TCRAP_Public/081208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 8, 2008, Vol. 11, No. 243

                            Headlines

A U S T R A L I A

A.C.N. 111 715 907 ET AL: Declares First and Final Dividend
A.C.N. 111 715 907 ET AL: To Hold Members' Meeting on December 10
ACN 082 870 031: Commences Liquidation Proceedings
ALLIED FOOD: Members and Creditors Hear Wind-Up Report
COVENANT NOMINEES: Enters Wind-Up Proceedings

DELIZIA DELICACIES: Placed Under Voluntary Liquidation
DEEP BLUE: Enters Wind-Up Proceedings
FAIRFAX MEDIA: CEO Resigns, Replacement to be Determined Wednesday
FUTURETECH ELECTRONICS: Members and Creditors Hear Wind-Up Report
G.K. & J.H.: Placed Under Voluntary Liquidation

HJK INVESTMENTS: Placed Under Voluntary Liquidation
K FACTOR SHEETMETAL: Placed Under Voluntary Liquidation
PARBCO PTY: Members and Creditors Receive Wind-Up Report
PARK 'N' VIDS: Members and Creditors Hear Wind-Up Report
QUALITY STRATA: Commences Liquidation Proceedings

R. EDMONDS & ASSOCIATES: Declares First and Final Dividend
SEBOO PTY: Placed Under Voluntary Liquidation
XERIUM TECHNOLOGIES: To Cease Operations at Aussie, Vietnam Units


C H I N A

OKAY AIRWAYS: Suspends Flights for One Month


H O N G K O N G

ASIA ALUMINUM: S&P Cuts Rating on US$450MM Sr. Notes to 'B-'
CAPITAL SILVER: Placed Under Voluntary Liquidation
CCA HK: Placed Under Voluntary Liquidation
CHAODA MODERN: S&P Downgrades Corporate Credit Rating to 'BB-'
CITIBAGS & LUGGAGE: Members' Final Meeting Set for January 6

E28 HONG KONG: Placed Under Voluntary Liquidation
KONG THAI: Creditors' Proofs of Debt Due on January 6
L.P. CONTRACTORS: Annual Meetings Set for December 19
ORIENT AIR: Members' Final Meeting Set for January 13
SKY FOX: Creditors' Proofs of Debt Due on January 6

VISTAMARINE LIMITED: Hague Cease to Act as Liquidator


I N D I A

ASIS LOGISTICS: CRISIL Rates Rs.100.0 Mil. Cash Credit at 'BB+'
C.M. SMITH: CRISIL Rates Rs.159.0 Mil. Cash Credit at 'BB+'
DELTA FINOCHEM: CRISIL Rates Rs.18.00 Mil. Term Loan at 'BB'
GENERAL MOTORS: Moody's Cuts Corporate Family & Debt Ratings to Ca
GENERAL MOTORS: Reports 154,877 Deliveries in November 2008

PACIFICA: CRISIL Rates Rs 200 Mil. Cash Credit at 'BB+'
SHIRDI INDUSTRIES: CRISIL Rates Rs.230.0 Mil. Cash Credit at 'BB+'
TOSHNIWAL ASSOCIATES: CRISIL Rates Rs. 2.5MM Cash Credit at 'B+'


I N D O N E S I A

* INDONESIA: ADB Grants US$350 Million Loan


J A P A N

DELPHI CORP: Court OKs Creditors' Retention of Moelis & Co.
DELPHI CORP: Wins Court OK for GM Liquidity Enhancement Deals
FORD MOTOR: Car Sales Drop to 118,818; Down 30% from 2007
FORD MOTOR: Sufficient Liquidity Cues Moody's to Keep Caa1 Ratings


K O R E A

BALLY TOTAL: Gets Access to Cash Collateral to Fund Ch. 22 Case
HYUNDAI MOTOR: Cuts Production at Overseas Plants
KOOKMIN BANK: Mulls Job Cuts Through Voluntary Retirement Scheme
KOOKMIN BANK: To Sell KRW500 Bil. New Shares to Parent


M A L A Y S I A

OCI BERHAD: Sets Annual General Meeting on December 22


N E W  Z E A L A N D

AUTO NET: Court to Hear Wind-Up Petition on February 18
BSB CONSTRUCTION: Fixes December 19 as Last Day to File Claims
BUYERS AGENT ET AL: Fixes Jan. 30 as Last Day to File Claims
MIT PLASTERING: Court to Hear Wind-Up Petition on December 15
MOTHERS FAVOURITES: Commences Liquidation Proceedings

NETTEN FARM: Appoints Parsons and Kenealy as Liquidators
NEW ZEALAND AIR: Creditors' Proofs of Debt Due on December 17
PINEHURST LTD: Court Hears Wind-Up Petition
PROPERTY EDGE: Court Hears Wind-Up Petition
TATTOO BRAND: Commences Liquidation Proceedings


P H I L I P P I N E S

OCEANAGOLD: Puts Didipio Project Under Maintenance
SECURITY BANK: Completes PHP3.0 Bil. Offering Thru Notes Issue


S R I  L A N K A

PAN ASIA: Fitch Puts 'BB+' Rating on Proposed Sub. Debenture Issue
VALLIBEL FINANCE: Fitch Affirms Long-Term Rating at 'B+'


S O U T H  A F R I C A

* SOUTH AFRICA: Global Slowdown Puts Many Jobs at Risk


T A I W A N

WAN HAI: Industry Risks Cue S&P to Cut Corp. Credit Rating to BB+


X X X X X X X X

* Detroit 3 Willing to Work Under Gov't Oversight Board


                         - - - - -


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

A.C.N. 111 715 907 ET AL: Declares First and Final Dividend
-----------------------------------------------------------
On December 3, 2008, a first and final dividend was declared for
the creditors of:

   -- A.C.N. 111 715 907 Pty Ltd;
   -- A.C.N. 111 715 907;
   -- Redbank Plains Veterinary Surgery Pty Ltd;
   -- A.C.N. 051 155 698;
   -- A.C.N. 082 535 082 Pty Ltd;
   -- A.C.N. 082 535 082;
   -- A.C.N. 078 734 111 Pty Ltd;
   -- A.C.N. 078 734 111;
   -- Kaesler Brothers Pty Ltd;
   -- A.C.N. 007 511 999;
   -- Bushby & Bell Auctioneers Pty. Ltd.;
   -- A.C.N. 009 565 762;
   -- Graham Withers Equipment Co. Pty. Ltd.;
   -- A.C.N. 004 966 170;
   -- Progesterone Naturally Pty Ltd;
   -- A.C.N. 094 481 624;
   -- A.C.N. 091 096 623 Pty Ltd;
   -- A.C.N. 091 096 623;
   -- Periden Holdings Pty. Ltd.; and
   -- A.C.N. 005 011 012 Pty Ltd.

The companies' liquidator is:

          Richard Judson
          Members Voluntarys Pty Ltd
          10 Park Road, 1st Floor
          Cheltenham VIC 3192


A.C.N. 111 715 907 ET AL: To Hold Members' Meeting on December 10
-----------------------------------------------------------------
On December 10, 2008, a final meeting will be held for the members
of:

   -- A.C.N. 111 715 907 Pty Ltd;
   -- A.C.N. 111 715 907 at 11:45 a.m.;
   -- Aimnsw Pty Ltd;
   -- A.C.N. 108 943 611 at 9:00 a.m.;
   -- Redbank Plains Veterinary Surgery Pty Ltd;
   -- A.C.N. 051 155 698 at 9:15 a.m.;
   -- Lavor Australia Pty Limited;
   -- A.C.N. 109 217 487 at 9:30 a.m.;
   -- A.C.N. 082 535 082 Pty Ltd;
   -- A.C.N. 082 535 082 at 9:45 a.m.;
   -- A.C.N. 078 734 111 Pty Ltd;
   -- A.C.N. 078 734 111 at 10:00 a.m.;
   -- Kaesler Brothers Pty Ltd;
   -- A.C.N. 007 511 999 at 10:15 a.m.;
   -- Bushby & Bell Auctioneers Pty. Ltd.;
   -- A.C.N. 009 565 762 at 10:30 a.m.;
   -- Dazono Pty Ltd;
   -- A.C.N. 003 130 014 at 10:45 a.m.;
   -- Graham Withers Equipment Co. Pty. Ltd.;
   -- A.C.N. 004 966 170 at 11:00 a.m.;
   -- Progesterone Naturally Pty Ltd;
   -- A.C.N. 094 481 624 at 11:15 a.m.;
   -- A.C.N. 091 096 623 Pty Ltd;
   -- A.C.N. 091 096 623 at 11:30 a.m.;
   -- Periden Holdings Pty. Ltd.; and
   -- A.C.N. 005 011 012 Pty Ltd at 11:55 a.m.

At the meeting, Richard Judson, the company's liquidator, will
give a report on the companies' wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          10 Park Road, 1st Floor
          Cheltenham VIC 3192


ACN 082 870 031: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on September 24, 2008, the members
of ACN 082 870 031 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Peter Mccluskey
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne VIC 3000
          Telephone:(03) 9600 4922
          Facsimile:(03) 9642 5887
          DX Number 125, Melbourne


ALLIED FOOD: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Allied Food Marketers Pty Limited met
on November 17, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Robert Elliott
          Hall Chadwick
          416 - 420 Collins Street, Level 10
          Melbourne VIC 3000


COVENANT NOMINEES: Enters Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Covenant Nominees Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Richard John Cauchi
          David James Lofthouse
          Level 3, CJL Partners
          180 Flinders Lane, Melbourne


DELIZIA DELICACIES: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Delizia Delicacies Pty. Ltd. met on September 24,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Anthony Robert Cant
          Simon Patrick Nelson
          Romanis Cant, Chartered Accountants
          106 Hardware Street, Melbourne


DEEP BLUE: Enters Wind-Up Proceedings
-------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Deep Blue Capital Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Richard John Cauchi
          David James Lofthouse
          Level 3, CJL Partners
          180 Flinders Lane, Melbourne


FAIRFAX MEDIA: CEO Resigns, Replacement to be Determined Wednesday
------------------------------------------------------------------
Fairfax Media Limited Chief Executive Officer David Kirk has
resigned from his post, the company said in a statement Friday
last week.  Deputy Chief Executive Officer Brian McCarthy will act
as interim Chief Executive until the Board meets Wednesday,
December 10.

According to Bloomberg News, Mr. Kirk quit after failing to turn
around circulation declines amid the slowest economic growth in
eight years.

Bloomberg News says the company has fired the editors of its
metropolitan broadsheets in Sydney and Melbourne in the past six
months.

Fairfax, Bloomberg News relates, has slumped 69 percent in Sydney
trading this year because of concern about its AU$2.5 billion
(US$1.6 billion) of debt, declining newspaper sales and a loss of
classified advertising to online rivals.

In a separate report, Bloomberg News said according to the Sydney
Morning Herald, Fairfax's biggest shareholder, Marinya Media,
indicated it would support a reduction in the dividend after other
large investors urged the board to use the funds to cut debt.
Major shareholders 452 Capital and Perpetual Investments have
already called for a reduction in the dividend payout to reduce
the company's AU$2.5 billion (US$1.6 billion) of debt, the report
said.

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.




FUTURETECH ELECTRONICS: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Futuretech Electronics Pty Ltd met on
Nov. 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Timothy Bryce Norman
          Deloitte Touche Tohmatsu
          180 Lonsdale Street
          Melbourne VIC 3000


G.K. & J.H.: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on October 1, 2008, the
members of G.K. & J.H. Radford Pty. Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Nicholas Giasoumi
          Roger Darren Grant
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


HJK INVESTMENTS: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on May 26, 2008, the
members of HJK Investments Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          John Finlay
          Finlay & Co Pty Ltd
          Suite 4 83, Wellington Street
          St Kilda Vic 3182


K FACTOR SHEETMETAL: Placed Under Voluntary Liquidation
-------------------------------------------------------
The members of K Factor Sheetmetal Pty Ltd met on September 29,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Gideon Isaac Rathner
          David John Coyne
          Lowe Lippmann, Chartered Accountants
          5 St Kilda Road
          St Kilda Vic 3182
          e-mail grathner@lowelippmann.com.au


PARBCO PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Parbco Pty Ltd met on Nov. 14, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Gountzos
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne VIC 3000
          Telephone:(03) 9639 4779
          Facsimile:(03) 9639 4773


PARK 'N' VIDS: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Park 'N' Vids Pty Ltd met on Nov. 17,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


QUALITY STRATA: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on September 30, 2008, the members
of Quality Strata Maintainence Co Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Roger David Midgley Smith
          126 George Street
          Morwell, VIC 3840


R. EDMONDS & ASSOCIATES: Declares First and Final Dividend
----------------------------------------------------------
R. Edmonds & Associates Pty Ltd declared the first and final
dividend on November 24, 2008.

Only creditors who were able to file their proofs of debt by
November 17, 2008, were included in the company's dividend
distrubution.

The company's liquidator is:

          Peter Goodin
          Brooke Bird & Co Chartered Accountants
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone:(03) 9882 6666


SEBOO PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 3, 2008, the members of
Seboo Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


XERIUM TECHNOLOGIES: To Cease Operations at Aussie, Vietnam Units
-----------------------------------------------------------------
Xerium Technologies, Inc., announced on December 3, 2008, the
launch of its newly created Paper Machine Clothing Global Supply
Strategy.  Consistent with the company's strategy to continually
identify and implement changes to reduce its cost structure while
improving its customer responsiveness, the company has decided to
concentrate its new product and manufacturing process investments
in its existing global production network.  This strategy will
focus production in the company's most efficient plants located
closest to its global customers while improving product quality
and reducing customer order lead times.  As part of executing this
strategy in the Asia/Pacific Region, the company intends to cease
production at its Huyck Wangner clothing facility in Geelong,
Australia, by the end of the first quarter 2009.  The company also
plans to discontinue construction of its new Vietnam clothing
facility.  Xerium plans to retain a sales and distribution
operation in Australia to service customers throughout Southeast
Asia, Australia, and New Zealand.  The company also plans to
retain the Vietnam facility while it evaluates its long term
potential.

"Our new global supply strategy is the result of evaluating
alternative paths for the company to improve its cost structure
while simultaneously improving its customer order response times,"
said Stephen Light, Chairman, President, and Chief Executive
Officer.  "As part of this initiative, we are developing the
capability to produce nearly all of our current and future
products at our highly efficient existing plants nearest to our
customers.  Consequently we will direct future capital investment
in equipment and product technology to our existing 'Centers of
Excellence,' realign production capacity and technical
capabilities among existing facilities to minimize production
costs, and minimize time to market of both existing and new
products.  These changes are essential in this dynamic market,
where our customers are facing unprecedented challenges.  Our plan
is to continue to introduce highly competitive leading technology
products that address our customers' need to improve their
productivity and lower their costs, while we simultaneously
continue to pay down our debt.  The changes we are announcing
today are consistent with the company's strategies of debt
reduction, product innovation and the reliance on the talents and
dedication of our people."

The actions in the Asia/Pacific Region will impact approximately
15 salaried and 150 hourly employees at the Huyck Wangner, Geelong
Australia facility, and approximately 50 salaried and hourly
personnel in Ho Chi Minh City, Vietnam.  Combined reductions in
Asia Pacific manufacturing represent approximately 6% percent of
the company's workforce.

The company expects to record restructuring expenses of
approximately US$8 million to US$10 million in the fourth quarter
of 2008, of which US$5 million to US$6 million is principally for
severance to be paid through the first half of 2009 and an
impairment loss of US$3 million to US$4 million.  The company
expects to incur US$1 million to US$3 million of other
restructuring costs throughout 2009 related to these
announcements.  In addition, the company is evaluating the future
use of equipment located in Australia, and may transfer the
equipment to other facilities when economically justified and, if
transferred, would record expense to dismantle and move such
equipment.

                  About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and supplies
two types of consumable products used in the production of paper:
clothing and roll covers.  With 35 manufacturing facilities in 15
countries around the world, Xerium has approximately 3,700
employees.

                        *     *     *

As disclosed in the Troubled company Reporter on October 1, 2008,
Standard & Poor's Ratings Services raised its ratings on Xerium
Technologies Inc., including raising the long-term corporate
credit rating to 'B-' from 'CCC+'.  The outlook is stable.

"The upgrade is based on the increased likelihood that Xerium will
satisfy its covenants in the fourth quarter and maintain adequate
liquidity in the near term," said Standard & Poor's credit analyst
Sarah Wyeth.

The ratings on Youngsville, North Carolina-based Xerium reflect
the company's highly leveraged balance sheet, its limited
liquidity, its modest size as a supplier to niche markets, and its
dependence on the papermaking industry, all of which limit the
company's organic growth potential.  Partly mitigating these
weaknesses are the company's good operating margins, its
geographic diversity, and the strong competitive position of its
niche product.

However, Standard & Poor's notes that Xerium's end markets
continue to be challenging and competitive.  If EBITDA declines
more than 5% from its current level and the company does not
reduce debt in excess of mandatory payments, the leverage covenant
could become tight in 2010 and S&P could revise the outlook to
negative or lower the rating.



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

OKAY AIRWAYS: Suspends Flights for One Month
--------------------------------------------
Li Wei, Okay Airways spokesman, confirmed the carrier will suspend
passenger services for one month from Dec. 15, 2008, The China
Post reported.

"It's because our shareholders have conflicting opinions about the
business," the Post cited spokesman Li as saying in a phone
interview.

Citing China Business News, Reuters relates that Juneyao Group,
controlling shareholder of Okay Airways, filed an application in
November to the authority to suspend Okay's passenger service.

According to Reuters, Okay spokesman Han Jing said the airline
received verbal approval on Wednesday, Dec. 3, from the Civil
Aviation Administration of China, allowing it to halt passenger
operations on Dec. 15.

China Post recalls that Okay Airways and Junyao Group agreed in
March 2006 to share personnel, routes, marketing and managerial
expertise as they struggled for a footing in China's intensively
competitive air transport market.

Reuters discloses that Juneyao's chairman, Wang Junjin, was quoted
by China Business as saying that Okay Airways needed to increase
profitability and make a turnaround in passenger services in the
face of the global financial crisis.

Established in 2005, Okay Airways operates cargo and passenger
flights across China.  The airline has 11 planes and flies more
than 20 domestic passenger routes.  Its cargo operations are a
local partner of Fedex Corp.



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

ASIA ALUMINUM: S&P Cuts Rating on US$450MM Sr. Notes to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Asia Aluminum Holdings Ltd.
to 'B' from 'B+'.  The outlook is negative.  At the same time,
Standard & Poor's lowered its issue rating on the company's US$450
million senior unsecured notes due 2011 to 'B-' from 'B+'.

"The lower rating on AAH reflects the weaker-than-expected im
provement in the company's credit metrics over a prolonged period,
due to the slower-than-expected completion of its flat-rolled
products facility in Zhaoqing, Guangdong province.  The lower is
sue rating reflects S&P's expectation that AAH needs to incur more
onshore Chinese bank facilities to fund the commissioning of its
FRP facility within fiscal 2009, and that this will place bond
holders in a more subordinated position than before," said S&P's
credit analyst Bei Fu.

AAH's credit protection metrics will likely come under pressure in
fiscal 2009 because of the company's HK$1 billion in funds to com
mission the FRP facility and due to the challenging market condi
tions stemming from the economic slowdown.  If the parent's pay
ment-in-kind notes are included, AAH's ratio of funds from opera
tions to debt would be less than 10% in fiscal 2009. Similarly,
its ratio of debt to EBTIDA is likely to remain above 7x (includ
ing PIK notes) over the next 12 months.  In addition, AAH's liq
uidity position should come under further pressure in fiscal 2010
when AAH is required to start paying the PIK note coupon of close
to US$100 million each year.

Positively, once the FRP plant is fully operational, AAH's finan
cial metrics could improve materially in the next two to three
years, provided the company does not undertake any new heavily
debt-funded capital-spending projects.  This improvement would be
attributable to the significant increase in production capacity
and the contribution from high-value flat-rolled products.  If the
FRP facility is as highly efficient as expected, the company will
be well positioned to benefit from the relatively strong demand
projected for China in the long term.  The company targets the FRP
project to be commissioned in the first quarter of calendar 2009,
ramping up to full operation with a capacity of 400,000 metric
tons in 2011.  Nevertheless, there is some uncertainty over
whether the facility can be successfully commissioned within the
targeted timeframe.  The recent slowdown in the global and Chinese
economies also adds to uncertainty over demand prospects.


CAPITAL SILVER: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
shareholders of Capital Silver Recycling Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Leung Chi Wing
          Kiu Fu Commercial Building
          Room B, 4th Floor
          300 Lockhart Road
          Wanchai, Hong Kong


CCA HK: Placed Under Voluntary Liquidation
------------------------------------------
On  November 24, 2008, the sole member of CCA HK Limited resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

          Duncan Alan Abernethy
          Christopher Robert Banks
          Todd Building, Level 14
          95 Customhouse Quay
          PO Box 3142, Wellington 6140
          New Zealand


CHAODA MODERN: S&P Downgrades Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Chaoda Modern Agriculture Ltd. to
'BB-' from 'BB'.  The rating outlook is negative.

S&P's also lowered the issue rating on Chaoda's US$225 million
senior note due February 2010 and HK$1.34 billion convertible bond
due May 2011 (redeemable in May 2009) to 'BB-' from 'BB'.

"The downgrade reflects Chaoda's weaker liquidity position
pressured by two large bullet debt repayments due in the next 15
months, lack of financial flexibility, and a continued aggressive
growth appetite, despite the substantial near-term refinancing
need," said S&P's credit analyst Bei Fu.

Chaoda's low cash holdings and limited credit facility available
is unlikely to cover its debt obligation.  S&P expects the put
option on the outstanding HK$1.34 billion convertible bonds to be
exercised in May 2009 at a premium of 15.97%.  Total cash of
Chinese renminbi 1.3 billion as of end-July 2008 is insufficient
to cover the CB repayment.  Chaoda will face a further
US$225 million senior note repayment in February 2010.

Chaoda's financial flexibility is limited.  The refinancing risk
is heightened by a lack of clarity in its refinancing plan and an
aggressive capital expenditure plan.  For 2009-2011, Chaoda
expects to maintain its capital expenditures comparable to the
last three years.  Chaoda's steady growth in production area
reserves over the past three years should provide some flexibility
in capital expenditure schedule, depending on its financial
position.

S&P believes the company's operating cash inflow in fiscal 2009
could be pressured by lower sales, as the weaker economy could
force consumers to opt for cheaper alternatives and the heightened
food safety issue in China reduces the country's food export
competitiveness.  The continued negative free operating cash flow
is unlikely to support the two debt repayments due in the next 15
months.

"The rating could be lowered if (1) the company's liquidity
weakens materially such that cash falls below RMB1 billion, (2)
the company does not adjust its capital spending to support its
debt obligations; or (3) it introduces a more aggressive
shareholder capital return initiative," Ms. Fu said.


CITIBAGS & LUGGAGE: Members' Final Meeting Set for January 6
------------------------------------------------------------
The members of Citibags & Luggage Manufacturing Limited will hold
their final meeting on January 6, 2009, at 11:00 a.m., at Room
1202 of Tung Ming Building, 42 Des Voeux Road, in Central, Hong
Kong.

At the meeting, Lau Kwok Kwong Arthur, the company's liquidator,
will give a report on on the company's wind-up proceedings and
property disposal.


E28 HONG KONG: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on November 21, 2008, the
members of E28 Hong Kong Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Liu Chi Tat Stephen
          Kwan Pak Kong
          C C Wu Building, Rm. 1304, 13th Floor
          302-308 Hennessy Road
          Wanchai, Hong Kong


KONG THAI: Creditors' Proofs of Debt Due on January 6
-----------------------------------------------------
The creditors of Kong Thai Rice Trading Limited are required to
file their proofs of debt by January 6, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 2, 2008.

The company's liquidator is:

          Lin Fai Yau
          Milo's Industrial Building, 1st Floor
          2-10 Tai Yuen Street
          Kwai Chung, N.T.


L.P. CONTRACTORS: Annual Meetings Set for December 19
-----------------------------------------------------
The members and creditors of L.P. Contractors & Construction Co.
(Hong Kong) Limited will hold their annual meeting on Dec. 19,
2008, at 2:00 p.m. and 2:30 p.m., respectively at the office of
Hastings & Co., 5th Floor of Gloucester Tower, The Landmark, in 11
Pedder Street, Hong Kong.

At the meeting, Lo Wing Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ORIENT AIR: Members' Final Meeting Set for January 13
-----------------------------------------------------
The members of Orient Air (HK) Limited will hold their final
meeting on January 13, 2008, at 10:00 a.m., at the 20th Floor of
Greatmany Centre, 111 Queen's Road East, in Wanchai, Hong Kong.

At the meeting, Law Kai Lo will give a report on on the company's
wind-up proceedings and property disposal.


SKY FOX: Creditors' Proofs of Debt Due on January 6
---------------------------------------------------
The creditors of Sky Fox Investment Limited are required to file
their proofs of debt by January 6, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 19, 2008.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


VISTAMARINE LIMITED: Hague Cease to Act as Liquidator
-----------------------------------------------------
On November 25, 2008, David Richard Hague cease to act as
liquidator of Vistamarine Limited.

The company's former Liquidator can be reached at:

         David Richard Hague
         Prince's Building, 22nd Floor
         Central, Hong Kong



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

ASIS LOGISTICS: CRISIL Rates Rs.100.0 Mil. Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Asis Logistics Ltd (ALL).

   Rs.100.0 Million Cash Credit     BB+/Stable(Assigned)
   Rs.100.0 Million Term Loan       BB+/Stable(Assigned)
   Rs.5.0 Million Bank Guarantee    P4(Assigned)

The ratings reflect ALL's small scale of operations, high working
capital requirements, increasing share of low-margin
transportation business in its revenue mix, and susceptibility of
its operating margins to economic downturns.  These weaknesses are
mitigated by the company's integrated business model in
consulting, transportation, and custom house agent (CHA) services,
and its healthy financial risk profile, marked by a comfortable
gearing and adequate debt protection measures.

Outlook: Stable
CRISIL expects ALL to maintain its stable business and financial
risk profile over the medium term.  The outlook may be revised to
'Positive' if the company's scale of operations increases
substantially.  Conversely, it may be revised to 'Negative' if the
company incurs large debt-funded capital expenditure, resulting in
deterioration in its financial risk profile.

                       About Asis Logistics

Incorporated in 1993, ALL began operations by offering foreign
trade and investment advisory services.  It commenced transport
services in 2004 and warehousing and material handling facilities
in 2006.  In 2006-07 (refers to financial year, April 1 to March
31), ALL took over one of its group companies Asis Overseas (C&F)
Pvt Ltd, engaged in customs clearing and forwarding.  In 2007-08,
its group companies Shirdi Industries Ltd and Asis Industries Ltd
acquired 43 per cent and 40 per cent, respectively, of the equity
in ALL.  For 2007-08, ALL reported a profit after tax (PAT) of
Rs.47 million on net revenues of Rs.618 million, as against a PAT
of Rs.27 million on net revenues of Rs.299 million in the previous
year.


C.M. SMITH: CRISIL Rates Rs.159.0 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of C.M. Smith and Sons Ltd (CMS).

   Rs.159.0 Million Cash Credit*    BB+/Stable (Assigned)
   Rs.420.6 Million Term Loan       BB+/Stable (Assigned)
   Rs.1.5 Million Bank Guarantee    P4 (Assigned)

   *Fungible with Export Packing Credit up to Rs.40.0 million

The ratings reflect the company's large capital expenditure
(capex) plans, and small scale of operations, which restrict its
financial flexibility.  These rating weaknesses are mitigated by
the company's diversified product portfolio, and established
market position in the castings business.

Outlook: Stable

CRISIL expects CMS to maintain a stable credit risk profile on the
back of its diversified business portfolio.  The outlook may be
revised to 'Positive' if CMS is able to successfully expand in the
non-automotive component segment, while sustaining healthy profit
margins and debt protection measures.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes more-than-
expected debt-funded capex, or faces significant decline in
profitability levels.

                       About C.M. Smith

Established in 1943, CMS is a closely-held public company.  It
manufactures automotive components for large commercial vehicles,
and a range of non-automotive components.  The company's
operations include both casting and machining components.  It has
long-standing relationships with large domestic auto original
equipment manufacturers.  Non-automotive components such as
pulleys, marine engine parts, and fire extinguishing parts are
sold in the local market and also exported to the European Union
and the US.

CMS reported a profit after tax (PAT) of Rs.43.6 million on net
sales of Rs.666.2 million in 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.22.6 million on net
sales of Rs.598.8 million in the previous year.


DELTA FINOCHEM: CRISIL Rates Rs.18.00 Mil. Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of Delta Finochem Pvt Ltd.

   Rs.18.00 Million Term Loan       BB/Stable (Assigned)
   Rs.27.50 Million Cash Credit     BB/Stable (Assigned)

   Rs.5.50 Million Ad-hoc Cash      P4 (Assigned)
                   Credit Limit

   Rs.35.00 Million Letters of      P4 (Assigned)
                    Credit  
   Rs.1.00 Million Bank Guarantee  P4 (Assigned)

The rating reflects Delta Finochem's exposure to risks relating to
limited earnings diversity and small scale of operations, intense
competition, cyclicality in prices of raw materials, working-
capital-intensive operations, and propensity to trade in the
equity market.  These weaknesses are, however, partially offset by
Delta Finochem's established presence in the specialty organic
chemicals industry (especially Quaternary Ammonium Compounds and
Quaternary Phosphonium Compounds), comfortable capital structure
and diversified end-user base.

Outlook: Stable

CRISIL expects Delta Finochem to maintain a comfortable capital
structure over the medium term, while managing growth
successfully.  The outlook may be revised to 'Positive' if there
is substantial improvement in the company's margins and overall
business risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's gearing exceeds expectations, or if
its business or financial risk profile deteriorates.

                        About Delta Finochem

Delta Finochem, promoted by Mr. D. S. Deshmukh, is a manufacturer
of organic chemicals in three segments - key specialty chemicals,
quaternary ammonium compounds (QACs), and quaternary phosphonium
compounds (QPCs).  The company supplies these chemicals to
industries such as pharmaceuticals, paints and dyes, detergents,
agrochemicals, and industrial chemicals.

Delta Finochem has recently set up a unit to manufacture active
pharmaceutical ingredients (APIs) at its existing facility at
Igatpuri (near Nasik).  The facility has the capacity to
manufacture around 900 tonnes of chemicals per annum.  The company
is expanding capacities further, to accommodate new API segment
requirements.  For 2007-08 (refers to financial year, April 1 to
March 31), Delta Finochem reported a profit after tax (PAT) of
Rs.12.6 million on net sales of Rs.269.5 million, as against a PAT
of Rs.14.5 million on net sales of Rs.190.7 million for 2006-07.


GENERAL MOTORS: Moody's Cuts Corporate Family & Debt Ratings to Ca
------------------------------------------------------------------
Moody's Investors Service has downgraded the debt ratings of
General Motors Corporation, Corporate Family and Probability of
Default ratings to Ca from Caa2, in recognition of the increased
probability of a balance sheet restructuring which results in a
loss for current debtholders.  Moody's would view the company's
potential balance sheet restructuring, which is likely to cause
bondholder losses, to be a distressed exchange which would be
treated as a default for analytic purposes.  The rating outlook is
negative and the company's Speculative Grade Liquidity Rating is
affirmed at SGL-4.  The ratings of GMAC LLC are not affected by
these GM rating actions.

In its Restructuring Plan for Long-term Viability submitted to the
Senate Banking Committee and House of Representatives Financial
Services Committee on December 2, 2008, General Motors indicated
that its restructuring plan "includes, and is conditioned upon,
significant sacrifice and deleveraging of its balance sheet."
Specifically, the plan references a reduction of GM's total debt,
including VEBA-related obligations from US$62 billion to
approximately US$30 billion with a corresponding increase in book
equity from (US$65.1) billion to approximately (US$32) billion.
GM has not specifically identified the mechanism for implementing
the balance sheet restructuring, nor has it made any specific
proposals to bondholders.  Nevertheless, the plan is suggestive of
a transaction that would be viewed as a distressed exchange by
Moody's if implemented.

Importantly, GM has indicated that its plan would "preserve the
status of existing trade creditors" and "would honor terms and
provisions of all outstanding warranty obligations to both
consumers and dealers."  Preservation of trade creditors will be
critical to avoid any disruption in the company's supply chain and
continuing to honor warranty obligations will help to avoid
significant erosion of the company's continuing vehicle brands
during the restructuring process.  Failure in either of these
areas could exacerbate the challenges that the company faces and
increase the risk of a bankruptcy filing.

In its filing, GM has requested a total of US$18 billion of
government funding be made available to it to bridge the liquidity
pressures which it anticipates in its business plan.  According to
GM, the funding would enable the company to maintain global
liquidity above its minimum threshold of about US$11 billion even
if automotive industry conditions were to worsen such that U.S.
automotive sales were to fall to 10.5 million units in 2009.  The
plan calls for a reduction in the number of GM's brands,
nameplates and retail dealers, cost reductions that would be
designed to achieve labor cost competitiveness with foreign
manufacturers in the U.S. by 2012 and changes to the company's
VEBA related obligations.

Moody's Senior Vice President Bruce Clark stated that "while the
plan provides a general framework for a business restructuring,
the success of the plan will be contingent on negotiations with
labor, creditors and government agencies.  The uncertainty of a
successful outcome along with the likelihood of debtholder losses
even if the plan succeeds is the basis for the downgrade and
negative outlook."

Downgrades:

Issuer: General Motors Corporation

-- Probability of Default Rating, Downgraded to Ca from Caa2

-- Corporate Family Rating, Downgraded to Ca from Caa2

-- Senior Secured Bank Credit Facility, Downgraded to a range
    of B3, LGD1, 4% from a range of B1, LGD1, 4%

-- Senior Unsecured debt and IRB's, Downgraded to a range of C,
    LGD5, 71% from a range of Caa3, LGD4, 61%

-- Senior Unsecured Shelf, Downgraded to a range of (P)C, LGD5,
    71% from a range of (P)Caa3, LGD4, 61%

-- Multiple Seniority Shelf for subordinated debt and preferred,
    Downgraded to a range of (P)C, LGD 6, 97% from a range of
    (P)Ca, LGD 6, 97%

Issuer: General Motors Nova Scotia Finance Company

-- Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of C, LGD5, 71% from a range of Caa3, LGD4, 61%

-- Senior Unsecured Shelf, Downgraded to a range of (P)C, LGD5,
    71% from a range of (P)Caa3, LGD4, 61%

Issuer: General Motors of Canada Limited

-- Senior Secured Bank Credit Facility, Downgraded to a range of
    B3, LGD1, 4% from a range of B1, LGD1, 4%

Issuer: Vauxhall Motors (Finance) PLC

-- Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of C, LGD5, 71% from a range of Caa3, LGD4, 61%

The last rating action on GM was a downgrade of the company's
Corporate Family Rating to Caa2 on Oct. 27, 2008.

General Motors Corporation, headquartered in Detroit, Michigan, is
the world's second-largest automotive manufacturer.


GENERAL MOTORS: Reports 154,877 Deliveries in November 2008
-----------------------------------------------------------
General Motors Corp. dealers in the United States delivered
154,877 vehicles in November 2008, down 41% compared with a year
ago.  GM car sales of 58,786 were off 44% and truck sales of
96,091 were down 39%.  The steep decline in vehicle sales was
largely due to a significant drop in the market's retail demand
compared with last year, and continuing economic uncertainty that
has negatively impacted consumer confidence.

"In November we saw the continuation of the dramatic decline in
volume for the industry.  Every manufacturer is posting awful
numbers and we are no exception," said Mark LaNeve, Vice President
of GM North America Vehicle Sales, Service and Marketing.  "We
have outstanding products in the market, so it is particularly
frustrating when economic uncertainty takes our customers out of
the market.  There were about 34%, or 400,000, fewer vehicles sold
this November in the industry than a year ago -- this is the
annual volume of two full production plants that have simply
evaporated in a single month.  The global economic crisis and
credit freeze have had a very negative impact on the vehicle
market which runs on consumer confidence and available financing."

Mr. LaNeve added, "The fact that we have outstanding, high
quality, fuel efficient products and great deals in almost every
market segment is not driving demand right now.  The consumer is
scared and sitting on the sideline.  We need appropriate economic
stimulus to get the consumer back in the game."

To offer customers an outstanding value at year-end, GM's Red Tag
Event continues through Jan. 5, 2009.  The Red Tag Event provides
great deals on most new vehicles in GM's portfolio by offering a
special Red Tag vehicle price and customer cash back.  GM's
"Financing That Fits" program enables consumers to find financing
at affordable rates from GMAC and thousands of other banks, credit
unions and financing institutions.

Despite the weak market in November, Chevrolet Malibu continued
its solid performance with total sales up 31% compared with last
November.  Year to date, Malibu total sales have now exceeded
160,000 cars, up 39 % from the same period last year.  With its
six-speed transmission and four-cylinder engine combination, the
Malibu delivers an EPA-estimated 33 mpg highway -- tops in the
industry's mid-car segment.  The Malibu Hybrid also offers the
lowest- priced hybrid in the segment.

GM hybrids continue to build sales momentum.  A total of 1,335
hybrid vehicles were delivered in the month.  Hybrid sales
included: 404 hybrid Chevrolet Tahoe, 190 GMC Yukon and 173
Cadillac Escalade 2-mode SUVs delivered.  There were 195 Chevrolet
Malibu, 45 Saturn Aura and 328 Vue hybrids sold in November.
Hybrids comprised 10 percent of combined Yukon/Tahoe retail sales
and 12% of Escalade retail sales in the month.  So far in 2008, GM
has sold a total of 11,884 hybrids.

GM inventories dropped compared with a year ago.  In November,
only about 862,000 vehicles were in stock, down about 130,000
vehicles (or about 13 percent) compared with last year.  There
were about 379,000 cars and 483,000 trucks (including crossovers)
in inventory at the end of November.

Certified Used Vehicles

November 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre- Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre- Owned Vehicles, were 33,731
vehicles, down 10% from November 2007.  Year-to-date sales are
442,182 vehicles, down 7% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted November sales of 28,607 vehicles, down more than 12
percent from November 2007.  Saturn Certified Pre-Owned Vehicles
sold 863 vehicles, down 16%.  Cadillac Certified Pre-Owned
Vehicles sold 3,453 vehicles, up 7%.  Saab Certified Pre-Owned
Vehicles sold 552 vehicles, up 18%, and HUMMER Certified Pre-Owned
Vehicles sold 256 vehicles, up 95%.

"November sales for certified GM programs were down overall, as
the growing economic uncertainty last month continued to impact
consumer confidence and demand for vehicles, both new and used,"
said Mr. LaNeve.  "We're pleased to see the Cadillac, Saab and
Hummer CPO programs post solid sales gains from last November as
shoppers continue to seek value and peace of mind in this
challenging retail environment."

         GM North America November 2008 Production

In November, GM North America produced 249,000 vehicles (109,000
cars and 140,000 trucks).  This is down 117,000 vehicles or 32
percent compared with November 2007 when the region produced
366,000 vehicles (134,000 cars and 232,000 trucks).  (Production
totals include joint venture production of 8,000 vehicles in
November 2008 and 22,000 vehicles in November 2007.)

The GM North America fourth-quarter production forecast is 835,000
vehicles (380,000 cars and 455,000 trucks) which is down about 20%
compared with a year ago.  GM North America built
1.042 million vehicles (358,000 cars and 684,000 trucks) in the
fourth-quarter of 2007.

The initial GM North America first-quarter 2009 production
forecast is 600,000 vehicles (235,000 cars and 365,000 trucks)
which is down about 32% compared with a year ago.  GM North
America built 885,000 vehicles (360,000 cars and 525,000 trucks)
in the first-quarter of 2008.  First quarter 2008 production was
reduced nearly 100,000 vehicles due to the strike at American
Axle.

            General Motors United States Deliveries

*S/D Curr: 25               November
*S/D Prev: 25                 2008      2007  % Chg  %Chg per
                                            Volume    S/D
Vehicle Total               154,877   263,654   -41.3   -41.3
Car Total                    58,786   105,077   -44.1   -44.1
Light Truck Total            94,618   156,196   -39.4   -39.4
Light Vehicle Total         153,404   261,273   -41.3   -41.3
Truck Total                  96,091   158,577   -39.4   -39.4

              GM Car Deliveries - (United States)
                         November 2008

                        November
                   2008         2007      % Chg       %Chg per
                                          Volume        S/D
Selling Days (S/D)    25           25

Century                0            0        ***.*        ***.*
LaCrosse           2,086        3,134        -33.4        -33.4
LaSabre                0            0        ***.*        ***.*
Lucerne            3,134        6,080        -48.5        -48.5
Park Avenue            0            0        ***.*        ***.*
Buick Total        5,220        9,214        -43.3        -43.3
CTS                2,902        5,586        -48.0        -48.0
DeVille                0            0        ***.*        ***.*
DTS                1,287        3,751        -65.7        -65.7
STS                  630        1,928        -67.3        -67.3
XLR                   60           97        -38.1        -38.1
Cadillac Total     4,879       11,362        -57.1        -57.1
Aveo               3,321        5,185        -35.9        -35.9
Cavalier               0            0        ***.*        ***.*
Classic                0            0        ***.*        ***.*
Cobalt             6,319       13,629        -53.6        -53.6
Corvette           1,093        2,438        -55.2        -55.2
Impala            12,851       22,824        -43.7        -43.7
Malibu             9,469        7,210         31.3         31.3
Monte Carlo            2          498        -99.6        -99.6
SSR                    0            1         **.*         **.*
Chevrolet Total   33,055       51,785        -36.2        -36.2
Bonneville             0            0        ***.*        ***.*
G5                 1,083        2,170        -50.1        -50.1
G6                 6,040       11,616        -48.0        -48.0
G8                 1,133            0        ***.*        ***.*
Grand Am               0            0        ***.*        ***.*
Grand Prix           119        5,743        -97.9        -97.9
GTO                    0           25         **.*         **.*
Solstice             325        1,360        -76.1        -76.1
Sunfire                0            0        ***.*        ***.*
Vibe               2,683        3,128        -14.2        -14.2
Pontiac Total     11,383       24,042        -52.7        -52.7
9-2X                   0            0        ***.*        ***.*
9-3                  606        1,432        -57.7        -57.7
9-5                  111          261        -57.5        -57.5
Saab Total           717        1,693        -57.6        -57.6
Astra              1,106            0        ***.*        ***.*
Aura               2,161        4,158        -48.0        -48.0
ION                    0        2,059         **.*         **.*
Saturn L Series        0            0        ***.*        ***.*
Sky                  265          764        -65.3        -65.3
Saturn Total       3,532        6,981        -49.4        -49.4
GM Car Total      58,786      105,077        -44.1        -44.1

                 (Calendar Year-to-Date)
                   January - November

                                2008         2007        %Chg
                                                        Volume
Selling Days (S/D)
Century                             0            5         **.*
LaCrosse                       35,422       44,207        -19.9
LaSabre                             0          121         **.*
Lucerne                        50,779       77,101        -34.1
Park Avenue                         0           26         **.*
Buick Total                    86,201      121,460        -29.0
CTS                            54,378       50,252          8.2
DeVille                             0           71         **.*
DTS                            28,667       47,231        -39.3
STS                            13,883       18,558        -25.2
XLR                             1,151        1,622        -29.0
Cadillac Total                 98,079      117,734        -16.7
Aveo                           53,103       60,705        -12.5
Cavalier                            0           57         **.*
Classic                             0           17         **.*
Cobalt                        175,259      183,029         -4.2
Corvette                       25,647       30,771        -16.7
Impala                        244,692      293,328        -16.6
Malibu                        160,898      116,140         38.5
Monte Carlo                       710       15,380        -95.4
SSR                                13          241        -94.6
Chevrolet Total               660,322      699,668         -5.6
Bonneville                          0          130         **.*
G5                             22,975       25,419         -9.6
G6                            132,534      132,894         -0.3
G8                             13,523            0        ***.*
Grand Am                            0           99         **.*
Grand Prix                      8,371       84,123        -90.0
GTO                                52        4,184        -98.8
Solstice                       10,338       15,493        -33.3
Sunfire                             0           39         **.*
Vibe                           44,485       33,825         31.5
Pontiac Total                 232,278      296,206        -21.6
9-2X                                3          118        -97.5
9-3                            14,483       21,206        -31.7
9-5                             2,418        3,974        -39.2
Saab Total                     16,904       25,298        -33.2
Astra                          10,813            0        ***.*
Aura                           56,194       54,645          2.8
ION                               314       47,197        -99.3
Saturn L Series                     0            2         **.*
Sky                             8,870       10,620        -16.5
Saturn Total                   76,191      112,464        -32.3
GM Car Total                1,169,975    1,372,830        -14.8

               GM Truck Deliveries - (United States)
                          November 2008

                          November
                     2008         2007       % Chg      %Chg per
                                             Volume       S/D
Selling Days (S/D)      25           25

Enclave              2,288        3,834        -40.3        -40.3
Rainier                  1           51        -98.0        -98.0
Rendezvous               1           11        -90.9        -90.9
Terraza                  6          135        -95.6        -95.6
Buick Total          2,296        4,031        -43.0        -43.0
Escalade             1,870        2,525        -25.9        -25.9
Escalade ESV           752        1,202        -37.4        -37.4
Escalade EXT           338          507        -33.3        -33.3
SRX                    976        1,445        -32.5        -32.5
Cadillac Total       3,936        5,679        -30.7        -30.7
Astro                    0            0        ***.*        ***.*
C/K Suburban
(Chevy)            3,882        6,033        -35.7        -35.7
Chevy C/T Series         9           12        -25.0        -25.0
Chevy W Series          60          197        -69.5        -69.5
Colorado             2,503        5,428        -53.9        -53.9
Equinox              2,570        5,261        -51.1        -51.1
Express Cutaway/G
Cut                1,370        1,709        -19.8        -19.8
Express Panel/G
Van                5,870        6,657        -11.8        -11.8
Express/G Sportvan     669        1,368        -51.1        -51.1
HHR                  3,421        7,179        -52.3        -52.3
Kodiak 4/5 Series      499          861        -42.0        -42.0
Kodiak 6/7/8 Series     93          208        -55.3        -55.3
S/T Blazer               0            0        ***.*        ***.*
Tahoe                4,149        9,195        -54.9        -54.9
TrailBlazer          2,556        7,794        -67.2        -67.2
Traverse             2,936            0        ***.*        ***.*
Uplander               584        5,689        -89.7        -89.7
Venture                  0            0        ***.*        ***.*
Avalanche            1,996        4,144        -51.8        -51.8
Silverado-C/K
Pickup            29,534       38,122        -22.5        -22.5
Chevrolet Fullsize
Pickups           31,530       42,266        -25.4        -25.4
Chevrolet Total     62,701       99,857        -37.2        -37.2
Acadia               2,640        6,395        -58.7        -58.7
Canyon                 627        1,476        -57.5        -57.5
Envoy                  852        3,035        -71.9        -71.9
GMC C/T Series          82           50         64.0         64.0
GMC W Series           139          294        -52.7        -52.7
Safari (GMC)             0            0        ***.*        ***.*
Savana Panel/G
Classic              562        1,158        -51.5        -51.5
Savana Special/G Cut   155          212        -26.9        -26.9
Savana/Rally            90          191        -52.9        -52.9
Sierra              10,497       13,840        -24.2        -24.2
Topkick 4/5 Series     317          362        -12.4        -12.4
Topkick 6/7/8 Series   274          397        -31.0        -31.0
Yukon                2,251        4,317        -47.9        -47.9
Yukon XL             1,728        2,822        -38.8        -38.8
GMC Total           20,214       34,549        -41.5        -41.5
HUMMER H1                0            3         **.*         **.*
HUMMER H2              233          958        -75.7        -75.7
HUMMER H3            1,048        3,068        -65.8        -65.8
HUMMER H3T             173            0        ***.*        ***.*
HUMMER Total         1,454        4,029        -63.9        -63.9
Other-Isuzu F Series     0            0        ***.*        ***.*
Other-Isuzu H Series     0            0        ***.*        ***.*
Other-Isuzu N Series     0            0        ***.*        ***.*
Other-Isuzu Total        0            0        ***.*        ***.*
Aztek                    0            0        ***.*        ***.*
Montana                  0            0        ***.*        ***.*
Montana SV6              0           30         **.*         **.*
Torrent                757        1,968        -61.5        -61.5
Pontiac Total          757        1,998        -62.1        -62.1
9-7X                   135          310        -56.5        -56.5
Saab Total             135          310        -56.5        -56.5
Outlook              1,221        3,340        -63.4        -63.4
Relay                    1           96        -99.0        -99.0
VUE                  3,376        4,688        -28.0        -28.0
Saturn Total         4,598        8,124        -43.4        -43.4
GM Truck Total      96,091      158,577        -39.4        -39.4

                     (Calendar Year-to-Date)
                        January - November

                                  2008         2007        %Chg
                                                          Volume
Selling Days (S/D)
Enclave                          41,416       24,560         68.6
Rainier                             115        4,715        -97.6
Rendezvous                           24       15,258        -99.8
Terraza                             532        5,398        -90.1
Buick Total                      42,087       49,931        -15.7
Escalade                         21,145       33,302        -36.5
Escalade ESV                      9,828       14,837        -33.8
Escalade EXT                      4,117        7,357        -44.0
SRX                              14,755       20,060        -26.4
Cadillac Total                   49,845       75,556        -34.0
Astro                                 0           25         **.*
C/K Suburban (Chevy)             48,003       76,900        -37.6
Chevy C/T Series                    329          253         30.0
Chevy W Series                    1,458        2,483        -41.3
Colorado                         49,899       70,306        -29.0
Equinox                          61,700       81,848        -24.6
Express Cutaway/G Cut            12,314       18,355        -32.9
Express Panel/G Van              55,692       70,132        -20.6
Express/G Sportvan               12,725       15,176        -16.2
HHR                              89,184       95,525         -6.6
Kodiak 4/5 Series                 6,442        8,834        -27.1
Kodiak 6/7/8 Series               1,425        2,165        -34.2
S/T Blazer                            0            7         **.*
Tahoe                            85,161      134,905        -36.9
TrailBlazer                      70,791      122,554        -42.2
Traverse                          4,521            0        ***.*
Uplander                         39,943       65,708        -39.2
Venture                               0           25         **.*
Avalanche                        31,806       50,449        -37.0
Silverado-C/K Pickup            431,725      564,697        -23.5
Chevrolet Fullsize Pickups      463,531      615,146        -24.6
Chevrolet Total               1,003,118    1,380,347        -27.3
Acadia                           62,729       65,372         -4.0
Canyon                           13,531       19,451        -30.4
Envoy                            22,716       44,649        -49.1
GMC C/T Series                      511          943        -45.8
GMC W Series                      2,368        3,818        -38.0
Safari (GMC)                          0           13         **.*
Savana Panel/G Classic            9,651       13,759        -29.9
Savana Special/G Cut             10,166        8,083         25.8
Savana/Rally                      1,323        1,817        -27.2
Sierra                          155,564      188,461        -17.5
Topkick 4/5 Series                7,450        8,448        -11.8
Topkick 6/7/8 Series              3,933        5,543        -29.0
Yukon                            34,663       58,266        -40.5
Yukon XL                         22,608       41,620        -45.7
GMC Total                       347,213      460,243        -24.6
HUMMER H1                            17          122        -86.1
HUMMER H2                         5,721       11,281        -49.3
HUMMER H3                        19,152       39,250        -51.2
HUMMER H3T                          425            0        ***.*
HUMMER Total                     25,315       50,653        -50.0
Other-Isuzu F Series                  0        1,116         **.*
Other-Isuzu H Series                  0           61         **.*
Other-Isuzu N Series                  0        6,729         **.*
Other-Isuzu Total                     0        7,906         **.*
Aztek                                 0           25         **.*
Montana                               0           26         **.*
Montana SV6                          64        1,331        -95.2
Torrent                          18,560       30,223        -38.6
Pontiac Total                    18,624       31,605        -41.1
9-7X                              3,285        4,665        -29.6
Saab Total                        3,285        4,665        -29.6
Outlook                          23,986       31,591        -24.1
Relay                               160        1,401        -88.6
VUE                              75,097       76,439         -1.8
Saturn Total                     99,243      109,431         -9.3
GM Truck Total                1,588,730    2,170,337        -26.8

                     About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


PACIFICA: CRISIL Rates Rs 200 Mil. Cash Credit at 'BB+'
-------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facility of Pacifica (Ahmedabad Projects) Developers Pvt Ltd.

   Rs 200 Million Cash Credit      BB+/Stable (Assigned)

The rating reflects the expected impact, on saleability of
Pacifica's projects, of the current slowdown in the economy; the
rating is underpinned by Pacifica's moderate financial risk
profile and exposure to risks relating to project concentration
and limited track record.  These weaknesses are partially offset
by the company's good profitability potential on Project Green
Acres.

Outlook: Stable

CRISIL expects Pacifica's credit profile to remain stable over the
medium term, supported by good saleability & customer advances for
Project "Green Acres."  Successful completion and sale of "Green
Acres" project with no material cost and time overruns and prudent
funding mix of the upcoming Gokuldham project through internal
accruals, customer advances and debt could lead to 'Positive'
outlook to the rating.  Conversely, any adverse impact on the
saleability of the project or aggressive debt funding of upcoming
projects leading to deterioration of capital structure and debt
protection measures may lead to 'Negative' outlook.

                          About Pacifica

Pacifica is part of the Pacifica group's operations in India.  The
company undertakes residential real estate projects; both its
projects, Green Acres and Gokuldham, are in Ahmedabad. Green
Acres, located at Prahlad Nagar, West Ahmedabad, is built over a
5.5 acre plot with a built up area of 567,000 square feet (sq ft).
The project consists of seven buildings and 320 flats, and is
scheduled for completion by March 2009 at a cost of ~ Rs.1
billion.  Project Gokuldham, located at Gokuldham on Sanand Road,
is to be built over a 21-acre plot with a built up area of 975 000
sq ft. The project is expected to cost more than Rs.1.5 billion,
and involve construction of more than 150 villas.  Construction is
likely to commence by January 2009.


SHIRDI INDUSTRIES: CRISIL Rates Rs.230.0 Mil. Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned is ratings of 'BB+/Stable/P4' to the bank
facilities of Shirdi Industries Ltd (SIL).

   Rs.230.0 Million Cash Credit       BB+/Stable(Assigned)

   Rs.170.0 Million Working           BB+/Stable(Assigned)
            Capital Demand Loan

   Rs.950.0 Million Term Loan         BB+/Stable(Assigned)

   Rs.90.0 Million Letter of Credit   P4(Assigned)



The ratings reflect SIL's weak financial risk profile, large
working capital requirements, and exposure to intense competition
from imports.  These weaknesses are mitigated by the company's
established market position, diversified and value-added product
profile, better-than-average operating efficiency, proximity to
sources of raw materials, and exemption from income tax and excise
duty.

Outlook: Stable

CRISIL believes that SIL will maintain its current market
position, and benefit from the growth prospects for the wood panel
industry.  The outlook may be revised to 'Positive' if the
company's capital structure improves substantially.  Conversely,
the outlook may be revised to 'Negative' if SIL incurs large debt-
funded capital expenditure, leading to deterioration in its
financial risk profile, or if it faces intense pressure on its
operating margins.

                             About SIL

Incorporated in 1993, SIL manufactures medium-density fibre (MDF)
and particle boards (PB).  It began operations by offering foreign
trade advisory services.  In February 2007, SIL commissioned its
plant to manufacture laminates, and plain and laminated MDF and PB
at Pantnagar, Uttaranchal.  This was a large project, costing
Rs.1.33 billion.  The company floated an initial public offering
(IPO) in 2006 to fund part of the project cost.  However, because
of under-subscription of shares on account of subdued market
conditions, the company withdrew the IPO, and the project was
funded through debt.  The company is now setting up another plant,
at Chennai, for pre-lamination of imported MDF and PB; operations
at this plant are likely to commence in March 2009.  The company
discontinued consultancy and trading activities in 2007-08 (refers
to financial year, April 1 to March 31) and 2008-09, respectively,
and intends to focus only on manufacturing activities.  In 2007-
08, SIL acquired 43 per cent of the equity in its group company
Asis Logistics Ltd (ALL).

For 2007-08, SIL reported a profit after tax (PAT) of Rs.73
million on net sales of Rs.2105 million, as against a PAT of Rs.75
million on net sales of Rs.822 million in the previous year.


TOSHNIWAL ASSOCIATES: CRISIL Rates Rs. 2.5MM Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Toshniwal Associates Pvt Ltd.

   Rs. 2.5 Million Cash Credit        B+/Stable (Assigned)
   Rs. 7.6 Million Term Loan          B+/Stable (Assigned)
   Rs. 79.9 Million Packing Credit    P4 (Assigned)

The ratings reflect Toshniwal Associates' weak financial risk
profile, and exposure to risks relating to linkage of raw material
prices with the monsoons.  These weaknesses are, however,
partially offset by the company's healthy growth prospects in the
guar gum products industry, and the promoters' established track
record in the business.

Outlook: Stable

CRISIL believes that Toshniwal Associates' sales will continue to
grow on the back of steady demand for guar splits and guar gum,
and its established relationships with customers.  The outlook may
be revised to 'Positive' if the company's operations at its
expanded capacities stabilise, and its capital structure improves.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection indicators deteriorate on account of
substantial increase in debt, or if the government announces
adverse changes in policies.

                 About Toshniwal Associates

Toshniwal Associates was incorporated in 1995 and commenced
operations in 1998.  In June 2002, Mr. Pawan Jain took over the
company from its previous promoters.  The company makes guar gum
powder out of guar splits.  Guar gum meals are a by-product in the
process, and are used as cattle feed.  Guar gum is used as a
binding and thickening agent in food products, and is also used in
mining and petrochemicals.

The company acquired Lalit Converters in September 2008 for Rs.10
million. Toshniwal Associates' operations are ISO:9001 certified;
it has also applied for Hazard Analysis and Critical Control Point
(HACCP) certification, which companies in the food products
industry need to obtain.

Toshniwal Associates reported a profit after tax (PAT) of Rs. 0.44
million on sales of Rs. 337.6 million in 2007-08 (refers to
financial year, April 1 to March 31), up from a PAT of Rs.0.33
million on net sales of 271.1 million in 2006-07.



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

* INDONESIA: ADB Grants US$350 Million Loan
-------------------------------------------
The Asian Development Bank (ADB) has approved a US$350 million
program loan to Indonesia to improve financial and economic
management at all levels of government.

In 1999, the Government of Indonesia began major decentralization
reform which has created significant responsibilities for
provincial, district, and city governments, ADB said in a
statement.

Following further major reforms in 2001, Indonesia became one of
the most decentralized countries in the world, with its regional
governments managing around 40% of total government expenditure.
One of the benefits of decentralization is that residents in the
regions gain more representation and have access to their local
representatives.  Regional governments then become more
accountable and efficient in their operations.

According to ADB, regional governments now deliver services in
public works, health, education, culture, communications, industry
and trade, capital investment, environment, land, cooperatives,
labor, and many other sectors.

The reforms have been radical and have occurred rapidly, ADB
added.

The Second Local Government and Finance and Governance Reform
Program will continue ADB's long-term support for effective
decentralization and will assist to broaden the processes of
regional autonomy and financing, which in turn will achieve better
social and physical services and opportunities arising from a more
robust economy.

"This program will generate significant benefits for the financing
and delivery of local services, and in the development of badly-
needed capacity. ADB believes that in pursuing these reforms,
Indonesia is creating a solid base for growth," said Arjun Thapan,
Director General of ADB's Southeast Asia Department.

Based in Manila, Asian Development Bank (ADB), is dedicated to
reducing poverty in the Asia and Pacific region through inclusive
economic growth, environmentally sustainable growth, and regional
integration.  Established in 1966, it is owned by 67 members 48
from the region.  In 2007, it approved US$10.1 billion of loans,
US$673 million of grant projects, and technical assistance
amounting to US$243 million.



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

DELPHI CORP: Court OKs Creditors' Retention of Moelis & Co.
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved, on a final basis, the retention of the Official
Committee of Unsecured Creditors in Delphi's cases of Moelis &
Company LLC, as co-investment banker, in cooperation with
Jefferies & Company, Inc., effective nunc pro tunc to July 1,
2008.

The Creditors Committee tapped the services of Moelis after
professionals of Jefferies who performed investment banking
services to the Committee moved to Moelis.

According to the transcript of the 31st Omnibus Hearing,
Michael Riela, Esq., at Warner Stevens, LLP, informed Judge Drain
that Jefferies will continue to be retained in the case, but
there was going to be a sharing of the fees.  Mr. Riela also
assured the Court that the Debtors' estates would not incur
additional expenses as a result of the retention of two
investment bankers.

Committee Chairperson David Daigle said, "At this critical
juncture, the Committee needs to be fully engaged in assessing
the Debtors' reorganization alternatives without the delay or
undue cost that would be incurred by losing the knowledge and
expertise the Moelis professionals have.  Losing access to these
professionals could hinder the Committee's ability to effectively
respond to new developments and necessary modifications to the
Plan", Mr. Daigle asserts.

The Moelis professionals primarily responsible for providing
services to the Committee are (i) William Q. Derrough, (ii) Isaac
Lee, and (iii) David Groban.

The Committee selected Moelis as its investment banker for the
purpose of providing assistance and advice, in cooperation with
Jefferies, with respect to any potential strategy for
restructuring the Debtors' outstanding indebtedness, labor costs
or capital structure, whether pursuant to a reorganization plan,
a sale of assets pursuant to Section 363 of the Bankruptcy Code,
a liquidation or otherwise, Mr. Daigle relates.

The Committee seeks to continue to use the services of the
Jefferies as its co-investment banker.  Jefferies will be
primarily responsible for services related to asset sales,
analysis of debtor-in-possession financing and labor, pension and
OPEB issues.  Jefferies and Moelis have entered into an agreement
whereby they would allocate between themselves the fees earned
from the services rendered to the Committee, Mr. Daigle explains.

Moelis will be entitled to receive from the Debtors' estates, as
compensation for its services:

(1) US$131,250 monthly fee; and

(ii) and a transaction fee of 1/3 of (i) 0.50% of total
      consideration greater than US$0.50 and up to US$0.75
      per US$1 of allowed unsecured claim and (ii) 0.75% of
      Total Consideration, as defined in the Engagement letter,
     greater than US$0.75 per US$1 of allowed unsecured claim.

The transaction fee will not be less than US$670,000 or greater
than US$3,330,000, however, Moelis has reserved the right to
request modification of the cap.

For purposes of clarification, the engagement Letter defines
Total Consideration as "[T]he total aggregate consideration paid
by the Debtors on account of allowed unsecured claims against the
Debtors pursuant to a plan or plans of reorganization in the
Cases, including any amounts in escrow, but excluding any
unsecured claims of, and consideration paid by the Debtors on
account of claims of, the Pension Benefit Guaranty
Corporation or any assignee of the PBGC.

                    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. 152; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Wins Court OK for GM Liquidity Enhancement Deals
-------------------------------------------------------------
Delphi Corp. and its affiliates obtained approval from the U.S.
Bankruptcy Court for the Southern District of New York to enhance
their liquidity through June 30, 2009, by entering into two
agreements with General Motors Corp:

  -- The Debtors obtained permission to amend and extend, through
June 30, 2009, their current arrangement with GM pursuant to which
GM has agreed to provide up to US$300 million of liquidity
enhancement; and

  -- The Debtors obtained authority to enter into a new
agreement with GM whereby GM would provide an additional aggregate
US$300 million during the second quarter of 2009 through a
temporary
acceleration of its accounts payable to the Debtors.

Delphi did not receive objections to the GM deals but asked the
Bankruptcy Court to defer for seven days, to Dec. 1, 2008, the
hearing on their proposed deals with General Motors Corp., to
permit further discussions by the parties on the proposed changes
to its US$4.35-billion DIP facility.  Delphi has entered into an
accommodation agreement with JPMorgan Chase Bank, N.A., as the
administrative agent under the DIP facility, and majority of the
lenders under tranches A and B of the facility.  The Accommodation
Agreement, which grants Delphi access to DIP financing until
June 30, 2009, faced opposition by the tranche C lenders, but
nonetheless, was subsequently approved by the Court.

As reported by the Troubled Company Reporter on Nov. 18, the two
agreements will afford the Debtors additional liquidity of
up to US$600 million through the end of the second quarter of
2009.  This will also provide the Debtors the time to seek
sufficient emergence funding capital to allow them to emerge from
chapter 11 as soon as practicable.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in Chicago, Illinois, relates that through the Second
Amendment Agreement and the Partial Temporary Accelerated Payment
Agreement, GM would provide additional liquidity to the Debtors
through the second quarter of 2009, during the period covered by
the accommodation agreement with certain of the DIP Lenders.

The Debtors said the liquidity provided by the agreements
with GM should help facilitate their plan modifications and
emergence strategy while addressing the concerns of Delphi's
customers and suppliers.

                  More GM Support to Delphi

According to Mr. Butler, the relief sought by Delphi reflects
GM's further support for the Debtors' reorganization efforts.
GM has already made significant and substantial contributions
to the Debtors' reorganization efforts.  On September 26, 2008,
the Debtors received the authority to implement the Amended GSA
and the Amended MRA, which agreements became effective on
September 29, 2008.  The Amended GSA and Amended MRA, among other
things, produced US$4.6 billion in incremental net contributions
to Delphi from GM (resulting in an expected net contribution from
GM in the approximate amount of US$10.6 billion), pulled forward
GM's financial obligations under the global settlement agreement
and master restructuring agreement approved as part of the Plan to
the effective date of the Amended GSA and Amended MRA, made all
of GM's incremental financial contributions in the Amended GSA
and Amended MRA immediately and unconditionally effective on the
effective date of the Amended GSA and Amended MRA, eliminated
substantially all of GM's termination rights, and eliminated
substantial conditional aspects of the Original GSA and Original
MRA.  The agreements became effective on September 29, 2008, and
the Debtors and GM executed the first step of the section 414(l)
transfer on that date, transferring approximately US$2.1 billion
of the Debtors' net unfunded hourly pension liabilities to GM's
pension plan.

             Delphi Couldn't Find Exit Financing
                    Amid Worst Bear Market

Following the implementation of the Amended GSA and the Amended
MRA, the Debtors continued to take steps toward emergence from
chapter 11.  On October 3, 2008, the Debtors filed the Plan
Modification Approval Motion which included the Debtors' revised
emergence business plan and enterprise valuation.  That same day,
the United States House of Representatives approved the federal
bailout plan, now known as the Troubled Asset Relief Program or
"TARP."  However, on the following Monday, and for much of the
rest of the month of October, the global credit markets seized up
and experienced one of the five worst bear markets in history.

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, Mr. Butler
explains.

"Nevertheless, assuming that this Court approves this Motion and
the Accommodation Motion, the Debtors will continue to work with
their stakeholders in an effort to emerge from chapter 11 as
quickly as practicable despite the difficult economic
environment," Mr. Butler avers.

                    Amended GM Arrangement

The Amended GM Arrangement, as modified by the Second Amendment
Agreement, functions as an adjunct to the Debtors' US$4-billion
DIP financing facility, effectively providing Delphi with
US$300 million in additional unsecured, subordinated advancements
from GM, thereby continuing a definite and reliable source of
liquidity during an extended period of uncertainty in the capital
markets generally and the automotive industry in particular.

Under the terms of the Second Amendment Agreement, GM has agreed,
subject to this Court's approval, to make available to the
Debtors up to US$300 million through the maturity date of the
Second Amendment Agreement, subject to certain modified borrowing
mechanics and provided that certain conditions are met.  The
maturity date for the Second Amendment Agreement will be the
earliest of:

  (i) June 30, 2009,

(ii) the date on which Delphi or any guarantor of the GM
      Arrangement files any motion or other pleading seeking to
      amend the Plan or Disclosure Statement filed by the
      Debtors on October 3, 2008 in a manner not reasonably
      acceptable to GM,

(iii) the DIP Termination Date,

(iv) on or after January 1, 2009, the expiration or
      termination of the Accommodation Agreement or the
      Accommodation Period, and

  (v) the occurrence of the effective date of the Plan.

In addition, certain modifications were made to the Amended GM
Arrangement that protects GM in the event the Accommodation
Agreement is modified in a manner adverse to GM.  In such
circumstance, to the extent that Delphi seeks continued access to
the Second Amended GM Arrangement, GM would have approval rights
with respect to such modifications to the Accommodation
Agreement.  Other proposed modifications to the Amended
GM Arrangement are largely technical and conforming changes.

Effectiveness of the Second Amendment Agreement is conditioned
on, among other things, (i) the Debtors having no Automatic
Accommodation Termination Default and no Accommodation Default
and (ii) entry of a final, non-appealable order by the Court
approving the Accommodation Agreement and the Second Amendment
Agreement on or prior to December 31, 2008.

Upon the effectiveness of the Second Amendment Agreement, the
terms and conditions of the Amended GM Arrangement will remain in
full force and effect, including the provisions that GM and its
relevant Affiliates will have (a) allowed claims with
administrative expense priority pursuant to Section 503(b)(1) of
the Bankruptcy Code against Delphi and the GM Guarantors under and
as defined in the DIP Credit Agreement for all Obligations owing
to GM or any applicable GM Affiliates and (b) all other rights
under the Amended GM Arrangement and the Second Amendment
Agreement, including, without limitation, the ability to exercise
the right to set off and apply, subject to the terms of the
Amended GM Arrangement and the Second Amendment Agreement, any
indebtedness or liabilities owing by GM or the GM Affiliates to or
for the credit or the account of Delphi or the GM Guarantors
against any and all GM Arrangement Obligations of Delphi or the GM
Guarantors without the need to seek additional modification of the
automatic stay imposed pursuant to Section 362 of the Bankruptcy
Code and without further order of the Court.

Pursuant to a side letter between Delphi and GM, GM has agreed
that prior to the earlier of (i) the occurrence of the DIP
Termination Date, (ii) the effectiveness of the Debtors' plan of
reorganization, or (iii) the receipt of DIP Agent consent, GM
will not assert or exercise against any of the GM GSA Claims any
setoff of any amounts payable by GM or any of its Affiliates to
Delphi or any of its affiliates.  The GM GSA Claims are the First
Net Liability Transfer Claim, the Second Net Liability Transfer
Claim, and the GM Unsecured Claim.  The Side Letter does not
prejudice other parties' rights to contest GM's setoff rights if
(a) the Side Letter does not become effective or (b) one of the
events set forth in clauses (i)-(iii) above has occurred.  The
Side Letter will become effective on the date when all of the
conditions precedent set forth in section 3 of the Second
Amendment Agreement have been satisfied or waived.

Copies of the New GM Agreements are available at no charge at
http://bankrupt.com/misc/Delphi_GM_DealsNov08.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. 152; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Car Sales Drop to 118,818; Down 30% from 2007
---------------------------------------------------------
Ford, Lincoln, and Mercury outpaced industry-wide November sales,
thanks largely to F-Series truck sales, and grew its retail and
total market share for the second straight month.

Ford, Lincoln, and Mercury dealers reported total sales of 118,818
in November, down 30% versus a year ago, while industry-wide auto
sales in November were down an estimated 35% as the weakening
economy continues to take a toll on consumer confidence and
spending.

"The economy continues to weaken and auto sales reflect this
reality," said Jim Farley, Ford Group Vice President of Marketing
and Communications.  "At Ford, we are focused on executing our
plan. In 2009 and 2010, we'll launch an unprecedented number of
new vehicles, and every product will offer consumers the best or
among the best fuel economy in its class."

In recent weeks, Ford Motor has received significant endorsements
from independent third parties for its quality and safety.  Ford
Motor's initial vehicle quality is now on par with Toyota and
Honda, and Ford Motor now has more 5-star vehicles and Insurance
Institute for Highway Safety (IIHS) "Top Safety Picks" than any
other company in the industry.

November marked the official introduction of the all-new F-150. F-
Series sales totaled 37,911 including nearly 5,000 all-new 2009
model F-150s.  Ford Motor's F-Series has been America's No. 1-
selling truck for 31 years in a row, and the new F-150 is designed
and engineered to further raise the bar in the light- duty pickup
market.

The 2009 model Ford F-150 has class-leading capability with 11,300
pounds towing and 3,030 pounds payload and unsurpassed fuel
economy of 21 mpg highway with the SFE package, which is available
on F-150's highest-volume XL and XLT series.

The new 2009 F-150 also earned the IIHS's "Top Safety Pick" award,
the Texas Auto Writers Association's "Truck of Texas" top honor
and is projected to have the best residual value of full-size
light-duty pickups according to the Automotive Leasing Guide.

North American Production

The company plans to produce 430,000 vehicles in the first quarter
of 2009.  During the first quarter of 2008, the company produced
692,000 vehicles.  The fourth quarter 2008 production plan is
unchanged from the previously announced plan of 430,000 vehicles.

"We believe the economy will continue to weaken in 2009," said Mr.
Farley.  "Our near-term production plan reflects this view, as we
continue to align capacity with customer demand."

          FORD MOTOR COMPANY NOVEMBER 2008 U.S. SALES

                 November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
Sales By
Brand

Ford       103,055  147,310  -30.0  1,571,543  1,927,596  -18.5
Lincoln      8,019    8,744   -8.3     98,242    121,422  -19.1
Mercury      7,744   13,204  -41.4    111,375    155,791  -28.5
            -----   ------            ------    -------
Total Ford,
Lincoln and
Mercury    118,818  169,258  -29.8  1,781,160  2,204,809  -19.2
Volvo        4,404    8,227  -46.5     68,149     96,872  -29.7
            -----    -----            ------     ------
Total
Ford Motor
Company    123,222  177,485  -30.6  1,849,309  2,301,681  -19.7

Ford,
Lincoln
And
Mercury
Sales By
Type Cars   37,272   54,439  -31.5    628,878    698,252   -9.9

Crossover
Utility
Vehicles    22,016   33,271  -33.8    340,471    372,747   -8.7

Sport
Utility
Vehicles    10,586   17,575  -39.8    148,084    253,389  -41.6

Trucks and
Vans        48,944   63,973  -23.5    663,727    880,421  -24.6
           ------   ------           -------    -------
Total
Trucks      81,546  114,819  -29.0  1,152,282  1,506,557  -23.5
           ------  -------         ---------  ---------
Total
Vehicles   118,818  169,258  -29.8  1,781,160  2,204,809  -19.2

             FORD BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
Crown
Victoria     2,934    5,170  -43.2     45,550     56,456  -19.3

Taurus       3,040    3,895  -22.0     49,207     61,770  -20.3

Fusion       8,914   12,278  -27.4    137,295    136,007    0.9

Focus        8,194   13,213  -38.0    184,152    159,190   15.7

Mustang      3,667    7,352  -50.1     87,224    126,311  -30.9

GT               0        0     NA          0        231 -100.0
                -        -                 -        ---
Ford Cars   26,749   41,908  -36.2    503,428    539,965   -6.8

Flex         2,203        0     NA     11,772          0     NA

Edge         5,080   12,594  -59.7    104,861    116,403   -9.9

Escape      10,019   12,383  -19.1    145,577    152,294   -4.4

Taurus X     1,234    2,728  -54.8     22,141     37,343  -40.7
            -----    -----            ------     ------
Ford
Crossover
Utility
Vehicles    18,536   27,705  -33.1    284,351    306,040   -7.1

Expedition   4,371    5,627  -22.3     51,290     82,771  -38.0

Explorer     4,763    8,609  -44.7     73,093    126,930  -42.4
            -----    -----            ------    -------
Ford Sport
Utility
Vehicles     9,134   14,236  -35.8    124,383    209,701  -40.7

F-Series    37,911   46,568  -18.6    473,933    635,520  -25.4

Ranger       3,311    4,938  -32.9     62,017     67,147   -7.6

Econoline/
Club Wagon   6,915   11,100  -37.7    116,763    153,876  -24.1

Freestar         0        0     NA          0      2,390 -100.0

Low Cab
Forward         34      151  -77.5        809      2,573  -68.6

Heavy Trucks   465      704  -33.9      5,859     10,384  -43.6
              ---      ---             -----     ------
Ford Trucks
and Vans    48,636   63,461  -23.4    659,381    871,890  -24.4
           ------   ------           -------    -------
Ford
Brand      103,055  147,310  -30.0  1,571,543  1,927,596  -18.5

              LINCOLN BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
             2008     2007   Change    2008       2007    Change
             ----     ----   ------    ----       ----    ------
MKS          1,958        0     NA     10,882         0      NA
MKZ          1,805    2,712  -33.4     28,028    31,190   -10.1
Town Car     1,454      488  198.0     14,285    26,545   -46.2
MKX          1,526    3,360  -54.6     26,962    34,097   -20.9
Navigator      968    1,672  -42.1     13,739    21,759   -36.9
Mark LT        308      512  -39.8      4,346     7,831   -44.5
              ---      ---             -----     -----
Lincoln
Brand        8,019    8,744   -8.3     98,242   121,422   -19.1

               MERCURY BRAND NOVEMBER 2008 U.S. SALES
                November        %       Year-To-Date        %
            2008     2007   Change    2008       2007    Change
            ----     ----   ------    ----       ----    ------
Grand
Marquis     2,437    4,702  -48.2     27,495    46,577   -41.0
Sable       1,230    1,180    4.2     15,586    19,663   -20.7
Milan       1,639    3,449  -52.5     29,174    34,312   -15.0
Mariner     1,954    2,206  -11.4     29,158    32,610   -10.6
Mountaineer   484    1,667  -71.0      9,962    21,929   -54.6
Monterey        0        0     NA          0       700  -100.0
               -        -                 -       ---
Mercury
Brand       7,744   13,204  -41.4    111,375   155,791   -28.5

                 VOLVO BRAND NOVEMBER 2008 U.S. SALES
                 November        %       Year-To-Date        %
            2008     2007   Change    2008       2007    Change
            ----     ----   ------    ----       ----    ------
S40           622    1,239  -49.8      9,260    16,997   -45.5
V50           166      239  -30.5      1,723     2,665   -35.3
S60           431    1,575  -72.6      8,700    17,043   -49.0
S80           844      764   10.5     10,079    11,614   -13.2
V70           191      326  -41.4      3,003     3,428   -12.4
XC70          504    1,153  -56.3      8,708    11,179   -22.1
XC90        1,145    2,244  -49.0     17,338    27,993   -38.1
C70           216      298  -27.5      5,358     4,220    27.0
C30           285      389  -26.7      3,980     1,733   129.7
             ---      ---             -----     -----
Volvo
Brand       4,404    8,227  -46.5     68,149    96,872   -29.7

                      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-'.


FORD MOTOR: Sufficient Liquidity Cues Moody's to Keep Caa1 Ratings
------------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 Corporate Family and
Probability of Default ratings of Ford Motor Company.  The
company's Speculative Grade Liquidity rating is unchanged at
SGL-3, and the company's rating outlook remains negative.  The
affirmation reflects Moody's view that Ford's current liquidity
position, which consisted of US$18.9 billion of cash and
US$10.7 billion of committed credit facilities at Sept. 30, should
be sufficient to cover the company's cash requirements during the
coming twelve months.  Moody's noted, however, that Ford continues
to face considerable operating, competitive and financial
challenges that contribute to the negative outlook and which could
result in pressure on the ratings.

These challenges include a potential decline in US automotive
shipments below the 12.5 million unit level underlying Ford's
operating plan, greater-than anticipated erosion in the important
European markets, or delays in achieving planned cost reductions.
Moody's also notes that Ford has submitted a proposal to receive a
US$9 billion loan commitment from the US government that might be
drawn if market conditions are more difficult than anticipated.
While the provision of such a loan would likely strengthen the
company's liquidity profile, Moody's would assess the degree to
which the granting of security for such government loans or the
other terms and conditions which might be necessary to obtain such
loans would have any adverse implications for existing rated
obligations.

The last rating action on Ford was a downgrade of the company's
Corporate Family Rating to Caa1 from B3 on Nov. 7, 2008.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer.



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

BALLY TOTAL: Gets Access to Cash Collateral to Fund Ch. 22 Case
---------------------------------------------------------------
Bankruptcy Law360 says the U.S. Bankruptcy Court for the Southern
District of New York reportedly gave Bally Total Fitness Holding
Inc. and its debtor-affiliates permission to pay employees and
access cash collateral securing their obligations to their
prepetition lenders -- as talks on a possible sale of the company
moved forward.

Bankruptcy Law360 says Judge Stuart Bernstein's order will last at
least through a hearing scheduled for December 9, 2008.

The Debtors are party to a credit agreement, dated October 1,
2007, with Morgan Stanley Senior Funding, Inc., as administrative
collateral agent, Wells Fargo Foothill, LLC, as revolving credit
agent, and the CIT Group/Business Credit, Inc., as revolving
syndication agent, and other senior secured lenders party to the
Credit Agreement, which provides for financing of up to
US$292,000,000, consisting of US$50,000,000 in a senior secured
revolving credit facility, with a US$40,000,000 sublimit for
letters of credit and a six-year US$242,000,000 senior secured
term loan facility.  The proceeds from the Term Loan and the
Revolver Facility were used to refinance the amounts outstanding
under the Company's debtor-in-possession credit agreement from the
Prior Bankruptcy Cases and to provide additional working capital.
Bally's obligations under the Credit Agreement are guaranteed by
most of Bally's domestic subsidiaries.

Pursuant to a Guarantee and Collateral Agreement, dated as of
October 1, 2007, between Bally and the Agent, obligations under
the Credit Agreement are secured by first priority liens and
security interests on certain assets and property of the Debtors,
including without limitation, accounts, deposit accounts,
chattel paper, commercial tort claims, contracts, documents,
equipment, general intangibles, instruments, intellectual
property, inventory, investment property, all pledged securities,
receivables, goods, and books and records and the proceeds
thereof.  The Prepetition Collateral includes cash collateral of
the Agent and the Senior Secured Lenders within the meaning of
Section 363(a) of the Bankruptcy Code.

As of the Petition Date, the Debtors had approximately
US$17,000,000 of cash on hand which comprises Cash Collateral.  In
addition, the Debtors forecast receipt of US$3,500,000 of
additional cash in the next 45 days, which comprises proceeds of
the Senior Secured Lenders' collateral.

Michael W. Sheehan, chief executive officer of Bally Total
Fitness Holding Corporation, said the Debtors have an immediate
need for the use of cash collateral to sustain their businesses as
a going concern and effect a successful reorganization, including:

* the continued operation of their businesses;

* the maintenance of business relationships with vendors,
   suppliers and customers; and

* the payment to employees and satisfaction of other
   working capital and operational needs.

To successfully navigate through their Chapter 11 cases, the
Debtors need to maintain sufficient liquidity to support the
continued ordinary course business operations, and immediate
access to Cash Collateral will enable the Debtors to demonstrate
to their vendors, suppliers, customers and employees that they
have sufficient capital to ensure ongoing operations.

The Debtors have proposed to grant their Prepetition Secured
Creditors adequate protection with respect to any diminution in
the value of the Senior Secured Lenders interests in the
Prepetition Collateral.

The Debtors' use of Cash Collateral will be governed by a cash
collateral budget, and will be used mainly to preserve and
maintain the value of their assets.  The Budget shows the
Debtors' cash flow forecasts for the next 13 weeks, a copy of
which is available for free at:

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

The Debtors' proposed counsel, Kenneth H. Eckstein, Esq., Kramer
Levin Naftalis & Frankel LLP, in New York, has said the Debtors
discussed the proposed Interim Order with the prepetition secured
creditors.  Thus, the Debtors believe that the Prepetition Secured
Creditors are agreeable to the use of the Cash Collateral,
pursuant to terms and conditions outlined in the proposed Interim
Order.

According to Mr. Eckstein, the Interim Order imposes conditions
and restrictions on the Debtors' use of Cash Collateral.  It also
grants relief and adequate protection for the benefit of the
Prepetition Secured Creditors.  Specifically, use of Cash
Collateral will be governed by the Budget and used to preserve
and maintain the value of the Debtors' assets.

In addition, the Cash Collateral may be used up to amounts not
exceeding 115% of the Budget on a cumulative, aggregate rolling
basis, measured weekly at the close of business on Friday of each
week.  The Debtors will deliver weekly Budget reconciliation
statements to the Prepetition Secured Creditors.

The use of the Cash Collateral is conditioned on the granting of
adequate protection, and will be subject to the rights of the
Prepetition Secured Creditors to seek further adequate
protection.

Mr. Eckstein said, as adequate protection for any diminution in
the value of the Prepetition Secured Creditors' interest in the
Prepetition Collateral that may result from the use of the Cash
Collateral:

(1) The Debtors will make a US$300,000 monthly interest payment
     to the Agent, for the benefit of the lenders under the
     Revolver Facility;

(2) The Debtors will pay the Agent's reasonable and
     documented expenses, not to exceed US$100,000 monthly, for
     professional fees in connection with monitoring the use
     of Cash Collateral;

(3) The Senior Secured Lenders will receive first priority
     perfected replacement liens on all of the Debtors' rights
     in property acquired postpetition, that are of the same
     type as the Prepetition Collateral and the Encumbered
     Leases, in the same relative priority as the Prepetition
     Liens;

(4) The Senior Secured Noteholders will receive second
     priority perfected replacement liens on the Debtors'
     rights in the Postpetition Collateral;

(5) Senior Secured Lenders will have first priority perfected
     liens on the Debtors' rights in the Unencumbered Leases
     in the same relative priority as the Prepetition Liens;
     and

(6) The Senior Secured Noteholders will have second priority
     perfected liens on the Unencumbered Leases.

The Debtors preserve their rights to pledge the Unencumbered
Assets to a lender providing debtor-in-possession financing, with
liens superior to the First Priority Real Estate Liens and the
Second Priority Real Estate Liens.

The Debtors maintain that the proposed Interim Order is without
prejudice to the rights of any party-in-interest.

A full-text copy of the proposed Interim Cash Collateral Order is
available for free at
http://bankrupt.com/misc/BallyInterimCashCollOrd.pdf

                 About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.

Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  The Court confirmed the Plan in Sept.
2007.  The Plan was declared effective Oct. 1, 2007.

Bally Total Fitness Holding Corp. and its debtor-affiliates and
subsidiaries again filed voluntary petitions under Chapter 11 on
Dec. 3, 2008 (Bankr. S. D. N. Y., Lead Case No. 08-14818).  Their
counsel is Kenneth H. Eckstein, Esq. at Kramer Levin Naftalis &
Frankel LLP, in New York.  As of September 30, 2008, the Company
(including non-debtor affiliates) had consolidated assets totaling
approximately US$1.376 billion and recorded consolidated
liabilities
totaling approximately US$1.538 billion.

(Bally Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HYUNDAI MOTOR: Cuts Production at Overseas Plants
-------------------------------------------------
Hyundai Motor Company is cutting production in most of its plants
overseas due to falling sales as a global recession has hit auto
demand in the world, Reuters reports.

"We entered reduction in output of all overseas lines except the
new Czech Republic factory," Reuters quoted Hyundai spokesman Jake
Jang as saying.

According to english.chosun, Hyundai said the situation in foreign
markets was "very serious."

Due to plummeting sales of the Sonata sedan in China, the
operation rate of the production line at the Chinese plant has
dropped to 16 percent, english.chosun says citing Hyundai.

Hyundai, Reuters notes, has this month stopped overtime work at
all local production lines except one for compact sedans such as
the Elantra.

As reported by the Troubled Company Reporter-Asia Pacific on
November 5, 2008, the Associated Press said Hyundai volumes fell
across all of its models, including its top-selling sedans.  Sales
of its Sonata car slumped 16.5 percent to 7,943, while Accent
sales fell at a similar rate.

The AP said sales of the company's sport utility vehicles fell
even more sharply.  Its best-selling SUV, the Santa Fe, tumbled
36.1 percent to 3,794, while sales of the Tucson plunged by two-
thirds to 988.

According to english.chosun, Hyundai has five plants abroad: one
in China which can produce up to 600,000 cars, one in the Czech
Republic with the capacity to produce 300,000 cars, one in India,
where up to 600,000 cars are produced, and one each in Turkey and
the United States, with 100,000 and 300,000 production capacity
respectively.

                       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.


KOOKMIN BANK: Mulls Job Cuts Through Voluntary Retirement Scheme
----------------------------------------------------------------
Yonhap News Agency reported that Kookmin Bank is planning to
reduce its headcount through a voluntary retirement scheme.

"We are considering implementing a voluntary retirement program,
but no specifics have been decided yet," Yonhap quoted an official
at Kookmin Bank as saying.

According to the report, Kookmin's move would mark the first early
retirement plan among local lenders in the wake of the global
credit crunch triggered by the collapse of Lehman Brothers
Holdings Inc.

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service, as part of the application
of its refined joint default analysis and updated bank financial
strength rating methodologies, revised Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


KOOKMIN BANK: To Sell KRW500 Bil. New Shares to Parent
------------------------------------------------------
Kookmin Bank will sell KRW500 billion(US$342 million) worth of new
shares to its parent KB Financial Group to shore up its capital
base, Kim Yeon-hee of Reuters reports.

According to the report, KB Financial said it will issue the same
amount of bonds to absorb the new shares this month.

"With the capital increase, Kookmin Bank is expected to raise its
BIS capital ratio to 11.06 percent from the current 10.74
percent," Reuters cited KB Financial as saying.

Kookmin Bank, Reuters notes, represents 94 percent of KB
Financial's assets.

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service, as part of the application
of its refined joint default analysis and updated bank financial
strength rating methodologies, revised Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.



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

OCI BERHAD: Sets Annual General Meeting on December 22
------------------------------------------------------
OCI Berhad will have its 25th Annual General Meeting on Dec. 22,
2008, at 10:00 a.m.  The meeting will be held at Concord Hotel
Shah Alam, No. 3 Jalan Tengku Ampuan Zabedah C9/C, 40100 Shah
Alam, in Selangor Darul Ehsan.

At the meeting, shareholders will be asked to:

   1. receive the audited accounts for the year ended
      June 30, 2008, and the Reports of the Directors
      and Auditors.

   2. approve the Directors' fees

   3. re-elect Mr. Wijoto Tjiptodihardjo who retires
      in accordance with Article 103 of the Company's
      Articles of Association.

   4. re-elect Mr. Lau Fook Meng who retires in
      accordance with Article 103 of the Company's
      Articles of Association.

   5. re-appoint Messrs. Ernst & Young as Auditors
      and to authorized the Directors to fix their
      remuneration.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building and construction,
automotive, furniture and packaging industries.  OCI
manufactures and markets a range of sealants and adhesives for
various consumer and industrial purposes in 70 countries around
the world.  On January 24, 2006, the Company disposed off its
entire 51% equity interest in Tongyong Resin Chemical Industry
Co. Ltd.

                          *     *     *

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.



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

AUTO NET: Court to Hear Wind-Up Petition on February 18
-------------------------------------------------------
A petition to have Auto Net Cars Ltd.'s operations wound up will
be heard before the High Court at Auckland on Feb. 18, 2009, at
10:45 a.m.

Essex Cabinet Makers Limited filed the petition against the
company on September 23, 2008.

Essex Cabinet's solicitor is:

          S. C. Price
          Minter Ellison Rudd Watts
          Lumley Centre, Level 20
          88 Shortland Street
          PO Box 3798, Auckland 1010


BSB CONSTRUCTION: Fixes December 19 as Last Day to File Claims
--------------------------------------------------------------
The creditors of BSB Construction Ltd. are required to file their
proofs of debt by December 19, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Paul Graham Sargison
          Gerald Stanley Rea
          Gerry Rea Partners
          PO Box 3015, Auckland
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


BUYERS AGENT ET AL: Fixes Jan. 30 as Last Day to File Claims
------------------------------------------------------------
Craig Alexander Sanson fixes January 30, 2008, as the last day to
file proofs of debt for the creditors of:

   -- Buyers Agent Limited; and
   -- Property & Company Management Limited.

The Liquidator can be reached at:

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


MIT PLASTERING: Court to Hear Wind-Up Petition on December 15
-------------------------------------------------------------
A petition to have MIT Plastering Ltd.'s operations wound up will
be heard before the High Court of Auckland on December 15, 2008,
at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 2, 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


MOTHERS FAVOURITES: Commences Liquidation Proceedings
-----------------------------------------------------
Mothers Favourites Ltd. commenced liquidation proceedings on
November 11, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          G. L. Hansen
          Goldsmith Fox PKF, PO Box 13141
          Christchurch
          Telephone:(03) 366 6706
          Facsimile:(03) 366 0265


NETTEN FARM: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------
On November 10, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as liquidators of Netten Farm Lands Ltd.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone:(07) 957 8674
          Website: http://www.indepth.co.nz


NEW ZEALAND AIR: Creditors' Proofs of Debt Due on December 17
-------------------------------------------------------------
The creditors of New Zealand Air Braking Consultants Ltd. are
required to file their proofs of debt by December 17, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 10, 2008.

The company's liquidator is:

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


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

Auckland City Council filed the petition against the company on
September 30, 2008.


PROPERTY EDGE: Court Hears Wind-Up Petition
-------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Property Edge Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on August 6, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland


TATTOO BRAND: Commences Liquidation Proceedings
-----------------------------------------------
Tattoo Brand Management Ltd. commenced liquidation proceedings on
November 13, 2008.

The company's liquidators are:

          Wayne John Deuchrass
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch



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

OCEANAGOLD: Puts Didipio Project Under Maintenance
--------------------------------------------------
OceanaGold Corporation said that it has placed the Didipio gold-
copper project located in Northern Luzon, Philippines on care and
maintenance following completion of the strategic review that
began in July.

During this period of time, the company said, it will continue to
work closely with its key stakeholders including the local
community, local government units in Nueva Viscaya and Quirino
provinces as well as the National Government of the Philippines
through the offices of the DENR (Department of Environment
and Natural Resources) and the MGB (Mineral Geosciences Bureau).

OceanaGold CEO, Stephen Orr said "The deterioration of global
economic conditions has required that we take prudent measures in
order to secure and preserve our assets in the Philippines.  We
recognize the inherent value that the Didipio project and our
exploration portfolio in the Philippines represent for
shareholders but the uncertainty around current financial markets
dictates that we affect this strategy."

CEO Steve Orr went on to say, "The Company will maintain focus on
its New Zealand gold operations where we expect to again increase
production in the fourth quarter of 2008.  In 2009, we plan to
produce between 280,000 and 300,000 ounces of gold at cash costs
of less than US$475 per ounce.  In these uncertain times, we are
focused on maximizing revenue and reducing expenditures to further
strengthen the Company's financial position for the near-term."

According to BusinessWorld Online, Philippine government said that
Oceanagold is in talks with several investors to sell its
controlling stake in the Didipio gold and copper project in Nueva
Vizcaya.

BusinessWorld quoted DENR Secretary Lito Atienza as saying "I
believe they're negotiating for the sale of Didipio."

Without giving names, BusinessWorld notes, Mr. Atienza said there
were three local firms interested in the project.

However, the company had no plans for now to divest itself of its
92% interest in the Didipio project, BusinessWorld relates citing
OceanaGold's spokesman Darren Klinck.

                        About OceanaGold

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities.  OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine.  The company's projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project.  The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand.  The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand's South Island.  The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$18.617 million, US$23.427 million, and US$69.039
million for the financial years ended 2005, 2006 and 2007,
respectively.


SECURITY BANK: Completes PHP3.0 Bil. Offering Thru Notes Issue
--------------------------------------------------------------
Security Bank Corporation has completed the offering of its Peso
Lower Tier 2 Notes, enabling it to raise funds that should allow
it to retire PHP3 billion worth of outstanding Tier 2 debt ahead
of schedule, BusinessWorld Online reports.

Citing a disclosure to the Philippine Stock Exchange, the report
relates that Security Bank was able to raise PHP3 billion when it
made the Tier 2 debt notes available from Nov. 19 to Nov. 28.

The notes, BusinessWorld discloses, bore an interest rate of
8.625% fixed for the first five years.  The notes will mature in
10 years, with a call option on the first banking day of the 20th
interest period in 2013.

As reported by the Troubled Company Reporter-Asia Pacific on
November 19, 2008, Security Bank Corporation launched its Peso
Lower Tier 2 Notes with an indicative issue size of PHP3 billion.

The bank said the lead managers and selling agents for this
transaction are Deutsche Bank AG and ING Bank N.V., Manila branch.
Other selling agents for this transaction include Multinational
Investment Bancorporation with Security Bank Corporation as a
limited selling agent.

Based in Makati City, Philippines, Security Bank Corporation
(PSE:SECB) -- http://www.securitybank.com.ph-- is a commercial
bank.  The Bank's principal business activities include Commercial
Banking, which encompasses the Corporate Relationship Group (CRG),
the Branch Banking Group (BBG) and Consumer Lending, and
Investment Banking, which encompasses the Treasury Group, the
Fixed Income & Securities Division and the Bank's investment
house.  It operates in three business segments: consumer,
corporate and treasury, and investment banking. The Bank has
investments in financing and leasing, foreign exchange brokerage,
stock brokerage, investment banking and asset management through
its wholly owned subsidiaries.  The CRG provides lending, trade
and cash management services to corporate and institutional
customers.  The BBG addresses the individual, retail and small-
and-medium enterprise markets, as well as corporates not handled
by CRG. For the Bank, consumer lending is composed of the credit
card and auto finance businesses.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 9, 2008, Fitch Ratings affirmed Philippine-based Security
Bank Corporation's Long-term foreign and local currency Issuer
Default Ratings at 'BB', Short-term foreign currency IDR at 'B',
National Long-term rating at 'AA-(phl)' (AA minus(phl)),
Individual 'D', Support '4', Support Rating Floor 'B+' and the
subordinated debt programme rating at 'BB-'.  The Outlook on the
ratings remains Stable.



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

PAN ASIA: Fitch Puts 'BB+' Rating on Proposed Sub. Debenture Issue
------------------------------------------------------------------
Fitch Ratings Lanka Ltd has assigned a 'BB+(lka)' National Long-
term rating to Pan Asia Banking Corporation PLC's proposed
unsecured, redeemable (five-year) subordinated debenture issue of
up to LKR150m.  Simultaneously, the agency affirmed PABC's
National Long-term rating at 'BBB-(lka)' (BBB minus(lka)).  The
Outlook is Stable.

The rating factors in the bank's improving capitalization and
profitability, but remains constrained by the need to meet the
minimum capital requirement set by Central Bank of Sri Lanka by
FYE09, its high net NPL/equity ratios and concentrations in its
credit portfolio.  In terms of priority, the debentures will rank
below deposits and all senior debt obligations, but will rank
above ordinary and preference shares.  In accordance with Fitch's
criteria, the rating assigned to PABC's unsecured subordinate
debentures is one notch lower than its National Long-term rating.

PABC's loans were extended mainly to small and medium-sized
entities, retail customers and to larger corporates. Incremental
loans since FYE06 have shifted towards the corporate  loan book,
with loans to mid-sized corporates and large corporates accounting
for 61% of the loan book at nine months ended September 2008
(Q308) from 50% at FYE06.  Credit concentrations remained high in
the export-import and wholesale trading sectors; loans to these
sectors accounted for approximately 44% of loans at Q308.  Given
the challenging economic condition, the bank reduced loan growth
in Q308, with loans increasing by just 6.8% in Q308 (FY07 loan
growth: 27.6%), comprising largely of overdrafts and medium term
working capital loans to corporates.

The bank's NPL/Gross loans ratio steadily improved to 7.3% at
FYE07 (FYE01: 35.1%).  Subsequent to recent changes by CBSL on NPL
classification in early 2008, PABC's NPLs increased to 10.8% in
Q108, and a further 12.0% at Q308, on account of the challenging
macro economic conditions.  The Net NPL/equity ratio increased to
65.7% at Q308 from 55.1% at Q108.

ROA and net interest margins were good at 1.3% and 7.0%,
respectively, at Q308 (FY07: 1.5% and 6.2%) This was due to better
margins on PABC's trade finance related segment, and the impact of
better capitalisation subsequent to the equity infusion in FY06,
and increased internal capital generation since FY04 to date. The
bank's Tier I ratio and capital adequacy ratio was 11.78% and
12.61%, respectively, at Q308 (FYE07: 14.71% and 15.91%).  Its
equity/assets ratio was 8.7% at Q308 (FYE07: 8.9%) and compares
well with its peers.  This debenture issue will increase PABC's
Tier II capital and lengthen the bank's liability maturities.
PABC, which commenced operations in 1995, is a small licensed
commercial bank with an asset base of LKR 17.6bn at Q308.  The
bank is majority-owned (39.6% at FYE07) by Mr KDD Perera and
related parties.


VALLIBEL FINANCE: Fitch Affirms Long-Term Rating at 'B+'
--------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka's Vallibel Finance
Ltd's National Long-term rating at 'B+(lka)'. The Outlook remains
Stable.

VFL's rating factors in its small asset base, relatively weak
asset quality and modest financial profile.

VFL has rapidly grown its loan book over the last 18 months,
branching into lease and loan products from a portfolio previously
dominated by hire purchase facilities for three-wheelers.  Total
advances increased to LKR1,054.8m at H109 ending September 08
(FYE07: LKR34m) comprising HP (74%), leases (22%) and fixed
deposit loans (4%).  The company has also shifted its focus away
from three-wheelers and, as at H109, 52.2% of vehicles financed
comprised of cars and dual purpose vehicles, with the remainder
mainly vehicles used for commercial passenger and goods transport.

However, the seasoning of its portfolio has also resulted in an
increase in the company's NPLs - the three-month gross NPL ratio
increased to 19.7% at FYE08.  Although this reduced to 17.4% at
H109, NPLs at the regulatory six-month level increased to 2.4% of
gross loans (FYE08: 0.6%), indicating a worsening in arrearage of
existing NPLs.  These figures are nevertheless inline with the
registered finance company sector figures of 13.7% (three-month)
and 4.8% (six-month) at H109.

Profits contracted in FY08 on account of reduced net interest
margins and higher provisioning costs incurred in the first half
of the year.  VFL's pre-tax ROA fell to 5.0% in FY08 (FY07: 5.3%);
also, a higher effective tax rate of 56.5% in FY08 resulted in
post-tax ROA shrinking further to 2.2% (FY07: 3.9%).
Nevertheless, improved margins together with higher levels of non-
interest income in H109 caused ROA to rise to 3.3% in H109, which
compares well with the RFC sector ROA of 1.9%.

In line with its plan to fund future growth through deposits,
VFL's previously stagnant deposit base increased substantially to
LKR759.6m in the 12 month period ending September 2008 (FYE07:
LKR31.6m) and accounted for 56.7% of its funding base at end-H109.
An equity infusion of LKR85m by existing shareholders in H109
enabled VFL to meet the LKR200m regulatory minimum capital
requirement imposed by the Central Bank of Sri Lanka.  VFL's
capital position is adequate to meet its present requirements, and
it had a 16.4% equity/assets ratio and a total capital adequacy
ratio of 21.9% at H109.  Nevertheless, with a three-month net
NPLs/equity ratio of 77.9% at H109 (5.6% at six months), Fitch
notes that a further weakening in asset quality could provide a
stress on VFL's small equity base.

VFL, previously Rupee Finance Limited, was established as an RFC
in 1974.  Following its acquisition by high-net-worth businessman,
Mr. Dhammika Perera, through his holding company Vallibel
Investments Ltd. in September 2005, it was re-structured and re-
branded as VFL.


======================
S O U T H  A F R I C A
======================

* SOUTH AFRICA: Global Slowdown Puts Many Jobs at Risk
------------------------------------------------------
According to a report by KPMG LLP, more than a third of the 120
biggest companies in South Africa may fire workers in the next six
months, Bloomberg News reported citing Johannesburg-based Business
Day.

Bloomberg News said based on the report, companies in the
construction, mining, financial services, forestry and vehicle
industries will be most affected by job losses.

About 65 percent of companies will probably offer workers
voluntary retrenchment packages rather than forcing them out of
work, the same report said.

Meanwhile, the Associated Press reported unions said last week
about 10,000 workers are expected to lose their jobs as South
Africa's mining industry copes with the global financial crisis.

Jaco Kleynhans, a spokesman for the Solidarity union, told the AP
eight mines have issued lay off notices to about 9,000 workers and
that another 1,000 job losses were expected.



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

WAN HAI: Industry Risks Cue S&P to Cut Corp. Credit Rating to BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its
corporate credit rating on Wan Hai Lines Ltd. to 'BB+' from
'BBB-'.  At the same time, S&P lowered the issue rating on the
unsecured corporate bonds of Wan Hai's wholly owned subsidiary,
Wan Hai Lines (Singapore) Pte. Ltd., to 'BB' from 'BB+'.  The
ratings were removed from CreditWatch with negative implications,
where they were placed on Nov. 17, 2008.  The outlook on the
corporate credit rating is negative.

The rating action is based on the heightened industry risks that
Wan Hai faces as the global shipping market is likely to weaken
further over the next several quarters due to rapidly slowing
demand amidst the global economic downturn.

"Wan Hai's operating result for the quarter ended Sept. 30, 2008
was one of its weakest earnings performances over the past ten
years, due mostly to rising bunker costs," said credit analyst
Daniel Hsiao.  "Wan Hai has recently reduced its exposure to
volatile long-haul routes by refocusing on the more stable intra-
Asia market.  Nonetheless, S&P expects Wan Hai's performance to
remain under pressure over the next several quarters due to low
demand and falling freight rates that offset the benefit of
declining bunker costs."

The negative outlook reflects the risk that industry conditions
could continue to weaken due to slowing demand, which will further
weaken Wan Hai's profitability and credit matrix.



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

* Detroit 3 Willing to Work Under Gov't Oversight Board
-------------------------------------------------------
CEOs of General Motors Corp., Ford Motor Co., and Chrysler LLC
said on Thursday that they would be willing to put the companies
under a government oversight board's supervision to secure
financial help from the government, Josh Mitchell and Corey Boles
at The Wall Street Journal reports.

According to WSJ, Banking Committee Chairperson Christopher Dodd
asked the CEOs during a Senate hearing on Thursday whether they
would be willing to work within a structure similar to what was
established for Chrysler Corp.'s federal bailout in 1979-1980.
The report says that GM's Rick Wagoner, Ford Motor's Alan Mulally
and Chrysler's Robert Nardelli agreed that the board could have
the legal authority to dictate restructuring terms to the
companies and others including unions, suppliers, and dealers.

WSJ relates that Messrs. Wagoner, Mulally, and Nardelli admitted
that they made mistakes in their management and told the lawmakers
that they were unprepared for congressional hearings in November.
The report says that after the Congress criticized the CEOs for
not having credible plans to turn around their firms, the
executives came back with detailed turnaround plans for each of
their companies, increasing their financial aid request to
US$34 billion from US$25 billion.

According to WSJ, GM is asking for an immediate loan of about
US$4 billion to stay afloat until year-end and an additional
US$14 billion in 2009.  Chrysler, says WSJ, is asking for an
immediate loan of US$7 billion by year-end, while Ford Motor seeks
for a US$9 billion line of credit.

WSJ reports that as the Federal Reserve is expected to refuse the
automakers' requests, the Congress and the Bush administration
would decide on the matter.  WSJ relates that the Democratic
leaders have asked the Federal Reserve to review the turnaround
plans.  The report states that the central bank can lend to non-
financial companies on a fully secured basis.  Loans must be
backed by assets, and GM, Ford Motor, and Chrysler don't appear to
have collateral that would meet the criteria, according to the
report.

Sen. Dodd, WSJ states, was focusing on legislation that would
create a bridge loan for automakers, by diverting funds from an
loan program intended to help the industry retool to meet higher
fuel-economy standards.  WSJ reports that Senate Majority Leader
Harry Reid urged Sen. Dodd to move forward.  A bill supported by
Democrats that would draw on the US$700 billion market rescue fund
couldn't pass Congress, the report says, citing Sen. Reid.

Citing people familiar with the matter, James Rowley and Linda
Sandler at Bloomberg News report that GM and Chrysler executives
are considering accepting a pre-arranged bankruptcy as last resort
in securing government bailout.  According to Bloomberg, the
source said that the staff for three members of Congress have
asked restructuring experts if a pre- arranged bankruptcy, which
would be negotiated with workers, creditors, and lenders, could be
used to reorganize the industry without liquidation.

    Automakers May Cut Temporary Pay for Laid-Off Workers

Sharon Terlep at Dow Jones Newswires relates that sources said
that automakers could seek to cut temporary pay for thousands of
laid-off employees.  The United Auto Workers, says the report, is
preparing to revise labor deals reached with GM, Ford Motor, and
Chrysler in 2007, agreeing to a delay in the payment of billions
of dollars into a massive retiree health-care trust and the
termination of the jobs bank program to help the companies secure
the federal loans.

According to Dow Jones, thousands of workers who are temporarily
out of a job get supplementary unemployment benefits called SUB
from the automakers under a separate fund.  The SUB pay is less
expensive for automakers on a per-worker basis than the jobs bank,
but workers receiving the benefit have increased as the companies
cut jobs and production due to decline in sales, states the
report.



                         *********

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.





                 *** End of Transmission ***