood of receiving the payment of
interest and ultimate repayment of principal by legal maturity in
2015, in accordance with the transaction documentation.  The
rating of the Super Senior CDS only addresses the probability of a
claim under the transaction.

Calyon ('AA-' (AA minus)/Stable/'F1+') is the swap counterparty
and the portfolio manager for the transaction. There is a swap
counterparty trigger in the transaction at the ratings of 'A' and
'F1'. Proceeds from the issue of the notes remain deposited with
Calyon, the collateral bank.

Fitch released updated criteria on April 30, 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.


HAWK YAO: Court to Hear Wind-Up Petition on December 31
-------------------------------------------------------
A petition to have Hawk Yao Company Limited's operations wound up
will be heard before the High Court of Hong Kong on December 31,
2008, at 9:30 a.m.

Fong Sum Yuk filed the petition against the company on
Oct. 20, 2008.


HOPSON DEVELOPMENT: Wins Bid to Buy Site in Beijing for CNY859.2MM
------------------------------------------------------------------
Hopson Development Holdings Ltd has won a bid to buy a commercial
and hospital property site in Beijing for CNY859.2 million (US$125
million), various reports say.

Shanghai Daily relates Hopson hasn't signed the land transfer
contract yet for the site in Beijing's Chaoyang District.

According to China Knowledge, the company said that the site was
expected to be developed into commercial or financial projects and
a hospital with a total gross floor area of 139,186 square meters.

                     About Hopson Development

Hong Kong-based Hopson Development Company Holdings Limited
(Hopson) is one of the largest property developers in China.
Its principal businesses are residential developments in four
major cities: Guangzhou, Beijing, Shanghai and Tianjin.

                         *     *     *

As reported by the Troubled Company Reporter Asia Pacific on
November 3, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Hopson Development
Holdings Ltd.  The outlook is negative.  At the same time, S&P
affirmed the 'B+' issue rating on Hopson's senior unsecured notes.
All the ratings were removed from CreditWatch, where they had been
placed with negative implications on Sept. 17,
2008.


LEADER METRO: Court to Hear Wind-Up Petition on December 31
-----------------------------------------------------------
A petition to have Leader Metro Limited's operations wound up will
be heard before the High Court of Hong Kong on December 31, 2008,
at 9:30 a.m.

Wu Pik Wa Sinnie filed the petition against the company on
Oct. 20, 2008.


MEDICAL ALLIANCE: Wind-Up Petition Hearing Set for January 21
-------------------------------------------------------------
A petition to have Medical Alliance Networks Limited's operations
wound up will be heard before the High Court of Hong Kong on
January 21, 2008, at 9:30 a.m.

Zia Samuel filed the petition against the company on Nov. 5, 2008.


NEW MAY: Court to Hear Wind-Up Petition on December 31
------------------------------------------------------
A petition to have New May Landscape Limited's operations wound up
will be heard before the High Court of Hong Kong on December 31,
2008, at 9:30 a.m.

The Government of the Hong Kong Special filed the petition against
the company on Oct. 22, 2008.

The Petitioner's Counsel is:

          Samuel Lee
          Department of Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway, Hong Kong


TAISHIN INTERNATIONAL: Members' Final Meeting Set for December 29
-----------------------------------------------------------------
The members of Taishin International Finance Company Limited will
hold their final general meeting on December 29, 2008, at
3:00 p.m., at the 20th Floor of Euro Trade Centre, 21-23 Des Voeux
Road in Central, Hong Kong.

At the meeting, Chen Chun-Chi and Cheung Po Kwan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


U-RIGHT ET AL: Creditors' Meeting Set for December 10
-----------------------------------------------------
A meeting will be held on December 10, 2008, for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance,  at Room 501 of The Boys' & Girls' Clubs Association of
Hong Kong for the creditors of:

   -- U-Right International Limited, at 2:00 p.m.; and
   -- U-Right (HK) Limited at 3:30 p.m.


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

ARS METALS: CRISIL Rates Rs.24.00 Mil. Long Term Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of ARS Metals Pvt Ltd (AMPL).

   Rs.24.00 Million Long Term Loan       BB/Stable(Assigned)
   Rs.60.00 Million Cash Credit Limits   BB/Stable(Assigned)
   Rs.200.00 Million Letter of Credit    P4(Assigned)

The rating reflects AMPL's exposure to project implementation
risk, commodity nature of the steel products business, and revenue
concentration in Tamil Nadu.  These weaknesses are, however,
partially offset by AMPL's established position in the steel
products business, and experienced management.

Outlook: Stable

CRISIL believes that AMPL will maintain its business profile
supported by its established position and experience of its
promoters.  The outlook may be revised to 'Positive' if AMPL's
financial risk profile improves substantially, backed by improved
gearing and margins.  Conversely, large, debt-funded capital
expenditure plans, or downturn in industry, or delay in project
implementation may drive a revision in outlook to 'Negative'.

                         About AMPL

Incorporated in 1992, AMPL is a closely-held company promoted by
Mr. Ashwani Kumar Bhatia.  It manufactures thermo-mechanically
treated (TMT) rods and bars from ingots.  Its rolling mill has a
capacity of 108,000 tonnes per annum (tpa) to manufacture TMT rods
and bars, and its furnace division's has a capacity of 45,000 tpa
to manufactures ingots.  Currently the company is undertaking a
project for captive billet manufacturing.  AMPL reported a profit
after tax (PAT) of Rs.20 million on net sales of Rs.960 million in
2006-07 (refers to financial year, April 1 to March 31), as
against a net loss of Rs.20 million on net sales of Rs.47 million
for the previous year.


HYUNDAI MOTOR: Indian Unit Domestic Sales Fall 23% in November
--------------------------------------------------------------
Hyundai Motor India Ltd (HMIL) said its domestic vehicle sales
dipped by 23.3% for the month of November.  The company said
exports saw a healthy jump of 188% over the current month last
year.

HMIL's total sales stood at 43,105 units.  The domestic market
accounted for 14,605 units, compared to 19,052 units for the same
month last year while the exports totaled 28,500 units in
November, against 9,898 units of November last year.

Sr. Vice President - Marketing and Sales, Arvind Saxena commented
"It is becoming increasingly challenging to keep the sales ticking
and the footfalls in the showroom across the country has shown a
steady downfall which is the combined effect of increase in
interest rate, high inflation and economic slowdown.  This trend
is likely to continue in the coming months too."

The segment-wise cumulative sales in the month of November are: A2
Segment (Santro, i10, Getz & i20) 38,216 units; A3 Segment (Accent
& Verna) 4883 units; units, A5 Segment (Sonata Embera) 2 units;
and SUV Segment (Tucson) 4 units.

                            About HMIL

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of
Hyundai Motor Company, South Korea and is the second largest car
manufacturer in India.  HMIL presently markets 34 variants of
passenger cars across segments.  The Santro in the B segment, the
Getz Prime and the i10 in the B+ segment, the Accent and the Verna
in the C segment, the Sonata Embera in the E segment and the
Tucson in the SUV segment.

                          About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
U.S. since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


INTERDRIL (ASIA): CRISIL Rates Rs.91.1MM Long Term Loan at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Interdril (Asia) Ltd (Interdril).

   Rs.91.1 Million Long Term Loan         BB+/Stable (Assigned)
   Rs.230.0 Million Packing Credit        P4 (Assigned)
   Rs.350.0 Million Post Shipment Credit  P4 (Assigned)
   Rs.270.0 Million Letter of Credit      P4 (Assigned)
   Rs.35.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect Interdril's long operating cycle which results
in large working capital requirements, exposure to risks relating
to customer concentration in its revenue profile, small size of
operations impacting its pricing flexibility.  These rating
weaknesses are, however, partially mitigated by Interdril's long
standing relationships with customers and suppliers.

For this rating exercise, CRISIL has combined the financials of
Interdril and Interdril Repairs and Services Pvt Ltd (IRSPL) on
account of their common management, strong operational linkages,
inter-company transactions, and Interdril's corporate guarantee to
credit facilities availed of by IRSPL.

Outlook: Stable

CRISIL believes that Interdril's financial risk profile will
remain stable over the medium term on the back of steady operating
revenues and margins.  The outlook may be revised to 'Positive' if
there is sustained improvement in Interdril's operating margins or
debt protection measures.  Conversely, the outlook may be revised
to 'Negative' if there is a slowdown in the sales of Interdril, or
if Interdril's financial risk profile deteriorates due to
reduction in operating margins or increased delinquencies in
receivables

                        About Interdril

Interdril was incorporated in November 1993 as a 100% EOU by
Mr. Dean Gesterkamp and Mr. Anil Wahal, for the manufacture of
down hole drilling tools used in Oil and Gas drilling equipment.
The company also holds a 49% stake in IRSPL which carries out
repairs and servicing of oil field equipments.

Interdril, on standalone basis, reported a profit after tax (PAT)
of Rs.91.46 million on net sales of Rs.1029.85 million in 2007-08
(refers to accounting year, July 1 to June 30), as against a PAT
of Rs.78.87 million on net sales of Rs. 861.81 million for 2006-
07.


KARLE INT'L.: CRISIL Rates Rs.322.20 Mil. Long Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of Karle International Pvt Ltd (Karle
International), a Karle group entity.

   Rs.322.20 Million Long Term Loan     BB+/Stable (Assigned)

   Rs.366.60 Million Working Capital       BB+/Stable (Assigned)
                     Demand Loan  

   Rs.97.50 Million Letter of Credit       P4 (Assigned)
             & Bank Guarantee Limits  

The ratings reflect the group's exposure to risks relating to
revenue concentration and volatility in the foreign exchange rate.
These weaknesses are mitigated by the group's long track record
and global clientele, integrated operations with efficient supply-
chain management, and above average financial profile.

For arriving at the ratings, CRISIL has combined the financials of
Karle International and LT Karle (LTK), together referred to as
the Karle group.  This is because Karle International and LTK are
in the same line of business, share operational synergies, and
have fungibility of funds.

Outlook: Stable

CRISIL expects the Karle group to maintain its business profile
over the medium term on the back of its established market
position and healthy growth potential. The outlook may be revised
to 'Positive' if the group is able to improve and sustain its
operating margins and capital structure, or diversify its client
base significantly from current levels.  However, any large debt-
funded capital expenditure (capex), significant lending to group
companies, or deterioration in the group's cash accruals, may
drive a revision in outlook to 'Negative'.

                     About Karle group

The Karle group was promoted in 1972 as a fabric exporting unit by
the late Mr. L T Karle. Later, Mr. Sudarshan and Mr. Mahendra,
sons of Mr. L T Karle, took over the business of the group.  The
group has expanded into manufacture of ready made garments, with
four manufacturing facilities in and around Bangalore; the group
has capacity to manufacture around 470,000 pieces of garments per
month.  The group reported a profit after tax (PAT) of Rs.56
million on net sales of Rs.1.2 billion in 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.78
million on net sales of Rs.1.4 billion in 2006-07.


TATA MOTORS: To Close Pune Plant for Three More Days This Month
---------------------------------------------------------------
Tata Motors Limited said on Tuesday, December 2, it will close its
Pune plant for three more days this month to trim production in
line with the poor demand in the market, The Times of India
reports.

According to the report, a company's spokesperson confirmed Tata
Motors will be having a block closure at the Pune plant from
December 5 to avoid a build-up in unsold stock amid falling sales.

The company, the Times recalls, had previously shut operations at
the Pune plant for six days last month to cut production of
commercial vehicles.

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.



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

MOBILE-8 TELECOM: S&P's Cuts Corporate Credit Rating to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on PT Mobile-8 Telecom Tbk to 'D' from
'CC'.  At the same time, S&P lowered the issue rating on
US$100 million 11.25% guaranteed senior notes due 2013 issued by
Mobile-8's wholly owned special purpose vehicle, Mobile-8 Telecom
Finance B.V., to 'D' from 'CC'.

The rating actions follow an acceleration in the payment of the
notes as a result of a change of control event.  The notes
represent 57% of Mobile-8's total indebtedness.

"While the company has been given until the middle of December to
make the required repurchase of the notes, it is highly unlikely
that it will be able to do so as it doesn't have sufficient
liquidity and financial flexibility to make the payment," said
S&P's credit analyst Manuel Guerena.


* Moody's Maintains Indonesia's 'Ba3' Sovereign Credit Rating
-------------------------------------------------------------
Moody's Investors Service says that Indonesia's Ba3 sovereign
credit rating and stable outlook remain appropriate -- even though
pressures have risen -- as the country's underlying credit
fundamentals are not likely to erode significantly and policy
responses to the global financial crisis have been adequately
constructive so far.

"This conclusion is underpinned by Moody's assessment of the
country's external vulnerability and liquidity management coupled
with the ability of the authorities to maintain fiscal restraint,"
says Aninda Mitra, a Moody's VP/Senior Analyst, in regard to a new
report -- which he authored -- on recent developments in
Indonesia.

"However, it seems increasingly urgent that Indonesia requires a
crisis management framework more robust than what it has now, and
without one, a prolonged global financial crisis could erode its
sovereign credit quality more than is currently anticipated," says
Aninda Mitra.

"In Moody's view, Indonesia's reasonably healthy credit
fundamentals fitting with its rating level, and reactive policies
cannot ultimately substitute for greater access to hard currency
or a wider financial safety net amidst prolonged global de-
leveraging," says Aninda Mitra. "As such, the ability of the
authorities in Indonesia to take precautionary and systemic
measures as the global financial crisis unfolds in the future--
rather than piecemeal or reactionary -- steps would better support
external credit fundamentals and domestic confidence."

"For now, Indonesia's small current account deficit is manageable,
while its foreign currency reserve levels are adequate against
maturing external obligations. However, mobile portfolio capital
flows pose additional pressures, and currency substitution by
domestic residents -- if confidence in the Rupiah were to decline
-- could prove more problematic," says Aninda Mitra.

"Fiscal management is supportive of the sovereign rating, as
Indonesia has the ability to contain the budget deficit within the
domestic and external financing constraints it faces," says Aninda
Mitra, adding, "The government's net and gross financing
requirement (fiscal deficit plus amortizing debt) is expected to
be 1% and 3% of GDP, respectively in 2009."

"Furthermore, the government does not have any global bonds coming
due in 2009, and all its maturing foreign currency obligations --
in the amount of US$6.4 billion -- are owed to official
creditors," says Aninda Mitra.

"However, the trajectory of government debt ratios could face more
challenges as a prolonged weakening of the Rupiah coupled with
high domestic interest rates would lead to a ballooning of the
government's debt stock and debt-servicing costs," says Aninda
Mitra.  "Thus in future periods, stretching beyond a year or so,
the government's external debt maturity profile could also
deteriorate much more than is currently anticipated."

"Accordingly, access to bilateral swap line and standby lines from
the World Bank and other multilateral sources would provide credit
support.  These should pre-empt deterioration in general-
government, and also external, debt ratios," says Aninda Mitra.
"In the absence of such arrangements, credit metrics are not
immediately affected, but the risks could be amplified over time
and amidst continuing global de-leveraging."



=========
M A C A U
=========

GALAXY CASINO: Moody's Reviewing 'B1' Ratings for Downgrade
-----------------------------------------------------------
Moody's Investors Service says that it will continue to review the
B1 corporate family rating and senior unsecured rating of Galaxy
Casino S.A. for possible downgrade.

"The existing review status will continue after the company's
announcement that it has commenced voluntary tender offers to
purchase for cash all of its US$250 million FRN due 2010 and up to
US$100 million of the fixed-rate bonds due 2012 at deep discount
to the face value," says Kaven Tsang, Moody's lead analyst for
Galaxy.

"A successful buy back of the FRN and bonds would lower Galaxy's
debt and interest burden in the near term, partly mitigating the
impact on Galaxy's financial metrics of the delay in the opening
of the Cotai Mega Resort project," says Mr. Tsang.

"On the other hand, the buy back signals a high likelihood of
further delay in the opening of the Mega Resort and hence the
resultant cash flow generation.  Moody's expects Galaxy will have
to raise additional financing to cover the short fall arising from
the further delay," adds Tsang.

Moody's also notes that about HK$6 billion of the HK$8 billion
capex has not yet been contracted, giving the company some
flexibility to manage the development progress in accordance with
developments in Macau's gaming market and funding availability.

In addition to its existing review of Galaxy's operating strategy
and the potential impact of the delay of the opening of the Cotai
Mega Resort Project, Moody's will assess the overall impact on
Galaxy's credit profile following the completion of the tender
offers.

Moody's last rating action occurred on Nov. 21, 2008 when
Galaxy's ratings were put on review for possible downgrade.
The principal methodology used in rating Galaxy is the Global
Gaming Methodology, which can be found at www.moodys.com in the
Credit Policy & Methodology, in the Ratings Methodologies
subdirectory.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Waldo
Casino, the group's first casino operation.  Since then, the
company has opened four other casinos in Macau, with the flagship
StarWorld facility opening in October 2006.  In addition, Galaxy
is constructing a large resort in Macau, and which is expected to
open in 2010.



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

GOLD BRIDGE: Fails to File Plan; Bursa Suspends Securities
----------------------------------------------------------
Gold Bridge Engineering & Construction Berhad's failure to submit
its regularization plan with the Securities Commission and other
relevant authorities prompted the Bursa Malaysia Securities Bhd to
delist its securities from the bourse's official list.

According to Bursa Securities, Gold Bridge's securities will be
suspended with effect from 9:00 a.m., today, December 4, 2008.

The company was required under the bourse's extended timeframe
to submit its plan to the relevant authorities on November 27.

In addition to the imposition of suspension, Bursa Securities said
it has commenced de-listing procedures against the company.  The
company has been served with a notice by Bursa Securities to make
representations to Bursa Securities as to why the company's
securities should not be de-listed from the Official List of Bursa
Securities.  Due process is therefore accorded to the company
prior to making a decision on whether to de-list the company's
securities from the Official List of Bursa Securities.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                           *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


GOLDEN PLUS: Court Grants Bourse to Proceed with Wind-up Hearing
----------------------------------------------------------------
Bursa Malaysia Securities Berhad said that it has obtain court's
approval to be made a party in the winding up proceedings against
Golden Plus Holdings Bhd (GPLUS).

Bursa Malaysia said it can now proceed with the hearing of its
application filed in court on September 30, 2008, for a court
order directing GPLUS and its provisional liquidator to appoint
the special auditor, BDO Binder, in accordance with the directive
issued on August 26, 2008.

Bursa Malaysia's directive dated August 26, 2008, for GPLUS to
appoint the special auditor was issued after due assessment of all
relevant facts and circumstances.

This includes the failure by GPLUS to comply with Bursa Malaysia's
directive for information and clarifications and its failure to
comply with various provisions of the Listing Requirements in
relation to the submission of various financial statements within
the timeframe prescribed.

The special auditor, upon appointment, will review the management
of the financial and business affairs of GPLUS for the purpose of
ascertaining its compliance with the Listing Requirements.

The hearing for Bursa Malaysia's court application has been fixed
for March 20, 2009, by the Court.  The Court has also fixed the
hearing for the provisional liquidator's application for
directions on March 20, 2009.

Golden Plus Holdings Berhad -- http://www.gplus.com.my/-- is a
Malaysia-based company engaged in the businesses of investment and
property holding, and provision of management services.  The
company has four business segments: investment, which is engaged
in property and investment holding; property development, which is
engaged in the development of residential and commercial
properties; construction, which is engaged in the construction and
engineering works, and leisure and food, which is a water theme
park operator, as well as restaurant franchisee and operator. It
has operations in Malaysia and People's Republic of China. Its
subsidiaries include Sri Serdang Sdn. Bhd., Golden Plus Builders
Sdn. Bhd., Corporate Business (M) Sdn. Bhd., Rengkas Perkasa Sdn.
Bhd., Golden Plus Construction Sdn. Bhd. and Paradize Bazaar Sdn.
Bhd.


PANGLOBAL: SC Approves Valuation Report Waiver Application
----------------------------------------------------------
In a regulatory filing with the Kuala Lumpur Stock Exchange
PanGlobal Berhad (PGB), said that the Securities Commission had,
via its letter dated 28 November 2008, approved PGB's application
for the waiver from submitting the valuation report on the shop
office in compliance with the SC's Guidelines on Asset Valuation.

The said shop office, which bears a postal address of Wisma
PanGlobal, No. 53, Jalan Seenivasagam, Ipoh, Perak, is one of the
proposed assets to be transferred in relation to the Proposed
Transfer of Business Portfolio of PGI.

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2008, PanGlobal Insurance Berhad, a 99.97% owned
subsidiary of Panglobal Berhad, made an application to Bank Negara
Malaysia for its approval for the Proposed Disposal comprising
the insurance assets and liabilities of PanGlobal Insurance to
Tokio Marine Insurans (Malaysia) Berhad, for an indicative
purchase consideration of approximately MYR15 million.

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

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


TALAM CORP: Provides Update on Default Status as of October 31
--------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of October 31, 2008.

According to the disclosure, the Securities Commission approved on
April 29, 2008, subject to terms and conditions imposed by the SC.
On September 15, 2008, the shareholders of the company also
approved the Proposed Revised Regularization Plan.

In addition, the company has also submitted a petition for the
proposed reduction of the share capital and share premium account
of the company to the High Court of Malaya.  The hearing date of
the petition which has been fixed on November 21, 2008, has been
postponed to December 5, 2008.

                       Default Status

A. Europlus Corporation Sdn Bhd has been notified that the
   Noteholders have approved and passed the resolution in
   writing on the proposed restructuring scheme on September 25,
   2006.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2008
   ----------            ------                ----------------
   Europlus Corp         Abrar Discounts Bhd     MYR190,000,000
   Sdn Bhd

B. These loans with the companies are part of the overall
   Financial Restructuring scheme submitted to the respective
   financial institutions.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2008
   ----------            ------                ----------------
   Abra Development      EON Bank Bhd             MYR13,451,282
   Sdn Bhd

   Talam Corp Bhd        EON Bank Berhad          MYR3,242,549
                                                  MYR3,220,148

   Europlus Bhd          RHB Investment Bank      MYR3,297,382
                         Bhd

   Talam Industries Bhd  RHB Investment Bank     MYR11,221,142
                         Bhd                     MYR16,816,990
                                                  MYR5,710,867
                                                  MYR5,657,099

   Talam Industries Bhd  RHB Investment Bank     MYR13,220,954
                         Bhd


C. These companies are in the midst of finalizing the sales and
   Purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2008
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR23,744,077
   Sdn Bhd               Sdn Bhd                 MYR62,084,995
                                                 MYR66,544,361

D. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2008
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,289,241
                         Leasing Sdn Bhd          MYR21,896,241


   Ukay Land Sdn Bhd     Insas Credit &           MYR14,284,036
                         Leasing Sdn Bhd

E. This company is currently under Section 176 of the Companies
   Act, 1965.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 10/31/2008
   ----------            ------                ----------------
   Maxisegar Sdn Bhd     Abrar Discounts Bhd     MYR130,000,000

F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 10/31/2008
   ----------              ------             ----------------

   Talam Corporation Bhd   Pengurusan          MYR3,068,855
                           Danaharta Nasional

                      About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TENGGARA OIL: Has MYR22,398,192 Outstanding Debt as of Nov. 30
--------------------------------------------------------------
Pursuant to the Amended Practice Note No. 1/2001, Tenggara Oil
Berhad (TOB) disclosed that together with its subsidiary,
Tenggara Concrete Sdn. Bhd. (TCSB), still need to settle
MYR22,398,192.92 -- the amount of principal and interest in
respect of its credit facilities as of November 30, 2008.

  Lender                    Borrower            Amount Due
  ------                    --------         ----------------
  CIMB Bank Bhd              TOB              MYR6,396,305.19
  (Southern Bank Berhad)

  CIMB Bnk Bhd               TOB                 1,334,777.76
  (Bumiputra-Commerce Bank
  Bhd)

  Malayan Banking Bhd        TCSB               14,667,109.97
                                              ----------------
                                             MYR22,398,192.92

On July 13, 2007, TOB made the Requisite Announcement of the
company's regularisation plans to Bursa Malaysia Securities
Berhad.  In the Announcement, TOB proposed to undertake the
Corporate and Debt Restructuring Scheme which comprises of:

   (a) Proposed Incorporation of NewCo;
   (b) Proposed Share Exchange;
   (c) Proposed Disposal of TLSB;
   (d) Proposed Rights Issue;
   (e) Proposed Acquisitions;
   (f) Proposed Exemptions;
   (g) Proposed Debt Settlement;
   (h) Proposed Placement;
   (i) Proposed Liquidation;
   (j) Proposed Transfer of Listing; and
   (k) Proposed Disposal of TOB.

(collectively known as "Proposed Corporate and Debt
Restructuring Scheme").


                        About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.


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

CA CONSULTANTS: Court Hears Wind-Up Petition
--------------------------------------------
On December 1, 2008, the High Court of Christchurch heard a
petition to have CA Consultants Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 9, 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


CABBIE LEASING: Court Hears Wind-Up Petition
--------------------------------------------
On December 1, 2008, the High Court of Christchurch heard a
petition to have Cabbie Leasing Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 10, 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


CUSTOMS STREET ET AL: Creditors' Proofs of Debt Due on December 15
------------------------------------------------------------------
M. J. Cooper fixed December 15, 2008, as the last day to file
proofs of debt for the creditors of:

   -- Customs Street East Limited;
   -- Atrium On Main Property Management Limited;
   -- Carpark 1 Trustee Limited;
   -- Chancery Administration Limited;
   -- Dekko Management Limited;
   -- Grafton Road Building Limited;
   -- Neilson Trustee Limited;
   -- Venice Park Limited;
   -- Ingot Developments Limited;
   -- Zenith Concepts Limited;
   -- Alfred Neilson Investment Limited;
   -- Grafton Road Management Trustees Limited;
   -- Grafton Road Management Limited;
   -- Grafton Road Property Limited;
   -- Waterloo Buildings Limited;
   -- Clode Investments (No.1) Limited;
   -- Neilson Street Limited;
   -- Ultimo Limited;
   -- Denison Trustees Limited;
   -- Grafton Road Property Trustees Limited; and
   -- Elevation Trustee Limited.

The companies commenced liquidation proceedings on Nov. 5, 2008.

The Liquidator can be reached at:

          M. J. Cooper
          PO Box 90777, Auckland Mail Service Centre
          Auckland 1142


HAMBEG LTD ET AL: Commences Liquidation Proceedings
---------------------------------------------------
The official assignee advises the liquidations of these companies:

   -- Hambeg Limited on October 31, 2008; and
   -- Edmonds Wellington Limited on November 4, 2008.

The official assignee can be reached at:

          Official Assignee
          Private Bag 4714
          Christchurch Mail Centre
          Christchurch 8140
          Freephone: 0508 467 658
          Website: http://www.insolvency.govt.nz


J D TRANSPORT: Court Hears Wind-Up Petition
-------------------------------------------
On December 1, 2008, the High Court of Christchurch heard a
petition to have J D Transport Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 9, 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


MARINE PORTS: Fixes April 15 as Last Day to File Claims
-------------------------------------------------------
The creditors of Marine Ports Ltd. are required to file their
proofs of debt by April 15, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          North Shore City 0745
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


MAXXIN RELAXXIN: Court to Hear Wind-Up Petition on December 12
--------------------------------------------------------------
A petition to have Maxxin Relaxxin Ltd.'s operations wound up will
be heard before the High Court at Blenheim on December 12, 2008,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 25, 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


SHAMIM FARAH: Fixes December 11 as Last Day to File Claims
----------------------------------------------------------
The creditors of Shamim Farah Ltd. are required to file their
proofs of debt by December 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


SMARTY PANTZ: Court to Hear Wind-Up Petition on December 12
-----------------------------------------------------------
A petition to have Smarty Pantz Child Care Centre Ltd.'s
operations wound up will be heard before the High Court at
Auckland on December 12, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 23, 2008.

The CIR's solicitor is:

          Sandra Joy North
          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


SPECIALIST TRANSPORT: Court Hears Wind-Up Petition
--------------------------------------------------
On December 1, 2008, the High Court of Christchurch heard a
petition to have Specialist Transport Solutions Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
October 10, 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



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

RIZAL COMMERCIAL: Submits Formal Offer for Asiatrust
----------------------------------------------------
The Rizal Commercial Banking Corp. (RCBC) has submitted a binding
offer to acquire Asiatrust Development Bank Inc., BusinessWorld
reports citing an RCBC official.

According to the report, RCBC did not disclose the price tag it
had put on Asiatrust, but said the offer price was based on the
results of a second round of due diligence.

RCBC confirmed that it has submitted a binding offer.  This is in
line with the bank's stance of exploring acquisition to grow its
network, the bank said in a disclosure to the stock exchange.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                      *     *     *

As reported in the Troubled Company Reporter Asia Pacific on
October 9, 2008, Fitch Ratings revised the Outlook on Philippine-
based Rizal Commercial Banking Corp.'s (RCBC) ratings to Stable
from Positive, and affirmed its ratings, as:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BB-', Individual rating at 'D', Support rating at '3',

  -- US$150 million senior notes at 'BB-', PHP4.5bn and
     PHP7 billion subordinated notes at 'B+', and US$100 million
     perpetual hybrid notes at 'B-'.

  -- The Support Rating Floor has also been affirmed at 'BB-',
     denoting that RCBC's long-term IDR would not be lowered
     beyond this level in the absence of any changes to the
     assumptions underpinning the bank's Support Rating.

On June 3, 2008, TCR-AP reported that Moody's Investors Service
upgraded Rizal Commercial Banking Corporation's (RCBC) bank
financial strength rating (BFSR) to D- from E+.  At the same time,
Moody's has raised its foreign currency hybrid tier-1 debt ratings
to B1 from B3.  Moody's has also affirmed its foreign currency
deposit rating of B1/Not- Prime and senior long-term debt rating
of Ba3.

The outlook on the bank's BFSR and foreign currency hybrid tier-
1 debt ratings is stable, while that for its long-term foreign
currency deposit and senior long-term debt ratings remains
positive.



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

TOM DRAGON: Temporarily Shuts Down Operations
---------------------------------------------
Tom Dragon shut down Tuesday, December 2, after the company failed
to honor checks worth millions, The China Post reports citing
United Evening News.

China Post says that the company's chairman, Hsu Lung-wen, is
currently in China and may come back over the next few days to
explain the situation.

Tom Dragon's sales plummeted 70 percent this year from a year ago,
resulting in a capital shortage of around NT$5 million
(US$149,300), Taipei Times reports citing company official.

The company's employees, China Post adds, haven't got paid for at
least a month.

According to Taipei Times, a company official said Tom Dragon was
only temporarily suspending operations and that it would be open
for business as usual from Monday.

Tom Dragon operates several children's indoor entertainment
facilities in Taiwan.



===============
T H A I L A N D
===============

* Fitch Changes Outlooks on Thailand's 9 Major Banks to Negative
----------------------------------------------------------------
Fitch Ratings has revised the international rating Outlooks of
nine of Thailand's major banks to Negative from Stable.  This
action follows the revision of the Outlook on the Kingdom of
Thailand's foreign and local currency Issuer Default Ratings to
Negative from Stable yesterday.  The rating Outlooks of
government-owned banks are directly affected as are the ratings of
foreign-owned subsidiaries whose ratings are constrained by
Thailand's ratings.

The international rating Outlooks of the major private banks are
also affected by the projected large decline in Thailand's GDP
growth in 2009 to 0.9% and the possible reduction in medium-term
growth prospects from the prolonged political crisis which could
materially affect the financial health of these banks.  As the
National ratings are a relative measure of creditworthiness
between the sovereign and other issuers within Thailand, the
National rating Outlooks are, at this stage, not affected.  Hence,
all the National ratings on the nine banks listed below are
affirmed with Stable Outlooks.

Export-Import Bank of Thailand:

  -- Long-term foreign currency IDR 'BBB+'/Negative
  -- Short-term foreign currency 'F2'; Support '2'
  -- Support Rating Floor 'BBB+'
  -- National Long-term 'AAA(tha)'/Stable
  -- National Short-term 'F1+(tha)'
  -- National senior unsecured debt 'AAA(tha)'

Bangkok Bank:

  -- Long-term foreign currency IDR 'BBB+'/Negative
  -- Short-term foreign currency 'F2'
  -- Individual 'C'; Support '2'
  -- Foreign currency subordinated debt 'BBB'
  -- Support Rating Floor 'BBB-' (BBB minus)
  -- National Long-term 'AA(tha)'/Stable
  -- National Short-term 'F1+(tha)'
  -- National subordinated debt 'AA-(tha)' (AA minus(tha))

Krung Thai Bank:

  -- Long-term foreign currency IDR 'BBB+'/Negative
  -- Short-term foreign currency 'F2'
  -- Individual 'C/D'; Support '2'
  -- Foreign currency subordinated debt 'BBB'
  -- Foreign currency offshore Tier-1 hybrid 'BBB-' (BBB minus)
  -- Support Rating Floor 'BBB+'
  --   -- National Long-term 'AA+(tha)' / Stable
  -- National Short-term 'F1+(tha)'
  -- National subordinated debt 'AA(tha)'
  -- National Tier 1 hybrid 'A+(tha)'

Siam Commercial Bank:

  -- Long-term foreign currency IDR 'BBB+'/Negative
  -- Short-term foreign currency 'F2'
  -- Individual 'C'; Support '2'
  -- Foreign currency senior unsecured debt 'BBB+'
  -- Foreign currency subordinated debt 'BBB'
  -- Support Rating Floor 'BBB-'(BBB minus)
  -- National Long-term 'AA(tha)'/Stable
  -- National Short-term 'F1+(tha)'
  -- National Short-term senior unsecured debt 'F1+(tha)'
  -- National Long-term subordinated debt 'AA-(tha)'

Kasikornbank:

  -- Long-term foreign currency IDR 'BBB+'/Negative
  -- Short-term foreign currency 'F2'
  -- Individual 'C'; Support '2'
  -- Long-term foreign currency subordinated debt 'BBB'
  -- Support Rating Floor 'BBB-' (BBB minus)
  -- National Long-term 'AA(tha)'/Stable
  -- National Short-term 'F1+(tha)'
  -- National Long-term senior unsecured debt 'AA(tha)'
  -- National Short-term senior unsecured debt 'F1+(tha)'
  -- National Long-term subordinated debt 'AA-(tha)'

Bank of Ayudhya:

  -- Long-term foreign currency IDR 'BBB'/Negative
  -- Short-term foreign currency 'F3'
  -- Individual 'C'; Support '3'
  -- Foreign currency subordinated debt 'BBB-' (BBB minus)
  -- Support Rating Floor 'BB+'
  -- National Long-term 'AA-(tha)' (AA minus(tha))/Stable
  -- National Short-term 'F1+(tha)'
  -- National subordinated debt 'A+(tha)'

TMB Bank:

  -- Long-term foreign currency IDR 'BBB-' (BBB minus)/Negative
  -- Short-term foreign currency 'F3'
  -- Individual 'C/D'; Support '3'
  -- Foreign currency subordinated debt 'BB+'
  -- Foreign currency Tier 1 hybrid 'BB-' (BB minus)
  -- Support Rating Floor 'BB'
  -- National Long-term 'A+(tha)'/Stable
  -- National Short-term 'F1(tha)'
  -- National subordinated debt 'A(tha)'
  -- Standard Chartered Bank (Thai):
  -- Long-term foreign and local currency IDR 'A-'
  -- Short-term foreign and local currency 'F2'
  -- Individual 'B/C'; Support '1'
  -- National Long-term 'AA+(tha)'/Stable
  -- National Short-term 'F1+(tha)'

United Overseas Bank (Thai):

  -- Long-term foreign currency IDR 'A-'(A minus)/Negative
  -- Short-term foreign currency 'F2'
  -- Individual 'C'; Support '1'
  -- National Long-term 'AA+(tha)'/Stable
  -- National Short-term 'F1+(tha)'



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

* S&P Reports Refinancing Strain for Private-Sector Borrowers
-------------------------------------------------------------
The funding environment in the Asia-Pacific region has worsened
noticeably in recent weeks as the global credit crisis continues
to unfold, said an article published by Standard & Poor's.

S&P estimate that a cumulative total of US$368 billion of
corporate debt rated by S&P -- including non-financials and
financials -- will mature or come due for refunding beginning in
the fourth quarter of 2008 and ending in 2011 in Asia.  By
contrast, US$2.1 trillion is expected to mature across all rating
categories in Europe, and US$700 billion is due within the U.S.
speculative-grade segment alone.

Maturities are disproportionately concentrated, with two countries
(Japan and Australia) accounting for 94% of total rated corporate
bond maturities coming due in the three years ending in 2011,
according to the article.

Notwithstanding low-rated corporate debt exposure, S&P notes that
refinancing risk remains an overall growing concern for the
region.

"Banks are much more cautious about lending, causing credit growth
to decelerate substantially relative to the past couple of years,"
said Diane Vazza, head of S&P's Global Fixed Income Research
Group.  This pullback is perhaps keenest among global banks,
though domestic banks in the region are not immune and are more
likely to preserve relationships with the strongest credits.

"For issuers with weaker fundamentals, available financing options
have shrunken considerably at a time when business is softening
and financial strain is spreading," said Ms. Vazza.



                         *********

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.

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