TCRAP_Public/081211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 11, 2008, Vol. 11, No. 246

                            Headlines

A U S T R A L I A

ABC LEARNING: To Close 55 Centres; Gets Gov't. Funds
BAKHA NOMINEES: Placed Under Voluntary Liquidation
CITY PACIFIC: Settles Sale Contract Dispute
COLLECTIONS PTY: Members and Creditors Hear Wind-Up Report
DAVCOL ENTERPRISES: Court Enters Wind-Up Order

FAIRFAX MEDIA: Names Brian McCarthy as Chief Executive Officer
FMA HOLDINGS: Inability to Pay Debts Prompts Wind-Up
FUTURE INVESTMENTS: Members and Creditors Receive Wind-Up Report
GRAVITYWELL PTY: Placed Under Voluntary Liquidation
LANE COVE: S&P Rating on AU$1.14 Bil. Senior Bonds Tumbles to 'D'

MACQUARIE OFFICE: Seeks to Raise AU$500 Million
MAXIMUN PTY: Members and Creditors Receive Wind-Up Report
MINCOR RESOURCES: Expects 1H Loss After Metal Prices Plunged
NATIONWIDE STATIONERS: Inability to Pay Debts Prompts Wind-Up
MTM COLLECTIONS: Members and Creditors Hear Wind-Up Report

NORTHWEST FRESH: Placed Under Voluntary Liquidation
OZ MINERALS: Faces IMF (Australia) Funded Class Action
PESTRUCCI GREGSON: Declares Interim Ordinary Dividend
SMART 2008-3: Moody's Assigns Low-B Ratings on Two Note Classes
SMART PANEL: Commences Liquidation Proceedings

TAYLOR SCREENS: Court Enters Wind-Up Order
TOPLISS ENTERTAINMENT: Members and Creditors Hear Wind-Up Report
WHITES MACROB: Members Receive Wind-Up Report


C H I N A

CHINA CONSTRUCTION: To Open First Branch in U.S.
SINOPEC CORP: Raises Proven Reserves by 16% in 2008


H O N G K O N G

DANASIA LIMITED: Inability to Pay Debts Prompts Wind-Up
GRANDSUIT MACHINERY: Appoints Chan Man Chung as Liquidator
KARJADE PROPERTIES: Creditors' Proofs of Debt Due on January 8
KONICA MINOLTA: Lam and Toohey Cease to Act as Liquidators
PEC INTERNATIONAL: Derek and Haughey Cease to Act as Liquidators

PRELOTUS DEVELOPMENT: Members' Final Meeting Set for January 20
REDWOOD INTERNATIONAL: Shareholders' Final Meeting Set for Jan. 8
THE WHITNEY: Creditors' Proofs of Debt Due on December 24


I N D I A

BANGALORE ELEVATED: CRISIL Rates Rs.6.0 Bil. Term Loan at 'BB'
WESTERN UP: CRISIL Rates Rs.3.80 Bil. Term Loan at 'BB-'
* Indian Small Debt Funds Face Concentration Risk, CRISIL Says


I N D O N E S I A

INDOVER BANK: Declared Bankrupt
PT BANK: Fitch Affirms Long-Term Issuer Default Ratings at 'BB'


J A P A N

CITIGROUP INC: To Cut 1,000 Jobs at Nikko Cordial
JAPAN GENERAL: To Pay JPY1 Mil. Each to 53 Students
MITSUBISHI MOTORS: Plans to Halt Illinois Plant for Seven Weeks
MITSUBISHI MOTORS: To Recall 12,985 Vehicles in China


K O R E A

KOOKMIN BANK: May Close or Merge 60 Branches


M A L A Y S I A

RANHILL BHD: S&P Affirms 'B' Corporate Credit Rating; Outlook Neg.


M O N G O L I A

* Fitch Affirms Mongolia's 'B+' Currency Issuer Default Ratings


N E W  Z E A L A N D

AIR NEW ZEALAND: Buys Stake in Australian Firm V3
CONCOURSE LTD: Creditors' Proofs of Debt Due on December 15
CTR2 LTD: Court to Hear Wind-Up Petition on December 15
ING GROEP: To Close New Zealand Funds, Bloomberg Says
GLENN CONROY: Court to Hear Wind-Up Petition on December 17
GRUN-GREEN PRODUCTS: Commences Liquidation Proceedings

INTREPID ENTERPRISES: Creditors' Proofs of Debt Due on December 19
LIVING ON: Court to Hear Wind-Up Petition on December 15
LOVITT'S NZ: Wind-Up Petition Hearing Set for December 15
MODERN PAVING: Subject to CIR's Wind-Up Petition
ONEHUNGA INVESTMENTS: Court Hears Wind-Up Petition

PLASTIC TREATMENTS: Creditors' Proofs of Debt Due on December 19
PRIVATE PROPERTY: Wind-Up Petition Hearing Set for December 17
ROBERT BROWN: Court Hears Wind-Up Petition
SILVER FERN: Breaches Banking Covenants
THE BBG: Wind-Up Petition Hearing Set for December 19

THRIVE PROPERTIES: Appoints Madsen-Ries and Vance as Liquidators
WALKER SOMERVILLE: Court to Hear Wind-Up Petition on December 17
* NEW ZEALAND: Terms of Trade Fall 2.3% in September Quarter


P H I L I P P I N E S

SAN MIGUEL: Inks Option Agreement to Buy 50.1% Stake in Petron
SAN MIGUEL: Moody's Changes Outlook on 'Ba2' CFR to Negative
* PHILIPPINES: Nat'l. Gov't. Debt Reaches PHP4.1 Tril. in Sept.


S I N G A P O R E

AXS-ONE INC: Sells US$1.1MM Convertible Promissory Notes, Warrants
LINGUAPHONE SINGAPORE: Placed Under Voluntary Liquidation
NETTEST PTE: Creditors' Proofs of Debt Due on January 5
SAGAWA EXPRESS: Creditors' Proofs of Debt Due on January 5
TRIBOND TRADING: Creditors' Proofs of Debt Due on January 5


T A I W A N

TA CHONG: Fitch Junks Ratings on NTD4.04 Billion Notes


T H A I L A N D

TMB BANK: S&P Keeps 'BB+/B' Counterparty Credit Rating


X X X X X X X X

* Former Chrysler Chief Opposes Ouster of Big 3 CEOs


                         - - - - -


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

ABC LEARNING: To Close 55 Centres; Gets Gov't. Funds
----------------------------------------------------
ABC Learning Centres Ltd.'s receiver, Chris Honey of McGrathNicol,
disclosed that a further 241 centres are unviable under the
current business model but will trade into 2009 under an
arrangement with the Australian government.

Under the plan, 720 centres will remain within the ABC Learning
Group and 55 will close and be consolidated into nearby ABC
centres.

                     New ABC Learning Group

The new ABC Learning Group will comprise:

   -- An additional 64 centres that will continue trading
      into 2009 as part of the ABC Learning Group. This
      number is in addition to the previously announced
      656 ongoing centres, bringing the total number of
      centres trading as normal into 2009 to 720 centres.

   -- A further 55 ABC Learning Centres that will close
      and be consolidated into the above group of ongoing
      centres.  All children at these centres will be
      offered places at ABC centres, where there is
      additional capacity and which are within an average
      radius of 2.5km.  In addition, the receivers are
      confident that they can redeploy approximately 80%
      of staff from these closing centres to nearby
      centres that are continuing into the New Year.

"With the support of ABC Learning Group's banks and the Federal
Government, we have devised a recovery plan to provide childcare
places for every ABC family into 2009," Mr. Honey said.

"Today we are in a much better position than we could ever have
imagined just four weeks ago when we were first appointed as
Receivers and Managers.

"We can now shift our focus to transitioning the new ABC Learning
Group business out of receivership in 2009.

"We have undertaken a detailed review of the consolidating centres
and identified capacity at neighbouring centres. We will work
closely with parents to ensure their child's new ABC centre is as
close as possible to the previous location.

"I appreciate this solution is not perfect, as some children will
need to move to other centres, however we have sought to minimize
the impact on families and consider it is the best outcome in the
circumstances," Mr. Honey said.

Mr. Honey added that he would continue to work closely with the
Government on the issue of employee entitlements.

"I can confirm that around 80 per cent of centre staff at the
consolidating centres will be able to be redeployed to nearby
continuing centres to ensure the ABC Learning Group maintains the
highest quality levels of care," he said.

          Centres Continuing Outside ABC Learning Group

Mr. Honey said, the review process has found that 241 centres are
not viable under ABC's business model and therefore cannot be part
of an ongoing, sustainable ABC business.  It is possible that some
of these centres could be profitable and could also be
transitioned out of receivership if operated under an alternative
business model.  These centres will continue to trade into 2009
under an arrangement to be announced by the Government later
today.

"We are extremely appreciative of the ongoing support of the
Australian Government throughout this difficult process," Mr.
Honey said.

                       Government Funding

Tim Smith at Bloomberg News reports that Australia's government
will spend AU$34 million (US$22 million) to fund daycare for about
20,000 children next year after receivers of ABC Learning Centres
Ltd. said almost one-quarter of its preschools were 'unviable'.

Education Minister Julia Gillard, according to Bloomberg News,
said the government will fund 241 centers until at least March
2009.

ABC Learning, Bloomberg News says, will give up financial
responsibility for almost one-fifth of the 110,000 children in its
care before being seized after the global credit crisis forced up
interest payments.  The funding lifts the total pledged by the
government to keep the daycare business open to AU$56 million.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include ABC Developmental Learning Centres Pty Ltd, ABC
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, ABC  Developmental Learning Centres (NZ) Ltd.,
ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of ABC and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.



BAKHA NOMINEES: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 30, 2008, the members
of Bakha Nominees Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Timothy James Clifton
          Mark Christopher Hall
          Chartered Accountants
          26 Flinders Street, Level 10
          Adelaide


CITY PACIFIC: Settles Sale Contract Dispute
-------------------------------------------
City Pacific Limited disclosed that it has successfully negotiated
an "in principle" settlement with the other party to the court
action, which will dispense with the court proceedings.

Those proceedings, City Pacific said, relates to its obligations
under a sale contract for a commercial building.

City Pacific stated that the "in principle" agreement is subject
to formal documentation of the settlement terms.  Those terms are
currently being documented by the parties' lawyers.

City Pacific shares resumed trading Tuesday, December 9, after
requesting for a trading halt on Friday, December 5, on the basis
of the said negotiations.

                Sale of Financial Services Business

City Pacific said it has executed a conditional agreement for the
sale of its financial services business known as City Pacific
Finance to OneLend Corporation Pty Ltd for a sum of AU$2.2
million.

Subject to certain conditions being satisfied, settlement is
anticipated to occur on December 12, 2008.

In keeping with the company's focus on funds management and
property, City Pacific continues to actively promote and negotiate
with a number of interested parties in respect to the company's
other financial services subsidiaries, the company said.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from previous year's operating profit of
AU$133.42 million.

On November 3, 2008, the TCR-AP reported that City Pacific
confirmed it has negotiated an extension of its finance facilities
to February 27, 2009.  The facilities which total AU$114 million
were due on October 31, 2008.  It also negotiated an extension of
City Pacific First Mortgage Fund's finance facility to
February 27, 2009.  The extended facility for AU$121.5 million was
due on October 31, 2008.


COLLECTIONS PTY: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of Collections 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:

          M. O. Basedow
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


DAVCOL ENTERPRISES: Court Enters Wind-Up Order
----------------------------------------------
On October 2, 2008, the Federal Court of Australia of Tasmania
entered an order to have Davcol Enterprises Pty Ltd's operations
wound up.

The company's liquidator is:

          Paul Cook
          Paul Cook & Associates
          105 Macquarie Street
          Hobart TAS 7000


FAIRFAX MEDIA: Names Brian McCarthy as Chief Executive Officer
--------------------------------------------------------------
Fairfax Media Limited has appointed Brian McCarthy as its Chief
Executive Officer and Managing Director effective immediately.

Mr. McCarthy replaces David Kirk who has resigned from his post
Friday last week.

Commenting on the appointment, Chairman of the Board Ronald Walker
said: "Brian McCarthy is an excellent choice given his deep and
extensive media experience and very successful track record as
Managing Director of Rural Press Limited for 13 years.  Fairfax
Media has benefited enormously by his achievements as Deputy CEO
and CEO, Australia, where he has managed the Australian publishing
and printing assets.  Mr McCarthy is the right person with the
right experience at this time to run the Company."

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
8, 2008, Bloomberg News said Mr. Kirk quit after failing to turn
around circulation declines amid the slowest economic growth in
eight years.

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

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

                       Dividend Reduction

Fairfax Media's Board has decided to temporarily reduce its
dividend payout ratio to approximately 20% for the interim
dividend payable in March 2009 to preserve capital to facilitate
debt reduction.

The Board intends to be able to return to its policy of a payout
ratio of approximately 80% through the cycle as soon as economic
conditions permit.

Bloomberg News meanwhile reported that according to the Sydney
Morning Herald, Fairfax's biggest shareholder, Marinya Media,
indicated it would support a reduction in the dividend after other
large investors urged the board to use the funds to cut debt.

Major shareholders 452 Capital and Perpetual Investments have
already called for a reduction in the dividend payout to reduce
the company's AU$2.5 billion (US$1.6 billion) of debt, Bloomberg
News said.

                   About Fairfax Media Limited

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


FMA HOLDINGS: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
The members of FMA Holdings Pty Ltd met on September 30, 2008, and
resolved to voluntarily liquidate the company's business due to
its inability to pay debts when it fall due.

The company's liquidators are:

          Mark Christopher Hall
          Timothy James Clifton
          Chartered Accountants
          26 Flinders Street, Level 10
          Adelaide SA


FUTURE INVESTMENTS: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Future Investments 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:

          Robert Lanzilli
          MGI Adelaide
          212 Greenhill Road
          Eastwood SA 5063


GRAVITYWELL PTY: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on September 15, 2008,
the members of Gravitywell Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Kimberley Andrew Strickland
          Christopher Michael Williamson
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


LANE COVE: S&P Rating on AU$1.14 Bil. Senior Bonds Tumbles to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
underlying rating on the A$1.14 billion senior secured bonds
issued by Lane Cove Tunnel Finance Co. Pty Ltd. to 'D', from 'CC'.
The 'AA/Negative/--' insured rating on LCTF was unchanged, given
bondholders continue to have the benefit of insurance for
scheduled payments provided by MBIA Insurance Corp. (MBIA:
AA/Negative/--).  The downgrade of the SPUR comes after LCTF
confirmed that MBIA would be contributing about A$9.4 million to
the scheduled bond and swap payment of about A$37 million, through
a drawing under the insurer's guarantee.

"Notwithstanding the arrangement between LCTF and MBIA—which
involves MBIA contributing to the bond payment to enable LCTF to
preserve six months' debt service in the debt-service reserve
account, S&P consider LCTF's partial payment of the bond as a
failure to pay," S&P's credit analyst Philip Grundy said.
"Consequently, S&P has lowered the SPUR to 'D'."


MACQUARIE OFFICE: Seeks to Raise AU$500 Million
-----------------------------------------------
Macquarie Office Trust went into a trading halt Tuesday,
December 9, as it sought to raise about AU$500 million, The
Australian reports.

Macquarie Office, the Australian relates, is believed to be making
a one-for-one entitlement offer in addition to a placement issue
priced at about 20c a unit, to raise AU$100 million.  The stock
closed at 21c on Monday, December 8, the report says.

The report notes that while the Trust hopes to raise the bulk from
institutions, there will be a AU$120 million retail offer,
expected to be fully underwritten by Macquarie Bank.

Macquarie Office, the Australian says, is also understood to have
sold a US asset, the 55-storey Wachovia Finance Centre in Florida
and expected to raise AU$170 million from the sale.

According to industry sources cited by the Australian, Macquarie
Office had to be close to breaching debt covenants to be
conducting a capital raising at this price.

Macquarie Office Trust (ASX:MOF) is an investment trust primarily
engaged in property investment.  The Trust's activities include
property investment in prime Australian, United States, European
office buildings.  On July 23, 2007, the Trust acquired 59
Goulburn Street, Sydney.  On August 2, 2007, the Trust acquired
the remaining 25% interest in SunTrust Center, Orlando and
Pasadena Towers, Pasadena. On August 24, 2007, the Trust sold its
25% interest in 10 & 30 South Wacker Drive, Chicago.  On March 30,
2008, the Trust sold its interest in The Lang Centre, Parramatta.
On April 30, 2008, the Trust sold its interest in 505 Little
Collins Street, Melbourne.


MAXIMUN PTY: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Maximun 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:

          M. O. Basedow
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


MINCOR RESOURCES: Expects 1H Loss After Metal Prices Plunged
------------------------------------------------------------
Mincor Resources NL expects to post a first-half loss after metal
prices plunged, Bloomberg News reports.

According to the report, Nickel prices have plunged 64 percent
this year as the global recession cut demand for industrial metals
and steel.

Mincor is "unlikely" to post a profit for the six months ending
Dec. 31 because of the nickel price, the company said in a
regulatory filing obtained by Bloomberg News.

                      Miitel Mine Suspension

Bloomberg News relates Mincor will suspend mining operations at
its Miitel project from Christmas affecting about 100 workers.

"Miitel's closure is only temporary, and it will certainly get
back into production," Managing Director David Moore told
Bloomberg News in a phone interview.  "The timeframe for that is
not certain but it should be within three to six months, depending
on the nickel price."

                      About Mincor Resources

Headquartered in West Perth, Australia, Mincor Resources NL
(ASX:MCR) -- http://www.mincor.com.au/-- is engaged in mining and
exploration of mineral resources.  During the fiscal year end June
30, 2008, the Company's South Kambalda Operations (including
Miitel, Mariners, Redross and Wannaway Nickel Operations) produced
585,684 dry metric tons at an average grade of 2.36%, to produce
11,782 tons of nickel-in-concentrate.  The Company's North
Kambalda Operations (including Otter Juan, Coronet and McMahon
Nickel Operations and Mincor's 70% interest in the Carnilya Hill
Nickel Operation) produced 136,931 dry metric tons at an average
grade of 3.77%, to produce 4,880 tons of nickel-in-concentrate.
The Company's subsidiaries include Oribi Resources Inc, Mincor
Operations Pty Limited, Mincor Holdings Pty Ltd, Mincor Gold Pty
Ltd, Mincor Copper Pty Ltd, Mincor Tungsten Pty Ltd, Mincor Zinc
Pty Ltd and Goldfields Mine Management Pty Ltd.


NATIONWIDE STATIONERS: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
The members of Nationwide Stationers Pty Ltd met on July 30, 2008,
and resolved to voluntarily liquidate the company's business due
to its inability to pay debts when it fall due.

The company's liquidators are:

          Mark Christopher Hall
          Timothy James Clifton
          Chartered Accountants
          26 Flinders Street, Level 10
          Adelaide SA


MTM COLLECTIONS: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of MTM Collections Pty Ltd met on
November 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M. O. Basedow
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


NORTHWEST FRESH: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on September 30, 2008, the members
of Northwest Fresh Pty Ltd resolved to voluntarily liquidate the
company's business.


OZ MINERALS: Faces IMF (Australia) Funded Class Action
------------------------------------------------------
IMF (Australia) Ltd said it proposes to fund claims that certain
and former OZ Minerals Limited shareholders have against the
company.

According to IMF, the claims relate to alleged misleading and
deceptive conduct and alleged breaches by OZ Limited of its
continuous disclosure obligations between February 28, 2008, and
December 3, 2008.

In particular, the proposed proceedings are for failure to
disclose information regarding OZ Minerals' obligations pursuant
to a refinance agreement entered into three days before it
announced its proposed merger with Zinifex Limited.

IMF said all shareholders who purchased OZ Minerals securities in
the period, or who swapped their Zinifex shares for OZL shares,
are eligible to participate in the claim which IMF will fund
subject to a level participation acceptable to IMF.

IMF added it would reveal the claim value in its quarterly case
investment reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 3, 2008, the Herald Sun said OZ Minerals took the
extraordinary step of suspending trading in its shares until
December 29 as it scrambles to refinance some of its debt.

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

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

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

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

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

                        About OZ Minerals

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


PESTRUCCI GREGSON: Declares Interim Ordinary Dividend
-----------------------------------------------------
Pestrucci Gregson Constructions Pty Ltd, which is in liquidation,
declared an interim ordinary dividend on November 14, 2008.

Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.

The company's liquidator is:

          Terry O'Connor
          105 Macquarie Street
          Hobart TAS 7000
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail: info@pjc.com.au


SMART 2008-3: Moody's Assigns Low-B Ratings on Two Note Classes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by SMART Series 2008-3 Trust.

The transaction is a securitisation of a portfolio of Australian
commercial hire purchase agreements, chattel mortgages, finance
leases and novated leases secured by motor vehicles and other
commercial equipment originated by Macquarie Leasing Pty Limited.

                     Complete Rating Action

  - (P)P-1 to the Class A-1 Notes;
  - (P)Aaa to the Class A-2 Notes;
  - (P)Aa1 to the Class B Notes;
  - (P)A2 to the Class C Notes;
  - (P)Baa3 to the Class D Notes;
  - (P)Ba2 to the Class E Notes;
  - (P)B2 to the Class F Notes;

The Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Notes by the legal final maturity.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction.  Upon a conclusive review of
the final versions of all the documents and legal opinions,
Moody's will endeavour to assign a definitive rating to the
transaction.  A definitive rating may differ from a provisional
rating.

As part of its modelling in accordance with Moody's log-normal
curve approach Moody's assumed a mean default rate on the
collateral portfolio of approximately 1.25%-1.50% with a
volatility of 67%-75%.  Recoveries were modelled using a fixed
recovery assumption in the 40% range.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


SMART PANEL: Commences Liquidation Proceedings
----------------------------------------------
During a general meeting held on September 29, 2008, the members
of Smart Panel Systems Pty Limited agreed to voluntarily liquidate
the company's business.

The company's liquidators are:

          Andrew Heard
          Anthony Phillips
          Heard Phillips Chartered Accountants
          45 Grenfell Street, Level 2
          Adelaide SA 5000
          Telephone:(08) 8212 3433


TAYLOR SCREENS: Court Enters Wind-Up Order
------------------------------------------
On October 2, 2008, the Federal Court of Australia of Tasmania
entered an order to have Taylor Screens Pty Ltd's operations wound
up.

The company's liquidator is:

          Paul Cook
          Paul Cook & Associates
          105 Macquarie Street
          Hobart TAS 7000


TOPLISS ENTERTAINMENT: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Topliss Entertainment Pty Ltd met on
November 17, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          C. Huxtable
          summerscorporate
          Level 5, Read Building
          16 Milligan Street
          Perth WA 6000


WHITES MACROB: Members Receive Wind-Up Report
---------------------------------------------
The members of Whites Macrob Furniture Pty Ltd met on Nov. 17,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          G. N. Huddleston
          67 Greenhill Road
          Wayville SA 5034



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

CHINA CONSTRUCTION: To Open First Branch in U.S.
------------------------------------------------
Xinhua News Agency reported that China Construction Bank Corp. has
been approved by the U.S. Federal Reserve to establish a branch in
New York.

According to Xinhua, the Federal Reserve said the proposed branch
would engage in wholesale deposit-taking, lending, trade finance,
and other banking services.

The proposed New York branch would be CCB's first branch in the
U.S.

                  About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of the
"big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


SINOPEC CORP: Raises Proven Reserves by 16% in 2008
---------------------------------------------------
China Petroleum and Chemical Corp. (Sinopec) boosted its proven
oil and gas reserves at its second-biggest field by 16 percent
this year after making "significant" progress in exploration,
Shanghai Daily reports citing Sinopec's parent company China
Petrochemical Corp.

In a newsletter cited by Shanghai Daily, China Petrochemical said
Sinopec added 135 million tons of proven reserves at the Tahe
field in Xinjiang Uygur Autonomous Region this year, increasing
the accumulative deposits to 996 million tons.

Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai.  The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations.  The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.

Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China.  The company is one of the largest crude oil
and petrochemical companies in China and Asia.  It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.

                          *     *     *

The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.

The company had CNY185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.



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

DANASIA LIMITED: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
On November 27, 2008, the sole member of Danasia Limited resolved
to voluntarily liquidate the company's business due to its
inability to pay debts when it fall due.

The company's liquidators are:

          Michael John Lintern-Smith
          Christopher Edwin Michael Lambert
          The Center, 57th Floor
          The Center
          99 Queen's Road Central
          Hong Kong


GRANDSUIT MACHINERY: Appoints Chan Man Chung as Liquidator
----------------------------------------------------------
On November 25, 2008, the creditors of Grandsuit Machinery (H.K.)
Limited appointed Chan Man Chung as the company's liquidator.

The Liquidator can be reached at:

          Chan Man Chung
          280 Portland Street, Room 2401
          Mongkok, Kowloon


KARJADE PROPERTIES: Creditors' Proofs of Debt Due on January 8
--------------------------------------------------------------
The creditors of Karjade Properties Limited are required to file
their proofs of debt by January 8, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Hsu Shin Cheung
          Cheong Kee Building
          Rooms 1201-4
          84-86 Des Voeux Road Central
          Hong Kong


KONICA MINOLTA: Lam and Toohey Cease to Act as Liquidators
----------------------------------------------------------
On December 5, 2008, Rainier Hok Chung Lam and John James Toohey
ceased to act as liquidators of Konica Minolta Photo Imaging (HK)
Limited.

The company's former Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


PEC INTERNATIONAL: Derek and Haughey Cease to Act as Liquidators
----------------------------------------------------------------
On November 26, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of PEC International (Hong Kong)
Limited.

The company's former Liquidators can be reached at:

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


PRELOTUS DEVELOPMENT: Members' Final Meeting Set for January 20
---------------------------------------------------------------
The members of Prelotus Development Limited will hold their final
meeting on January 20, 2009, at 11:00 a.m., at Units 1901-02 of
Millennium City 3, 370 Kwun Tong Road, in Kwun Tong, Hong Kong.

At the meeting, Chong Shi Ming John, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


REDWOOD INTERNATIONAL: Shareholders' Final Meeting Set for Jan. 8
-----------------------------------------------------------------
The shareholders of Redwood International Limited will hold their
final general meeting on January 8, 2008, at 10:00 a.m., at the
31st Floor of Chinachem Century Tower, 178 Gloucester Road, in
Wanchai, Hong Kong.

At the meeting, To Fung Wo, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


THE WHITNEY: Creditors' Proofs of Debt Due on December 24
---------------------------------------------------------
The creditors of The Whitney Group (Asia) Limited are required to
file their proofs of debt by December 24, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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



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

BANGALORE ELEVATED: CRISIL Rates Rs.6.0 Bil. Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Bangalore Elevated Tollway Ltd (BETL).

   Rs.6.0 Billion Term Loan    BB/Stable(Assigned)

The rating reflects the significant time overrun, of over four
months from the original commercial operation date, in the
company's road project, and the revenue risk related to toll
collection-based projects.  The rating also considers the fact
that around 85 per cent of the project work has been completed.

Outlook: Stable

CRISIL expects BETL to complete the project as per the revised
completion schedule.  The outlook could be revised to 'Positive'
once the project becomes operational and generates revenues.
Conversely, it may be revised to 'Negative' in case of delays in
achieving the revised targeted commercial operation date or if
there are cost overruns.

                      About  Bangalore Elevated

BETL is a special purpose vehicle (SPV) promoted by Soma
Enterprises Ltd (33.5 per cent stake), Nagarjuna Construction
Company Ltd (33.5 per cent), and Maytas Infra Ltd (33 per cent).
The company has signed a 20-year concession agreement with the
National Highways Authority of India Ltd (NHAI) for undertaking
the construction and maintenance of the project on a build,
operate, transfer (BOT) basis at a total project cost of Rs.7.76
billion.  The project involves a 10-kilometre (km)-long access-
controlled elevated four-lane road on the Bangalore-Hosur section
of National Highway 7, from Silk Board Junction to Electronic City
in Bangalore.

BETL has, in turn, signed a fixed-cost, fixed-duration
engineering, procurement, and construction (EPC) contract with its
promoters for the project.  The project also involves widening of
the existing ground-level section of the elevated road, and
operating and maintaining the entire stretch, along with the 14-km
Hosur section (from Electronic City to Tamil Nadu border) of the
highway.  As per the revised schedule, the project will commence
operations on April 1, 2009; as on October 31, 2008, about 85 per
cent completion had been achieved.


WESTERN UP: CRISIL Rates Rs.3.80 Bil. Term Loan at 'BB-'
--------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the term loan
facility of Western UP Tollway Ltd (WUPTL).

   Rs.3.80 Billion Term Loan   BB-/Stable(Assigned)

The rating reflects the time overrun, of over three months from
the original commercial operation date, in the company's road
project, the fact that 35 per cent of the project work was pending
as on October 31, 2008, and the revenue risk related to toll
collection-based projects.

Outlook: Stable

CRISIL expects WUTPL to complete the project as per the revised
completion schedule.  The outlook could be revised to 'Positive'
once the project becomes operational and generates revenues.
Conversely, it may be revised to 'Negative' in case of delays in
achieving the revised targeted commercial operation date or if
there are cost overruns.

                     About Western UP

WUPTL is a special purpose vehicle (SPV) jointly promoted by
Nagarjuna Construction Company Ltd (30 per cent stake), Gayatri
Projects Ltd (40 per cent), and Maytas Infra Ltd (30 per cent).
The company has signed a 20-year concession agreement with the
National Highways Authority of India (NHAI) for undertaking the
construction and maintenance of a road project on a build,
operate, transfer (BOT) basis at a total project cost of Rs.5.35
billion. WUPTL has, in turn, signed a fixed-cost, fixed-duration
engineering, procurement, and construction (EPC) contract with its
promoters for the project.

The project involves widening the existing two-lane, 79-kiliometre
(km)-long stretch of National Highway 58, between Meerut and
Muzzaffarnagar, and improving the stretch. WUTPL will also collect
toll from vehicles using the stretch.  This stretch forms a part
of National Highway Development Programme Phase 3A, being
undertaken by NHAI.  As per the revised schedule, the project will
commence commercial operations in September 2009.


* Indian Small Debt Funds Face Concentration Risk, CRISIL Says
--------------------------------------------------------------
CRISIL's analysis reveals that the portfolio credit quality of
most Indian debt mutual fund schemes is strong.  However, a
majority of schemes have single-industry concentration, and many
small schemes have single-company concentration.  Funds with large
and illiquid single-company exposures could be affected by
redemption pressure: single-company exposures could increase as
these funds sell the more liquid assets in their portfolios to
meet redemptions.  The high credit quality of most debt funds'
investments, though, partly offsets the risks arising from
concentrated holdings.

The 860 schemes analyzed cover 96 per cent of the assets under
management (AUM) of Indian debt mutual funds; gilt schemes are
excluded, since they do not have sector or company exposure.

Investments that are rated 'AAA' and 'P1+', the highest rating
categories, constitute 82 per cent of the portfolios analysed for
the study; the 'AA' category adds another 6 per cent to this
figure.  Says Roopa Kudva, Managing Director & CEO, CRISIL, "Most
debt funds have not compromised on credit quality in search of
returns, and investors therefore have little reason to fear
defaults eroding the value of their investments. Nevertheless,
lack of adequate portfolio diversification does remain an
issue."

A concentrated portfolio increases the risk of investors losing a
large chunk of their capital in the event of a single default.
CRISIL has defined portfolios where more than 25 per cent of AUM
is exposed to a single industry or company as 'significantly
exposed'.  By this definition, almost all debt schemes have
significant exposure to at least one sector. Half of the schemes
have a significant exposure to the banking sector, and 38 per cent
have a significant exposure to the non-bank financial
company (NBFC) sector.  Contrary to widespread perception,
exposure to the real estate sector is relatively low. Says Tarun
Bhatia, Head, Financial Sector Ratings, CRISIL: "We estimate that
only 5 per cent of debt mutual funds' AUM consists of real estate
sector debt. More importantly, not more than 3 per cent of debt
mutual funds have significant exposure to the real estate sector."

More risky than single-industry exposure is single-company
exposure, because it implies even lower diversity. Of the 58 debt
schemes that have AUMs of Rs.10 billion and above, only two are
significantly exposed to single companies. However, of the
remaining 802 schemes in the study, 249 have significant exposure
to at least one company. This means that, while the larger schemes
are welldiversified as far as single-company exposure is
concerned, 30 per cent of the smaller schemes have significant
single-company exposure.

These concentration levels reflect the limited investment
opportunities in the Indian debt market. Most funds have worked
towards mitigating concentration risk by investing in highly-rated
credits as the rating distribution statistics above indicate.

Adds Ms. Kudva, "Over the longer term, the solution to
concentration risk lies in having a more vibrant debt market with
a much wider issuer base than exists in the country today".



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

INDOVER BANK: Declared Bankrupt
-------------------------------
De Indonesische Overzeese Bank N.V. (Indover), Bank Indonesia
(BI)'s subsidiary based in Netherlands, has been declared bankrupt
by a local court, Antara News reports citing BI Governor Boediono.

Antara News quoted Governor Boediono as saying "on December 1,
2008, Indover Bank's administrator submitted a bankruptcy
application to the court and it seems the court has met the
request.  So, Indover Bank's bankruptcy is based on Dutch laws."

Gov. Boediono, according to Antara News, said BI was still waiting
for the next process.  "We are waiting for the next legal process
to know what we can do to secure our interest," he said.

As cited by Antara News, Gov. Boediono added he was also still
waiting for the next bankruptcy process on other banks' funds
invested in Indover Bank.

As reported by the Troubled Company Reporter-Asia Pacific on
October 10, 2008, the District Court of Amsterdam, on Oct. 6,
2008, declared the emergency regulations applicable to Indover
Bank at Amsterdam and appointed T. van Hees (Stibbe lawyers) and
H. de Haan as administrators.

Indover is mainly active in the professional and interbanking
markets.  Regarding the EUR11 million deposits of private parties,
it may be decided to declare the deposit guarantee scheme
applicable to Indover if the bank's activities no longer prove
sustainable.

Citing a spokesman at the Dutch central bank, Reuters said the
assets and liabilities of Indover will be frozen as a result of
the court order.

According to The Jakarta Post, BI announced on Oct. 31 it would
let Indover fold, after failing to execute a planned EUR545.6
million bailout.  The central bank had earlier failed to secure
written approval for the bailout from legislators before a
deadline set by the Dutch authorities.


                      About Bank Indonesia

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

                       About Indover Bank

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly-owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.

                          *     *     *

As reported by Troubled Company Reporter-Europe on October 13,
2008, Fitch Ratings downgraded Indover Bank's Long-term Issuer
Default Rating to 'D' from 'BB-', Short-term IDR to 'D' from 'B',
Individual rating to 'F' from 'D/E' and Support rating to '5' from
'3'.  These rating actions follow the announcement that Indover
Bank has been placed under administration, which Fitch considers
to be a default.



PT BANK: Fitch Affirms Long-Term Issuer Default Ratings at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Negara Indonesia Tbk's Long-
term foreign and local currency Issuer Default Ratings at 'BB'
with a Stable Outlook, Short-term foreign currency IDR at 'B',
National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with a
Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).

BNI's ratings reflect its improved and better-reserved NPL
position, which should provide some cushion against an expected
deterioration caused by more challanging operating conditions in
2009.  The ratings also take into account its majority state-
ownership and size (8.5% of system assets at end-September 2008).
However, BNI's NPL ratio was still higher than the industry
average at end-Q308, while its capital ratio was relatively lower.

BNI's underlying profitability measured by pre-tax ROA improved
slightly to 0.9% in 9M08 from 0.8% in 2007, but remained below the
peer average of 2.6% in 2007 as provisions were raised; provision
cover on NPLs reached 105%.  The net interest margin (according to
Fitch calculations) rose to 5.5% in 9M08 due to improved asset mix
and funding structure but remained below its peer average of 6.1%
in 2007.  Loans grew by a strong 21% ytd in 9M08 with exposure to
better-yielding SME and consumer loans (including sharia)
increasing to 64% of total loans from 28% at end-2001.  BNI's
foreign currency loans fell to 19.6% of total loans at end-9M08
(2007: 26.3%) and were mainly funded by foreign currency deposits.

NPLs fell to 6.7% of gross loans at end-Q308 due to lower NPLs in
all the major segments and a larger loan base, but were still
above the industry average of 4.1% at end-H108.  However, loan
growth and asset quality are likely to weaken given tougher
operating conditions.  As such, the new management took a more
prudent approach towards provisioning by raising provision cover
on NPLs to 105% at end-September 2008.

BNI's total CAR and tier I declined to 13.9% and 10.4%,
respectively, at end-September 2008 and below the industry's total
CAR of 17.6% due partly to rapid loan expansion.  Fitch notes that
the bank's holdings of non IDR-donominated securities amounted to
IDR2.4trn (1.3% of total assets and 16.2% of total equity) at end-
September 2008 including some exposure to Lehman Brothers papers
of which management advises that full provisions have been set
aside.

BNI, incorporated in 1946, is one of five state-owned banks and
the fourth-largest bank in Indonesia by total assets.  After the
divestment program in August 2007, government ownership fell to
76.36% at end-September 2008, from 99.1% previously.



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

CITIGROUP INC: To Cut 1,000 Jobs at Nikko Cordial
-------------------------------------------------
Citigroup Inc. will shed about 1,000 of 7,000 workers at its
Japanese retail brokerage unit Nikko Cordial Securities Inc.,
Bloomberg News reports citing two company officials.

Workers at Nikko Cordial accepted Citigroup's offer to take early
retirement by a Dec. 8 deadline, the officials told Bloomberg
News.

Bloomberg News meanwhile recalls that according to two people
familiar with the situation, Nikko Cordial offered early
retirement to employees over the age of 40 in a Nov. 21 memo from
President Eiji Watanabe.  The offer includes about two years of
pay, the people said.

In Japan, Bloomberg News relates, Citigroup is cutting jobs in
investment banking and consumer finance and is selling its local
trust banking unit.

According to Bloomberg News, Nikko Cordial, which was acquired by
Citigroup for about JPY1.6 trillion (US$17 billion) last year, has
111 branches in Japan, and held JPY28.2 trillion of client assets
as of September.

The Tokyo-based brokerage on Oct. 27 posted JPY12.1 billion of
profit for the six months ended Sept. 30, compared with JPY20.2
billion a year earlier, Bloomberg News adds.

Headquartered in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had US$2.0 trillion in total
assets on US$1.9 trillion in total liabilities as of Sept. 30,
2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.

  
JAPAN GENERAL: To Pay JPY1 Mil. Each to 53 Students
---------------------------------------------------
Japan General Estate Co. said it will pay JPY1 million each in
compensation to 53 people whose job offers it canceled, Japan
Today reports.

As reported by the Troubled Company Reporter-Asia Pacific on
December 3, 2008, The Mainichi Daily News said Japan General
Estate withdrawn all 53 employment offers it gave to university
students.

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

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

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

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


MITSUBISHI MOTORS: Plans to Halt Illinois Plant for Seven Weeks
---------------------------------------------------------------
Alan Ohnsman at Bloomberg News reports that Mitsubishi Motors
Corporation plans halt producing vehicles at its Illinois plant
for seven weeks starting in mid-February, as the company struggles
with a 25 percent drop in U.S. sales this year.

According to Bloomberg News, Mitsubishi spokesman Dan Irvin said
assembly of Galant sedans, Spyder and Eclipse coupes and Endeavor
sport-utility vehicles at the Normal factory will be halted
beginning Feb. 16, 2009.

However, Mr. Irvin said the employees will be kept on for
maintenance duty and training.

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.


MITSUBISHI MOTORS: To Recall 12,985 Vehicles in China
-----------------------------------------------------
Mitsubishi Motors Corporation will recall 12,985 vehicles imported
to China starting Dec. 18 due to problems with the brake lights,
Xinhua News Agency reports citing General Administration of
Quality Supervision, Inspection and Quarantine (GAQSIQ).

According to Xinhua, the recalled vehicles include 6,090 Grandis
produced between Nov. 23, 2006 and Dec. 28, 2008 and 6,895
Outlander EX produced between Nov. 7, 2007 and April 15, 2008.

Xinhua relates that according to GAQSIQ, the brake lights problems
may pose a potential danger to drivers because of a short circuit
in the switch.

Mitsubishi vehicle owners, GAQSIQ said, can have their cars
examined for free at the company's service centers across China.
Repair work will be done free of charge.

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.



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

KOOKMIN BANK: May Close or Merge 60 Branches
--------------------------------------------
The Korean Herald reported that Kookmin Bank will close or merge
60 branches as part of its efforts to reduce costs as its capital
base weakens amid soaring bad loan charges.

The move, the report said, comes as Korean banks scramble to
enhance their financial soundness, which has fallen amid the
global financial crisis.

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

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

      * BFSR is changed to C from D+

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

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

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

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

On October 1, 2008, Moody's changed the outlook on Kookmin Bank's
C bank financial strength rating (BFSR) to negative from stable.
The bank's debt and deposit ratings are unaffected and carry a
stable outlook.



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

RANHILL BHD: S&P Affirms 'B' Corporate Credit Rating; Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Rating Services affirmed the 'B' corporate
credit rating on Malaysia-based Ranhill Bhd. and removed it from
CreditWatch with negative implications.  The outlook is negative.

At the same time, the 'B-' issue rating on Ranhill's
US$220 million senior unsecured notes was also affirmed and
removed from Creditwatch with negative implications.

The ratings were placed on CreditWatch on Sept. 2, 2008, after the
diversified group's announcement of its fiscal 2008 results, which
was significantly worse than expected.

"Ranhill continues to be exposed to project-related risks, with
several projects facing completion delays and culminating in the
recent provisioning in fiscal 2008," said S&P's credit analyst
Andrew Wong.  Ranhill management said it will continue to work on
improving future profitability in its engineering & construction
business.

"However, S&P understand that these are yet to translate into
formal agreements.  Standard & Poor's considers the formalization
of improved contractual arrangements to be critical in improving
cash flow from these projects and reducing potential strain on
liquidity," Mr. Wong said.

Ranhill's actions to focus on existing core operations and
projects help mitigate the project risks.  It provides some
clarity to the group's future business strategy and investment
outlays. Standard & Poor's expects that Ranhill will continue to
focus on its existing projects and limit further exposure to
challenging operating environments.

"Containment of these risks is vital, given Ranhill's highly
leveraged financial risk profile," Mr. Wong noted.  Any deviation
from S&P's expectations, further cost overruns, or project delays
in E&C is likely to place additional stress on the weak financial
profile of the company and put pressure on its rating.



===============
M O N G O L I A
===============

* Fitch Affirms Mongolia's 'B+' Currency Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-term foreign and local
currency Issuer Default Ratings at 'B+' and revised the Outlook to
Negative from Stable.  At the same time, the agency has affirmed
the country's Short-term foreign currency IDR at 'B' and Country
Ceiling at 'B+'.

"The revision of Mongolia's Outlook is based on a probable
deterioration in sovereign creditworthiness associated with high
inflation and a large current account deficit, both of which are
putting pressure on the exchange rate resulting in a sizeable
reduction in foreign exchange reserves," says Vincent Ho,
Associate Director in Fitch's Sovereign group.  "Moreover, the
change in the commodity price cycle underscores an urgent need to
improve economic policy coordination and implementation, which
have been beset by uncertainty and inconsistencies, particularly
regarding important mining projects," adds Mr. Ho.

Mongolia's external financial position is deteriorating. The
current account has been in deficit since Q307, driven primarily
by very strong import growth, which is in turn a result of large
FDI inflows into the mining sector.  For 2008, Fitch forecasts
import growth of 69% and a current account deficit equivalent to
9.5% of GDP.  While FDI is expected to more than finance the
current account shortfall, official foreign exchange reserves have
fallen sharply this year as the Bank of Mongolia intervened
aggressively in the foreign exchange market to prevent a more
pronounced depreciation of the Mongolian currency.  However, with
inflation still at 28% in October, Fitch believes the currency is
likely to remain under pressure.  Indeed, the MNT has depreciated
7% against USD since the beginning of November 2008.

Net international reserves were USD606m at end-November 2008, down
from USD975m at end-2007.  Fitch expects net reserves to reach
USD560m at end-2008 and gross reserves (including gold) to be
USD911m (equivalent to 2.6 months of current external payments
(lower than the 'B' peer group median)).  A continued reduction in
foreign exchange reserves would likely result in a sovereign
rating downgrade.

The Mongolian banking sector is exposed indirectly to currency
depreciation, since dollarisation in the system is relatively
high.  Foreign currency deposits account for approximately 35% of
total deposits, and much of the lending related to the property
market, for example, is denominated in foreign currency, even
though borrowers may not have foreign-currency income.  The
contingent liability posed by the banking sector is further
evident in the blanket deposit guarantee recently extended by the
government.

Fitch expects fiscal surpluses that were generated between 2005
and 2007 to be transformed into deficits from 2008 to 2010,
ranging from 1.7%-6.2% of GDP.  The non-mineral fiscal deficit is
widening, and the agency forecasts a reduction in mineral revenue
due to falling commodity prices.  Mongolian fiscal financing
sources are mainly medium- and long-term concessional project
loans, and despite the deficits, government debt should remain
steady at about 30% of GDP (close to the 'B' peer group median) in
the medium term.


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

AIR NEW ZEALAND: Buys Stake in Australian Firm V3
-------------------------------------------------
David Hagreaves at the BusinessDay.co.nz reports that Air New
Zealand Ltd has taken a "cornerstone shareholding" in an
Australian online tourism business V3 (Vcubed Pty) for an
undisclosed sum.

The report says Air NZ's deputy chief executive Norm Thompson said
V3 operates a patented open booking exchange system called OBX,
which allows distributors "to access live, book-able inventory
from tourism operators in a real-time marketplace."

The system, the report relates, currently operating in Australia,
would now be made available in New Zealand in a joint venture
deal, but through a separate, stand-alone company.

According to the report, Mr. Thompson said former Air New Zealand
General Manager Chris Hunter had been appointed chief executive
Officer of the new business that would offer a similar tourism
exchange service in New Zealand.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


CONCOURSE LTD: Creditors' Proofs of Debt Due on December 15
-----------------------------------------------------------
The creditors of Concourse Ltd. are required to file their proofs
of debt by December 15, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Robert James Taylor
          Christmas Gouwland & Co,
          PO Box 106090, Auckland
          Telephone:(09) 309 1799
          Facsimile:(09) 307 3113


CTR2 LTD: Court to Hear Wind-Up Petition on December 15
-------------------------------------------------------
A petition to have CTR2 Ltd.'s operations wound up will be heard
before the High Court of Auckland on Dec. 15, 2008, at 11:45 a.m.

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

The Petitioner's solicitor is:

          Richard B. Lange
          Simpson Grierson, Solicitors
          88 Shortland Street, Level 27
          Auckland


ING GROEP: To Close New Zealand Funds, Bloomberg Says
-----------------------------------------------------
Bloomberg News reports ING Groep NV plans to shut down New Zealand
funds managing more than NZ$537 million (US$353 million) as
plunging stock markets sparked a rise in investor withdrawals.

The report, citing a statement from the Auckland-based asset
manager, says ING (NZ) Ltd. will recommend winding up the
Diversified Yield Fund and the Regular Income Fund, which had more
than NZ$500 million invested in them when they were suspended in
March.

ING, the report relates, will close the Credit Opportunities Fund
and the Enhanced Yield Fund, which together have about NZ$37
million invested.

According to the report, ING, which had difficulty in pricing
assets or selling them to fund withdrawals from the funds, said no
further withdrawals or applications will be processed for the
Credit Opportunities or the Enhanced Yield funds, and investors
will be asked whether they want an immediate or managed wind up.

The funds, both created in October 2006, invested in corporate
bonds, mortgage-based securities and collateralized debt
obligations, Bloomberg News says.

Bloomberg News adds ING will make NZ$100 million available to
provide investors in the Diversified Yield Fund and the Regular
Income Fund with some cash immediately, and the loan would be paid
back from the sale of assets before further cash could be returned
to investors.

According to Bloomberg News, ING's detailed proposal will be put
to the trustee representing investors and a meeting of investors
will be held before March 31 to outline the plan.

                Dutch Emergency Recapitalization

As reported in the Troubled Company Reporter-Europe on Nov. 17,
2008, the European Commission approved, under EC Treaty state aid
rules, an emergency intervention in the form of recapitalization,
that the Dutch authorities intended to grant to ING Groep N.V.

On October 22, 2008, the Dutch authorities notified their plans to
recapitalize ING Groep N.V. with EUR10 billion via a special type
of securities.  The securities were scheduled for issuance on
November 12, 2008.

                       About ING Groep N.V.

ING Groep N.V. -- http://www.ing.com/-- is a global financial
institution of Dutch origin offering banking, insurance and asset
management to over 85 million private, corporate and institutional
clients in more than 50 countries.  With a diverse workforce of
about 130,000 people, ING comprises a broad spectrum of prominent
companies that increasingly serve their clients under the ING
brand.



GLENN CONROY: Court to Hear Wind-Up Petition on December 17
-----------------------------------------------------------
A petition to have Glenn Conroy Creative Ltd.'s operations wound
up will be heard before the High Court of Auckland on Dec. 17,
2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 11, 2008.

The CIR's solicitor is:

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


GRUN-GREEN PRODUCTS: Commences Liquidation Proceedings
------------------------------------------------------
On November 5, 2008, Grun-Green Products Ltd. commenced
liquidation proceedings.

The company's liquidators are:

          Wayne John Deuchrass
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


INTREPID ENTERPRISES: Creditors' Proofs of Debt Due on December 19
------------------------------------------------------------------
The creditors of Intrepid Enterprises (2005) 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 liquidator is:

          Trevor Laing
          Trevor Laing & Associates
          PO Box 2468, Dunedin
          Telephone:(03) 454 4559


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

Christchurch City Council filed the petition against the company
on October 21, 2008.

Christchurch City's solicitor is:

          N. S. Elsmore
          Anderson Lloyd, Lawyers
          Clarendon Tower, Level 10
          corner of Oxford Terrace and Worcester Street
          Christchurch 8011


LOVITT'S NZ: Wind-Up Petition Hearing Set for December 15
---------------------------------------------------------
A petition to have Lovitt's NZ Ltd.'s operations wound up will be
heard before the High Court of Auckland on Dec. 15, 2008, at
11:45 a.m.

Taylor Preston Limited filed the petition against the company on
October 9, 2008.

Taylor Preston's solicitor is:

          Michael Leggat
          Wakefield House, Level 7
          90 The Terrace, Wellington


MODERN PAVING: Subject to CIR's Wind-Up Petition
------------------------------------------------
On August 4, 2008, the Commissioner of Inland Revenue filed a
petition to have Modern Paving Ltd.'s operations wound up.

The petition will be heard before the High Court at Auckland on
December 12, 2008, at 10:45 a.m.

The CIR's solicitor is:

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


ONEHUNGA INVESTMENTS: Court Hears Wind-Up Petition
--------------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Onehunga Investments Ltd.'s operations wound up.

City Cleaning Services Limited filed the petition against the
company on August 7, 2008.

The Petitioner's solicitor is:

          C. N. Lord
          Corporate Collections Limited
          187 Mt Eden Road
          Mt Eden, Auckland


PLASTIC TREATMENTS: Creditors' Proofs of Debt Due on December 19
----------------------------------------------------------------
The creditors of Plastic Treatments Ltd. are required to file
their proofs of debt by December 19, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 12, 2008.

The company's liquidator is:

          Graeme G. Mcdonald
          Apex Accounting Limited
          3A/517 Mt Wellington Highway
          Mt Wellington, Auckland 1060
          Telephone:(09) 573 5840
          Facsimile:(09) 573 5359


PRIVATE PROPERTY: Wind-Up Petition Hearing Set for December 17
--------------------------------------------------------------
A petition to have Private Property Partners Ltd.'s operations
wound up will be heard before the High Court of Auckland on
Dec. 17, 2008, at 10:00 a.m.

Westpac New Zealand Limited filed the petition against the company
on August 4, 2008.

The Petitioner's solicitor is:

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


ROBERT BROWN: Court Hears Wind-Up Petition
------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Robert Brown Developments (Napier) Ltd.'s operations wound
up.

Bridgecorp Limited filed the petition against the company on
July 22, 2008.

Bridgecorp's solicitor is:

          Michael David Arthur
          Chapman Tripp Sheffield Young
          ANZ Centre, Level 35
          23-29 Albert Street, Auckland


SILVER FERN: Breaches Banking Covenants
---------------------------------------
Silver Fern Farms, formerly PPCS, said it has breached its banking
covenant due to the recent rapid decline of the New Zealand dollar
against the US dollar.

In a disclosure to the New Zealand Stock Exchange, Silver Fern
said "In accordance with Silver Fern Farms accounting policies
foreign currency derivative instruments are taken directly to
profit or loss for the year.  As a result of this, and due to the
recent rapid decline of the New Zealand dollar against the US
dollar, Silver Fern Farms has advised its banks, subsequent to
balance date that it is not currently in compliance with its
minimum shareholders funds covenant."

Silver Fern added that it has accordingly requested a waiver from
its banks and its banks are considering revising the covenant to
accommodate such volatility.

This non-compliance, the company said, relates only to Silver Fern
Farms' banking facilities and not to either of its SFF020 or
SFF030 Bonds.

Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries.  The company employs
more than 6,000 staff.


THE BBG: Wind-Up Petition Hearing Set for December 19
-----------------------------------------------------
A petition to have The BBG Trust Ltd.'s operations wound up will
be heard before the High Court of Auckland on Dec. 19, 2008, at
10:00 a.m.

Auckland City Council Limited filed the petition against the
company on August 8, 2008.

The Petitioner's solicitor is:

          Richard B. Lange
          Simpson Grierson, Solicitors
          Level 27, 88 Shortland Street
          Auckland


THRIVE PROPERTIES: Appoints Madsen-Ries and Vance as Liquidators
----------------------------------------------------------------
On October 24, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of Thrive Properties Ltd.

Only creditors who were able to file their proofs of debt by
December 9, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          c/o Kamna Jagdale
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street, Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


WALKER SOMERVILLE: Court to Hear Wind-Up Petition on December 17
----------------------------------------------------------------
A petition to have Walker Somerville Ltd.'s operations wound up
will be heard before the High Court of Auckland on Dec. 17, 2008,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 15, 2008.

The CIR's solicitor is:

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


* NEW ZEALAND: Terms of Trade Fall 2.3% in September Quarter
------------------------------------------------------------
The merchandise terms of trade fell 2.3 percent in the September
2008 quarter, due to import prices rising more than export prices,
Statistics New Zealand said.  The latest fall followed a 0.4
percent fall in the June 2008 quarter.  However, the terms of
trade remain 4.4 percent higher than one year ago and over one-
fifth higher than five years ago.  The latest fall means 2.3
percent less merchandise imports could be funded by a fixed
quantity of merchandise exports than in the June 2008 quarter.

According to the Reserve Bank Trade Weighted Index, the New
Zealand dollar depreciated by 5.4 percent and this made a
significant contribution to September 2008 quarter rises in the
import and export price indexes.

The import price index rose 11.1 percent, while seasonally
adjusted import volumes fell 5.0 percent in the September 2008
quarter.  The rise in prices was the largest quarterly rise for
merchandise imports since the September 1984 quarter.  The price
index was driven up by a 31.0 percent rise in the petroleum and
petroleum products index, the largest increase since a 66.3
percent rise in the December 1990 quarter.  When petroleum and
petroleum products are excluded, the price index for merchandise
imports rose 7.4 percent.

The fall in import volumes was driven by a fall in the capital
goods index (down 18.2 percent).  The capital goods index was also
the main contributor to a rise in import volumes rise in the June
2008 quarter – an oil rig and floating platform valued at $477
million were imported and took the index to a new high.

The export price index rose 8.6 percent, while seasonally adjusted
export volumes fell 2.3 percent in the September 2008 quarter.
The export price has increased for five consecutive quarters, and
is 29.2 percent higher than in the June 2007 quarter, when it last
fell. An 8.4 percent rise in the food and beverages index, driven
by meat (up 11.5 percent) and dairy products (up 7.4 percent), was
the main contributor to the overall increase in prices.  The fall
in export volumes was mainly due to dairy products and to
petroleum and petroleum products.  The volume of dairy products
has fallen for the last three quarters.



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

SAN MIGUEL: Inks Option Agreement to Buy 50.1% Stake in Petron
--------------------------------------------------------------
San Miguel Corporation disclosed that it has entered into an
option agreement with Ashmore Group for the purchase of up to a
50.1% stake of Ashmore's interest in Petron Corporation.

The deal is expected to cost San Miguel some Php32.8 billion,
BusinessWorld reports.

Citing unnamed sources, Philippine Daily Inquirer relates that
San Miguel will acquire stake in Petron at the price that Ashmore
was paying to acquire the government's 40 percent stake.  Ashmore
reportedly paid Php25.7 billion, or Php6.85 a share, for the
40 percent of Petron held by state-owned Philippine National Oil
Co, the report added.

San Miguel Vice Chairman and President Ramon Ang told the Daily
Inquirer in a text message that the company will pay no premium to
the acquisition.

The deal will allow San Miguel to finally follow through with a
2007 announcement that it wanted to go into businesses outside of
food and beverages, BusinessWorld said.

                  About San Miguel Corporation

San Miguel Corporation is a food, beverage and packaging company
established in 1890 initially as a single-product brewery.
Today, SMC has over 100 facilities in the Philippines, Southeast
Asia, China, and Australia.  SMC's extensive product portfolio
includes beer, hard liquor, carbonated and non-carbonated non-
alcoholic beverages, processed and packaged food products, meat,
poultry, dairy products and a number of packaging products.

SMC's flagship product, San Miguel Beer, is among the world's
largest selling beers.  From its original cerveza, SMC now owns
a wide range of popular beverage brands and products that
extends from beer to hard liquor, soft drinks, bottled water,
powdered juice and juice drinks.  The company's food operations
involve poultry and livestock operations, the production and
marketing of fresh, ready-to-cook and processed meats as well as
milk, butter, cheese, margarine, ice cream, flour and flour-
based products, snack foods, coffee, cooking oil, coconut oil,
pet food and animal and aquatic feeds.

Through the partnerships it has forged with major international
companies, SMC has gained access to the latest technologies and
expertise.  SMC's strategic partnerships with international
companies include Nihon Yamamura Glass Company, Ltd. and Rengo
Co., Ltd. of Japan, and Hormel Foods Corporation of the United
States.  Kirin Brewery Co. Ltd., one of the largest beer
manufacturing companies in Japan, has a significant stake in
SMC.

                          *     *     *

San Miguel Corp. continues to carry Standard & Poor's "BB" Issuer
Credit Rating (Foreign Currency) with a Negative outlook.

The Troubled Company Reporter-Asia Pacific reported on November 7,
2008, that Standard & Poor's Ratings Services said San Miguel
Corp.'s (foreign currency BB/Negative/--) recent announcement on
an agreement to acquire 27% of Manila Electric Co. (Meralco, B-
/Stable/--) does not have an immediate rating impact on both
companies.


SAN MIGUEL: Moody's Changes Outlook on 'Ba2' CFR to Negative
------------------------------------------------------------
Moody's Investor Service has changed the outlook for the Ba2 local
currency corporate family rating of San Miguel Corporation to
negative from stable.

The rating action is in response to SMC's announcement that it has
an option to purchase up to 50.1% in Petron Corporation, the
leading oil refining and marketing company in the Philippines.
SMC has also announced its intention to explore opportunities in
wireless broadband, mobile and mobile broadband in the Philippines
through the formation of a joint venture with Qatar Telecom.
Furthermore, these investment plans follow soon after SMC's
decision in October to invest in 27% of Manila Electric Corp for a
cost of PHP27 billion.

"While SMC has strong liquidity on hand to fund its investments,
visibility surrounding the company's business risk profile has
fallen, as the asset contributions from its new and riskier
businesses will likely surpass Moody's expectations, thus
prompting the outlook change," says Renee Lam, a Moody's VP/Senior
Analyst.

"SMC's new energy businesses, including Manila Electric Corp and
likely Petron Corp, are more cyclical than the relatively stable
beverage and food businesses in which SMC has established a long
and successful track record," adds Lam.

"Further adding to the uncertainties is the company's continued
active evaluation of acquisition opportunities in various
unrelated sectors and outside its core competencies, including
telecommunications and mining," adds Lam.

Moody's expects that SMC's combined investments in Manila Electric
Corp and likely Petron Corp could result in investment costs
surpassing the previously envisaged PHP35 billion, or 10% of total
assets.

The rating could be downgraded if 1) SMC exercises its option to
partially acquire Petron Corp, which in turn would negatively
impact its consolidated credit profile, given Petron Corp's higher
business risk and more aggressive financial profile; or 2) other
major new investments materialize; or 3) SMC significantly raises
its debt leverage to fund its investments, or 4) there is a
deterioration in its operating performance.

Financial indicators that Moody's would consider for a downgrade
include adjusted retained cash flow to net debt consistently below
12-15% and Adjusted Debt/EBITDA consistently above 4.0x.
Given the negative outlook, the possibility of an upgrade is
limited.  However, the outlook could stabilize on evidence that
SMC's business transformation strategy is prudently executed,
including a more certain business profile, while the company at
the same time maintains a sound liquidity and financial position.
The last rating action with respect to SMC was on August 21, 2007
when it was downgraded to Ba2 from Ba1, with a stable outlook.

San Miguel Corp, based in the Philippines, is one of the largest
food and beverages companies in Southeast Asia.  It is engaged in
the production, processing and marketing of beverages, food, and
packaging products.  It reported revenue of about US$3.6 billion
in 2007, excluding revenue from assets disposed during the year.


* PHILIPPINES: Nat'l. Gov't. Debt Reaches PHP4.1 Tril. in Sept.
---------------------------------------------------------------
As of September 2008, the National Government debt increased by
1.9 % or PHP76 billion from the August 2008 level.  Total
outstanding debt stood at PHP4.100 trillion of which, PHP1.731
trillion or 42% is owed to foreign creditors and PHP2.369
trillion or 58% to domestic creditors, according to the Bureau of
the Treasury.

The domestic debt increased by 0.4% or PHP10 billion from the
recorded end August 2008 level arising from net issuances of
government securities.  The increase in NG's foreign debt of PHP66
billion or 4.0% from the level as of end August 2008 was due to
the PHP51 billion and PHP19 billion depreciation of the peso and
the third currencies against the US dollar, respectively. However,
this was partially offset by the PHP4 billion net repayments.

The contingent debt of the National Government, composed mainly of
guarantees issued by the National Government, dropped to PHP512
billion from end August 2008 level of PHP519 billion.  This is a
decline of PHP7 billion resulting from the combined effects of
PHP13 billion net repayments, PHP8 billion prepayment of NPC loans
and PHP14 billion net depreciation of the peso against the US
dollar.



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

AXS-ONE INC: Sells US$1.1MM Convertible Promissory Notes, Warrants
------------------------------------------------------------------
AXS-One Inc. entered into a Convertible Note and Warrant Purchase
Agreement pursuant to which it sold and issued an aggregate of
US$1,100,000 of Series E 6% Secured Convertible Promissory Notes
due May 29, 2009, together with warrants to purchase an aggregate
of 3,300,000 shares of common stock of the company at an exercise
price of US$.01 per share.

Net proceeds to the company after transaction expenses were
approximately US$1,050,000.  The Series E notes and warrants were
sold in a private placement under Rule 506 promulgated under the
Securities Act of 1933, as amended, to eight accredited investors,
including two members of the company's board of directors.

The Series E Notes will mature on May 29, 2009, and principal and
interest thereunder are convertible into the company's common
stock at a fixed conversion rate of US$1.00 per share, bear
interest of 6% per annum and are secured by substantially all the
assets of the company.  The Series E Notes may be converted at the
option of the Series E Note holder at any time prior to maturity.
The Series E Notes rank pari passu in priority of payment and in
all other respects with all of the Series D 6% Secured Convertible
Promissory Notes sold and issued by the company for the aggregate
amount of US$2,100,000 on July 24, 2008, the Series C 6% Secured
Convertible Promissory Notes sold and issued by the company for
the aggregate amount of US$3,750,000 on Nov. 16, 2007, and the
Series A 6% Secured Convertible Promissory Notes and Series B 6%
Secured Convertible Promissory Notes sold and issued by the
company for the aggregate amount of US$5,000,000 on May 29, 2007.
The security interest of the Series E Note holders has been
subordinated to the security interest of Sand Hill Finance, the
company's current senior lender, pursuant to a Second Amended and
Restated Subordination Agreement dated as of Oct. 30, 2008.

Pursuant to the terms of a Third Security Agreement Amendment
dated Oct. 30, 2008, among the company and the other secured
parties set forth therein, the security interest of the Series E
Notes ranks pari passu with the security interest granted in
connection with the Prior Notes.

In addition, pursuant to a Waiver and Termination of Participation
Rights and Joinder to New Participation Rights Agreement the
holders of the Prior Notes (i) have agreed to waive their
Participation Rights held pursuant to Section 4.7 of the
Convertible Note and Warrant Purchase Agreement, dated as of
July 24, 2008; (ii) have agreed that upon execution of the
Purchase Agreement, all of their Participation Rights held
pursuant to the July 2008 Agreement terminated and are of no
further force and effect; and (iii) have agreed, pursuant to
Section 4.7 of the Purchase Agreement to join, become party to and
be bound by Section 4.7 of the Purchase Agreement regarding rights
of participation and the miscellaneous provisions of Article VI of
the Purchase Agreement, effective upon execution of the Purchase
Agreement.

Each Series E Note holder also received a warrant to purchase
three shares of AXS-One common stock for each US$1 of the
principal amount of Series E Notes purchased.  Each Warrant has an
exercise price of US$0.01 per share and is exercisable at any time
during the seven-year period following the closing.

In addition, in connection with the financing under the Purchase
Agreement, the company entered into an Investor Rights Agreement
on Oct. 30, 2008, which sets forth the company's obligations
relating to the registration of the shares of common stock
underlying the Series E Notes and Warrants, including a
requirement that the Company file a registration statement with
respect to such common stock no later than May 29, 2009.

In addition, in connection with the financing under the Purchase
Agreement, each of the Prior Notes was amended pursuant to note
amendments to provide that any event of default under the Series E
Notes will constitute an event of default under the Prior Notes.

The proceeds from this financing will be used to fund the
company's operations.

                       About AXS-One Inc.

Headquartered in Rutherford, New Jersey, AXS-One (OTC BB: AXSO)
-- http://www.axsone.com/-- provides "records compliance
management" software solutions.  The AXS-One Compliance Platform
enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm-Leach Bliley.  AXS-One has offices worldwide including in
the United States, Australia, Singapore, United Kingdom and South
Africa.

As reported in the Troubled Company Reporter on Nov. 5, 2008,
AXS-One Inc.'s balance sheet at Sept. 30, 2008, showed total
assets of US$4.8 million, total liabilities of US$18.2 million and
shareholders' deficit of US$13.4 million.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2008,
Amper, Politziner, & Mattia, P.C., in Edison, N.J., expressed
substantial doubt about AXS-One Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2007, and 2006.  The
auditing firm pointed to the company's losses from operations and
working capital deficiency.

The company generated losses from operations of US$1,752,000 for
the
three months ended March 31, 2008.  Additionally, the company was
not in compliance with its quarterly license revenue covenant as
of March 31, 2008.  The bank waived such violation and changed the
covenants for future periods from a minimum license revenue
covenant and minimum three month rolling net loss covenant to (a)
a minimum three month rolling EBITDA covenant, (b) minimum cash
and accounts receivable availability covenant and (c) a minimum
equity infusion covenant of US$500,000.



LINGUAPHONE SINGAPORE: Placed Under Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on Nov. 28, 2008, the
members of Linguaphone Singapore Pte Ltd resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Jan. 6,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


NETTEST PTE: Creditors' Proofs of Debt Due on January 5
-------------------------------------------------------
The creditors of Nettest Pte Ltd are required to file their proofs
of debt by January 5, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SAGAWA EXPRESS: Creditors' Proofs of Debt Due on January 5
----------------------------------------------------------
The creditors of Sagawa Express Asia Pte., Ltd. are required to
file their proofs of debt by January 5, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


TRIBOND TRADING: Creditors' Proofs of Debt Due on January 5
-----------------------------------------------------------
The creditors of Tribond Trading Company Pte Ltd are required to
file their proofs of debt by January 5, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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



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

TA CHONG: Fitch Junks Ratings on NTD4.04 Billion Notes
------------------------------------------------------
Fitch Ratings has downgraded some of the rated tranches of Ta
Chong Bank 2006-1 Collateralised Bond Obligation Special Purpose
Trust:

  -- NTD1,498m Class A-1 Commercial Paper (CP): downgraded to
     'C(twn)' from 'F2(twn)', removed from RWN;

  -- NTD2,150m Class A-2 CP: affirmed at 'C(twn)';

  -- NTD320m Class B CP: affirmed at 'C(twn)'; and

  -- NTD80m subordinated term note due February 2013: downgraded
     to 'C(twn)' from 'CC(twn)'.

SPT1 is a bankruptcy-remote special purpose trust, established in
2006, to fund a one-time purchase of NTD corporate bonds and a USD
single tranche synthetic CDO, through the issuance of three
classes of NTD CP and a subordinated term note.  Following recent
collateral repayments, the outstanding collateral consists of
NTD1.4bn in notional of corporate bonds and a USD76m synthetic
CDO, Castle Finance III Ltd's Series 1 (Castle Finance, rated
'C').  The NTD assets are rated at least 'BBB-' (BBB minus) and
have a remaining weighted average life of less than one year.

On November 28, 2008, SPT1 failed to make a USD payment to the
Cross Currency Swap counterparty, ABN AMRO Bank, because of its
reliance on the USD interest of Castle Finance to make such CCS
payment.  This triggered a Stop Issuance Event.  The downgrade of
Class A-1 reflects SPT1's expected failure to make due payment to
all the rated CP notes at its next payment date on 17 December
2008 following this Stop Issuance Event.  Castle Finance has, in
total, experienced seven Credit Events in its reference portfolio
that represent 7% of the total reference portfolio notional,
exceeding the available credit enhancement of 2.82% and the
detachment point of 3.82%.  While the settlement processes are in
progress for these seven reference entities, Castle Finance will
not pay interest to SPT1.

The downgrade of the subordinated term note also follows the
agency's rating downgrade of Castle Finance to 'C' from 'CC'.
This rating action reflects the agency's view on the low recovery
prospects of three referenced Icelandic banks recently subject to
a Bankruptcy Credit Event, namely, Landsbanki Islands, Kaupthing
Bank hf. and Glitnir Banki hf.  Therefore, the credit enhancement
level of Castle Finance is expected to reduce to a negative level
that will result in principal losses to the noteholders (for more
information, please refer to "Fitch Downgrades 10 CDO Notes on Low
Recovery Prospects of 3 Icelandic Banks" published on 19 November
2008).

Current noteholders have legal claims over the outstanding
collateral.  The ultimate recovery rate of the outstanding notes
is subject to the realised value of the remaining collateral minus
any costs related to the unwinding of the swaps and the
distribution priority of the notes in the post-enforcement
waterfall. The recovery prospects for the outstanding Class A-1 CP
is currently expected to be high, however, for the Class A-2, B
and subordinated notes the current expected recovery amounts are
likely to be negligible.

The ratings of the CP address the timely payment of interest and
principal in accordance with the terms of the transaction
documents.  The rating on the subordinated term note addresses the
ultimate payment of principal in accordance with the terms of the
transaction documents.  However, the ratings do not address the
possibility of any changes in Taiwanese law or regulatory
framework, or early termination of the transaction driven by
investors.



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

TMB BANK: S&P Keeps 'BB+/B' Counterparty Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Thailand's TMB Bank Public Co. Ltd. to stable from negative,
reflecting a sustained improvement in the company's credit
profile, which is supported by the bank's strengthened management
team and its improved financial profile.  At the same time, S&P
affirmed its 'BB+/B' counterparty credit ratings on the bank.

"The bank's adjusted total equity ratio has improved, driven
mainly by a capital investment of about 25.2% provided by ING
Bank," said S&P's credit analyst Paul Clarkson.  "The
collaboration with ING has also strengthened TMB's management
team."

The stable outlook reflects S&P's expectation that TMB will
continue to improve its financial profile, albeit at a slower rate
given the more difficult operating environment.  The rating could
be raised if TMB demonstrates a significant improvement in its
financial profile, namely in asset quality, capital, and core
profitability.  Conversely, the rating could be lowered if the
bank's nonperforming assets increase substantially or the
bank's core operating performance deteriorates significantly.



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

* Former Chrysler Chief Opposes Ouster of Big 3 CEOs
----------------------------------------------------
Mike Spector posted on The Wall Street Journal blog that former
Chrysler LLC chairperson and chief executive Lee Iacocca doesn't
agree with calls from the Congress that CEOs of Chrysler, Ford
Motor Co., and General Motors Corp. be laid off as a condition of
a government financial bailout.  According to the blog,
Mr. Iacocca had persuaded the Congress to extend Chrysler about
US$1.5 billion in loans in 1979, and those loans had been paid
back, with interest.  According to Mr. Spector, Mr. Iacocca was
also president of Ford Motor.

Mr. Iacocca said in a statement, "Having been there, I do not
agree with the sentiment now coming out of Congress that the
management should be changed as a condition of granting loans to
the Detroit auto makers.  "You don't change coaches in the middle
of the game, especially when things are so volatile . . . . The
industry has been brutalized by a totally unpredictable series of
events over which it had little control and that is beating it
unmercifully into the ground.  The companies may not be perfect
but the guys who are running them now are the only ones with the
experience and the in-depth knowledge and understanding of how the
car business really works.  They're by far the best shot we have
for success.  I say give them their marching orders and then let
them march.  They're the right people to get the job done."

Corey Boles posted on the WSJ blog that a senior congressional
aide said on Monday that the CEOs of Ford Motor, Chrysler, and GM
wouldn't lose their jobs as part of a government bailout.  A
proposal, says Mr. Boles, is being considered that would require
the firms to hire separate chairpersons to oversee management.

            GM Seeks Workers' Support for CEO

John D. Stoll and Sharon Terlep posted in the WSJ blog that GM
officials sent salaried engineers an e-mail on Tuesday asking them
to sign on to a letter asking that CEO Rick Wagoner and other
managers stay at the company.

Mr. Stoll and Ms. Terlep say that the letter would be sent to Sen.
Christopher J. Dodd and the Senate Banking Finance Committee.
According to the blog, Sen. Dodd's committee wqould vote this week
on a US$15 billion bailout package for GM, Ford Motor Co. and
Chrysler LLC.  The blog says that Sen. Dodd suggested on Sunday
that Mr. Wagoner step aside.

Mr. Stoll and Ms. Terlep quoted GM spokesperson Tom Wilkinson as
saying, "There is generally a lot of support for Rick among
employees at GM."  The lobbying effort wasn't initiated by Mr.
Wagoner or other ranking executives, the blog states, citing Mr.
Wilkinson.

           Bailout Has Lukewarm Support From Public

Easha Anand at WSJ reports that the lukewarm support that GM, Ford
Motor, and Chrysler's government loan request gets from the public
reflects the situation in the Congress.

According to WSJ, the requested government bailout has backers in
the Congress, but few "champions."

A new Wall Street Journal/NBC News poll, conducted from Dec. 5 to
Dec. 8 and which had a margin of error of plus or minus three
percentage points, indicates that about 46% of U.S. citizens
approve of giving aid to the three auto companies, while about 42%
disapprove.

"It would be nice to bail them out, but you have to take into
consideration what auto workers and executives have been paid for
years.  The country seems to be spending money they do not have,
we're going further and further into debt," WSJ quoted Philip
Hall, a 56-year-old mason who drives a GMC truck, as saying.

Josh Mitchell at WSJ relates that while the White House and top
Democrats have reached an agreement on the principles of a US$15
billion short-term aid package to the automakers, Republicans are
torn between the need to bail out those companies and opposition
based on fiscal principles.  According to the report, rank-and-
file Democrats said they are in favor of a bailout, while some
conservative Republicans are against any package that didn't
include the firms' bankruptcy filing.

WSJ reports that Senate Majority Leader Harry Reid said he hoped
for a vote by Wednesday on the legislative proposals for the
bailout.  Among the conditions in the bailout is that the
government would acquire a stake in the companies.

          Congressman Opposes Bailout for Chrysler

Greg Hitt at WSJ reports that Congressman Steve Kagen has opposed
a bailout for Chrysler LLC, arguing that a take over by parent
company Cerberus Capital Management LP of NewPage Corp. led to
closures of two factories in Northeast Wisconsin, eliminating 750
jobs, Alex P. Kellogg at WSJ states.

WSJ relates that Chrysler CEO Robert Nardelli was also questioned
during congressional hearings last week on why he doesn't seek
help from Cerberus Capital.  Mr. Nardelli, according to the
report, said that he already did but was turned down.  Mr. Kagen
urged Cerberus Capital to put some of its "billions of dollars in
assets" on the table before Congress offers Chrysler any kind of
bailout, the report says.

According to WSJ, Mr. Kagen suggested that Cerberus Capital could
sell the mills it closed in Wisconsin and use that money to boost
Chrysler.  "If Cerberus truly believes Chrysler is a good
investment, then Cerberus should put up some of their own money.
The question is... why are you coming to taxpayers if it's not
such a good deal?"

Mr. Kagen supports a bailout for General Motors Corp. and Ford
Motor Co., WSJ reports.



                         *********

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 ***