TCRAP_Public/081212.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

           Friday, December 12, 2008, Vol. 11, No. 247

                            Headlines

A U S T R A L I A

BOTTAD PTY: Members Receive Wind-Up Report
CALOOLA MEATS: To Declare First and Final Dividend
CHAPELLE PTY: Members Receive Wind-Up Report
EKH MANAGEMENT: Placed Under Voluntary Liquidation
FROME STREET: Enters Wind-Up Proceedings

HARTE MANAGEMENT: Commences Liquidation Proceedings
M C & P GOLDSMITH: Liquidator Presents Wind-Up Report
MACQUARIE COUNTRYWIDE: Selling Assets to Reduce Debts
MACQUARIE DDR: Won't Make December 2008 Distribution
OZ MINERALS: Poor Credit Quality Cues Fitch's Junk Rating

OZ MINERALS: Refinancing Deadlines Loom, Extension Unlikely
OZ MINERALS: Gets "Serious" Offers for Martabe and Prominent Hill
OZ MINERALS: Denies IMF's Allegation of Misleading Conduct
PT & S PTY: Declares First and Final Dividend
PURPLE CONSULTING: Placed Under Voluntary Liquidation

RIDE ON: Members and Creditors Hear Wind-Up Report
SUNGROVE LANE: Members Receive Wind-Up Report
THE GOLF: Commences Liquidation Proceedings
TINMARP PTY: Court Enters Wind-Up Order
WEB-HARTE PTY: Commences Liquidation Proceedings


C H I N A

CHINA EASTERN: To Receive CNY3 Billion State Bail-Out
CHINA SOUTHERN: To Get CNY3 Billion Cash Aid from Government
MONITOR OIL: Court Converts Case to Chapter 7 Liquidation


H O N G K O N G

BASIC & MORE: Leung and Morrison Cease to Act as Liquidators
CHELGATE LIMITED: Members' Final Meeting Set for January 9
EDGEWORTH LIMITED: Members' Final Meeting Set for January 9
FAIRLITE INDUSTRIES: Placed Under Voluntary Liquidation
HENG TAI: Members' Final Meeting Set for January 6

JOYX LIMITED: Members' Final Meeting Set for January 6
LEHMAN BROTHERS: Hong Kong Probes Banks for Massive Lehman Losses
PERPETUAL PARENTS: Final General Meeting Set for January 9
POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
REDCHIP INTERNATIONAL: Placed Under Voluntary Liquidation

RUSK (CHINA) ET AL: Final Meetings Slated for January 7
WOMEN EXCLUSIVE: Final General Meeting Set for January 9


I N D I A

FLAMINGO: CRISIL Rates Rs.100 Million Cash Credit at 'BB+'
GLOBE CAPACITORS: CRISIL Rates Rs.130.0 Mil. Cash Credit at 'BB+'
SHREEJI POWER: CRISIL Rates Rs.160 Mil. Long Term Loan at 'B'


I N D O N E S I A

BANK CIMB: Fitch Affirms 'BB' Currency Issuer Default Ratings
BANK RAKYAT: Fitch Affirms Currency Issuer Default Rating at 'BB'


J A P A N

DELPHI CORP: Wants Sole Right to File Plan Extended to Jan. 31


N E W  Z E A L A N D

APEX LTD ET AL: Fixes December 17 as Last Day to File Claims
BGI INVESTMENTS ET AL: Commences Liquidation Proceedings
BURNHAM BLOODSTOCK: Commences Liquidation Proceedings
BURTON RESIDENTIAL: Court Hears Wind-Up Petition
CITY PROPERTY: Court to Hear Wind-Up Petition on December 15

ENTIRE RENOVATIONS: Fixes December 15 as Last Day to File Claims
HORNBY INVESTMENTS: Creditors' Proofs of Debt Due on December 19
KATERE PROPERTIES: Commences Liquidation Proceedings
LALI MEDIA: Court to Hear Wind-Up Petition on December 17
MUNGIS NZ: Commences Liquidation Proceedings

PARK HOLDINGS: Creditors' Proofs of Debt Due on December 19
THE MOWER: Court Hears Wind-Up Petition
THE WAREHOUSE: Discontinues Warehouse Cellars
THE WHYTE: Court Hears Wind-Up Petition
TRUMP ENTERPRISES: Court to Hear Wind-Up Petition on December 15

WHAKARURU: Appoints Madsen-Ries and Levin as Liquidators


P A K I S T A N

* PAKISTAN: ADB Approves US$300 Mil. Loan


P H I L I P P I N E S

RURAL BANK OF PARANAQUE: Under Receivership
* PHILIPPINES: Three More Banks Under Receivership, BSP Says


S I N G A P O R E

D'ORION SHIPPING: Final Meeting Set for December 30
PACIFIC CHILDREN'S: Creditors' Proofs of Debt Due on January 16
PAN-ASIA TOWER: Creditors' Proofs of Debt Due on January 5
PASIR PANJANG: Pays First Interim Dividend
PEC TECHNOLOGY: Court Enters Wind-Up Order


X X X X X X X X

START CLO: Fitch Affirms Ratings on Various Classes of Notes
* Difficult Year Ahead for Developing Asia, ADB Says
* House Passes US$14 Billion Financial Aid for Detroit's Big 3
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BOTTAD PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Bottad Pty Limited met on December 2, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company declared will also declare its first and final
dividend.  Only creditors who were able to file their proofs of
debt by December 2, 2008, will be included in the company's
dividend distribution.

The company's liquidator is:

          B. R. Glanville
          c/o Deloitte Touche Tohmatsu
          8 Brindabella Circuit, Level 2
          Brindabella Business Park
          Canberra International Airport
          Canberra ACT 2609


CALOOLA MEATS: To Declare First and Final Dividend
--------------------------------------------------
Caloola Meats Pty Limited, which is in liquidation, will declare
first and final dividend.  Only creditors who were able to file
their proofs of debt by Dec. 2, 2008, will be included in the
company's dividend distribution.

The members also met on December 2, 2008, and heard the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          B. R. Glanville
          c/o Deloitte Touche Tohmatsu
          8 Brindabella Circuit, Level 2
          Brindabella Business Park
          Canberra International Airport
          Canberra ACT 2609


CHAPELLE PTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Chapelle Pty Ltd met on November 10, 2008, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Steven Nicols
          Nicols + Brien
          Telephone:(02) 9299 2289
          Website: http://www.bankrupt.com.au


EKH MANAGEMENT: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on October 7, 2008, the
members of EKH Management Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Neil Robert Cussen
          Deloitte Touche Tohmatsu
          Grosvenor Place, 225 George Street
          Sydney NSW 2000


FROME STREET: Enters Wind-Up Proceedings
----------------------------------------
During a general meeting held on October 8, 2008, the members of
Frome Street Investments No 43 P/L and Frome Street Investments No
42 P/L resolved to voluntarily liquidate the company's business.

The companies' liquidator is:

          David Sutherland
          c/o HLB Partners
          Building I, Suite 20
          22 Powers Road
          Seven Hills NSW 2147


HARTE MANAGEMENT: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on October 1, 2008, the
members of Harte Management Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Robert Elliott
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


M C & P GOLDSMITH: Liquidator Presents Wind-Up Report
-----------------------------------------------------
On November 12, 2008, Max Charles Goldsmith, the liquidator for
M C & P Goldsmith Investments Pty Limited, presented a report on
the company's wind-up proceedings and property disposal.

The Liquidator can be reached at:

          Max Charles Goldsmith
          Strand, Unit 1002
          21 Head Street
          Forster NSW 2428


MACQUARIE COUNTRYWIDE: Selling Assets to Reduce Debts
-----------------------------------------------------
With debts totaling AU$3.8 billion, Macquarie CountryWide Trust
may be forced to raise at least AU$1 billion through share issues
or asset sales, The Australian reports.

"In our view MCW has little option but to sell assets, as cutting
distributions (even to zero), or raising equity will not be enough
on their own to sufficiently pay down debt," The Australian quoted
Goldman Sachs JBWere's David Lloyd as saying.

Some AU$450 million in commercial mortgage-backed securities are
due in December 2009, The Australian notes.

Macquarie CountryWide said in a statement Monday it is committed
to pursuing selected asset sales across its entire portfolio, with
all net proceeds earmarked to retire debt, reduce overall gearing
and increase Head Trust liquidity.

The Trust said it has been actively delivering on this strategy,
disposing of over AU$260 million in the past 12 months with a
further AU$175 million in asset sales either contracted or in due
diligence with terms agreed.

In addition to the sale of three properties for AU$16.9 million
announced in November, the Trust has entered into unconditional
contracts to sell four assets in Australia for a gross sale price
of AU$38.1 million, with sales terms agreed on a further AU$120
million of assets currently in due diligence.

The properties which are contracted for sale are three
freestanding supermarkets in Victoria and Tasmania and a small
neighborhood shopping center on the Sunshine Coast in Queensland.
The price agreed on the four properties reflects a weighted
average initial yield of approximately 7.8%.

Discussions also continue on potential entity level or joint
venture transactions in the US across parts of the joint venture
established with Regency Centers.

                Head Trust Multi-Currency Facility

Macquarie CountryWide disclosed it has received credit approval
from its principal lender, subject only to formal documentation,
for amendments to the terms of its Head Trust Multi-Currency
Facility.

The amended terms are:

   -- Term extended for 12 months for AU$250 million
      limit - the facility will now mature in
      February 2012 and as at December 4, 2008 was
      drawn to AU$191 million.

   -- Tangible net worth covenant reduced to
      AU$1.5 billion (previously AU$1.8 billion) - the
      Trust's current tangible net worth was
      AU$2.6 billion using restated balance sheet
      figures at September 30, 2008.

   -- Asset security pool covenants (comprising 27
      Australian and 17 NZ assets) remain unchanged
      for the term of the facility – loan to value
      covenant has been revised to 65% (debt to
      security pool assets basis) and interest cover
      ratio (ICR) 1.75 times, against loan to value
      of 36.5%  and ICR of 2.8:1.

   -- The terms of the Trust's ISDA with the facility
      lender will contain a 70% gearing covenant
      with a pricing review event at 65% and 1.75
      times ICR.  There exists a substantial buffer
      on both measures and further, a breach of an
      ISDA covenant where the mark to market is not
      paid out may result in a cross-default under
      the Head Trust Multi-Currency Facility.

The margin negotiated on the facility increased in line with
current market pricing, with the full year earnings impact of the
increased margin is a reduction of approximately 0.3 cents per
unit.

Management reconfirms that the Trust has no Head Trust gearing or
ICR covenants on its debt facilities and has no debt expiring
until September 2009.  It is in full compliance with all covenants
across its portfolio.

Chief Executive Officer, Steven Sewell, said: "The new terms
negotiated on our Head Trust debt facility and covenant
enhancements deliver a greatly improved debt structure for the
Trust.  We believe these changes, in conjunction with other
capital management initiatives including asset sales and entity
level transactions being considered, will further strengthen the
balance sheet and better position the Trust to navigate the
current challenging market conditions."

                         About Regency

Regency is a national owner, operator, and developer of grocery-
anchored and community shopping centers in the US.  At June 30,
2008, the company owned 443 retail properties, including those
held in co-investment partnerships.  Including tenant-owned square
footage, the portfolio encompassed 58.9 million square feet
located in top markets throughout the United States.  Operating as
a fully integrated real estate company, Regency is a qualified
real estate investment trust that is self-administered and self-
managed

                 About Macquarie CountryWide Trust

Macquarie CountryWide Trust (ASX:MCW) --
http://www.macquarie.com.au/-- is a fully integrated listed
property trust investing in retail properties with assets under
management of AU$6.1 billion.  More than AU$36 billion of real
estate assets are managed globally by Macquarie Real Estate and
its associates, across a portfolio of listed and unlisted property
trusts, unlisted development funds and property investment
syndicates.


MACQUARIE DDR: Won't Make December 2008 Distribution
----------------------------------------------------
The Australian reports that moves are afoot to wind up Macquarie
DDR Trust ("MDT").

According to the report, the trust, which has US$1.2 billion in US
debt, traded yesterday at 5.5c, 95 per cent below net tangible
assets at June 30, 2008.

In a December 10 statement, Macquarie DDR Management Limited,
manager of the Macquarie DDR Trust, said it will initiate a
strategic review of MDT with the specific objective of seeking to
maximize unitholder value, which may include realizing assets and
returning capital to unitholders.  The Manager also announced
changes to MDT's distribution for December 2008.

The joint owners of the Manager, Macquarie Group and Developers
Diversified Realty, believe that, as a result of the current
global economic downturn and the continued deterioration in US
markets, the market has not recognized MDT's underlying asset
value and this has resulted in Macquarie DDR trading at a
substantial discount to its net asset value.  The strategic review
will explore all options seeking to maximize the value of
unitholders' investments in MDT, including the merit of asset
sales as well as entity-level sales and to potentially solicit
proposals to acquire 100% of MDT's units.

The Manager noted there will be no disruption to the business or
operations of Macquarie DDR during the strategic review process
and management will continue to focus on strengthening the balance
sheet, including asset sales.

In order to preserve operating capital while the strategic review
is undertaken, the Manager considers it appropriate not to
announce a December 2008 distribution and has determined that the
next distribution period will end on June 30, 2009.  The strategic
review will take into consideration Macquarie DDR's ongoing
distribution policy.

                   About Developers Diversified

Developers Diversified -- http://www.ddr.com/-- owns and manages
over 740 retail properties in 45 states, plus Puerto Rico, Brazil,
Russia and Canada totalling over 163 million square feet.
Developers Diversified is a self-administered and self-managed
real estate investment trust (REIT) operating as a fully
integrated real estate company which acquires, develops, leases
and manages shopping centres.

                     About Macquarie DDR Trust

Macquarie DDR Trust (ASX:MDT) -- http://www.macquarie.com.au/--
is a real estate investment trust with assets totalling AU$2.36
billion.  As at 30 September 2008, more than AU$36 billion of real
estate assets are managed globally by Macquarie Real Estate and
its associates, across a portfolio of listed and unlisted real
estate trusts, unlisted development funds and real estate
investment syndicates.


OZ MINERALS: Poor Credit Quality Cues Fitch's Junk Rating
---------------------------------------------------------
Fitch Ratings downgraded Oz Minerals Limited's Long-term foreign
currency Issuer Default Rating to 'CC' from 'BBB-' (BBB minus),
and has simultaneously withdrawn it.  The rating remained on
Rating Watch Negative at the time of withdrawal.

The substantial downgrade of the rating reflects a rapid recent
deterioration in credit quality and an escalating liquidity
problem that leaves the company extremely vulnerable to critical
and imminent refinancing risks.  The agency's previous view of the
credit quality of OZL had been based on the diversified business
profile of the company's metals and mining activities following
the completion of the merger between Oxiana Limited and Zinifex
Limited in early July 2008, as well as the AU$316 million net cash
position reported in the merged entity's financial statements as
at June 30, 2008.  This net cash position has reversed
dramatically over the past few months, with the company's public
release to the Australian Stock Exchange on December 10 indicating
a net debt position of AU$802.6 million, excluding its convertible
bonds.

In addition, the company's reclassification of AU$560 million of
its debt as current - as opposed to the medium term classification
indicated in its June 2008 financial statements - has created a
substantial refinancing risk at a time when the fundamentals of
the business have weakened and liquidity in the financial markets
has become constrained.  The agency notes from the company's
public announcement that its existing debt facilities are
effectively fully drawn and that its cash resources are
deteriorating rapidly, having reduced from AU$405 million on
November 30 to AU$279.4 million on December 8.  In the agency's
view, an inability to refinance the company's existing bank
facilities - totalling approximately AU$1.1 billion - by the end
of December is likely to result in a default on some or all of
those facilities.

While the company is apparently pursuing an option to extend the
refinancing deadline to January 31, 2009, it remains unclear
whether it will be able to do so.  The agency's concern that the
successful refinancing of the bank facilities is becoming
increasingly challenging is exacerbated by Societe Generale's
allegation - denied by the company - on 9 December that OZL is
already in default on its AU$250 million facility, which is due
for repayment on December 31, 2008.

The rating is withdrawn on the basis that the agency does not
consider that the publicly available information will be
sufficient to allow it accurately to assess OZL's risk profile
going forward.

OzMinerals is a mid-tier Australian mining company, formed through
the merger of Oxiana and Zinifex.  Its major producing assets are
former Zinifex Century zinc and lead mines in Queensland, and the
Rosebery nickel and lead mine as well as Avebury nickel mine in
Tasmania.  Former Oxiana mines include the Golden Grove zinc,
copper, gold mine in Western Australia and the Sepon Gold and
Sepon Copper mines in Laos.  The AU$1.15 billion Prominent Hill
copper and gold mine is expected to become operational in January
2009.


OZ MINERALS: Refinancing Deadlines Loom, Extension Unlikely
-----------------------------------------------------------
Three of OZ Minerals Limited's four major bank facilities mature,
or are required to be refinanced on or before December 31, 2008
unless extended, the company said in a December 4 regulatory
filing.

On Wednesday, OZ Minerals disclosed the developments in those
facilities:

    Facilities A and B
    ------------------

Facility A is drawn to US$420 million and has contingent
liabilities in the form of a letter of credit tranche of A$25
million which is drawn to A$15 million.  This is due to be
refinanced by December 29, 2008.  OZ Minerals has an option to
extend the date by which Facility A must be refinanced to January
31, 2009, subject to certain conditions being satisfied.

Facility A was incorrectly reported as having a limit of US$525
million in the company's December 4 announcement.

Facility B is drawn to US$140 million and is due to be refinanced
by December 29, 2008.  OZ Minerals has an option to extend the
date by which Facility B must be refinanced to January 31, 2009,
subject to certain conditions being satisfied.
The Company had been negotiating with its existing banks and
prospective new lenders with the objective of completing the
refinancing of Facilities A and B by December 29, 2008.  One of
the prospective new lenders has advised OZ Minerals that it no
longer wishes to participate in the refinancing and will therefore
not be proceeding to seek credit approval.

While OZ Minerals will continue to work towards completing the
refinancing negotiations as soon as possible, the company advises
that, considering the situation, completion by December 29 is now
highly unlikely.

OZ Minerals said it has the option to extend its refinancing date
to January 31, 2009, subject to the satisfaction of certain
conditions.  Although OZ Minerals continues to use its best
endeavors to satisfy those conditions the risk of the company not
being able to satisfy the conditions has increased.

The company it is in continuing dialogue with its existing banks
about the possibility of these conditions being varied and/or the
time frame being extended, and believes there is a reasonable
prospect of achieving such an outcome.

    Facility C
    ----------

Facility C has a limit of A$250 million and comprises a cash
advance tranche and contingent liabilities in the form of a letter
of credit tranche.  The facility, which is provided by Societe
Generale, is currently drawn to A$85.8 million in respect of cash
advances and A$70 million and C$27 million in respect of letters
of credit.

On December 9, 2008, the company received a letter from Societe
Generale alleging that the company was in default of the terms of
Facility C.  The scheduled repayment date for Facility C is
December 31, 2008.

OZ Minerals has not accepted Societe Generale's allegation of
default in view of prior statements made by Societe Generale and
is now in discussions with Societe Generale to seek a mutually
agreeable solution to this issue.

    Facility D
    ----------

Facility D is a project finance facility in respect of the
company's Sepon operation in Laos.  It has a limit of US$77
million and is fully-drawn.  Facility D matures in June 2011 and
is provided by a syndicate of banks comprising ANZ Banking Group,
BNP Paribas, Banque Pour Le Commerce Exterieur Lao, Commonwealth
Bank of Australia, Macquarie Bank and NM Rothschild & Sons.

                       Default Provisions

OZ Minerals said there are provisions in its facilities under
which a default in one facility may trigger default of the
company's other facilities and the company's convertible bonds.

                     Cash and Debt Position

OZ Minerals' cash position has deteriorated.  As of December 8,
2008, OZ Minerals had cash on hand of A$279.4 million (US$178.8
million), down from A$405.0 million (US$259.2 million) as at
November 30, 2008.

According to the company, the principal reasons for the
deterioration in cash balances are:

   -- reduced cash inflow from lower commodity prices,
      which have impacted both new sales and
      provisional pricing adjustments to previously
      booked sales;

   -- the company's decision to defer some projects
      has had the effect of accelerating redundancies
      and closure costs.

As at December 8, 2008, the company's gross debt position was
A$1,082.0 million (US$692.5 million) and its net debt position was
A$802.6 million (US$513.7 million), excluding the Convertible
Bonds.

                         Trade Suspension

OZ Minerals said it has been granted a voluntary suspension of its
shares until December 29 in order to progress negotiations with
the banks on the refinancing of its debt facilities.

                        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.


OZ MINERALS: Gets "Serious" Offers for Martabe and Prominent Hill
-----------------------------------------------------------------
OZ Minerals Limited has received a number of serious expressions
of interest to acquire its Martabe gold-silver project and in
respect of joint venture arrangements for Prominent Hill.  Each of
the parties has executed confidentiality agreements and are at
various stages of due diligence, the company said in a regulatory
filing.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2008, Reuters said OZ Minerals has attracted the
attention of several Chinese metals companies including Citic
Resources and state-owned Minmetals and Chinalco, however,
it is not clear which Oz Minerals assets, if any, a Chinese
company would want to buy or invest in.

When asked by Reuters for comments, Oz Minerals declined,
Minmetals' public relations official, Gao Peijun, said he was
unaware of any offer for Oz Minerals, and Chinalco did not return
a call.

Meanwhile, Citic Resources spokeswoman, Mianco Wong, wrote in an
e-mail message to Reuters the company "is not involved in the
acquisition of Oz Minerals for the time being" adding it will keep
reviewing its strategy "according to the best interests of the
shareholders."

In November, OZ Minerals said it:

  ** will defer capital expenditure of
     approximately A$495 million (net);

  ** has identified total merger synergy
     benefits of A$54 million per annum;

  ** will reduce operating expenditure
     budgets in 2009 by approximately
     A$185 million, in addition to the
     merger synergy benefits;

  ** will cut annual production of zinc
     from Century by 20,000 tonnes per annum.

The company also disclosed deferment of these capital projects to
cut costs:

   -- Martabe gold-silver project in Indonesia to
      be suspended and capital expenditure of
      approximately US$225 million (A$345 million)
      deferred until after 2009.

   -- Sepon copper expansion will be suspended
      and capital expenditure of approximately
      US$50 million (A$77 million) deferred until
      after 2009.  Commissioning of the second
      autoclave, which is currently on site,
      will continue.

   -- Surface facility renewal at Rosebery has
      been deferred resulting in the deferral of
      capital expenditure of A$125 million.  Work
      on the new tailings storage facility and
      the underground ventilation upgrade will
      continue.

   -- Development of the open pit copper prospect
      at Golden Grove will be delayed; capital
      expenditure of around A$20 million deferred.

   -- The Feasibility Study into the Izok Lake and
      High Lake projects in Canada will be deferred.
      Focus in Canada will be on further exploration.

   -- Dugald River will not be commenced in 2009.

                        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.


OZ MINERALS: Denies IMF's Allegation of Misleading Conduct
----------------------------------------------------------
In response to IMF Australia Pty Ltd's announcement that it plans
to raise funding to finance a class action against OZ Minerals
Limited alleging misleading and deceptive conduct, OZ Minerals
said it has not received any statement of claim or other document
from IMF, although it is aware that IMF proposes to engage Maurice
Blackburn Pty Ltd to pursue the planned action.

OZ Minerals said it absolutely refutes any assertion or allegation
that it has engaged in misleading or deceptive conduct or has in
any other way acted other than in compliance with the Corporations
Act, the ASX Listing Rules, or other than in the best interests of
its shareholders.

OZ Minerals' CEO and Managing Director Andrew Michelmore, said
"the Company will vigorously defend itself against the legal
action proposed by IMF if and when any such action is taken
against the Company."

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
11, 2008, IMF said it proposes to fund claims that certain and
former OZ Minerals 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.

                        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.


PT & S PTY: Declares First and Final Dividend
---------------------------------------------
PT & S Pty ltd, which is in liquidation, declared first and final
dividend on November 17, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 14, 2008, were included in the company's dividend
distribution.


PURPLE CONSULTING: Placed Under Voluntary Liquidation
-----------------------------------------------------
The creditors of Purple Consulting Pty Limited met on Oct. 7, 200,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          103-105 Northbourne Avenue
          Turner ACT 2612
          Telephone:(02) 6247 5988
          Facsimile:(02) 6262 8633


RIDE ON: Members and Creditors Hear Wind-Up Report
--------------------------------------------------
The members and creditors of Ride on Motorcycles Pty Ltd met on
November 20, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. R. Nicholls
          Nicholls & Co
          459 Peel Street, Suite 6
          Tamworth NSW 2340


SUNGROVE LANE: Members Receive Wind-Up Report
---------------------------------------------
The members of Sungrove Lane Pty Ltd met on November 24, 2008, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

Kenneth John Millar is the company's liquidator.


THE GOLF: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on October 1, 2008, the
members of The Golf Card Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Robert Elliott
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


TINMARP PTY: Court Enters Wind-Up Order
---------------------------------------
On October 3, 2008, the Supreme Court of New South Wales entered
an order to have Tinmarp Pty Limited's operations wound up.

The company's liquidator is:

          D. I. Mansfield
          Moore Stephens Chartered Accountants
          460 Church Street, Level 6
          Parramatta NSW 2150


WEB-HARTE PTY: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on October 1, 2008, the
members of Web-Harte Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Robert Elliott
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000



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

CHINA EASTERN: To Receive CNY3 Billion State Bail-Out
-----------------------------------------------------
China Eastern Airlines will receive CNY3 billion (US$441.2
million) state bail-out, Xinhua News Agency reports.

Citing China Eastern's statement filed with the Shanghai Stock
Exchange, Xinhua relates that the airline will issue 652.18
million A shares to the government and its major shareholders at
3.6 yuan per share, and the same amount of H shares on the Hong
Kong stock market at 1 yuan per share.

According to the report, proceeds will be used to replenish
capital flow.

According to Xinhua, Luo Zhuping, secretary of the CEA board of
directors, said the bail-out will reduce China Eastern's asset:
liability ratio by 3.77 percentage points.  The ratio stood at
98.49 percent on Sept. 30.  It will effectively improve the
carrier's financial condition and free up cash.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA SOUTHERN: To Get CNY3 Billion Cash Aid from Government
-----------------------------------------------------------
China Southern Airlines will get CNY3 billion (US$441.2 million)
government aid, Xinhua News Agency reports.

According to Xinhua, China Southern announced in a statement a
plan to raise CNY3 billion through share issues in Shanghai and
Hong Kong.

China Southern, Xinhua relates, will issue 721.15 million A shares
at CNY3.16 per share and the same amount of H shares at CNY1.

Xinhua says the share issue plan still needs approval from
shareholders and regulators.  It is expected to be completed in
2009.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


MONITOR OIL: Court Converts Case to Chapter 7 Liquidation
---------------------------------------------------------
Tiffany Kary of Bloomberg News reports that the Hon. Martin Glenn
of the United States Bankruptcy Court for the Southern District
converted the Chapter 11 case of Monitor Oil Plc to Chapter 7
liquidation proceeding at behest of the ad hoc committee of
bondholders.

According to Judge Glenn, other than hearings, the ruling was
based on a December 8 letter from the Debtor's attorneys
withdrawing the company's objection to a liquidation instead of a
Chapter 11 restructuring Ms. Kary says.  In the letter, the
company dropped it objection given the failure of bondholders to
reach an agreement with second-lien lenders, She notes.

Ms Kary says Judge Glenn ordered the Debtor to file its schedule
of unpaid debts incurred after it filed for bankruptcy within 15
days and a final report 30 days days from Dec. 9, 2008.

Bloomberg said that the bondholders say the case can no longer
survive as a Chapter 11 reorganization or any business with
reasonable prospect of rehabilitation.  The case, according to
them, has languished, incurring administrative expenses with no
immediate prospect of payment at risk to the estate-compensated
professionals involved and the expense of the Debtor's unsecured
creditors, according to the Troubled Company Reporter on Nov. 12,
2008.

                       About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
htpp://www.monitoroil.com/ -- an oil and gas service company that
provides oil and gas production solutions, offshore services and
engineering services.  The Monitor Group has operations in London,
England; Aberdeen, Scotland; Stavanger, Norway; Caldicot, Wales;
Shanghai, China and New York, United States.

The company and two of its affiliates, Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11 Protection
on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors to
serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  Ira L. Herman, Esq., at Thompson & Knight, LLP,
represents the Committee.  As of Dec. 31, 2007, the company
disclosed total assets of $98,340,000 and total debts of
$56,125,000.



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

BASIC & MORE: Leung and Morrison Cease to Act as Liquidators
------------------------------------------------------------
On November 25, 2008, Man Mo Leung and Kenneth Graeme Morrison
cease to act as liquidators of Basic & More Manufacturing Limited.

The company's former Liquidators can be reached at:

          Man Mo Leung
          Kenneth Graeme Morrison
          The Lee Gardens, 34th Floor
          33 Hysan Avenue
          Causeway Bay
          Hong Kong


CHELGATE LIMITED: Members' Final Meeting Set for January 9
----------------------------------------------------------
The members of Chelgate Limited will hold their final general
meeting on January 9, 2008, at 10:30 a.m., at the 23rd Floor of
Wing Hang Finance Centre, 60 Gloucester Road, in Wanchai, Hong
Kong.

At the meeting, Yeh King Yeung Albrecht Carl, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


EDGEWORTH LIMITED: Members' Final Meeting Set for January 9
-----------------------------------------------------------
The members of Edgeworth Limited will hold their final general
meeting on January 9, 2009, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Yeh King Yeung Albrecht Carl
          Wing Hang Finance Centre, 23rd Floor
          60 Gloucester Road
          Wanchai, Hong Kong


FAIRLITE INDUSTRIES: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on November 21, 2008, the
members of Fairlite Industries Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Lee Chi Fan
          Golden Centre, Unit 403, 4th Floor
          No. 188 Des Voeux Road
          Central, Hong Kong


HENG TAI: Members' Final Meeting Set for January 6
--------------------------------------------------
The members of Heng Tai Enterprise International Development
Limited will hold their final meeting on January 6, 2008, at
10:00 a.m., at No. 22, 6th Floor of 1 Shan Yuan, 3 Chuang, No. 2,
Dong Guang Nan 2 Hang, Jin Jiang Qu, in Chengdu City, China.

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


JOYX LIMITED: Members' Final Meeting Set for January 6
------------------------------------------------------
The members of Joyx Limited will hold their final meeting on
January 6, 2008, at 11:00 a.m., at the 20th Floor of Prince's
Building, in Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LEHMAN BROTHERS: Hong Kong Probes Banks for Massive Lehman Losses
-----------------------------------------------------------------
Two banks were referred for possible sanctions in Hong Kong as
part of an investigation into misleading sales tactics in
connection with failed US bank Lehman Brothers Holdings Inc.'s
investments whose values are in doubt, The Associated Press
reports.

According to AP, the two unidentified banks are the first to be
referred for sanctions in the authority's investigation.
Regulators could impose fines and revoke the banks' license,
among other penalties, the report says.

Hong Kong's financial services chief weighed in on the dispute
over the possible mis-selling of investment products backed by
Lehman Brothers.  More than a hundred Hong Kong investors, mostly
elderly retirees, had called on the government for actions after
losing money on structured products linked to failed U.S.
investment bank Lehman Brothers.

Xinhua News relates that the regulators' move came after the Hong
Kong Association of Banks accepted the buyback proposal of the
Hong Kong Special Administrative Region government. The
distributor banks involved had agreed to the proposal and
appointed Ernst & Young as independent financial adviser
responsible for the buyback process, the same report says.

According to Xinhua, K.C. Chan, Secretary for Financial Services
and the Treasury of the HKSAR government, said that he hoped the
banks' consensus can help the mini-bond holders to get back their
assets at market value, shortening the lengthy liquidation
process.

The Monetary Authority appointed PricewaterhouseCoopers as an
independent consultant to oversee the buyback process to ensure
impartiality.

          H.K. Bondholders Could Bring Suit to U.S.

Agence France Presse, citing a lawmaker, reports that Hong Kong
investors who bought mini-bonds in Lehman Brothers have been
invited to mount an international lawsuit against the
institutions involved.

According to the report, James To, a lawmaker from the Democratic
Party in Hong KOng, which is acting for most of a group of some
40,000 mini-bond holders in the city, said U.S. lawyers presented
them a proposal for a legal action in a US court.

"The lawyers have presented us a very detailed proposal.  Their
proposed action will be to sue some of the US institutions
involved in the handling of the mini-bonds for a breach of duty
according to American law," To told AFP.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).  Several other affiliates followed
thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only $2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

             International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units of Lehman Brothers Holdings, Inc., which has filed for
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion ($33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., <http://bankrupt.com/newsstand/>or
215/945-7000).


PERPETUAL PARENTS: Final General Meeting Set for January 9
----------------------------------------------------------
The members of Perpetual Parents Education Resource Centre Limited
will hold their final general meeting on January 9, 2009, at
2:30 p.m., at Unit D, 7th Floor, No. 211 Johnston Road, in
Wanchai, Hong Kong.

At the meeting, Chan Lui Ling-yee Lilian, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


POWERMATE CORP: Committee Sues Sun Capital for Fraudulent Transfer
------------------------------------------------------------------
Bloomberg News reports that the U.S. Bankruptcy Court for the
District of Delaware has extended Powermate Corp.'s exclusive
rights to file and solicit acceptances of a Chapter 11 liquidating
plan until March 12 plan.

Meanwhile, Bloomberg's Bill Rochelle relates that Powermate is
facing a suit for wrongful death by survivors of three individuals
who were asphyxiated by defective generators following Hurricane
Ike.  The plaintiffs have asked the Court to modify the automatic
stay modified so they may proceed with the wrongful-death action
in state court.

As reported by the Dec. 2 edition of the Troubled Company
Reporter, citing Bill Rochelle, the official committee of
unsecured creditors appointed in Powermate's obtained the
Bankruptcy Court's approval to settle a lawsuit against Sun
Capital Partners Inc., the private-equity investor that bought 95%
of Powermate in 2004.  According to Mr. Rochelle, in exchange for
the withdrawal of the suit, a $4.7 million fund will be created
for unsecured creditors, while Sun Capital will waive unsecured
claims.  The Creditors Committee sued Sun Capital Partners
alleging fraudulent transfer and breach of fiduciary duty.

                         About Powermate

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp.  In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the companys assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines.  Powermate Holding has no
employees or operations.  Sun Capital Partners bought 95% of
Powermate in 2004.

Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.

The three companies filed for chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Kenneth J. Enos,
Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt &
Taylor, represent the Debtors.  The Official Committee of
Unsecured Creditors, which has seven creditor members, is
represented by Monika J. Machen, Esq., at Sonnenschein Nath
Rosenthal LLP.

On May 23, 2008, the Debtors' summary of schedules posted total
assets of US$60,139,442 and total debts of US$85,700,759.


REDCHIP INTERNATIONAL: Placed Under Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on November 26, 2008, the
members of Redchip International Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          RSM Nelson Wheeler Corporate Advisory Limited
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


RUSK (CHINA) ET AL: Final Meetings Slated for January 7
-------------------------------------------------------
A final meeting will be held on January 7, 2008, for the members
of:

   -- Rusk (China) Limited at 10:00 a.m.;
   -- Luen Kee Catering Development Limited at 10:30 a.m.;
   -- Conmax International Holdings Limited at 11:00 a.m.;
   -- Union Voice Limited at 12:00 noon; and
   -- Sun Kwok Luen Development Limited at 12:30 p.m.

At the meeting, Lin Lai Har, Wendy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WOMEN EXCLUSIVE: Final General Meeting Set for January 9
--------------------------------------------------------
The members of Women Exclusive Limited will hold their final
general meeting on January 9, 2008, at 4:00 p.m., at the 2nd Floor
of Mantex Industrial Building, 37-43 Sha Tsui Road, Tsuen Wan, in
New Territories, Hong Kong.

At the meeting, Yip Ho Man, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.



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

FLAMINGO: CRISIL Rates Rs.100 Million Cash Credit at 'BB+'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Flamingo Pharmaceuticals Ltd (Flamingo).

   Rs.100 Million Cash Credit *         BB+/Stable (Assigned)
   Rs.290 Million Term Loans            BB+/Stable (Assigned)
   Rs.425 Million Packing Credit **     P4 (Assigned)


  ** Cash Credit is fully interchangeable with Bank Guarantee
  **Packing Credit is fully interchangeable with Export Packing
    Credit

The ratings reflect Flamingo's weak financial profile and exposure
to risks relating to customer and geographic concentration in its
revenue profile.  These risks are, however, partially mitigated by
Flamingo's first-mover advantage in the semi-regulated markets in
its business segment; the ratings are also factoring Flamingo's
improved business prospects on account of the certification it has
obtained for its Formulations facility at Taloja from Medicines
and Healthcare Products Regulatory Agency (MHRA), EU.

Outlook: Stable

CRISIL believes that Flamingo's revenues will improve over the
medium term, based on the approval it has obtained from EU MHRA
for its Taloja facility.  The outlook may be revised to 'Positive'
if the company's capital structure improves through equity
infusion, or if its revenue growth exceeds current expectations.
Conversely, the outlook may be revised to 'Negative' in the event
of deterioration in Flamingo's capital structure, or delay in
break-even in its domestic formulation sales business.

                        About Flamingo

Incorporated as Flamingo Impex Pvt. Ltd. by Mr. Ashwin Thacker in
1985, Flamingo began operations by exporting and importing
chemicals and active pharmaceutical ingredients (APIs). The
company got its present name in 1989. It set up its formulations
facility at Rabale in 1995, and another manufacturing facility at
Taloja in 2001.  Export of formulations to the semi-regulated
markets in South East Asia, Africa, Central and Latin America, and
Ukraine contributed nearly 61 per cent to Flamingo's revenues in
2007-08 (refers to financial year, April 1 to March 31); contract
manufacturing and sales of formulation in the domestic market
contributed the remainder of revenues.  Its main products in the
formulations and contract manufacturing segments include
ibuprofen, simvastatin, amoxycillin, azithromycin and metformin.


GLOBE CAPACITORS: CRISIL Rates Rs.130.0 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of Globe Capacitors Ltd (Globe).

   Rs.130.0 Million Cash Credit*       BB+/Stable (Assigned)
   Rs.25.3 Standby Line of Credit      BB+/Stable (Assigned)
   Rs.34.7 Million Term Loan           BB+/Stable (Assigned)
   Rs.25.0 Million Letter of Credit    P4 (Assigned)
   Rs.7.5 Million Bank Guarantee       P4 (Assigned)

* including EPC & export bill discounting of Rs. 50.0 million and
FCNR loan of Rs 59.6 million

The ratings are constrained by Globe's weak financial risk
profile, with substantial working capital requirements leading to
high gearing; and its high client concentration, with its top 10
customers accounting for about 75 per cent of its sales.  These
weaknesses are partially offset by the company's established
market position and growing share of overseas business.

Outlook: Stable

CRISIL expects Globe to sustain its current credit risk profile on
the back of its growing presence in the overseas market and
healthy profit margins.  The outlook may be revised to 'Positive'
on sustained healthy and profitable growth beyond present
expectations.  Conversely, the outlook may be revised to
'Negative' in case of debt-funded capital expenditure, leading to
weak gearing and debt protection measures.

                    About Globe Capacitors

Globe was established in 1978 at Faridabad by Mr. S.P. Agarwal to
undertake manufacturing of capacitors.  The company started
operations with the manufacture of capacitors based on paper/foil
base technology and gradually adapted to the new technology of
manufacturing metallised polypropylene capacitors.  The company
focuses only on original equipment manufacturers, which include
reputed multinationals.  Its prominent customers include Samsung,
LG, Crompton Greaves, Godrej & Boyce, and Orient Fans. Globe
products are certified by Underwriter Laboratories, USA, and its
plant is ISO 9001-2000 certified.

For 2007-08 (refers to financial year, April 1 to March 31), Globe
reported a profit after tax of Rs. 10 million (Rs.7 million in the
previous year) on net sales of Rs. 318 million (Rs.216 million).


SHREEJI POWER: CRISIL Rates Rs.160 Mil. Long Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'B/Negative/P4' to
the various bank facilities of Shreeji Power & Insulators Pvt.
Ltd. (SPIPL).

   Rs.160 Million Long Term Loan      B/Negative (Assigned)

   Rs.80 Million Proposed Long        B/Negative (Assigned)
         Term Bank Loan Facility

   Rs.50 Million Proposed Short       P4 (Assigned)
         Term Bank Loan Facility  

The rating reflects the delay in commissioning of project which
could subsequently translate in cost overruns.  The rating also
factors in the highly competitive and fragmented nature of the
electrical insulator industry.  These rating weaknesses are,
however, partly offset by the healthy growth prospects of the
electric insulators industry on account of strong investments in
the power sector.

Outlook: Negative

The 'negative' outlook reflects the timely project completion
challenges that company faces.  The outlook may be revised to
'stable' if company manages to implement the project without
significant cost overruns.

                           About SPIPL

SPIPL belongs to the Gujarat based Kiran Group of companies.  The
promoters of the group are diversifying from their traditional
business of logistics and warehousing by setting up a facility for
manufacturing electric insulators with a capacity of 5623 tonnes
per annum under SPIPL.  The project is proposed to cater to the
strong demand for porcelain insulators both in India and abroad
and is expected to commence operations by March 2009.


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

BANK CIMB: Fitch Affirms 'BB' Currency Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed PT Bank CIMB Niaga Tbk's Long-term
foreign currency Issuer Default Rating at 'BB', Individual Rating
at 'C/D', Support Rating at '3' and foreign currency subordinated
debt rating at 'BB-' (BB minus).  The Outlook is Stable.  The
agency has assigned Niaga a 'BB-' (BB minus) Supporting Rating
Floor based on Fitch's assessment of the possibility of moderate
Sovereign support, given its enlarged size and systemic importance
as Indonesia's sixth-largest bank.

At the same time, the agency has affirmed all ratings of PT Bank
Lippo Tbk and withdrawn them.  This follows the completion of the
legal merger between the two banks, whereby Lippo's assets and
liabilities have been transferred to Niaga on November 1, 2008,
and its shares de-listed following a share swap for Niaga's
shares.

Niaga's ratings reflect its satisfactory profitability and balance
sheet strength, with its funding position expected to improve
following its merger with Lippo.  "The merger between Niaga and
Lippo was mooted in June 2008, mainly to comply with the Single
Presence Policy in Indonesia.  It is also expected to provide
synergistic gains, given the complementary strengths of Niaga's
commercial and retail lending portfolio and Lippo's strong deposit
franchise and its transactional banking capabilities," says Tan
Lai Peng, Director in Fitch's Financial Institutions group.  These
gains are expected to be realized over the longer term given the
tougher operating conditions expected in Indonesia in 2009.  The
merged bank has combined assets of IDR99.2trn (US$8.3 billion) as
at November 1, 2008.

Based on Fitch calculations, Niaga's ROA declined slightly to 1.4%
in 9M08 but net interest margin held steady at 5.0% in 9M08.
Lippo's lower cost deposit funding base, thanks to its payment
franchise, should provide a good fit to Niaga's larger loan book,
which is twice the size of Lippo's.  The combined loan book of the
merged bank appears quite well-balanced with a 30%, 35%, 35% split
between corporate, commercial and consumer loans, respectively.
Asset quality improved with NPLs lower at 3.0% of gross loans at
end-Q308.  The merged bank's combined NPL ratio is estimated at
slightly above 2%, below the industry average of 3.9%, with a
combined provision cover of around 80% (peers: about 120%).  With
the weakening in asset quality expected next year, Fitch believes
that the provision cover for the merged bank is likely to rise
further.  Capital ratios are satisfactory, with Tier 1 at 11.3%
and Total at 14.3%, respectively.  Niaga should benefit from the
financial backing of CIMB Group.  Established in 1955 and listed
in 1989, the merged Niaga is now the sixth-largest bank in
Indonesia with about 5% of system assets.  Bumiputra-Commerce
Holdings Berhad, the holding company of CIMBG, first acquired
majority control of Niaga in November 2002 and transferred its
stake to wholly-owned CIMBG in August 2007.  Following the merger
with Lippo Bank, CIMBG now holds 77.74% of Niaga while Khazanah
Nasional Berhad holds a 19.67% interest in Niaga.


BANK RAKYAT: Fitch Affirms Currency Issuer Default Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Rakyat Indonesia Tbk's Long-
term foreign currency Issuer Default Rating at 'BB' with a Stable
Outlook, Short-term foreign currency IDR at 'B', National Long-
term rating at 'AAA(idn)' with a Stable Outlook, Individual Rating
at 'C/D', Support Rating at '3' and Support Rating Floor at 'BB-'
(BB minus).

BRI's ratings reflect its strong underlying profitability, its
well-reserved and above average asset quality, as well as its
largely unchallenged position as a leading bank for micro-lending
in Indonesia.  The ratings also take into account its majority
state-ownership (56.8%) and size (10.3% of system assets).

The bank's underlying profitability measured by pre-tax ROA was
still strong but moderated to 4.0% in 9M08 as it raised provisions
in response to unfavorable economic conditions.  Net interest
margin, according to Fitch calculations, remained stable at 9.6%
in 9M08 and was among the best in the industry (2007 average:
6.1%), thanks to strong lending yield on its micro-credits and its
ample low-cost demand and savings deposits.  Loans grew by 33% in
9M08 (industry: 23%) with growth seen across all major segments -
micro, consumer and SME loans remained a core focus accounting for
at least 82% of total loans. The exposure to foreign currency
lending was low at 7.7% of total loans at end-September 2008.

Loan quality remained good as NPLs declined to 2.9% of gross loans
at end-September 2008.  While the more difficult operating
conditions are likely to slow down loan demand and cause loan
quality to deteriorate, the impact should be mitigated by its
diverse customer base and well-reserved NPLs, as provisions
increased to 198% of NPLs at end-September 2008.  Capital ratio
remained satisfactory although Tier 1 and Total CAR declined to
12.06% and 13.45%, respectively, at end-September 2008.

BRI is Indonesia's oldest bank, established in 1895 with the
widest domestic distribution network.  It remains majority-owned
by the Indonesian government (56.8% at end-September 2008). It is
the third-largest bank by assets in Indonesia in Q308.



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

DELPHI CORP: Wants Sole Right to File Plan Extended to Jan. 31
--------------------------------------------------------------
Delphi Corp. has asked the U.S. Bankruptcy Court for the Southern
District of New York to preclude its creditors' committee from
filing a competing plan before Jan. 31, Bill Rochelle of Bloomberg
News reports.  The Delphi's reorganization plan that was confirmed
by the Bankruptcy Court in January 2008 prevents anyone other then
the committee from proposing a plan.

Mr. Rochelle also notes that the new motion, to be heard Dec. 17,
is silent about whether Delphi can emerge from Chapter 11 before
the fate of former parent General Motors Corp. is sorted out.

The hearing to consider preliminary approval of the Delphi Corp.'
and its affiliates' proposed modifications to their confirmed
First Amended Joint Plan of Reorganization is also scheduled for
hearing on Dec. 17, 2008, after the schedule was adjourned three
times.

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

The Preliminary Plan Modification Hearing was originally scheduled
for October 23, 2008, and contemplated Delphi's emergence from
bankruptcy by Dec. 31, 2008.  The modified plan does not require,
in addition to US$4,700,000,000 of debt exit financing,
Appaloosa's US$2,550,000,000 cash-for-equity investment, which was
the highlight of the Court-confirmed, but unconsummated, Jan. 25,
2008 PoR.  The modified plan requires debt exit financing of
US$2.75 billion plus a US$1,000,000,000 raised through a rights
offering.

Delphi, however, has signed deals with General Motors Corp. and
its DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to
have access to borrowed cash until mid-2009.  Delphi, however, has
said that "in the face of the current unprecedented turbulence in
the credit markets and uncertainty in the automobile industry," it
does not anticipate emerging from chapter 11 prior to December 31,
2008, when its financing deals mature.

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

Under the modifications to the confirmed plan, unsecured creditors
could recover 38.8% compared with 100% under the confirmed pLan.

                    About Delphi Corp.

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

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

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

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

APEX LTD ET AL: Fixes December 17 as Last Day to File Claims
------------------------------------------------------------
Kim S. Thompson fixes December 17, 2008, as the last day to file
proofs of debt for the creditors of these companies:

   -- Apex Ltd.;
   -- Apex Limited, BT Finance Limited;
   -- Lane Homes Development No1 Limited;
   -- Lane Homes Development No2 Limited;
   -- Lane Homes Development No3 Limited;
   -- Lane Homes Development No4 Limited;
   -- Lane Homes Development No5 Limited;
   -- Lane Homes Development No6 Limited;
   -- Lane Homes Development No7 Limited;
   -- Lane Homes Development No8 Limited;
   -- Lane Homes Development No9 Limited;
   -- Lane Homes Development No10 Limited;
   -- Lane Homes Development No11 Limited;
   -- Lane Homes Development No12 Limited;
   -- Lane Homes Development No14 Limited;
   -- Lane Homes Development No15 Limited;
   -- Lane Homes Development No16 Limited;
   -- Lane Homes Development No17 Limited; and
   -- Lane Homes Development No18 Limited.

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

The Liquidator can be reached at:

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


BGI INVESTMENTS ET AL: Commences Liquidation Proceedings
--------------------------------------------------------
The official assignee advises the liquidations of:

   -- BGI Investments Ltd; and
   -- Southern Motor Painters Limited.

The official assignee can be reached at:

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


BURNHAM BLOODSTOCK: Commences Liquidation Proceedings
-----------------------------------------------------
Burnham Bloodstock NZ Ltd. commenced liquidation proceedings on
November 12, 2008.

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


BURTON RESIDENTIAL: Court Hears Wind-Up Petition
------------------------------------------------
On November 28, 2008, the High Court at Wellington heard a
petition to have Burton Residential Ltd.'s operations wound up.

Wiri Wholesale Timber Limited filed the petition against the
company on September 23, 2008.

Wiri Wholesale's solicitor is:

          John Ropati
          88 Jervois Road, Level 1
          Herne Bay, Auckland
          Telephone:(09) 376 6530
          Facsimile:(09) 376 6539


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

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

Auckland City's solicitor is:

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


ENTIRE RENOVATIONS: Fixes December 15 as Last Day to File Claims
----------------------------------------------------------------
The creditors of Entire Renovations Ltd. are required to file
their proofs of debt by December 15, 2008, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


HORNBY INVESTMENTS: Creditors' Proofs of Debt Due on December 19
----------------------------------------------------------------
The creditors of Hornby Investments 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. 7, 2008.

The company's liquidators are:

          Stephen Mark Lawrence
          Anthony John McCullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone:(09) 306 7424
          Facsimile:(09) 302 0536


KATERE PROPERTIES: Commences Liquidation Proceedings
----------------------------------------------------
Katere Properties Ltd. commenced liquidation proceedings on
November 10, 2008.

The company's liquidators are:

          Christopher John Lynch
          Staples Rodway Taranaki Limited
          109-113 Powderham Street
          New Plymouth
          Telephone:(06) 758 0956
          Facsimile:(06) 757 5081


LALI MEDIA: Court to Hear Wind-Up Petition on December 17
---------------------------------------------------------
A petition to have Lali Media Group Ltd.'s operations wound up
will be heard before the High Court at 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


MUNGIS NZ: Commences Liquidation Proceedings
--------------------------------------------
The shareholders of Mungis NZ Ltd. met on November 5, 2008, and
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Gareth Russel Hoole
          Kevin David Pitfield
          Staples Rodway Limited
          Chartered Accountants
          PO Box 3899, Auckland 1140
          Telephone:(09) 309 0463


PARK HOLDINGS: Creditors' Proofs of Debt Due on December 19
-----------------------------------------------------------
The creditors of Park Holdings 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. 13, 2008.

The company's liquidators are:

          Stephen Mark Lawrence
          Anthony John Mccullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone:(09) 306 7424
          Facsimile:(09) 302 0536


THE MOWER: Court Hears Wind-Up Petition
---------------------------------------
On December 1, 2008, the High Court at Wellington heard a petition
to have The Mower Shop Ltd.'s operations wound up.

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


THE WAREHOUSE: Discontinues Warehouse Cellars
---------------------------------------------
The Warehouse Group Limited is halting sale of liquor at six of
its 85 existing locations after the Liquor Licensing Authority
refused the company of a liquor license for its Albany store.

In October 2008, The Warehouse Group advised the market that it
was reviewing its strategy in respect of its liquor business.

Commenting on the move, Managing Director Ian Morrice said, "While
the Liquor Licensing Authority's decision is very disappointing,
it was not the only determining factor.  We have operated very
responsibly in six stores for almost three years and applied for a
license in Albany which has already been granted to other
Department stores in New Zealand.  This could have enabled a
responsible national chain to offer an alternative for consumers
but that opportunity has been denied."

Mr. Morrice added: "The Warehouse Cellars concept has higher
operating costs due to being a supervised area in-store and was
developed in association with the improved customer offer of The
Warehouse Extra.  Subsequent to the exit from Extra, we have
reviewed The Warehouse Cellars operations under a number of
structures and have determined that a stand alone liquor offer is
no longer compatible with our future
growth plans."

The Warehouse Cellars store-within-store exit cost is expected to
be less than NZ$1 million.  The withdrawal program will commence
after the Christmas period.

The Warehouse Group Limited -- http://www.thewarehouse.co.nz/--
is one of New Zealand's largest retailers providing Kiwis with "a
bargain" since 1982.  The company has 85 stores throughout New
Zealand (including 3 Warehouse Extra stores)
and employs over 8,500 team members from Kaitaia in the north to
Invercargill in the south.  The Warehouse Group had sales of
NZ$1.76 billion in 2007 and a profit of NZ$97.9 million to the
year ended 31st July 2007.


THE WHYTE: Court Hears Wind-Up Petition
---------------------------------------
On December 1, 2008, the High Court at Wellington heard a petition
to have The Whyte Group Ltd.'s operations wound up.

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


TRUMP ENTERPRISES: Court to Hear Wind-Up Petition on December 15
----------------------------------------------------------------
A petition to have Trump Enterprises Ltd.'s operations wound up
will be heard before the High Court at Christchurch on Dec. 15,
2008, at 10:00 a.m.

Ken Jones Building Supplies Limited filed the petition against the
company on October 31, 2008.

Ken Jones' solicitor is:

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


WHAKARURU: Appoints Madsen-Ries and Levin as Liquidators
--------------------------------------------------------
On November 7, 2008, Vivien Judith Madsen-Ries and Henry David
Levin were appointed as liquidators of Whakaruru Developments Ltd.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          Henry David Levin
          c/o Mirian Liu
          Deloitte House, Level 8
          8 Nelson Street, Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


===============
P A K I S T A N
===============

* PAKISTAN: ADB Approves US$300 Mil. Loan
-----------------------------------------
The Asian Development Bank (ADB) has approved three loans totaling
US$300 million to three provinces of Pakistan in support of local
government programs to boost sustainable growth, reduce poverty,
and improve the health of women and infants, ADB's press release
said.

ADB is providing US$100 million for the Second Balochistan
Resource Management Program, US$100 million for the Punjab
Millennium Development Goals (MDG) Program, and US$100 million for
the Sindh Growth and Rural Revitalization Program.  The
Balochistan and Sindh programs will also receive technical
assistance grants.

The loans are helping the provincial governments address key
constraints that hinder growth, poverty reduction, and health
gains.  In the case of Punjab — which has the largest provincial
population and economy in the country — funding for improving
health care services will help it meet the MDGs for reducing
maternal and infant mortality rates.

"The Program could potentially save the lives of up to 11,000
women and 235,000 infants by 2015 compared to a scenario without
such support.  It will also help Punjab improve public financial
management in the health sector," said Rie Hiraoka, Senior Social
Sectors Specialist for ADB's Central and West Asia Department.

The loan to the Sindh provincial government will help improve
management of public spending and boost investment in rural areas,
where poverty levels are high and economic opportunities are low.
It will also promote private sector participation and public-
private partnerships (PPPs) that can increase investment in much-
needed infrastructure and social services.  Technical assistance
of US$800,000 will be used to conduct studies and draw up options
for PPPs.

"The large rural-urban divide is a serious concern. Accelerating
growth and improving the income of the rural poor are essential
for economic and social stability in Sindh," said Xiaoqin Fan,
Senior Public Resource Management Specialist at ADB's Pakistan
Resident Mission.

In Balochistan — the country's largest but sparsely populated
province — the loan will strengthen the provincial government's
management of public finances, create a more sustainable and
affordable civil service pension system, and help improve
governance in the lucrative but largely-untapped mineral resources
sector. A technical assistance grant of US$800,000 will help the
provincial government implement the Program.

"The Program will address some of the binding constraints on
economic growth by allowing for more efficient use of public
resources, while paving the way for greater private investment
especially in the minerals sector," said Jose Antonio Tan III,
Public Finance Economist in the Central and West Asia Department.

The three loans will cover funding requirements for the first
phase of each of the provincial programs, with ADB likely to
provide further substantial funding for subsequent stages.



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

RURAL BANK OF PARANAQUE: Under Receivership
-------------------------------------------
The Rural Bank of Paranaque Inc ("RBPI"), after declaring a bank
holiday on Monday, December 8, 2008, has been placed under
receivership by the Monetary Board of the Bangko Sentral ng
Pilipinas (BSP).

The Monetary Board, the policy-making body of the BSP, issued MB
Resolution No. 1616 dated December 9, 2008 placing RBPI under
receivership on the basis of the voluntary closure by its owners
last Monday and the findings of Bangko Sentral examiners
confirming the existence of the grounds for receivership under the
law.

The Monetary Board designated the Philippine Deposit Insurance
Corporation as receiver.  PDIC is mandated to gather and preserve
the assets and liabilities of the bank, as well as control,
manage, and administer its affairs.

As the state deposit insurer, PDIC is also tasked to promote and
safeguard the interests of the depositing public by providing
deposit insurance.  PDIC President Jose C. Nograles assured that
the corporation will pay all valid claims of depositors of RBPI.
He also said that PDIC aims to promptly pay all valid claims.  He
stressed that the speed of payout will depend on the availability
and state of bank records and the completeness of documentary and
other requirements submitted by the claimants.

According to PDIC, RBPI has over 37,000 deposit accounts, hence
examination and payout process may take some time.  PDIC said its
personnel will make an initial evaluation and will subsequently
make announcements on the schedule for distribution of claim
forms, submission of claims, and payout.

Business World reports that according to Mr. Nograles, the PDIC
will "try to prioritize the small savers," or those with deposits
of Php15,000 or less which accounted for a quarter of RBPI's total
deposit liabilities.

RBPI, Business World relates, is believed to be one of 10
distressed rural banks affiliated with Mr. Celso delos Angeles,
Jr., founder of Legacy group, a financial services firm engaged in
the pre-need business.

The Philippine Daily Inquirer meanwhile reports that two member
banks of the the Legacy group in the Visayas region have declared
bank holiday.  The Philippine Countryside Rural Bank Inc. (PCRBI)
and the Pilipino Rural Bank Inc. (PRBI) took their depositors by
surprise by failing to open on Monday, Dec. 8.

According to the Philippine Daily Inquirer, the BSP found the
PCRBI and the PRBI, along with seven other banks under the Legacy
group, to be undercapitalized during an audit done on July 31,
2007.  The other banks included Rural Bank of Parañaque Inc.,
Rural Bank of San Jose (Batangas) Inc., Rural Bank of Carmen
(Cebu) Inc., Rural Bank of Calatagan (Batangas) Inc. (now Dynamic
Rural Bank), Rural Bank of DARBCI Inc., Rural Bank of Kananga
(Leyte) Inc. (now First Interstate Rural Bank) and Rural Bank of
Bisayas Minglanilla (now Bank of East Asia).

RBPI is a five-unit bank with head office located at the Super
Palengke ng Paranaque, Quirino Ave., Paranaque City, and four
branches in Las Pinas City, Marikina City, Pasig City, and
Masinag.  As of September 30, 2008, RBPI had deposit liabilities
amounting to Php5.43 billion.


* PHILIPPINES: Three More Banks Under Receivership, BSP Says
------------------------------------------------------------
The Bangko Sentral ng Pilipinas disclosed that eight banks have
sent notice that they have unilaterally declared bank holiday.  Of
these, four have been placed under receivership of the Philippine
Deposit Insurance Corporation by the Monetary Board.

In a media release issued today, BSP said these banks represent
only a tiny fraction of the banking system and that this reaffirms
the BSP's assessment that the banking system remains stable,
highly-capitalized, and highly liquid.

For the information, guidance, and protection of the public, the
BSP is releasing the list of these banks:

   1. Rural Bank of Paranaque (Placed under PDIC receivership
      by the Monetary Board on December 9, 2008)

   2. Rural Bank of Bais based in Negros Oriental ( placed
      under PDIC receivership by the MB on December 11)

   3. Pilipino Rural Bank based in Cebu (placed under PDIC
      receivership by the MB on December 11)

   4. Rural Bank of  San Jose  based in San Jose, Batangas
      (placed under PDIC  receivership by the MB on December 11)

   5. Philippine Countryside Bank based in Cebu

   6. Dynamic Bank (RB of Calatagan) based in Batangas

   7. San Pablo City Development Bank

   8. Nation Bank based in Bacolod City

The Bangko Sentral said it is investigating these banks to
determine their financial condition and viability as well as
violations of banking laws that may have been committed.  The
Bangko Sentral will take appropriate action based on the findings.

The Bangko Sentral advises the public to avoid making sweeping
judgment on the condition of individual banks based on pure
speculation as these tend to be self-fulfilling.



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

D'ORION SHIPPING: Final Meeting Set for December 30
---------------------------------------------------
The members of D'Orion Shipping Pte. Ltd. will hold their final
meeting on December 30, 2008, at 10:00 a.m., at 25 International
Business Park #04-22/26 German Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


PACIFIC CHILDREN'S: Creditors' Proofs of Debt Due on January 16
---------------------------------------------------------------
The creditors of Pacific Children's Clinic Pte Ltd are required to
file their proofs of debt by January 16, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

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


PAN-ASIA TOWER: Creditors' Proofs of Debt Due on January 5
----------------------------------------------------------
The creditors of Pan-Asia Tower 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 Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PASIR PANJANG: Pays First Interim Dividend
------------------------------------------
Pasir Panjang Industries Pte Ltd, which is in liquidation, paid
the first and final dividend to its creditors on December 10,
2008.

The company paid SGD3.00 per share to all the received claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PEC TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
On November 21, 2008, the High Court of Singapore entered an order
to have PEC Technology (S) Pte Ltd's operations wound up.

Johnson Controls (S) Pte Ltd filed the petition against the
company.

Johnson Controls' liquidator is:

          Official Receiver
          Insolvency & Public Trustee's Office
          45 Maxwell Road
          #06-11 The URA Centre (East Wing)
          Singapore 069118



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

START CLO: Fitch Affirms Ratings on Various Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the notes issued by
START II, III and IV CLO Limited and assigned Rating Outlooks:

START II CLO Limited's notes due 2012 (Start II):

  -- US$108 million Class A notes affirmed at 'AAA';
     Stable Outlook; and

  -- US$24 million Class B notes affirmed at 'AAA';
     Stable Outlook.

START III CLO Limited's notes due 2011 (Start III):

  -- US$56.25 million Class A notes affirmed at 'AAA';
     Stable Outlook;

  -- US$41.25 million Class B notes affirmed at 'AAA';
     Stable Outlook;

  -- US$22.5 million Class C notes affirmed at 'A+';
     Stable Outlook;

  -- US$37.5 million Class D notes affirmed at 'BBB+';
     Negative Outlook; and

  -- US$30.0 million Class E notes affirmed at 'BB+';
     Negative Outlook.

START IV CLO Limited's notes due 2011 (Start IV):

  -- US$82.5 million Class A notes affirmed at 'AAA';
     Stable Outlook;

  -- US$30.0 million Class B notes affirmed at 'AAA';
     Stable Outlook;

  -- US$26.25 million Class C notes affirmed at 'AA-' (AA minus);
     Stable Outlook;

  -- US$26.25 million Class D notes affirmed at 'BBB+';
     Negative Outlook; and

  -- US$22.5 million Class E notes: affirmed at 'BB+';
     Negative Outlook;

These three transactions are synthetic balance sheet CLOs managed
by Standard Chartered Bank (SCB, 'A+'/'F1') referencing diverse
pools of predominantly unsecured loans.  SCB can currently
replenish the credit portfolio in each transaction and the
replenishment is subject to certain conditions being met.  The
weighted average life of each current portfolio is less than one
year and the remaining replenishment period is up to one year.  In
order to assess the credit risk of the rated notes, the agency
looks into SCB's replenishment behavior, their interest alignment
with the noteholders and the portfolio default coverage level of
each of the rated notes, as well as the sensitivity analyses,
where reference entities in certain industries with Negative
Outlook (as identified by Fitch) were supposed to be stressed.

The rating affirmations of all the notes reflect the significantly
increased granularity of the portfolios and the credit enhancement
levels which can withstand a large number of defaults of the
lowest-rated obligors.  The Stable Outlooks assigned to the senior
notes of each transaction reflect their ability to withstand
Fitch's forward-looking deterministic stress scenario which
focuses on the negative rating migration trends expected from
several industries, namely Banking & Finance, Automobiles,
Building & Materials and Gaming, Leisure & Entertainment.  The
Negative Outlooks assigned to Class D and E of Start III and IV
indicate their relative susceptibility to the negative rating
migration risk in the aforementioned industry sectors.

Start II currently references a US$1.5 billion portfolio of global
corporate obligations, 84.0% of which are investment grade.  The
number of reference assets has increased significantly to 670
(from 309 entities), compared with 180 (from 157 entities) in June
2007.  Current credit enhancement levels of 9.0% for Class A and
7.4% for Class B enable both tranches to withstand a comfortable
level of defaults.  To date, Start II has experienced just two
credit events which have translated into negligible levels of
loss.  The weighted average rating of the current portfolio is
'BBB-' (BBB minus), largely unchanged from 'BBB/BBB- (BBB minus)'
in June 2007.  The current portfolio's principal industries are
Banking & Finance at 26.0%, 10.7% in Food, Beverage & Tobacco,
6.2% in Transportation and 5.8% in Gaming, Leisure &
Entertainment.  In terms of geography, the largest concentration
is in Hong Kong with 21.3%, followed by United States with 13.4%
and 11.9% for Singapore.

Start III currently references a US$1.4 billion portfolio across
Asia and the Middle East, 47.5% of which is investment grade and
48.5% is in the 'BB' category.  The number of reference assets has
increased to a very granular 1,241 (from 543 entities), compared
with 438 (from 345 entities) in December 2007.  Current credit
enhancement levels evidence a significant level of cushion in both
unstressed and stressed scenarios enabling the senior tranches to
demonstrate a comfortable level of default coverage.  Start III
has experienced two credit events which, like Start II, have
resulted in negligible levels of loss.  The weighted average
rating of the current portfolio is 'BB+', and remains largely
unchanged.

Principal industries include Banking & Finance at 13.5%, Business
services at 11.5%, 10.1% in Gaming, Leisure & Entertainment and
6.0% in Building & Materials.  Like Start II, the current
portfolio has a geographical concentration in Hong Kong at 30.7%,
followed by 11.4% in Singapore and 10.7% in the United Arab
Emirates.  Start IV currently references an approximately US$1.3bn
portfolio mainly across Asia and the Middle East, 48.3% of which
is in the investment grade category and 44.8% in the 'BB'
category.  The number of reference assets has increased materially
to 1,215 (from 524 entities), compared with 379 (from 282
entities) at closing in June 2007.  Current credit enhancement
levels evidence a significant level of cushion, enabling the
senior tranches to demonstrate a comfortable level of default
coverage.  No credit events have occurred since closing. Like
Start III, the weighted average rating of the current portfolio is
'BB+'.  The current portfolio's principal industries are Banking &
Finance at 20.3%, 14.4% in Food, Beverage & Tobacco and 6.2% in
both Business services and Real estate.  At 21.4%, Start IV has
less exposure to Hong Kong than Start III, has similar exposure to
the United Arab Emirates and in general has greater exposure to
emerging market countries with 10.0% exposure to both India and
China.

SCB is the swap counterparty and the portfolio manager for the
transaction.  There is no swap counterparty trigger in each
transaction.  However, to mitigate any failure to pay interest,
SCB posts the next period's interest in advance.  The proceeds
from the issuance of the notes in each transaction remain
deposited with the account bank, Deutsche Bank AG ('AA-' (AA
minus)/ 'F1+').

The ratings are based on the portfolio credit risk, an updated
review and analysis of the mapping of SCB's internal credit
scoring system, the long-term foreign currency ratings of the
relevant domiciled countries in each portfolio, the available
credit enhancements of the notes, the arrangements provided under
the CDS, and the legal and financial structure of the
transactions.  The ratings of the notes address the likelihood of
receiving the payment of interest and ultimate repayment of
principal by the respective legal maturities.


* Difficult Year Ahead for Developing Asia, ADB Says
----------------------------------------------------
Economic growth in developing Asia will slow to 5.8% in 2009, down
from a likely 6.9% this year and 9% in 2007, as the impact of the
global financial crisis spreads to emerging markets, says a new
report from the Asian Development Bank (ADB).

With the global economy facing a major downturn, the region's
economic resilience will be tested by weakening exports and a
sharp slowdown of private capital flows, according to the December
issue of Asia Economic Monitor (AEM).

"2009 is likely to be a difficult year for developing Asia but it
will be manageable if countries respond decisively and
collectively," says Jong-Wha Lee, Head of ADB's Office of Regional
Economic Integration (OREI).

"Swift action by policymakers to stem both the threat to the
financial systems and the real economy will allow most of the
region's economies to sustain a healthy if slower expansion."

The AEM says that maintaining the growth momentum in domestic
demand is key to keeping the regional economy in relatively good
shape amid a weakening external environment.

Economic growth in emerging East Asia - defined as the 10
Association of South East Asia Nations (ASEAN) plus the People's
Republic of China (PRC); Hong Kong, China; Taipei,China; and the
Republic of Korea - will slow to 5.7% in 2009 down from 6.9%
percent in 2008.

The PRC, the region's growth engine, is expected to moderate to
8.2% in 2009 from 9.5% in 2008 even as the government has
undertaken measures to spur domestic demand to offset a slowdown
in exports and private investment growth.

Further clouding the outlook is a deeper, more prolonged global
recession creating persistent stress on the region's financial
systems.

"The risks to the region's growth outlook are strongly tied to the
global outlook through both trade and financial links," says
Dr. Lee.  "Further financial disruptions could also exert a
significant influence on consumer and investor confidence in the
region."

While the region's economies and financial systems are
fundamentally sound and appear better cushioned to withstand the
immediate effects of the crisis than in other parts of the world,
the report notes with concern that the global credit crunch is now
spilling over into domestic banking systems, squeezing funding
resources for corporate investment, and could boil over in some
key regional economies if left unaddressed.

If banks in the region become more risk averse, the report warns,
monetary policy may have less traction than in the past and
governments will have to develop more active fiscal responses to
shore up domestic demand.

The AEM urges the region's policymakers to move swiftly to reduce
the risk of a regional credit crunch.

It recommends policymakers step up their monitoring of local
financial markets and have clear policies in place to deal with
stressed institutions; provide adequate provisions of foreign and
domestic liquidity so that credit continues to flow into the
economy; and consider a range of policies to contain the spillover
effects of the worsening financial conditions and risks arising
from weaker growth on regional banking systems.

The AEM also recommends the region's authorities continue to
improve regulation and oversight of financial systems to (a)
strengthen transparency and accountability; (b) enhance sound
regulation and prudential oversight; (c) mitigate the
procyclicality of financial markets; (d) broaden and deepen
financial markets to enhance resilience; and (e) reinforce cross-
border cooperation.

According to a special note, "Developing Asia's Prospects in the
Global Slowdown," also released by the ADB yesterday, December 11,
South Asia is likely to reach 6.8% growth this year and 6.1% in
2009, down from 8.6% in 2007.

India, South Asia's most dynamic economy in recent years, is
reeling from the direct effect of the global financial crisis on
its banking systems and financial markets, the special note says.
The growth projection for India has been revised down to 7% in
2008 and 6.5% in 2009, down from 9% in 2007.


* House Passes US$14 Billion Financial Aid for Detroit's Big 3
--------------------------------------------------------------
Greg Hitt at The Wall Street Journal reports that The House of
Representatives has passed the bill on the government financial
assistance being requested by General Motors Corp., Ford Motor
Co., and Chrysler LLC.

According to WSJ, the Democrats and the Bush administration hoped
for a Senate vote as early as Dec. 11 and enactment by week's end.
Republicans in the Senate objected the bill, which could affect
the bailout, says the report.  The report quoted Sen. Richard
Shelby as saying, "I'm going to oppose the package because I think
this is just the down payment on billions and billions to come.
These are failed or failing companies."  Sen. John Cornyn,
according to the report, said that he and other Republicans have
concerns on whether the proposed "car czar," who would supervise
the bailout program, would be able to force concessions needed to
return the industry to financial stability.  Some Republicans said
that they might support the bailout especially if the car czar is
given stronger authority to dictate terms of a restructuring.

           The Auto Federal Financial Assistance Bill

The bill states that the U.S. president will designate one or more
officers from the Executive Branch with appropriate expertise in
areas like economic stabilization, financial aid to commerce and
industry, financial restructuring, energy efficiency, and
environmental protection, to facilitate the restructuring
necessary to achieve the long-term financial viability of the
automakers.  The president will also appoint may appoint
additional persons with expertise.

The president's designee will determine by Jan. 1, 2009,
appropriate measures for assessing the progress of each eligible
automobile manufacturer toward transforming the plan submitted by
the automakers to the Congress on Dec. 2, 2008, into a
restructuring plan to be submitted by March 31, 2009, aimed at
achieving and sustaining long-term viability, international
competitiveness, and energy efficiency of the automakers.

Up to $14 billion in loans will be provided.  Loans shall mature
in seven years, or the President's designee may determine a longer
period.  The loans will have (a) 5% interest during the five-year
period beginning on the date on which the designee disburses the
loan; and (b) 9% interest after the end of the five-year period.
Payments will be made semi-annually.  The loans shall be
prepayable without penalty at any time.

Borrowers must then allow the designee access to their books,
papers, records, or other data; and those of their subsidiaries,
affiliates, or entity holding an ownership interest of 50% or
more.  They must provide information requested by the designee and
promptly inform the designee of any asset sale, investment,
contract, commitment, or other transaction proposed to be entered
into that has a value in excess of $100 million, and any other
material change in the financial condition of the automakers.

If the borrowers fail to make adequate progress towards meeting
the restructuring progress assessment measures established by the
designee, or if after March 31, 2009, the borrowers fail to submit
an acceptable restructuring plan or fail to comply with any
conditions or requirement applicable under the Act or applicable
fuel efficiency and emissions requirements, or the borrowers fail
to make adequate progress in the implementation of their
restructuring plan, repayment of any loan may be accelerated to an
earlier date, and any other financial assistance may be cancelled
by the designee;

The designee may not provide any loan unless he or she receives
from the borrowers:

    -- securities which are traded on a national securities
       exchange, a warrant giving the right to the designee to
       receive nonvoting common stock or preferred stock or a
       voting stock in the company; and

    -- a warrant for common or preferred stock or an instrument
       that is the economic equivalent of such a warrant in the
       holding company of the eligible borrower, or any company
       that controls a majority stake in the borrower.

The designee shall require the borrowers to meet appropriate
standards for executive compensation and corporate governance,
which include, among other things:

    -- limits on compensation that exclude incentives for senior
       executive officers of the borrower

    -- provision for the recovery of any bonus or incentive
       compensation paid to a senior executive officer based on
       statements of earnings, gains, or other criteria that are
       later found to be materially inaccurate;

    -- prohibition to make any golden parachute payment to a
       senior executive officer

A copy of the bill is available for free at:

               http://ResearchArchives.com/t/s?3607



* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      16203169.11     -4359829.02
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     525672845.30   -234867042.02
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
CROESUS MINING              CRS      16003304.16    -13810195.85
ETW CORP LTD                ETW     103760615.53    -50215440.96
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      40075709.67     -8003394.15
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
KH FOODS LTD                KHF      38397288.11     -6790994.89
KH FOODS LTD-PRF            KHFPA    38397288.11     -6790994.89
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
METAL STORM LTD             MST      14309243.10     -5126410.11
RESIDUAL ASSC-EE            RAGXF   597329874.01   -126963316.48
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGQING CHANG          600369      98865860.45       -62635.84
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

WAI CHUN GROUP L           1013      12375426.81    -14214914.84
CHIA TAI ENTERPR           121      313740803.76    -49562387.78
SANYUAN GROUP LT           140       17768260.98     -2131329.68
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
ASIA TELEMEDIA L           376       16618871.08     -5369335.42
NEW CITY CHINA             456      113178595.41     -9932226.54
EGANAGOLDPFEIL             48       557892423.39   -132858951.98
PALADIN LTD                495      186461196.61     -9780904.71
CHINA GRAND PHAR           512       23135825.94     -7596740.75
PALADIN LTD -PRE           642      186461196.61     -9780904.71
CHINA HEALTHCARE          673       25241048.66      -5730603.97
WAH SANG GAS              8035      69765797.42    -113697025.42
TAKSON HLDGS              918       11351347.49      -2111248.1

INDIA

APPLE FINANCE              APL       62427496.69    -11798341.63
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.80   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SEN PET INDIA LT           SPEN      13797591.24    -25632664.31
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      12290544.83     -5772835
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
L CREATE CO LTD            3247      42344509.56     -9146496.90
OPEN INTERFACE I           4302      32715547.40     -5699491.16
LINK CONSULTING            4798      50709685.69    -10143185.11
PLACO CO LTD               6347      26260220.44      -997325.51
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.9
COWBOY CO LTD              9971      21323462.4      -5681854.91

KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      103658294.07    -8330138.25
INFORMATICS EDU            INFO       26971523.76    -4594472.06
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32946700.57   -74084683.11
ITV PCL-NVDR              ITV-R       32946700.57   -74084683.11
ITV PCL-FOREIGN           ITV/F       32946700.57   -74084683.11
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       67126452.61    -6947140.27
MALEE SAMPRAN-F         MALEE/F       67126452.61    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL         DMARK       15715462.27   -10102519.69
THAI-DENMARK-F       DMARK/F   15715462.27   -10102519.69
THAI-DENMARK-NVD       DMARK-R   15715462.27   -10102519.69
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      86972750.14    -49004706.42
UNIVERSAL S-NVDR          USC-R      86972750.14    -49004706.42
UNIVERSAL STAR-F          USC/F      86972750.14    -49004706.42

                         *********

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.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

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

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





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