TCRAP_Public/081209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, December 9, 2008, Vol. 11, No. 244

                            Headlines

A U S T R A L I A

AJS ELECTRICAL: Declares First and Final Dividend
AUSTRALIAN ENERGY: Declares First and Final Dividend
BARRICK GOLD: Denies Report on Possible Closure of Tanzania Unit
DIVERSEPORT FIXED: Placed Under Voluntary Liquidation
DONAMIC ENTERPRISES: Enters Wind-Up Proceedings

ENITIATIVE PTY: Declares Dividend for Priority Claims
HEMPELS AVIATION: Enters Wind-Up Proceedings
MALI (AUSTRALIA) ET AL: Placed Under Voluntary Liquidation
MARTOM 1 PTY: Members and Creditors Receive Wind-Up Report
MORTIMER CLOSE: ASIC Commences Application to Wind Up Business

NIAK PTY: Placed Under Voluntary Liquidation
N.Q. TILING: Members and Creditors Receive Wind-Up Report
SHAUNA WILLOTT: Appoints Lane and Peldan as Liquidators
STANKARD EXCAVATIONS: Placed Under Voluntary Liquidation
SUPERIOR ROCK: Declares Priority Unsecured Dividend

TAYLOR GROUP: Members and Creditors Receive Wind-Up Report
THE PROPERTY: Appoints Bettles and Carter as Liquidators
* AUSTRALIA: Insolvencies and Administrations Rise in October


C H I N A

CHESAPEAKE CORPORATION: Posts US$277MM Net Loss in Last 9 Months
CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM
HOME INTERIORS: Gets Go Signal to Sell Assets at Jan. 15 Auction


H O N G K O N G

CHINA MUSLIM: Placed Under Voluntary Liquidation
GALOP TRADING: Commences Liquidation Proceedings
HONG KONG HUAAN: Placed Under Voluntary Liquidation
NEW ASIA: Creditors' Proofs of Debt Due on January 6
ROYAL WOLF: Creditors' Proofs of Debt Due on January 5

TOP PEAK: Enters Wind-Up Proceedings
WEMBLEY INTERNATIONAL: Commences Liquidation Proceedings


I N D I A

DAKSHIN HARYANA: High Credit Risk Cues CARE 'BB+' Issuer Rating
GENERAL MOTORS: May Replace Rick Wagoner as CEO
GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'
JET AIRWAYS: Unit Incurs INR273cr Net Loss for Q2 Ended Sept. 30
JET AIRWAYS: Reduces Fuel Surcharge by INR400 Effective Dec. 6

UNITECH LIMITED: Will Raise up to INR2,500 cr to Pay Debts
VENKATRAMA POULTRIES: CRISIL Rates Various Bank Loans at 'BB+'
* INDIA: 1,729 Credit Cooperatives Put Under Liquidation


I N D O N E S I A

* INDONESIA: Gets US$5BB Standby Loan From Various Sources


J A P A N

AEON CO.: Mitsubishi Plans to Acquire 5% Stake
CITADEL INVESTMENTS: To Shut Down Tokyo Office by End of 2008
FORD MOTOR: Seeks Financial Support From Canadian Gov't
FORD MOTOR: Will Review Strategic Alternatives for Volvo Cars
HITACHI LTD: Unit to Terminate 250 Nonregular Workers

JAPAN ASIA: JCR Lowers Ratings on Senior Debts to 'BB+'
MITSUBISHI MOTORS: Ties Up With Proton Holdings
NANZAN SCHOOL: Suffers JPY3.4BB Losses on Derivatives Deals


K O R E A

HYNIX SEMICONDUCTOR: Cuts Jobs; Seeks KRW1 Tril. Fresh Funding
* KOREA: Gov't to Inject KRW3.25 Tril. Into Farm Industries


M A L A Y S I A

NIKKO ELECTRONICS: Defaults on MYR0.798Mil. Acceptance Facilities


N E W  Z E A L A N D

BALMORAL FINANCIAL: Court to Hear Wind-Up Petition on December 15
BON TON: Court Hears Wind-Up Petition
D & F CONTRACTING: Court to Hear Wind-Up Petition on February 18
DOMINION FINANCE: Investors May Only Get 10c in the Dollar Payout
EASTSIDE TRUSTEE: Court to Hear Wind-Up Petition on December 19

ESPRESSO LTD: Court to Hear Wind-Up Petition on December 15
EZIFUEL LTD: Court Hears Wind-Up Petition
G.K. HORTICULTURE: Appoints Shephard and Dunphy as Liquidators
J CULSHAW: Commences Liquidation Proceedings
KITCHENER GROUP: Court to Hear Wind-Up Petition on December 19

MILLENNIUM 3 MARINE: Court to Hear Wind-Up Petition on December 15
P C RAVENHALL ET AL: Commence Liquidation Proceedings
PH DISTRIBUTORS: Court to Hear Wind-Up Petition on December 19
T. M. FIFITA: Court to Hear Wind-Up Petition on December 15
WENSLEY DEVELOPMENTS: Fixes Dec. 19 as Last Day to File Claims

* NEW ZEALAND: Home Building Work Vols. Lowest in 6yrs., Stat Says


T H A I L A N D

* Moody's Revises Rating Outlooks on 8 Thai Banks to Negative


X X X X X X X X

* S&P Puts 'CCC-' Ratings on 42 Asia-Pacific CDOs on Neg. Watch
* BOND PRICING: For the Week December 1 to December 5, 2008


                         - - - - -


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

AJS ELECTRICAL: Declares First and Final Dividend
-------------------------------------------------
AJS Electrical & Data Pty Ltd declared first and final dividend on
December 3, 2008.

Only creditors who were able to file their proofs of debt by
October 27, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Level 9, Suite 3
          Christie Centre
          320 Adelaide Street
          Brisbane QLD 4000
          Telephone:(07) 3221 0055
          Facsimile:(07) 3221 8885


AUSTRALIAN ENERGY: Declares First and Final Dividend
----------------------------------------------------
Australian Energy & Electrical Holdings Pty Ltd declared dividend
on November 18, 2008.

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

The company's liquidators are:

          Bradley Hellen
          Ann Fordyce
          c/o Pilot Partners
          175 Eagle Street, Level 5
          Brisbane QLD 4000


BARRICK GOLD: Denies Report on Possible Closure of Tanzania Unit
----------------------------------------------------------------
Stewart Bailey of Bloomberg News writes Barrick Gold Corp. denied
a news report that it is considering withdrawing from Tanzania
because of high operating costs.

According to Bloomberg News, Vince Borg, a Barrick spokesman, said
in a telephone interview the company has invested US$1.5 billion
in the African country, is in the final phases of building its
Buzwagi mine and "has no intention of pulling out of Tanzania."

Bloomberg News relates Dar es Salaam-based IPP Media has cited
Gareth Taylor, Barrick's vice president for Africa, as saying that
poor infrastructure in Tanzania made operations in the country
unprofitable and could force the company to cease doing business
there.

"Barrick has been and will remain committed to Tanzania," Mr. Borg
told Bloomberg News.  The company will work with the government to
ensure the country's legislation remains "competitive with other
jurisdictions so that Tanzanians can continue to benefit from
mining," he added.

Headquartered in Toronto, Ontario, Canada, Barrick Gold Corp.
(TSE:ABX) -- http://www.barrick.com/-- is engaged the production
and sale of gold, as well as related activities such as
exploration and mine development.  Barrick also produces some
copper and holds interests in a platinum group metals development
project and a nickel development project, both located in Africa,
and a platinum group metals project located in Russia.  Barrick
has four regional business units: North America, South America,
Australia Pacific and Africa.  Barrick concluded its offer for
Arizona Star Resource Corp. (Arizona Star) in December 2007,
acquiring an approximate 94% interest in Arizona Star.  In March
2008, Barrick acquired the remaining shares of Arizona Star.  In
December 2007, it completed the acquisition of the Kainantu
mineral property.  In March 2008, it acquired an additional 40%
interest in the Cortez property from Kennecott Explorations
(Australia) Ltd. As of November 11, 2008, Barrick held
approximately 69.6% interest in Cadence Energy Inc.


DIVERSEPORT FIXED: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 29, 2008, the members
of Diverseport Fixed Income Limited agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

          William John Fletcher
          Katherine Elizabeth Barnet
          Bentleys Corporate Recovery
          GPO Box 740, Brisbane Qld 4001


DONAMIC ENTERPRISES: Enters Wind-Up Proceedings
-----------------------------------------------
During a general meeting held on September 30, 2008, the members
of Donamic Enterprises Pty Ltd agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          John William Cunningham
          Ramsay Clout
          63 The Esplanade, Suite 2
          Maroochydore Qld


ENITIATIVE PTY: Declares Dividend for Priority Claims
-----------------------------------------------------
On October 27, 2008, Enitiative Pty Ltd declared dividend for its
priority employees.

Only creditors who were able to file their proofs of debt by
October 20, 2008, were included in the company's dividend
distribution.

Michael Peldan is the company's deed administrator.


HEMPELS AVIATION: Enters Wind-Up Proceedings
--------------------------------------------
During a general meeting held on October 2, 2008, the members of
Hempels Aviation Pty Ltd agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          John Feddema
          Chartered Accountant of Cranstoun & Hussein
          102 Adelaide Street, Level 2
          Brisbane QLD 4001


MALI (AUSTRALIA) ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
On Sept. 29, 2008, the members resolved to voluntarily liquidate
the businesses of:

   -- Mali (Australia) Pty Ltd; and
   -- Chelgold Pty Ltd.

The companies' liquidator is:

          Nick Combis
          Vincents Chartered Accountants
          239 George Street, Level 27
          Brisbane QLD 4000
          Telephone:(07) 3854 4555
          Facsimile:(07) 3236 2452


MARTOM 1 PTY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Martom 1 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:

          Morgan Lane
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Website: http://www.worrells.net.au


MORTIMER CLOSE: ASIC Commences Application to Wind Up Business
--------------------------------------------------------------
Australian Securities & Investments Commission (ASIC) has lodged
an application with the Federal Court requesting the appointment
of a provisional liquidator to special vehicle property
development company, Mortimer Close Pty Ltd.

ASIC said it is also seeking to wind up the company on just and
equitable grounds and to preserve the personal assets of sole
director, Mr. Mark Goldenberg.

According to ASIC, its action follows a number of complaints made
by individuals who invested funds with Mr. Goldenberg on the
understanding their money would be used to develop land in
Wellard, south of Perth.  ASIC alleges Mr. Goldenberg has
mismanaged the company's affairs and inappropriately used money
from its bank account.

ASIC said its application aims to protect the interests of
investors and the company.  The matter is listed for hearing
before the Federal Court on December 16, 2008.

                           Background

On September 26, 2008, ASIC suspended the Australian financial
services (AFS) licence of Concentric Wealth Management Pty Ltd
(CWM) following the appointment of a receiver and manager.
Mr. Goldenberg is currently CWM's sole director.

ASIC's investigation into Mortimer Close, Mr. Goldenberg and CWM
is continuing.


NIAK PTY: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on September 25, 2008, the members
of Niak Pty Ltd agreed to voluntarily liquidate the company's
business.

The company's liquidators are:

          David Michael Stimpson
          Terry Grant van der Velde
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000


N.Q. TILING: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of N.Q. Tiling Pty Ltd met on Nov. 18,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Ian Jessup
          Jessup & Partners
          488 Mulgrave Road, 1st Floor
          Earlville QLD 4870
          Telephone:(07) 4033 1349


SHAUNA WILLOTT: Appoints Lane and Peldan as Liquidators
-------------------------------------------------------
On September 30, 2008, the members of Shauna Willott Photography
Pty Ltd appointed Morgan Lane and Michael Peldan as the company's
liquidators.

The Liquidators can be reached at:

          Morgan Lane
          Michael Peldan
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone:(07) 3225 4300
          Facsimile:(07) 3225 4311
          Wwebsite: http://www.worrells.net.au


STANKARD EXCAVATIONS: Placed Under Voluntary Liquidation
--------------------------------------------------------
The members of Stankard Excavations Pty Ltd met on Oct. 3, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          R. A. Sutcliffe
          Ground Floor, 192-198 High Street
          Northcote VIC 3070
          Telephone:(03) 9482 6277


SUPERIOR ROCK: Declares Priority Unsecured Dividend
---------------------------------------------------
Superior Rock Work Pty Ltd declared first and final dividend on
November 21, 2008.

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

The company's liquidator is:

          Andrew Fielding
          BDO Kendalls Business
          Recovery & Insolvency (QLD)
          300 Queen Street, Level 18
          Brisbane QLD 4000
          Telephone:(07) 3237 5999
          Facsimile:(07) 3237 9227


TAYLOR GROUP: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Taylor Group Pty Ltd met on Nov. 4,
2008, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise QLD 4217
          Telephone:(07) 5553 3407
          Facsimile:(07) 5570 1884


THE PROPERTY: Appoints Bettles and Carter as Liquidators
--------------------------------------------------------
On September 26, 2008, the members of The Property Club GLD Pty
Ltd appointed Jason Bettles and Susan Carter as the company's
liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise Qld 4217


* AUSTRALIA: Insolvencies and Administrations Rise in October
-------------------------------------------------------------
Insolvencies and company administrations have jumped by about a
third in the past year, a sobering demonstration of Australia's
economic downturn, Ruth Williams of The Age reports.

Citing Australian Securities and Investments Commission (ASIC),
the Age relates that ASIC figures show insolvency appointments in
October totaled 1,296; rising from 1,018 in October last year.
The total number of companies entering external administration
jumped to 847 from 633 in October 2007.

Meanwhile, according to rough estimates by industry sources cited
by The Age, demand for insolvency professionals has soared by at
least 25% over the past year, but the range of players in the
industry across law and accounting firms, and their varying sizes,
make exact numbers difficult to calculate.

Demand is up not only for those who handle insolvencies, but also
the corporate doctors, turnaround specialists and "work-out"
people who, by finding and fixing problems in struggling
companies, prevent insolvencies from happening, the report
discloses.



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

CHESAPEAKE CORPORATION: Posts US$277MM Net Loss in Last 9 Months
----------------------------------------------------------------
Chesapeake Corporation's balance sheet at Sept. 28, 2008, showed
total assets of US$936.6 million and total liabilities of
US$937.1 million, resulting in a stockholders' deficit of
US$500,000.

The company reported net loss of US$8.3 million for the quarter
ended Sept. 28, 2008, compares with net income of US$4.3 million
for the same quarter in the previous year.

For nine months ended Sept. 28, 2008, the company incurred net
loss of US$277.1 million compares to net loss of US$5.5 million
for the same period in the previous year.

                 Liquidity and Financial Position

Net cash used in operating activities was US$29.1 million for the
first nine months of fiscal 2008, compared to net cash provided by
operating activities of US$15.4 million for the first nine months
of fiscal 2007.  For the first nine months of fiscal 2008, the
decrease in net cash provided by operating activities was due to
the decrease in operating results and increased working capital
requirements compared to the same period in 2007.  Net cash flows
related to operating activities for the first nine months of
fiscal 2008 and fiscal 2007 included spending under restructuring
programs of US$4.7 million and US$8.8 million.

Net cash used in investing activities in the first nine months of
fiscal 2008 was US$5.9 million compared to US$30.7 million in the
first nine months of fiscal 2007.  Net cash used in investing
activities during the first nine months of fiscal 2008 reflects
proceeds of US$22.0 million including proceeds received in the
first quarter of fiscal 2008 from the sale of its paperboard
manufacturing facility in Bremen, Germany in December 2007, the
sale of its plastics manufacturing facility in Crewe, England in
March 2008, which the company subsequently have leased back from
the purchaser, the sale of its corporate office building in
Amersham, England in the third quarter of 2008, and the sale of
other non-core assets during the nine-month period.  These sales
proceeds were more than offset by capital spending of
US$27.9 million.  Net cash used in investing activities during the
first nine months of fiscal 2007 reflects capital spending of
US$33.7 million, slightly offset by cash proceeds from sales of
fixed assets.

Net cash provided by financing activities in the first nine months
of fiscal 2008 was US$44.8 million, compared to net cash provided
by financing activities of US$10.4 million in the first nine
months of fiscal 2007.  Net cash provided by financing activities
in the first nine months of fiscal 2008 primarily reflects
increased borrowings on its lines of credit.  Net cash provided by
financing activities in the first nine months of fiscal 2007
reflects increased borrowings on its lines of credit, partially
offset by payment of dividends.  The company paid cash dividends
of US$8.5 million in the first nine months of fiscal 2007.

For the fiscal years ended December 30, 2007, Dec. 31, 2006, and
Dec. 31, 2005, the company incurred net losses of US$11.2 million,
US$36.7 million, and US$318.3 million.  Additionally, for the
first nine months of 2008, the company incurred net losses of
about US$277.1 million.  As a result the company has a total
stockholders' deficit of US$500,000 at Sept. 28, 2008.

Factors contributing to these net losses included, but were not
limited to: goodwill impairment charges, costs associated with its
cost-savings plan and other restructuring efforts, environmental
remediation costs, price competition, rising raw material costs
and lost customer business due to geographic shifts in production
within the consumer products industry which the company serves.
Certain of these factors, as goodwill or other asset impairments,
are non-cash charges and therefore do not have a direct impact on
its liquidity.  The current challenging economic climate may also
lead to adverse changes in working capital levels or additional
pension expense and funding requirements, which may also have a
direct impact on its results and financial position.  These and
other factors may adversely affect the company's liquidity and its
ability to generate profits in the future.

A full-text copy of the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3504

                  About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  Chesapeake has 47 locations in France, Ireland,
United Kingdom, North America, China, HongKong, among others and
employs approximately 5,500 people.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 27, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
corporate family rating and probability of default rating to Ca
from Caa2.  Concurrently, Moody's downgraded the company's senior
unsecured revenue bonds to Ca from Caa3 and senior subordinated
notes to C from Caa3.  The CFR, PDR, and revenue bonds remain on
review for possible downgrade.


CLOROX COMPANY: September 30 Balance Sheet Upside-Down by US$370MM
------------------------------------------------------------------
The Clorox Company's balance sheet at Sept. 30, 2008, showed total
assets of US$4.58 billion and total liabilities of US$4.95
billion, resulting in a stockholders' deficit of about US$370.00
million.

The company reported net earnings of US$128 million compared to
net earnings of US$111 for the same period in the previous year.

The company stated in its regulatory filing with the Securities
and Exchange Commission that its financial condition and
liquidity remain strong as of Sept. 30, 2008.  Net cash provided
by operations was US$93 million for the three months ended Sept.
30, 2008, compared to US$163 million for the three months ended
Sept. 30, 2007.  The decrease was due to higher working capital.
Working capital reflected the impact of the BBI acquisition and
higher inventory levels resulting from increased commodity costs
and inventory builds to support both new product launches and the
manufacturing network consolidation.  Also contributing to the
decline in cash flow were higher incentive compensation and
interest payments versus the prior year quarter.

The company's balance of working capital, defined in this context
as total current assets net of total current liabilities,
increased by US$16 million from June 30, 2008 to Sept. 30, 2008,
due to decreases in accrued liabilities and accounts payable,
partially offset by a decrease in receivables and other current
assets.  The US$99 million decrease in accrued liabilities and
accounts payable was driven by US$50 million of profit sharing and
incentive compensation payments offset by a net decrease of
US$13 million in accrued interest on long-term debt due to the
timing of payments.

Capital expenditures were US$39 million during the three months
ended Sept. 30, 2008, compared to US$26 million in the comparable
prior year quarter.

Net cash used for financing activities was US$75 million for the
three months ended Sept. 30, 2008, compared to US$110 million in
the comparable prior year quarter.  The change in cash used for
financing activities was primarily due to lower repayments of
commercial paper due to the decrease in cash provided by
operations.

At Sept. 30, 2008, the company had US$754 million commercial paper
outstanding at a weighted average interest rate of 5.3%.  At
June 30, 2008, the company had US$781 million commercial paper
outstanding at a weighted average interest rate of 2.9%.

At Sept. 30, 2008, the company had a US$1.20 billion revolving
credit agreement, which expires in April 2013.  The company
believes the revolving credit is now available and will continue
to be available for general corporate purposes and to support
commercial paper issuances.

A full-text copy of the the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?3506

                   About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.


HOME INTERIORS: Gets Go Signal to Sell Assets at Jan. 15 Auction
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
granted Home Interiors & Gifts, Inc., and its affiliates authority
to sell their assets pursuant to competitive bidding and public
auction.

The Debtors received the green light to auction off the capital
stock of Domistyle, Inc., and certain other assets; the capital
stock of Home Interiors de Mexico, S de RL de CV, and Home
Interiors de Mexico, S.A. de C.V.; and certain of the assets of
Laredo Candle Company, LLC.

Interested parties may submit bids by Jan. 8, 2009.  The
Debtors will hold an auction Jan. 15, 2009.  No stalking horse
bidder for each of the asset groups has been named.

                      About Home Interiors

Headquartered in Carrollton, Texas, Home Interiors & Gifts, Inc.
-- http://www.homeinteriors.com/-- manufactures, imports and
distributes indoor and outdoor home decorative accessories. It
was founded by Mary Crowley in 1957.  Through its affiliates, the
company has a significant presence in Mexico, Puerto Rico, and
Canada.  Annual revenue in 2007 reached $300 million.  When Mary
Crowley, died in 1986, her son, Don Carter continued the business
operation nearly debt-free.  In a leveraged transaction in 1998,
private equity firm of Hicks, Muse, Tate, and Furst acquired 66%
of the parent company, which resulted in the imposition of more
than $500 million in debt on the Debtors.  In the face of
decreased sales and increased debt load, bondholders canceled
their debts in February 2006 in exchange for receiving most of the
outstanding equity of the Debtors.

About 40% of the goods the Debtors sell are now acquired from
manufacturers in China.  In the last decade, sales volume in the
U.S. has waned, but the Debtors reported that sales in Mexico and
Puerto Rico significantly increased.

The company and six of its affiliates filed for Chapter 11
protection on April 29, 2008 (Bankr. N.D. Tex. Lead Case No.
08-31961).  Andrew Jillson, Esq., Cameron Kinvig, Esq., Robert
McCormick, Esq., and Mike Massad, Esq., at Hunton & Williams, LLP,
represent the Debtors in their restructuring efforts.  The U.S.
Trustee for Region 6 has appointed seven creditors to serve on an
Official Committee of Unsecured Creditors.  Richard A. Lindenmuth
at Boulder International LLC, is designated as CRO.  Munsch Hardt
Kopf & Harr, PC represents the Committee in these cases.  When the
Debtors filed for protection against their creditors, they listed
assets and debts of between $100 million and $500 million each.



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

CHINA MUSLIM: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on November 25, 2008, the
members of China Muslim Charitable Foundation Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Cheng Wai Kwan
          Yam Tze Commercial Building, 16B
          23 Thomson Road
          Wanchai, Hong Kong


GALOP TRADING: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on December 2, 2008, the
members of Galop Trading Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Chiu Soo Ching, Katherine
          Cho Che Kwong, Alex
          Central Plaza, 38th Floor
          18 Harbour Road
          Wanchai, Hong Kong


HONG KONG HUAAN: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on November 28, 2008, the
members of Hong Kong Huaan Foundry Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Dec. 22,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Yang Xiaoxue
          Manhattan Hill
          Flat A, 10th Floor, Tower 1
          1 Po Lun Street
          Lai Chi Kok, Kowloon
          Hong Kong


NEW ASIA: Creditors' Proofs of Debt Due on January 6
----------------------------------------------------
The creditors of New Asia Associates (HK) 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


ROYAL WOLF: Creditors' Proofs of Debt Due on January 5
------------------------------------------------------
The creditors of Royal Wolf (Central Asia) Limited are required to
file their proofs of debt by January 5, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 24, 2008.

The company's liquidator is:

          David John Beaves
          ICBC Tower, Room 3801-6, 38th Floor
          Citibank Plaza
          3 Garden Road
          Hong Kong


TOP PEAK: Enters Wind-Up Proceedings
------------------------------------
At an extraordinary general meeting held on December 3, 2008, the
members of Top Peak International Development Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Chang Ji Yu Hwa
          In-Ming  Road
          No. 4, 21 Alley, 282 Lane
          Lin Ya Dist, Kaoshung
          Taiwan


WEMBLEY INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
The sole member of Wembley International (HK) Limited resolved to
voluntarily liquidate the company's business on Nov. 28, 2008.

The company's liquidators are:

          Grant Andrew Jamieson
          Edward Simon Middleton
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong



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

DAKSHIN HARYANA: High Credit Risk Cues CARE 'BB+' Issuer Rating
---------------------------------------------------------------
CARE assigned a 'CARE BB+ (Is)' [Double B plus (issuer)] rating to
the company.  The rating is only an opinion on the general
creditworthiness of the entity and not specific to any particular
debt instrument.  Issuers with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
issuers carry high credit risk.

The rating take into consideration high exposure to regulatory
risk in terms of revision in tariff and pass-through of cost
items, high outstanding liabilities due to debt funded capital
expenditure plans, net and accumulated losses and weak debt
servicing indicators.  The rating however, draws comfort from
Government of Haryana support and reduction in AT&C losses over
the years.

In August, 1998, erstwhile Haryana State Electricity Board was
reorganised into two state owned corporations namely Haryana Power
Generation Company Ltd (HPGCL) for power generation and
procurement and Haryana Vidyut Prasaran Nigam Ltd (HVPNL) for
power transmission and distribution.  HVPNL was further
reorganized on July 1, 1999, by carving out two more Corporations,
namely Uttar Haryana Bijli Vitran Nigam Ltd.  (UHBVNL) and Dakshin
Haryana Bijli Vitran Nigam Ltd.  (DHBVNL) with the responsibility
of distribution and retail supply of power within their
jurisdiction.

As on March 31, 2008, HVPNL held 54.23% of total equity of DHBVNL,
and balance 45.77% of equity was held by GoH.  As on March 31,
2008, DHBVNL's network comprises 38,443 Km long H.T. line and
53,644 long L.T. lines.  Till April 01, 2008 Haryana Power
Generation Corporation Limited (HPGCL) was responsible for
supplying all the power i.e. own generated, allocated power
through long term PPAs and from short term sources which has now
been entrusted to DHBVNL.  The Power purchase agreements of HPGCL
have been realigned with each DISCOM viz. UHBVNL and DHBVNL on
50:50 basis.

High consumption by agriculture consumers clubbed with low
assessment per unit is one of the factors adversely affecting the
financial position of the company.  Although the State Government
has been extending subsidy support for compensating the company
for low tariff levied on agricultural consumers, such support has
been insufficient.  There has been no tariff hike since 2001
except for marginal hike in terms of fuel surcharge adjustment,
leading to the problem of short recovery of costs.

The income from energy sales has increased at a CAGR of over 11%
in the four years ended March 31, 2007, mainly on account of
change in sales-mix in favour of industrial and commercial
consumers having higher tariff.

During FY07, operating profit declined primarily on account of
increase in power purchase cost and increase in provisions for
retirement benefits (pension, leave encashment, gratuity and ex-
gratia).  DHBVNL suffers from financial losses as the cost
coverage (billing amount as a percentage of total cost) and cash
coverage (collection amount as a percentage of total cost) for
DHBVNL are quite low.

During FY2004-07, DHBVNL invested Rs.1,168 crore to improve the
network which also helped in reducing the T&D losses. DHBVNL
introduced a scheme of settlement of arrears at the behest of GoH
in June, 2005 which ended in February-March, 2007.  The scheme
helped in increasing collection efficiency from 94% in FY05 to
101% in FY07.

Accordingly, AT&C losses reduced from 36.99% in FY04 to 32.38% in
FY07.  With the progressive increase in the completed projects
funded through debt, the interest expenditure of the company has
increased that result in adverse leverage ratios.

Equity share capital of the company has been increasing during the
period under consideration as GoH has been extending equity
support to the company.  Although accumulated losses were more
than equity capital of the company, tangible net worth was
positive because of consumer contribution towards capital work.
Total Debt / NCA ratio was negative at the end of FY07 on account
of negative net cash accruals of the company.
To improve the financial position, DHBVNL has proposed hike in
tariff for various consumer categories ranging from 5% to 20%.
Proposed tariff hike for domestic consumers is 15%, for commercial
consumers is 18% and for H.T industrial consumers proposed tariff
hike is 16.14%. Decision on tariff hike is still awaited.


GENERAL MOTORS: May Replace Rick Wagoner as CEO
-----------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp., along with Chrysler LLC, is being pressured to
proceed with implementing tough measures to change how it does
business, including the possible replacement of its CEO Rick
Wagoner.

Mr. Wagoner should leave GM as part of any broader bailout
package, WSJ says, citing Sen. Chris Dodd.  The report states that
Sen. Dodd said on CBS' "Face The Nation" talk show, "I think
you've got to consider new leadership.  If you're going to
restructure, you've got to bring in a new team to do this.  I
think [Mr. Wagoner] has to move on."

WSJ relates that Mr. Wagoner played a part in some of the missteps
that led to GM's financial problems, including:

    -- the heavy use of sales incentives to drive sales,

    -- a reliance on truck sales and a belated recognition of
       consumer interest in hybrids, and

    -- other fuel-saving small cars.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor Co., and Chrysler.  The Democratic
leaders in the Congress and the George W. Bush administration are
close to reaching an agreement to provide a down payment to keep
the auto industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

                  Other Financial Support

Canada

Matthew Dolan at WSJ says that GM, Ford Motor, and Chrysler have
approached the Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans
to farmers, industry, and automakers.  The government said that
program includes the local branches of Renault SA, PSA Peugeot
Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen SA, the
report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
US$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

                       Merger Plans

WSJ reports that Chrysler and Cerberus Capital Management LP are
suspected that they merely want short-term financing to have time
before selling Chrysler or merging it with another company.

Chrysler, according to WSJ, told the Congress it "remains focused
upon developing partnerships, strategic alliances or a
consolidation as a fundamental element of its restructuring."

Previous reports say that Chrysler was in alliance talks with
Nissan Motor Co., and merger negotiations with GM, but decided to
abandon both talks to seek government bailout.  WSJ relates that
some members of the House Financial Services Committee suggested
during a hearing on Friday that Chrysler resume merger talks with
GM.

Citing people familiar with the matter, Neal E. Boudette, John D.
Stoll, and Alex P. Kellogg at WSJ relate that Mr. Nardelli and GM
CEO Rick Wagoner agreed that they need to focus on securing
federal bailout loans before considering a merger, which is
expected to be complicated and time-consuming.  The report says
that merger talks could hinder new concessions with the United
Auto Workers union, which is against a GM-Chrysler merger.
Analysts explained that a merged firm could result in layoffs of
tens of thousands of workers due to "excess factory jobs,"
according to the report.

WSJ reports that Messrs. Nardelli and Wagoner said that they could
consider a merger as part of broader plan to provide financial aid
to GM, Chrysler, and Ford Motor Co.  According to WSJ, Mr. Wagoner
and other top officials at GM believed that the company could save
a lot by combining with Chrysler.

Sources said that GM and Chrysler didn't rule out any merger plans
between the two companies, WSJ states.

            Chrysler Hires Bankruptcy Counsel

Chrysler has hired Jones Day as counsel on a possible bankruptcy
filing, Jeffrey McCracken, Mike Spector, and Peter Lattman at WSJ
report, citing people familiar with the matter.

According to Thom Weidlich and James Rowley at Bloomberg News,
Jones Day had counseled GM on a potential merger with Chrysler.

Bloomberg relates that Chrysler is seeking a US$7 billion
financial
aid from the government, fearing that it might run out of cash by
March 31, 2009.  Without the government's help, Chrysler might
have to file for bankruptcy, says Bloomberg.

Chrysler said in a statement that it has retained Jones Day and
other outside advisors "to provide a comprehensive independent
analysis of the various options available to the company."

Corinne Ball, Jones Day's co-head of restructuring, is handling
the case, WSJ states, citing people familiar with the matter.  Ms.
Ball, according to WSJ, has worked on other automotive
bankruptcies like Dana Corp. and many cases involving the United
Auto Workers union.  The report says that Ms. Ball represented GM
in its acquisition of Daewoo.

                 Cerberus' Refusal to Help

WSJ states that Congress has questioned why Chrysler's majority
owner, Cerberus Capital, doesn't step up to stabilize the company.
Chrysler's CEO Robert Nardelli, says the report, told the Senate
that he already asked Cerberus Capital for help but was turned
down.

According to WSJ, Rep. Ginny Brown-Waite said that if Cerberus
Capital isn't willing to "put forth any more money to stave off
bankruptcy, how could we in all good conscience expect taxpayers
to take on this substantial cost?"  Mr. Nardelli said that
Cerberus Capital provided investments for purchasing Chrysler from
then-parent Daimler AG of Germany, the report states.  "It's not
as if they haven't tried to provide financial support for us over
this period," and "I assume they don't have access to additional
funds," the report quoted Mr. Nardelli as saying.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      About General Motors

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its
corporate credit rating on General Motors Corp. to 'CC' from
'CCC+' and lowered the ratings on the company's senior secured and
senior unsecured debt.  The outlook is negative.

The downgrade follows GM's announcement, as part of its request
for immediate federal assistance, that it will seek to reduce its
current debt burden by more than half as it attempts to reduce
cash outflows and win support for the new U.S. government-backed
loans.

"We believe the most likely scenario is that GM will offer to
exchange some or all of its outstanding debt for equity or new
debt at a steep discount to face value," said S&P's credit analyst
Robert Schulz.  "Given GM's weakening liquidity position, S&P
consider such an offer to be a distressed exchange and, as such,
is tantamount to a default," he continued.  S&P understands that
the company plans to complete this restructuring by March 2009.

If GM were to complete an exchange offer, S&P would expect to
lower the corporate credit rating on GM to 'SD' (selective
default) and lower the exchanged issue ratings to 'D'.  S&P would
then, shortly thereafter, assign a new corporate credit rating to
GM based on its assessment of the company's new capital structure
and liquidity profile, while taking into account its business
prospects and other relevant rating considerations.  This
assessment would include the effect of any new loans or other
assistance provided by the U.S. government to GM, if such
assistance is extended.

S&P's preliminary expectation is that, even with substantial
government support that enables GM to avoid a bankruptcy filing,
the corporate credit rating would likely not rise out of the 'CCC'
category immediately following the consummation of a debt
exchange.  S&P recognize that the post-exchange capital structure
could result in substantially lower debt and interest costs, and
government funding could improve GM's liquidity.  However, it is
S&P's view that many fundamental business risk considerations
would remain unchanged for at least the next year and perhaps
longer, most notably the company's exposure to deteriorating
vehicle demand globally, but also the substantial execution risk
of the company's ongoing restructuring and repositioning.

GM on Tuesday announced its plan to restructure its debt and
presented several other restructuring steps to the U.S. Congress
in advance of hearings this week.  The automaker is seeking
US$12 billion in government loans and a US$6 billion credit line
to
bolster its liquidity.  It said it also needs US$4 billion of the
loans by the end of December to continue operating into early next
year.  GM estimated that under its baseline scenario, it will burn
through an additional US$5 billion of cash from operations in the
first quarter of 2009 and up to US$8 billion under a downside
scenario.

These projections underscore the dramatic erosion of GM's
financial position caused by the weakening global economy, scarce
credit availability, and shifts in demand away from GM's more
profitable vehicle segments.

The outlook is negative.  S&P would expect to lower the corporate
credit rating to 'SD' and the affected issue ratings to 'D' upon
completion of a debt exchange offer.  S&P would then, shortly
thereafter, assign a new corporate credit rating to GM based on,
among other things, its assessment of the company's new capital
structure and liquidity profile.  S&P's preliminary expectation is
that, even with substantial government support, GM's corporate
credit rating would not rise above the 'CCC' category following
the completion of a debt exchange.


JET AIRWAYS: Unit Incurs INR273cr Net Loss for Q2 Ended Sept. 30
----------------------------------------------------------------
Jet Airways (India) Ltd's unlisted subsidiary, JetLite, had
incurred a loss after tax of INR273 crore for the second quarter
ended September 30, The Economic Times reports.

JetLite's revenues for the said quarter were at INR429.3 crore
against INR366.2 crore in the corresponding period last fiscal
while loss after tax increased over three-fold for the second
quarter to INR273 crore from INR86.27 crore in the year-ago
period, the report relates citing reliable sources.

Jet Airways, the Economic Times notes, had said the subsidiary had
"accumulated losses exceeding its net worth and its financial
statements have been prepared on going concern basis".

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007.  Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.

The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected.  For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.


JET AIRWAYS: Reduces Fuel Surcharge by INR400 Effective Dec. 6
--------------------------------------------------------------
Jet Airways (India) Ltd disclosed a reduction in applicable
passenger fuel surcharges on all domestic routes, effective
December 6, 2008, in response to the recent reduction in domestic
fuel prices.

For routes under 750 kms, Jet Airways has reduced the applicable
fuel surcharge by INR400, to INR1950.  Fuel surcharge on these
routes previously stood at INR2350.

For routes over 750 kms, Jet Airways has also reduced the
applicable fuel surcharge by INR400, to INR2700.  Fuel surcharge
on these routes previously stood at INR3100.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007.  Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.

The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected.  For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.


UNITECH LIMITED: Will Raise up to INR2,500 cr to Pay Debts
----------------------------------------------------------
The Economic Times reports that Unitech Limited will mobilize up
to INR2,500 crore through sale of some assets and equity to retire
part of its INR8,000 crore debt by March 2009.

According to the report, Unitech Chairman Ramesh Chandra said that
the company is working on many options to raise funds through sale
of some completed projects or offloading equity at project level
to private equity funds.

"Debt is about INR8,000 crore.  I feel that in another 4-5 months,
we should be able to bring it to half.  Disposal of assets could
be anything between INR1,200-1,500 crore.  Private equity will be
another INR1,000 crore.  And transfer of loans to telecom business
will be about INR2,000 crore," the Economic Times quoted Chairman
Chandra as saying in an interview.

Chairman Chandra, the report says, pointed out that the company
would have anyways dispose of its completed assets, but probably
it would now be doing six months earlier.

Unitech Limited (BOM:507878) -- http://www.unitechgroup.com/-- is
a real estate developer in India.  The company operates in three
segments: real estate, construction and telecom, while there are
some other smaller related businesses like consultancy,
hospitality and electrical transmission.  The company has a
diverse portfolio within the real estate segment that includes
residential, commercial, retail, entertainment, hospitality and
special economic zones' developments.  The Company's operations
started initially as provider of consultancy services and then it
entered into the business of third-party construction work.  The
project portfolio mainly covers highways, including roads and
bridges and industrial projects, including civil structures, power
plant chimneys and transmission towers.  In February 2008, Unitech
was allotted by the Department of Telecommunication, Government of
India, Unified Access Services Licenses (UASL) for all 22 telecom
circles across India.


VENKATRAMA POULTRIES: CRISIL Rates Various Bank Loans at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable' to the
various bank facilities of Venkatrama Poultries Ltd (VRPL).

   Rs.400 Million Long Term Loan         BB+/Stable (Assigned)
   RS.240 Million Cash Credit Limits     BB+/Stable (Assigned)

The ratings reflect VRPL's below-average financial risk profile
marked by high gearing and weak debt protection measures, and
exposure to risks inherent to the poultry farm industry.  These
weaknesses are, however, partially offset by VRPL's established
position in the layer segment of poultry farming.

Outlook: Stable

CRISIL believes that VRPL will maintain its current credit
profile, supported by its established position in the layer
segment of poultry farming.  Substantial improvement in gearing as
a result of equity infusion or higher accruals may result in a
revision in outlook to 'Positive'.  Conversely, sustained downturn
in product prices or larger-than-expected debt may drive a
revision in outlook to 'Negative'.

                     About Venkatrama Poultries

Established as a proprietorship firm in 1979, and converted into a
private limited company and, later, to a closely-held public
limited company, VRPL is into running of poultry farms in the
layer segment.  Its operations are vertically integrated, and its
infrastructure includes layer farms, warehousing facilities, and
feed mills.  VRPL has facilities at Guntur and Suryapet in Andhra
Pradesh, Biladi in Chhattisgarh, and is setting up a fourth unit
at Sahaspur in Chhattisgarh.  For 2007-08 (refers to financial
year, April 1 to March 31), VRPL reported a profit after tax (PAT)
of Rs.40 million on net sales of Rs.743 million, as against a PAT
of Rs.18 million on net sales of Rs.434 million for 2006-07.


* INDIA: 1,729 Credit Cooperatives Put Under Liquidation
--------------------------------------------------------
The Times of India reported that as many as 1,729 credit co-
operative societies in India having a deposit base of INR260 crore
have been evaluated for incompetence and put under liquidation to
prevent further liabilities.

According to the report, the move is a part of a major survey
initiated by the state co-operation department to find out credit
societies with poor financial health and weed them out.

"The aim of a credit co-operative society is to boost rural credit
mobility.  But there are some credit societies that work with pure
business motive and incur huge liabilities while trying to make
more profits, thereby risking the money of depositors," the Times
of India quoted Krishna Lavekar, state co-operation commissioner,
as saying.  Most of these societies are small, he said.

Commissioner Lavekar added "There were irregularities in the loan
portfolio and deposit portfolio of the credit co-operatives that
have been identified for liquidation.  Some of them were found to
have invested money in banks with an eye on high interest rates,
completely overlooking the bank's financial stability."

"As per the guidelines, co-operative credit societies can invest
only in banks marked as grade I by the Reserve Bank of India.
However, most of these societies were found to have invested the
depositors' money in urban co-operative banks for higher interest
rates," Commissioner Lavekar noted.  Moreover, these societies
were also lacking in foresight while promising interest rate to
the depositors, he said.

"There is a thumb-rule that credit societies should accept
deposits in proportion with the working capital. But most of these
credit societies were found to have inadvertently accepted money
from depositors," Commissioner Lavekar said.

There are 28,000 co-operative credit societies in the state.  Of
these, 10,000 are salary-transaction making societies.  Around
18,000 accept deposits and pay interest to depositors.

"Of the societies that accept deposits, 1,729 have been put on
liquidation in the last five months. The survey is now nearing
completion," Commissioner Lavekar said.  Most of these credit
societies are concentrated in Nashik and Kolhapur districts.  The
liquidation process will be completed in 10 years, he added.



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

* INDONESIA: Gets US$5BB Standby Loan From Various Sources
----------------------------------------------------------
Indonesia has secured standby loans worth US$5 billion from the
World Bank, the Asian Development Bank, Japan, Australia and
France, Antara News reports.

Antara News relates that the loans will help plug Indonesia's
budget deficit and boost growth.

According to the report, Finance Ministry official Rahmat
Waluyanto said that Indonesia would only use the standby loans if
economic growth slowed to 5.8 percent in the first quarter of
2009.

The Indonesian economy grew by 6.1 percent in the third quarter of
this year.



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

AEON CO.: Mitsubishi Plans to Acquire 5% Stake
----------------------------------------------
Mitsubishi Corp plans to buy 5 percent stake in retailer Aeon Co
Limited for about JPY30 billion, making it the retailer's top
shareholder, The Japan Times reported citing Kyodo News.

According to the report, the two companies also plan to jointly
engage in global procurement of goods and to cooperate in opening
outlets overseas.

Citing industry sources, the report said Aeon intends to use the
tieup to weather the sluggish economy and to promote management
efficiency by cutting procurement and distribution costs.

Mitsubishi expects the alliance to help its efforts to diversify
its revenue sources, according to the sources cited by the report.

Under the tie up, Japan Times noted, Aeon will enhance procurement
of low-priced and safe foods, and clothing of foreign origin by
making use of Mitsubishi's global procurement network.

As reported by the Troubled Company Reporter-Asia Pacific on
October 14, 2008, Taiga Uranaka of Reuters said Aeon Co Limited's
first half profit dropped 13% to JPY16 billion (US$158 million)
for the six months ended in August, down from a net profit of
JPY23.8 billion a year earlier, after writing down the value of
stores and other assets as it faces weak consumer spending and a
slowing economy.

That report related that the company, which operates Jusco stores
and owns a majority stake in struggling U.S. apparel chain Talbots
Inc, was pushed into the red by JPY40.2 billion worth of
extraordinary losses to write down assets and close unprofitable
stores, and a change in the way it accounts for tax credits also
ate into its profit by about JPY15 billion.

Reuters noted that the company's main general merchandising stores
continued to suffer sharp falls in sales of non-grocery items,
mainly clothing, but food sales were solid as it expanded its
range of private-label goods, a cheaper alternative to national
brands.  A slump in clothing sales has been especially telling on
Aeon and its rivals since clothes carry a far bigger profit margin
than other merchandise, the same report said.

The firm, Reuters added, was also hurt by a dismal performance at
Talbots and other apparel chains.

                          About Aeon Co.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


CITADEL INVESTMENTS: To Shut Down Tokyo Office by End of 2008
-------------------------------------------------------------
Bloomberg News reports Citadel Investment Group LLC will close
down its Tokyo office and Asian principal investments operations
by the end of the year.

The report says the move will affect 37 jobs in the region (12 in
Tokyo and 25 in Hong Kong) while Nick Taylor, who heads the
principal investments division in Asia and Europe, will be leaving
the firm.

According to the report, Katie Spring, a spokeswoman in Citadel's
Chicago head office, confirmed the decision.  "We continue to
evolve the business to focus on the greatest potential
opportunities and to scale back where the opportunity set is no
longer as attractive," Bloomberg News quoted Ms. Spring as saying.

Bloomberg News discloses that after the job cuts, Citadel will
retain 25 to 30 employees in Hong Kong where its Asian investments
will be run in the future.

Headquartered in Chicago, Illinois, USA, Citadel Investment Group,
L.L.C. -- http://www.citadelgroup.com/-- is a hedge fund company.
The company also acts as a market maker on smaller exchanges for
some blue-chip stocks.  It currently manages some US$17 billion
for a wide range of investors.


FORD MOTOR: Seeks Financial Support From Canadian Gov't
-------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co., General Motors Corp., and Chrysler LLC have approached the
Canadian government for financial support.

According to WSJ, Canada's Minister of Industry Tony Clement and
Michael Bryant, Ontario's Minister of Economic Development, said
that they received the restructuring plans they requested from
Chrysler Canada, Ford Motor Company of Canada, and General Motors
of Canada.  The report says that the amount requested in the plans
would be in addition to the US$34 billion that the three companies
are requesting from the U.S. Congress.

WSJ relates that Ford Motor submitted its plan to the Canadian
government on Friday, asking for a US$2 billion line of credit and
assuring the government that it wouldn't access the line unless:

    -- a more severe downturn in the economy occurred, or
    -- a position similar to the one Ford Motor has taken in its
       bid for a US$9 billion credit line pending before the U.S.
       Congress.

Chrysler spokesperson Lori McTavish said that the company
presented its plan in Canada on Thursday, asking for a
US$1.6 billion loan from the Federal Government and Province of
Ontario, WSJ reports.  "The amount requested is based on
Chrysler's percent of North American production, which is 23
percent," the report quoted Ms. McTavish as saying.

WSJ states that a GM official said on Friday that the company was
in negotiations with the Canadian government.  GM didn't disclose
the amount of the loan it is seeking from the government.

Argentina

WSJ relates that the Argentine government said on Saturday that it
will offer the country's auto industry about US$900 million in
loans.  The Argentine government, according to the report, said on
Thursday that it would invest US$3.9 billion to grant low-cost
loans
to farmers, industry, and automakers.  The government said that
program includes the local branches of Renault SA, PSA Peugeot
Citroen, Ford Motor, GM, Fiat Group SpA, and Volkswagen SA, the
report states.

Citing Argentine Production Minister Deborah Giorgi, WSJ reports
that the auto makers will each offer two models selling for
US$10,000 or less for people purchasing a new car for the first
time, and must shun layoffs and hold down profit margins on cars
sold under the program.

        Bailout Requests in Congress & Administration

Greg Hitt, Jeffrey McCracken, and Matthew Dolan of WSJ state that
signs of deterioration in the U.S. job market boosted the bailout
requests of GM, Ford Motor, and Chrysler.  The Democratic leaders
in the Congress and the George W. Bush administration are close to
reaching an agreement to provide a down payment to keep the auto
industry afloat until early next year, according to WSJ.

WSJ relates that the deal would draw funds from a program
initially meant to help the industry retool to meet higher fuel-
economy standards.  The funding level is expected to be between
US$14 billion and US$15 billion, the report says.

The proposed pact, WSJ states, would include a commitment to
rapidly replenish the retooling program, have strong government
oversight through a new board to be created to help manage the
industry's restructuring.

      Ford, GM, Chrysler Use Internet to Win Support

Emily Steel at WSJ relates that GM, Ford Motor, and Chrysler are
using digital-marketing techniques to seek support for their
federal aid requests.  The report says that Ford Motor, GM, and
Chrysler have launched campaigns on several Web sites, including
Google, YouTube, various blogs, Facebook, and the social-messaging
site Twitter.

Ford Motor, says WSJ, posted videos on YouTube.  WSJ relates that
Ford Motor started purchasing Internet search ads to appear when
bailout-related keywords are used and display ads on news sites --
including those of WSJ and CNN.  According to the report, Ford
Motor is also using blogs and other social media.  The report
states that Ford Motor has enlisted members of its staff to
respond to blog postings and messages on Twitter.

According to WSJ, Chrysler used blogs and created a new YouTube
channel called Grab Democracy, as well as a Web site to promote
its position.  Chrysler launched a virtual road show, which
includes CEO Robert Nardelli talking about the company's business
plan with his senior management team, WSJ relates.

GM, WSJ reports, is running ads linked to search terms about the
auto bailout, the United Auto Workers and the economy, posting
videos on YouTube, and buying ads on the third-party sites where
Google sells space.  GM's site, GMFactsandFiction.com, explains
how the company ended up in its current situation and its plans,
WSJ says.

                      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: Will Review Strategic Alternatives for Volvo Cars
-------------------------------------------------------------
Ford Motor Company will re-evaluate strategic options for Volvo
Car Corporation, including the possible sale of the Sweden-based
premium automaker.

Ford said the decision to re-evaluate strategic options for Volvo
comes in response to the significant decline in the auto industry
particularly in the past three months and the severe economic
instability worldwide.  The strategic review of Volvo is in line
with a broad range of actions Ford is taking to strengthen its
balance sheet and ensure it has the resources to implement its
product-led transformation plan.

"Given the unprecedented external challenges facing Ford and the
entire industry, it is prudent for Ford to evaluate options for
Volvo as we implement our ONE Ford plan," said Ford president and
CEO Alan Mulally.  "Volvo is a strong global brand with a proud
heritage of safety and environmental responsibility and has
launched an aggressive plan to right-size its operations and
improve its financial results.  As we conduct this review, we are
committed to making the best decision for both Ford and Volvo
going forward."

Ford said the review likely will take several months to complete.
In the meantime, Ford will continue working closely with Volvo as
it implements its restructuring plan under CEO Stephen Odell, who
was appointed to lead Volvo earlier this year.

At the same time, Ford and Volvo will continue to put in place
processes that allow Volvo to operate on a more stand-alone basis
in the absence of the Premier Automotive Group structure, an
effort which began in November 2007 following a previous review by
Ford of strategic options for Volvo.

"Outstanding safety, an increased focus on environmentally
friendly vehicles and contemporary Scandinavian design will
continue to be the foundation upon which we will build a strong
Volvo business for the future," Mr. Odell said.  "We intend to
build upon our strong brand heritage and to appeal to our global
customers with vehicles like the new XC60 -- the safest car Volvo
has ever built.  Volvo also will introduce seven low-emission
models in 2009, giving us the best environmental product range in
the premium segment.

"We have a strong brand presence in Europe, North America and the
Asia Pacific region, and are growing in key markets such as China
and Russia, where we are the leading premium brand," Mr. Odell
added.

                      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-'.


HITACHI LTD: Unit to Terminate 250 Nonregular Workers
-----------------------------------------------------
Hitachi Plasma Display Ltd, a subsidiary of Hitachi Ltd, has
decided to terminate contracts with all of its 250 nonregular
workers in January as part of its restructuring effort, Japan
Today reports citing company sources.

The move, the report relates, is in line with the decision of its
parent company, Hitachi Ltd, to withdraw from plasma TV panel
production in the face of stagnant thin-model TV business.

                       Second Annual Loss

For the 2007 fiscal year ended March 31, 2008, Hitachi incurred
a second annual loss of JPY58,125 million on total revenues of
JPY11,226,735 million.  The company incurred a net loss of
JPY(32,799) million on total revenues of JPY10,247,903 million
for year ended March 31, 2007.

As of March 31, 2008, the company reported JPY2,170,612 million
in total shareholders' equity on total assets of JPY10,530,847
million, compared to total shareholders' equity of JPY2,442,797
million on JPY10,644,259 million in total assets as of March 31,
2007.

                          About Hitachi

Headquartered in Tokyo, Japan, Hitachi Ltd. (NYSE: HIT) -
http://www.hitachi.com/-- is a maker of mainframes, as well as
semiconductors, servers, and other information system and
telecommunications technologies.  Hitachi also makes elevators
and escalators, industrial robots and control systems, and power
plant equipment. The company's power and industrial systems unit
is its biggest revenue producer. Other products include metals,
wire, and cable. Hitachi's consumer goods range from TVs to
refrigerators and washing machines; the company also has
operations in financial services, property management, and
transportation.


JAPAN ASIA: JCR Lowers Ratings on Senior Debts to 'BB+'
-------------------------------------------------------
Japan Credit Rating Agency Ltd. has removed the rating on senior
debts of Japan Asia Investment Co., Ltd. from Credit Monitor with
Negative direction and has downgraded it to BB+ from
#BBB/Negative.  The rating outlook is Negative.

After announcements of downward revision of earnings forecasts for
FY2008 ending March 31, 2009, on September 5, 2008, and further
downward revision of the earnings forecasts for the fiscal year on
October 31, 2008, JCR verified revision of the investment
portfolio, prospect for recovery of the investments, impact of the
loss on the financial structure, fundraising condition, etc.

As a result of the examinations, JCR removed the rating on the
company from Credit Monitor.  The impaired net assets decreased
the risk tolerance, deteriorating the financial balance.  There
are many uncertain factors in prospects for the future investment
recovery and earnings recovery.  Accordingly, JCR downgraded the
rating on senior debts of the company by two notches and
determined the rating outlook as "Negative."


MITSUBISHI MOTORS: Ties Up With Proton Holdings
-----------------------------------------------
Mitsubishi Motors Corporation said that it has signed a contract
with Malaysia's automobile manufacturer, Perusahaan Otomobil
Nasional Sdn Bhd, a wholly owned subsidiary of Proton Holdings
Berhad, covering the technology for, as well as the development
and production of, a new PROTON vehicle.

In addition, the contract will grant a license to the Malaysian
automaker to manufacture a new Mitsubishi vehicle based product.

Through this and other collaboration projects in the fields of
development and production, Mitsubishi Motors said it aims to
expand its Malaysian business beyond the current export shipments
of built-up cars from Japan to that nation.  For its part,
Perusahaan Otomobil aims to work with Mitsubishi Motors to expand
its model lineup as well as to raise quality levels and make more
effective use of its production plant.

The two companies are also continuing to study other mutually
beneficial avenues of collaboration.

                          About Proton

Based in Malaysia, Proton Holdings Berhad operates in the
automobile industry.  The company is engaged in manufacturing,
assembling, trading and the provision of engineering and other
services in respect of motor vehicles and related products.  The
company, through its subsidiaries, is engaged in vehicle
engineering, research and development, manufacturing, distribution
and after-sales services.  It is involved in financial services
and property management in supporting the main business
activities.  It designs and produces cars for diverse consumer
preferences.  The portfolio of PROTON models includes the family-
sedan Waja, Gen.2, Perdana V6, Arena, Saga range, Savvy, Satria
Neo and the Persona.  The company also has in its portfolio, the
Lotus sports cars with models, such as Elise, Esprit, Exige,
Europa and the Evora.  On August 10, 2007, Perusahaan Otomobil
Nasional Sdn Bhd, its wholly owned subsidiary, completed the
acquisition of the remaining 49% equity interest in PT Proton
Cikarang Indonesia.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, JCR affirmed the BB/Stable, J-3 and BB- ratings
on senior debts, CP program and Euro Medium Term Note Programme of
the issuer, respectively.

On May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.


NANZAN SCHOOL: Suffers JPY3.4BB Losses on Derivatives Deals
-----------------------------------------------------------
Nanzan School Corporation has incurred JPY3.4 billion losses on
derivatives deals, The Japan Times reported citing Kyodo News.

The losses, Japan Times related, were incurred due to rapid
fluctuations in currency exchange markets caused by the global
financial crisis.

However, the report said, since Nanzan made around JPY2.6 billion
since concluding a contract for the derivatives deals in fiscal
2006, the real loss will actually be around JPY800 million.

According to the report, Nanzan School said the losses will not
affect its school operations.

Nanzan School Corp., operates Nanzan University and other schools
in Japan.




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

HYNIX SEMICONDUCTOR: Cuts Jobs; Seeks KRW1 Tril. Fresh Funding
--------------------------------------------------------------
Sungwoo Park at Bloomberg News reports that Hynix Semiconductor
Inc. will eliminate 30 percent of its executives and cut labor
costs by more than 15 percent.

Citing Hynix's e-mailed statement, Bloomberg relates that
employees who worked for more than 10 years will be offered
voluntary retirement under an agreement with the union.

"Hynix launched an emergency management system in October in order
to overcome the current difficulties stemming from a global
economic downturn and a prolonged slump in the semiconductor
industry," the statement said as cited by the report.

According to Bloomberg, the statement said Chief Executive Officer
Kim Jong Kap will take a 30 percent pay cut, and other executives
will have their wages trimmed by between 10 percent and 20 percent
as part of the plan.

                         Cash Injection

Shareholders of Hynix Semiconductor are close to agreeing a cash
injection for the company, Reuters reports citing South Korea's
Minister of Knowledge Economy Lee Youn-ho.

Hynix's top shareholders, Reuters relates, are discussing support
plans after the company asked for up to KRW1 trillion (US$685
million) in fresh funding amid a prolonged slump in the memory
chip industry.

According to Reuters, these top shareholders are former creditors
that bailed out Hynix during the industry's last major downturn in
2000-2001.

"As far as I know, shareholders have more or less reached an
agreement to provide funds," Reuters quoted Minister Lee Youn-ho
as saying.

Minister Lee Youn-ho, Reuters says, repeated his earlier position
that the government had no plans to intervene directly.

Reuters notes that the South Korean government owns no interest in
Hynix, but is looking at measures to help several troubled
industries such as the auto, petrochemical and semiconductor
sectors.

Hynix Semiconductor, Fabtech relates, is facing a cash crisis as
losses deepened to over KRW1.4 trillion in 2008, approximately
US$972 million in the first three quarters of the year as well as
facing repayments on maturing loans in 2009 that have been
estimated at over US$500 million.  Hynix is estimated to currently
have cashable assets of approximately US$1.2 billion.  However,
losses are expected to climb above 3Q08 figures of approximately
US$300 million in both 4Q08 and 1Q09, significantly eroding its
cash balance, which does not include capital expenditure
requirements for 2009.

                  About Hynix Semiconductor

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on Nov. 3,
2008, Standard & Poor's Ratings Services revised to negative from
stable the outlook on its long-term corporate credit rating on
Korea-based Hynix Semiconductor Inc.,  reflecting the current
challenging market situation and increasing uncertainty in the
memory semiconductor market.  At the same time, S&P affirmed its
'BB-' long-term corporate credit rating and long-term senior
unsecured debt ratings on the company.

On November 5, 2008, Moody's Investors Service downgraded to Ba3
from Ba2 Hynix Semiconductor, Inc.'s corporate family rating and
senior unsecured bond rating.  The outlook for the ratings remains
negative.


* KOREA: Gov't to Inject KRW3.25 Tril. Into Farm Industries
-----------------------------------------------------------
The South Korean government will inject KRW3.25 trillion (US$2.20
billion) into the farm sector next year, creating 27,000 new jobs
in an area that is expected to be hit hard by the economic
slowdown, Lee Joon-seung at Yonhap News Agency reports.

South Korea's economy, Yonhap says citing state-run sources, is
expected to pull off growth in the 4-percent range this year, down
from 5 percent in 2007, but numbers are to drop to the 3-percent
range next year.

According to the report, sluggish growth translates into fewer job
opportunities for farming communities, which are already suffering
from diminishing income and a steady outflow of working-age
people.



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

NIKKO ELECTRONICS: Defaults on MYR0.798Mil. Acceptance Facilities
-----------------------------------------------------------------
In accordance with PN 1/2001, the provisional liquidator
overseeing  Nikko Electronics Bhd disclosed the company defaulted
on bankers' acceptance facilities for amount of MYR798,806.85 due
on December 5, 2008 granted by Maybank Islamic Berhad.

A summary of defaults in payment announced:
                                                     Amount of
   Date of      Nature of                            Outstanding
   Default      facility         Lender                 (MYR)
   -------      ---------        ------              -----------

June 27, 2008  Bankers'     Malayan Banking Berhad  1,239,073.50
                acceptance

July 10, 2008  Bankers'     Maybank Islamic Berhad  2,957,326.79
                acceptance

July 29, 2008  Bankers'     Maybank Islamic Berhad    466,909.50
                acceptance

July 30, 2008  Bankers'     Maybank Islamic Berhad    436,664.65
                acceptance

July 31, 2008  Bankers'     CIMB Bank Berhad          631,867.07
                acceptance

July 31, 2008  Revolving    CIMB Bank Berhad        1,910,290.20
                credit

Aug. 20, 2008  Bankers'     Maybank Islamic Berhad    245,007.43
                acceptance

Aug. 22, 2008  Bankers'     Maybank Islamic Berhad    166,914.14
                acceptance

Aug. 27, 2008  Revolving    Maybank Islamic Berhad  2,052,569.86
                credit

Aug. 28, 2008  Bankers'     Maybank Islamic Berhad    741,906.85
                acceptance

Aug. 29, 2008  Revolving    Maybank Islamic Berhad  1,026,629.32
                credit

Sept. 5, 2008  Revolving    Maybank Islamic Berhad  1,026,236.99
                credit

Sept. 12, 2008 Bankers'     Maybank Islamic Berhad  1,290,563.73
                acceptance

Sept. 26, 2008 Bankers'     Maybank Islamic Berhad    851,821.96
                acceptance

Sept. 29, 2008 Revolving    Malayan Banking Berhad  1,027,075.62
                credit

Oct. 1, 2008   Bankers'     Maybank Islamic Berhad    190,053.32
                acceptance

Oct. 8, 2008   Bankers'     Maybank Islamic Berhad    211,301.86
                acceptance

Nov. 19, 2008  Bankers'     Maybank Islamic Berhad    336,484.62
                acceptance

Dec. 5,r 2008  Bankers'     Maybank Islamic Berhad    798,806.85
                acceptance

                           About Nikko

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses.  A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.


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

BALMORAL FINANCIAL: Court to Hear Wind-Up Petition on December 15
-----------------------------------------------------------------
A petition to have Balmoral Financial Services Ltd.'s operations
wound up will be heard before the High Court of Hamilton on
December 15, 2008, at 10:45 a.m.

Westpac New Zealand Limited filed the petition against the company
on September 22, 2008.

Westpac New Zealand's solicitor is:

          M. V. Robinson
          Simpson Grierson
          88 Shortland Street, Level 27
          Auckland


BON TON: Court Hears Wind-Up Petition
-------------------------------------
On November 24, 2008, the High Court at Wellington heard a
petition to have Bon Ton Ltd.'s operations wound up.

Peter C. Gilbert filed the petition against the company on
June 18, 2008.

The Petitioner's solicitor is:

          Peter C. Gilbert
          Dransfield House, 335 Willis Street
          PO Box 2420, Wellington
          Telephone:(04) 385 2507
          Facsimile:(04) 385 2505


D & F CONTRACTING: Court to Hear Wind-Up Petition on February 18
----------------------------------------------------------------
A petition to have D & F Contracting Ltd.'s operations wound up
will be heard before the High Court of Auckland on Feb. 18, 2008,
at 10:00 a.m.

Ridge Road Quarry Limited filed the petition against the company
on September 2, 2008.

Ridge Road's solicitor is:

          A. J. H. Witten-Hannah
          Witten-Hannah Howard
          197 Hurstmere Road, Takapuna
          Auckland 0622


DOMINION FINANCE: Investors May Only Get 10c in the Dollar Payout
-----------------------------------------------------------------
Dominion Finance's investors are likely to get back as little as
10 cents in the dollar of their NZ$224 million capital, The
Dominion Post reports citing receivers Deloitte.

Deloitte, the report notes, estimates that debenture holders will
get back between 10c and 25c in the dollar, while no funds will be
available to pay unsecured creditors.

According to the Post, in Deloitte's latest report, manager Rod
Pardington says Dominion Finance's loan book was "exposed to
severe risk of loss" because a high proportion of loans were
secured by second mortgage or lower-ranking security.

The Post relates further complicating the matter for Deloitte was
the state of Dominion Finance's loan files at the point of
appointment.  Most files were missing an updated assessment of
recovery value, the report says.

                      About Dominion Finance

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

                         *     *     *

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

According to The National Business Review: "Dominion went into
voluntary administration after it was fined NZ$65,000 by NZX
Discipline for filing its annual report late.  At that time,
directors said the holding company had little cash to its own
name."

The National Business Review added subsidiary Dominion Finance
Group is in receivership while directors pursued a moratorium for
North South Finance.

Dominion Finance Group owes 6,055 debenture holders NZ$224
million.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 3, 2008, Dominion Finance Holdings said that the debt
moratorium for its subsidiary North South Finance Ltd was approved
by the stockholders on December 2.


EASTSIDE TRUSTEE: Court to Hear Wind-Up Petition on December 19
---------------------------------------------------------------
A petition to have Eastside Trustee Ltd.'s operations wound up
will be heard before the High Court of Auckland on December 19,
2008, at 10:45 a.m.

Caldwell & Levesque Contracts Limited filed the petition against
the company on October 23, 2008.

Caldwell & Levesque's solicitor is:

          J. Barratt-Boyes
          Barratt-Boyes Law Practice
          532 Parnell Road, Suite 2
          Newmarket, Auckland


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

Body Corporate No. 354972 filed the petition against the company
on October 1, 2008.

The Petitioner's solicitor is:

          Rebecca Harvey
          c/o Price Baker Berridge
          87 Central Park Drive, 1st Floor
          PO Box 21463, Henderson
          Auckland
          Telephone:(09) 836 1079
          Facsimile:(09) 837 2667


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

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

The CIR's solicitor is:

          Andrew Hamer Instone
          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          Telephone:(04) 890 1133
          Facsimile:(04) 890 0009


G.K. HORTICULTURE: Appoints Shephard and Dunphy as Liquidators
--------------------------------------------------------------
On November 13, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of G.K. Horticulture and
Viticulture Ltd.

The Liquidators can be reached at:

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


J CULSHAW: Commences Liquidation Proceedings
--------------------------------------------
On November 12, 2008, J Culshaw Ltd. commenced liquidation
proceedings.

Only creditors who were able to file their proofs of debt by
December 2, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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


KITCHENER GROUP: Court to Hear Wind-Up Petition on December 19
--------------------------------------------------------------
A petition to have Kitchener Group Ltd.'s operations wound up will
be heard before the High Court of Auckland on Dec. 19, 2008, at
10:45 a.m.

Paramount Services Limited filed the petition against the company
on August 20, 2008.

Paramount Services' solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          3-9 Church Street, Level 3
          PO Box 213, Wellington
          Telephone:(04) 470 5972


MILLENNIUM 3 MARINE: Court to Hear Wind-Up Petition on December 15
------------------------------------------------------------------
A petition to have Millennium 3 Marine Ltd.'s operations wound up
will be heard before the High Court of Christchurch on Dec. 15,
2008, at 10:00 a.m.

Electronic Navigation Limited filed the petition against the
company on October 22, 2008.

Electronic Navigation's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          3-9 Church Street, Level 3
          PO Box 213, Wellington
          Telephone:(04) 470 5972


P C RAVENHALL ET AL: Commence Liquidation Proceedings
-----------------------------------------------------
It was resolved by special resolutions of shareholders to wind up
the operations of:

   -- PC Ravenhall Limited on Nov. 5;
   -- J & I Security Limited on Nov. 6;
   -- Dannemora Developments Limited on Nov. 7
   -- Finance Marketing Limited on Nov. 7; and
   -- York Property Brokers Limited on Nov. 7.

The companies' liquidator is:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059, Greenmount
          Auckland
          Telephone:(09) 526 0743
          Facsimile:(09) 526 0748


PH DISTRIBUTORS: Court to Hear Wind-Up Petition on December 19
--------------------------------------------------------------
A petition to have PH Distributors New Zealand Ltd.'s operations
wound up will be heard before the High Court of Auckland on
Dec. 19, 2008, at 11:45 a.m.

Beaumont Organic Limited filed the petition against the company on
October 28, 2008.

Beaumont Organic's solicitor is:

          Owen Godfrey Paulsen
          Cavell Leitch Pringle & Boyle
          Clarendon Tower, Level 15
          PO Box 799, Christchurch
          Telephone:(03) 379 9940
          Facsimile:(03) 379 2408


T. M. FIFITA: Court to Hear Wind-Up Petition on December 15
-----------------------------------------------------------
A petition to have T. M. Fifita & Sons Ltd.'s operations wound up
will be heard before the High Court of Auckland on December 15,
2008, at 10:00 a.m.

UDC Finance Limited filed the petition against the company on
September 24, 2008.

UDC Finance's solicitor is:

          M. J. Robinson
          c/o Turner Hopkins
          400 Lake Road
          PO Box 33237, Takapuna
          Auckland
          Telephone:(09) 486 2169
          Facsimile:(09) 486 2160


WENSLEY DEVELOPMENTS: Fixes Dec. 19 as Last Day to File Claims
--------------------------------------------------------------
The creditors of Wensley Developments The Club 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:

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


* NEW ZEALAND: Home Building Work Vols. Lowest in 6yrs., Stat Says
------------------------------------------------------------------
The seasonally adjusted volume of residential building work put in
place for the September 2008 quarter is the lowest since June
2002, Statistics New Zealand said.  The volume of residential
building work put in place has been falling since the most recent
peak in September 2007.  In the latest quarter the volume fell 7.9
percent.

The trend indicates the volume of residential building work has
decreased by over one-fifth in the past year.  According to the
Building Consents Issued: October 2008 Hot Off the Press, the
number of consents authorised for new dwellings is at its lowest
level since January 1992.

In contrast, the seasonally adjusted volume of non-residential
building work rose 5.8 percent in the September 2008 quarter,
following falls in the previous two quarters.  In the latest
quarter, there was a higher-than-usual number of building jobs
that each had a value of work put in place of more than $10
million.

The seasonally adjusted volume of all building work put in place
fell 2.1 percent in the September 2008 quarter, the third
successive fall.

For the year ended September 2008, the unadjusted value of all
building work put in place was NZ$13.2 billion, up 0.1 percent
from the previous September year.  Residential buildings
contributed 60.6 percent of this value, and non-residential
buildings contributed the remaining 39.4 percent.



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

* Moody's Revises Rating Outlooks on 8 Thai Banks to Negative
-------------------------------------------------------------
Moody's Investors Service has revised the outlook of the foreign
currency debt and deposit ratings of eight Thai banks to negative
from stable.  This action follows the change in Moody's outlook to
negative for Thailand's A3 foreign currency bond country ceiling,
Baa1 foreign currency deposit ceiling, and Baa1 foreign and local
currency government ratings.

The affected banks are Bangkok Bank, Export-Import Bank of
Thailand, Government Housing Bank of Thailand, Kasikornbank Public
Co Ltd, Krung Thai Bank, Siam Commercial Bank Public Co Ltd,
Standard Chartered Bank (Thai) Public Co Ltd, and United Overseas
Bank (Thai) Public Co Ltd.

The bank financial strength ratings of all eight are unaffected.
In addition, the BFSRs of Bank of Ayudhya, Siam City Bank Public
Co Ltd and TMB Bank Public Co Ltd have also been unaffected.

"While none of the Thai bank financial strength ratings were
affected by the sovereign outlook change, Moody's are in the
process of assessing the impact of the accompanying lower GDP
forecast on all Thai bank ratings," said Moody's Assistant Vice
President and Analyst, Karolyn Seet.  "We expect to announce our
conclusions next week."

Moody's last rating actions on BBL, GHB, KBank, KTB, SCIB, SCBT
and UOBT were taken on May 4, 2007 under the new BFSR and JDA
methodology.

Meanwhile, the last rating action for SCB was taken on November 5,
2008, when the outlook for its D+ BFSR and A3 local currency
deposit and foreign currency senior debt ratings were changed to
stable from positive.

The last rating action for BAY was taken on April 10, 2008, when
the BFSR was upgraded to D from D-.  At the same time, the bank's
deposit and debt ratings were upgraded to Baa2/Prime-2 from
Baa3/Prime-3.

The last rating action for TMB was taken on June 20, 2007, when
the B1/stable outlook for its Hybrid Tier 1 securities was
affirmed.

Finally, the last rating action for EXIMT was taken on October 30,
2006, when the foreign currency issuer rating was upgraded to
A3/stable from Baa1/under review for upgrade.

The outlooks for these ratings were revised to negative:

  * BBL -- foreign currency long-term deposit rating of Baa1 and
    foreign currency subordinated debt rating of Baa1

  * EXIMT -- issuer rating of A3

  * GHB -- foreign currency long-term deposit rating of Baa1

  * KBank -- foreign currency long-term deposit rating of Baa1 and
    foreign currency subordinated debt rating of Baa1

  * KTB -- foreign currency long-term deposit rating of Baa1 and
    foreign currency certificate of deposit program of Baa1

  * SCB -- foreign currency long-term deposit rating of Baa1 and
    foreign currency senior unsecured rating of A3

  * SCBT -- foreign currency long-term deposit rating of Baa1 and
    issuer rating of A3

  * UOBT -- foreign currency long-term deposit rating of Baa1

The outlooks for these ratings were unaffected by the sovereign
rating action, and remain stable:

  * BBL -- BFSR of D+ and foreign currency short-term deposit
    rating of P-2

  * BAY -- BFSR of D, foreign currency deposit rating of Baa2/P-2
    and foreign currency senior unsecured debt rating of Baa2

  * GHB -- BFSR of E+ and foreign currency short-term deposit
    rating of P-2

  * KBank -- BFSR of D+, foreign currency short-term deposit
    rating of P-2 and local currency deposit rating of A3/P-1

  * KTB -- BFSR of D-, foreign currency short-term deposit rating
    of P-2, local currency deposit rating of A3/P-1 and preferred
    stock of Baa3

  * SCIB -- BFSR of D, foreign currency deposit rating of Baa2/P-
    3, foreign currency senior unsecured debt rating of Baa2,
    foreign currency subordinated debt rating of Baa3, and short-
    term debt rating of P-3

  * SCB -- BFSR of D+, foreign currency short-term deposit rating
    of P-2 and local currency deposit rating of A3/P-1

  * SCBT -- BFSR of D+, foreign currency short-term deposit rating
    of P-2, short-term foreign currency issuer rating of P-2,
    local currency deposit rating of A3/P-1, and local currency
    short-term issuer rating of P-1

  * TMB -- BFSR of D-, foreign currency deposit rating of Baa2/P-2
    and foreign currency preferred stock of B1

  * UOBT -- BFSR of D and foreign currency short-term deposit
    rating of P-2



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

* S&P Puts 'CCC-' Ratings on 42 Asia-Pacific CDOs on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 42 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.

For those transactions that have been placed on CreditWatch with
negative implications, the SROC (synthetic rated
overcollateralization) fell below 100% at the current rating level
in the end-of-month analysis for November 2008.

The Global SROC Report with the SROC analysis as of end-November
2008 will be published shortly.  In the week following the
publication of the report, a full review of the affected tranches
of Asia-Pacific synthetic CDOs will be performed and appropriate
rating actions, if any, will be taken.  The Global SROC Report
provides SROC and other performance metrics on more than 3,000
individual CDO tranches.

The rating actions taken on the affected transactions are:

     Name                      Rating To           Rating From
     ----                      ---------           -----------
     Alpha Financial
      Products Ltd.
      Series 1                 BB+pNRi/Watch Neg   BB+pNRi

     Aphex Pacific
      Capital Ltd.
      Series 5 DESIGN
      2006                     BB+/Watch Neg       BB+

     ARLO Ltd. Series
      2006 (OCL-1)             BB-/Watch Neg       BB-

     ARLO Ltd. Series
      2006 (SKL CDO
      Series 11)               A-pNRi/Watch Neg    A-pNRi

     Athenee CDO PLC
      Series 2007-12           AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-14           AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-15           AA+/Watch Neg       AA+

     Athenee CDO PLC
      Series 2007-3            AA+/Watch Neg       AA+

     Athenee CDO PLC
      Series 2007-4            AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-5            AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-6            AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-7            AA-/Watch Neg       AA-

     Athenee CDO PLC
      Series 2007-8            AA+/Watch Neg       AA+

     Castle Finance I
      Ltd. Series 2            BBB/Watch Neg       BBB

     Castlereagh Trust
      Series 1                 B-/Watch Neg        B-

     Castlereagh Trust
      Series 2                 CCC+/Watch Neg      CCC+

     Corsair (Jersey)
      No.2 Ltd.
      Series 68                BBB/Watch Neg       BBB

     Corsair (Jersey)
      No.2 Ltd. Series 70      CCC-/Watch Neg      CCC-

     Corsair (Jersey)
      No.2 Ltd. Series 88      CCC/Watch Neg       CCC

     Echo Funding Pty
      Ltd. Series 16           BB+/Watch Neg       BB+

     Echo Funding Pty
      Ltd. Series 19           BB/Watch Neg        BB

     Eirles Two Ltd.
      Series 148               AA/Watch Neg        AA

     ELM B.V. Series 99        CCC-/Watch Neg      CCC-

     Jacaranda Trust
      Series 2                 AA+/Watch Neg       AA+

     Momentum CDO
      (Europe) Ltd.
      Series 2006-19           CCC-/Watch Neg      CCC-

     Morgan Stanley ACES
      SPC 2007-21 Class I      BB+/Watch Neg       BB+

     Morgan Stanley ACES
      SPC 2007-9 Class III
      (Interest)               BB-i/Watch Neg      BB-i

     Morgan Stanley ACES
      SPC Series 2006-31       BBB+/Watch Neg      BBB+

     Morgan Stanley
      Managed ACES SPC
      Series 2006-12
      Class IIA                B-/Watch Neg        B-

     Morgan Stanley
      Managed ACES SPC
      Series 2006-12
      Class IIIA               CCC+/Watch Neg      CCC+

     Obelisk Trust
      2005-3 Mica              BBB+/Watch Neg      BBB+

     Obelisk Trust
      2006-1 Eden              BB/Watch Neg        BB

     Obelisk Trust
      2006-2 Eden              BBB-/Watch Neg      BBB-

     Prelude Europe
      CDO Ltd.
      Series 2006-3            CCC-pNRi/Watch Neg  CCC-pNRi

     Queenstown CDO
      2007-3                   CCC/Watch Neg       CCC

     Rembrandt Australia
      Trust 2004-2             AA/Watch Neg        AA

     Sceptre Capital
      B.V Series 2007-2        BB/Watch Neg        BB

     Signum Platinum II
       Ltd. Series 2006-1      CCC+/Watch Neg      CCC+

     Signum Platinum III
       Ltd. Series 2007-1      B-/Watch Neg        B-

     STARTS (Cayman) Ltd.
       Series 2007-35          BB-/Watch Neg       BB-

     Thunderbird
      Investments PLC
      Series 21                CCC-/Watch Neg      CCC-

     XELO PLC Series
      2006 (Spinnaker III
       Asia Mezz)
      Tranche A                BBB/Watch Neg       BBB

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


* BOND PRICING: For the Week December 1 to December 5, 2008
------------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Alumina Finance               2.000%   05/16/13   USD      56.66
Aust & NZ Bank                6.540%   06/29/49   GBP      72.19
Technology Ltd
A&R Whitcoulls Group          9.500%   12/15/10   NZD      11.10
Allco Hit Ltd                 9.000%   08/17/09   AUD       2.01
Alumina Finance          2.000%   05/16/13   USD      54.93
AMP Group Financ              6.875%   08/23/22   GBP      74.91
Antares Energy               10.000%   10/31/13   AUD       0.95
Babcock & Brown Pty           8.500%   11/17/09   NZD      34.40
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD      19.59
Becton Property Group         9.500%   06/30/10   AUD       0.22
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capital Properties NZ         8.000%   04/15/10   NZD      13.50
Capral Aluminum              10.000%   03/29/12   AUD      60.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.95
Fletcher Building Ltd         7.550%   03/15/11   NZD       9.40
Fletcher Building Ltd         7.800%   03/15/09   NZD      10.50
Hanson Australia              5.250%   03/15/13   USD      40.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.20
Insurance Australia           5.625%   12/21/26   GBP      73.67
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       0.75
National Wealth               6.750%   06/16/26   AUD      73.93
Nylex Ltd.                   10.000%   12/08/09   AUD       0.90
Orchard Invest                9.000%   12/15/10   AUD      32.00
Oxiana Ltd                    5.250%   04/15/12   USD      59.84
Paladin Energy                4.500%   12/15/11   USD      56.67
Paladin Energy                5.000%   03/11/13   USD      50.56
Rio Tinto Financ              5.875%   07/15/13   USD      71.34
Rio Tinto Financ              6.500%   07/15/18   USD      60.00
Rio Tinto Financ              7.125%   07/15/28   USD      65.77
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Timbercorp Ltd                8.900%   12/01/10   AUD       7.00
Westfield Fin                 3.625%   06/27/12   GBP      72.12
Westfield Fin                 5.500%   06/27/17   GBP      68.47

   CHINA
   -----
China Govt Bond                4.860%  08/10/14     CNY      0.00
Jiangxi Copper                  1.000%  09/22/16     CNY    69.22

   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    74.03
Respacrcs Funding              8.000%  12/29/49     USD    22.75
Treasure Source                2.000%  05/23/11     HKD    71.03

   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    65.07
Astrazeneca Phar               8.000%  01/11/09     INR    26.00
Canara Bank                    6.365%  11/28/21     USD    71.41
Grabal Alok Impx               1.000%  04/05/12     USD    64.31
Gitanjali Gems                 1.000%  11/25/11     USD    63.25
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.625%  10/03/12     USD    74.16
ICICI Bank Ltd                 6.375%  04/30/22     USD    57.23
ICICI Bank Ltd                 7.250%  08/29/49     USD    45.99
State Bank India               6.439%  02/28/49     USD    71.41
Tata Motors                    1.000%  04/27/11     USD    62.75
UTI Bank                       7.250%  08/12/21     USD    74.14

   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    52.50
Indonesia (Rep)                6.875%  03/10/17     USD    69.25
Indonesia (Rep)                6.875%  01/17/18     USD    66.50
Indonesia (Rep)                7.500%  01/15/16     USD    74.32
Indonesia (Rep)                7.500%  01/15/16     USD    74.22
Indonesia (Rep)                7.750%  01/17/38     USD    59.45
Indonesia (Rep)                8.500%  10/12/35     USD    65.62
Indonesia Government           9.000%  09/15/18     IDR    74.19
Indonesia Government           9.500%  07/15/23     IDR    72.57
Indonesia Government          10.000%  09/15/24     IDR    74.90
Indonesia Government          10.000%  02/15/28     IDR    73.67
Indonesia Government           9.750%  05/15/37     IDR    66.83
Indonesia Government          10.500%  09/15/38     IDR    74.81
Indonesia Government           7.500%  01/15/16     IDR    74.50
Indonesia Government           6.875%  03/09/17     IDR    70.00
Indonesia Government           6.875%  01/17/18     IDR    68.50
Indonesia Government           8.500%  10/12/35     IDR    67.00
Indonesia Government           6.625%  02/17/37     IDR    57.00
Indonesia Government           7.750%  01/17/38     IDR    64.50


   JAPAN
   -----
Aozora Bank                    0.660%  08/27/12     JPY    74.58
Aozora Bank                    0.660%  09/12/12     JPY    74.29
Aozora Bank                    0.660%  09/27/12     JPY    77.03
Aozora Bank                    0.560%  02/27/13     JPY    71.08
Aozora Bank                    1.300%  02/27/13     JPY    73.64
Aozora Bank                    0.560%  03/12/13     JPY    70.87
Aozora Bank                    0.560%  05/27/13     JPY    70.62
Aozora Bank                    1.250%  03/27/13     JPY    73.06
Aozora Bank                    0.560%  04/12/13     JPY    70.36
Aozora Bank                    1.300%  04/26/13     JPY    72.78
Aozora Bank                    0.560%  04/27/13     JPY    70.13
Aozora Bank                    0.560%  05/12/13     JPY    69.91
Aozora Bank                    0.560%  05/27/13     JPY    69.63
Aozora Bank                    1.600%  05/27/13     JPY    73.41
Aozora Bank                    0.560%  06/12/13     JPY    69.38
Aozora Bank                    0.560%  06/27/13     JPY    69.12
Aozora Bank                    1.650%  06/27/13     JPY    73.15
Aozora Bank                    0.560%  06/27/13     JPY    68.88
Aozora Bank                    1.700%  07/26/13     JPY    72.92
Aozora Bank                    0.560%  07/27/13     JPY    68.66
Aozora Bank                    0.560%  08/12/13     JPY    68.39
Aozora Bank                    1.560%  08/27/13     JPY    68.14
Aozora Bank                    1.600%  08/27/13     JPY    72.09
Aozora Bank                    0.560%  09/12/13     JPY    67.89
Aozora Bank                    0.560%  09/27/13     JPY    67.65
Aozora Bank                    1.800%  09/27/13     JPY    67.89
Aozora Bank                    0.560%  10/12/13     JPY    67.43
CSK Corporation                0.250%  09/30/13     JPY    63.40
Ebara Corp                     1.300%  09/30/13     JPY    72.00
Fukuoka Prefect                2.100%  08/30/16     JPY     1.21
Hiroshima Bank                 1.720%  05/14/14     JPY    73.07
Es-con Japan Ltd               3.360%  05/10/10     JPY    44.97
Hiroshima Bank                 1.890   09/20/17     JPY    55.45
Hiroshima Bank                 1.720%  05/14/14     JPY    69.05
Resona Bank                    4.425%  09/29/49     EUR    61.10
Resona Bank                    5.850%  09/29/49     USD    51.08
Resona Bank                    5.986%  08/29/49     EUR    67.57
Shinsei Bank Ltd.              3.750%  02/23/16     GBP    33.12
Sumitomo Mitsui                4.375%  07/29/49     EUR    59.44
Sumitomo Mitsui                5.625%  07/29/49     EUR    68.65

   KOREA
   -----
Exp-Imp Bk Korea               5.125%  03/16/15     USD    74.64
Exp-Imp Bk Korea               5.375%  10/04/16     USD    73.23
GS Caltex Corp                 5.500%  10/15/15     USD    70.02
Hanarotelecom                  7.000%  02/01/12     USD    70.00
Hynix Semi Inc.                4.500%  12/14/12     USD    52.70
Hynix Semi Inc.                7.875%  06/27/17     KRW    31.00
Kookmin Bank                   5.651%  02/25/23     KRW    72.77
Kookmin Bank                   5.860%  11/09/27     USD    67.92
Shinhan Bank                   5.663%  03/02/35     USD    57.17
Woori Bank                     6.208%  05/02/37     USD    54.08


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.82
AMBB Capital                   6.77%   01/29/49     USD    74.98
Bank Lippo PT                  7.375%  11/22/16     USD    62.50
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Cheating Capital               2.000%  07/05/12     USD    71.00
Eastern & Orient               8.000%  07/25/11     MYR     0.82
EG Industries                  5.000%  06/16/10     MYR     0.59
Greatpac Holdings              2.000%  12/11/08     MYR     0.17
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Insas Berhad                   8.000%  04/19/09     MYR     0.31
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.13
Pelikan International          3.000%  04/08/10     MYR     1.10
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.06
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.85
Plus Spv Bhd                   2.000%  06/27/18     MYR    67.12
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.32
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.71
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.06
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Wah Seong Corp.                3.000%  05/21/12     MYR     2.01
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.33
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.10


   NEW ZEALAND
   -----------

Capital Prop NZ                8.000%  04/15/10     NZD    13.70
Fletcher Building              7.800%  03/15/09     NZD    10.45
Fletcher Building              7.550%  03/15/11     NZD     8.90
Infrastr & Util                8.500%  09/15/13     NZD     9.60

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


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.62
Capitaland Ltd.                2.100%  11/15/16     SGD    64.89
Capitaland Treas.              3.500%  07/17/17     SGD    68.01
Capitaland Ltd.                3.125%  03/05/18     SGD    58.44
Capitaland Treas               2.950%  06/20/22     SGD    47.15
Chartered Semico               6.375%  08/03/15     USD    65.53
Flextronics International      6.500%  11/15/14     USD    71.25
Flextronics International      6.500%  05/15/13     USD    73.00
Stats Chippac                  6.750%  11/15/11     USD    71.03
Empire Cap Res                 9.375   12/15/11     USD    64.87
Keppel Land Ltd                2.500%  06/23/13     SGD    73.59
Olam International Limited     1.000%  07/03/13     USD    59.17
Wah Hai S Pte                  5.500%  06/29/15     USD    73.83


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

  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     44.47



                         *********

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 ***