TCRAP_Public/081215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 15, 2008, Vol. 11, No. 248

                            Headlines

A U S T R A L I A

AREA HOMELOANS: Members and Creditors Hear Wind-Up Report
CROSSML PTY: Members and Creditors Hear Wind-Up Report
GLOBAL SECURE: Members and Creditors Hear Wind-Up Report
HAYWARD TRUCKING: Members and Creditors Hear Wind-Up Report
HOLOZ PTY: Placed Under Voluntary Liquidation

KEYWEST COMMUNICATIONS: Commences Liquidation Proceedings
MEGIPO #1: Placed Under Voluntary Liquidation
MEGIPO #2: Placed Under Voluntary Liquidation
MURLUKE INDUSTRIES: Members Receive Wind-Up Report
NICE THREADS: Appoints Kugel and Warner as Liquidators

SOUTHERN HIGHLANDS: Members and Creditors Hear Wind-Up Report
TIAC PTY: Inability to Pay Debts Prompts Wind-Up
VINCENT SERVENTY: Members' Receive Wind-Up Report
WONSANA (AUST): Inability to Pay Debts Prompts Wind-Up
WORLDWIDE WORKERS: Declares Dividend for Unsecured Creditors


C H I N A

CHINA CONSTRUCTION: Plans to Raise Over US$1.5 Bil. in Funds
CHINA CONSTRUCTION: To Open First Branch in Europe
* CHINA: Leading Power Firms May Incur CNY70 Bil. Losses This Year


G U I N E A

RIO TINTO: Guinea Gov't. Wants Northern Simandou Mine Relinquished


H O N G K O N G

ADVANTAGE CHINA: Members' Final Meeting Set for January 8
APEX YIELD: Placed Under Voluntary Liquidation
ATTRACTION JEWELLERY: Creditors' Meeting Set for January 6
CHARLES SCHWAB: Sole Member to Hold Final Meeting on January 13
CHARLES SCHWAB: Members' Final Meeting Set for January 13

CLEARWATER CAPITAL: Fitch Says Average IDR Unchanged at "B-"/"CCC"
CORAL HOLDINGS: Placed Under Voluntary Liquidation
HONG KONG TECHNICAL: Members' Final Meeting Set for January 13
J&C INVESTMENTS: Creditors' Proofs of Debt Due on January 12
JADE SOURCE: Court to Hear Wind-Up Petition on January 7

TOTAL PERSON: Pui Chiu Wing Ceases to Act as Liquidator
WHITE WAVE: Wing Ceases to Act as Liquidator


I N D I A

GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
GENERAL MOTORS: Ind. Fiduciary Extends Share Trading Blackout
GENERAL MOTORS: Suppliers Seek Advance Payments
TATA STEEL: To Merge Corus Unit Next Year


J A P A N

CABS LTD: S&P Raises Rating on Class B Notes to 'B-' From 'CCC-'
ELPIDA MEMORY: Major Shareholder Cuts Stake by 1%
ELPIDA MEMORY: Resets Convertible Bond Buyback to January 9
EXCELLENT COLLABORATION: Moody's Cuts Rating on Cl. D Bonds to Ba3
JMAC4 TRUST: Fitch Places 'BB' Rating on Class E to Negative Watch

NISSIN SERVICER: Fitch Downgrades Servicer Rating to 'CSS3-'


K O R E A

HYNIX SEMICONDUCTOR: Banks Deny Capital Cut
HYUNDAI MOTOR: Reassigns 221 Jobless Workers
* KOREA: 15 Insurance Firms' Solvency Ratios Drop


L E B A N O N

* Moody's Changes Outlook on 'B3' Sovereign Ratings to Positive
* Moody's Changes 'B3' Rating Outlook on Four Lebanese Banks


M O N G O L I A

KHAN BANK: Fitch Affirms Long-Term Issuer Default Ratings at 'B+'


N E W  Z E A L A N D

ARA MAHI: Court to Hear Wind-Up Petition on January 28
BOSTON FINANCE: 21c in the Dollar Payout, Below Forecasts
CUT IT: Court Hears Wind-Up Petition
EASTERN HI FI: Raising NZ$3 Million to Retire Debts
ELLIS LOGGING: Court Hears Wind-Up Petition

H. M. BURT: Court Hears Wind-Up Petition
HYBRID HOMES: Court Hears Wind-Up Petition
HYGIENE INTENSIVE: Court Hears Wind-Up Petition
IGIENIX LTD: Court Hears Wind-Up Petition
KENWYN TRUST: Court to Hear Wind-Up Petition on January 30

KIWI PROPERTY: Creditors' Proofs of Debt Due on December 19
PEGASUS PROPERTY: Court Hears Wind-Up Petition
RANGITOTO HOLDINGS: Court Hears Wind-Up Petition
SYDNEY PRODUCTIONS (NO. 3): Court Hears Wind-Up Petition
SYDNEY PRODUCTIONS (NO. 2): Court Hears Wind-Up Petition

TERRAFIRMA LANDSCAPING: Court Hears Wind-Up Petition
THE HOUSE: Court Hears Wind-Up Petition
* NEW ZEALAND: Total Retail Sales Drop 1.3% in October


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Sees Wider Fourth Quarter Net Loss
FONTERRA BRANDS: Creditors' Proofs of Debt Due on January 5
HOCK SOON: Court Enters Wind-Up Order
MHC HOLDINGS: Creditors' Proofs of Debt Due on January 16
SLENDER SHAPES: Court Enters Wind-Up Order

TMS SHIP: Court Enters Wind-Up Order


T H A I L A N D

TRUE CORP: S&P Cuts Corporate Credit Rating to 'B'; Outlook Neg.


V I E T N A M

VIETNAM: S&P Keeps 'BB/B' Sovereign Credit Ratings; Outlook Neg.


X X X X X X X X

* Credit Unions to Extend US$10 Billion in Loans to Detroit 3


                         - - - - -


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

AREA HOMELOANS: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Area Home Loans Pty Ltd met on
Nov. 24, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Brent Kijurina
          c\o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


CROSSML PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Crossml Pty Limited met on Nov. 10,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


GLOBAL SECURE: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Global Secure Messaging Pty Limited
met on November 13, 2008, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

           M. J. M. Smith
           Smith Hancock
           88 Phillip Street, Level 4
           Parramatta NSW 2150


HAYWARD TRUCKING: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Hayward Trucking Pty Ltd met on
November 20, 2008, and heard 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


HOLOZ PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 7, 2008, the members of
Holoz Pty Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Joseph Andrew Murphy
          Greg Rodgers & Associates
          Certified Practising Accountants
          34 Allowrie Street
          Jamberoo NSW 2533


KEYWEST COMMUNICATIONS: Commences Liquidation Proceedings
---------------------------------------------------------
The members of Keywest Communications Pty Limited met on Oct. 10,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Kwai Fong Yip
          #400 North Tower
          5811 Cooney Road
          Richmond
          British Columbia V6X 3M1
          Canada


MEGIPO #1: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on October 8, 2008, the
members of Megipo #1 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Adam Farnsworth
          c/o Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Telephone:(02) 9599 7945
          Facsimile:(02) 9599 7946


MEGIPO #2: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on October 8, 2008, the
members of Megipo #2 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Adam Farnsworth
          c/o Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Telephone:(02) 9599 7945
          Facsimile:(02) 9599 7946


MURLUKE INDUSTRIES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Murluke Industries Pty Ltd met on November 25,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          John Barry Murphy
          6 Norfolk Place
          Carlingford NSW 2118


NICE THREADS: Appoints Kugel and Warner as Liquidators
------------------------------------------------------
On October 7, 2008, Steven Kugel and Anthony Warner were appointed
as liquidators of Nice Threads Pty Limited.

The Liquidators can be reached at:

          Steven Kugel
          Anthony Warner
          Telephone:(02) 8243 5200
          Web site: http://www.liquidationdirect.com.au


SOUTHERN HIGHLANDS: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Southern Highlands Rail Pty Limited
met on Nov. 13, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Neil R. Cussen
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


TIAC PTY: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
The members of Tiac Pty Limited met on September 19, 2008, and
resolved to voluntarily liquidate the company's business due to
its inability to pay debts when it fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


VINCENT SERVENTY: Members' Receive Wind-Up Report
-------------------------------------------------
The members of Vincent Serventy & Associates Pty Ltd met on
November 7, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

Douglas Arthur Trood is the company's liquidator.


WONSANA (AUST): Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
The members of Wonsana (Aust) Pty Limited met on October 1, 2008,
and resolved to voluntarily liquidate the company's business due
to its inability to pay debts when it fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


WORLDWIDE WORKERS: Declares Dividend for Unsecured Creditors
------------------------------------------------------------
Worldwide Workers Pty Limited, which is in liquidation, declared
dividend for its unsecured creditors on November 18, 2008.

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

The company's liquidator is:

          I. J. Purchas
          RMG Partners
          88 Pitt Street, Level 12
          Sydney NSW 2000



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

CHINA CONSTRUCTION: Plans to Raise Over US$1.5 Bil. in Funds
------------------------------------------------------------
China Construction Bank plans to raise over US$1.5 billion in
private equity and investment funds to invest in sectors from
health care and consumption to aviation, Reuters reports citing
head of China Construction Bank's investment arm.

According to Reuters, Hu Zhanghong, chief executive of CCB
International, told reporters his firm planned to raise a CNY5
billion ($730 million) health care investment fund, China's first.

CCB International, Reuters says, will manage the fund jointly with
a U.S. Firm.

Reuters relates that the fund will focus on investing in companies
producing medicine and medical equipment and providing medical
services, targeting returns of over 20 percent annually.

Meanwhile, Reuters notes, China Construction also planned to raise
HK$800 million ($103.2 million) via a mutual fund in Hong Kong
that will focus on Chinese consumer stocks listed in the city.

According to the report, Wang Gui Ya, CCB International's general
manager said, the bank will set up a CNY4-5 billion private equity
fund before the end of the year that will target aviation
companies.

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

                         *     *     *

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


CHINA CONSTRUCTION: To Open First Branch in Europe
--------------------------------------------------
Xinhua News Agency reported that China Construction Bank had won
the approval of Britain's Financial Services Authority to
establish a subsidiary in London.

The proposed subsidiary, Xinhua relates, would offer deposit-
taking, lending, trade finance, foreign exchange dealing and other
banking services.

According to the report, this is the first subsidiary bank for
China Construction in Europe.

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

                          *     *     *

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


* CHINA: Leading Power Firms May Incur CNY70 Bil. Losses This Year
------------------------------------------------------------------
China's power companies may incur CNY70 billion losses this year
due to rising fuel costs and slowing electricity demand, People's
Daily Online reports citing an industry association official.

Xue Jing, director of the department of statistics and information
under China Electricity Council (CEC), was quoted by the Daily
Online as saying: "By now the power companies have posted losses
of over CNY20 billion, and I think their full-year losses will
exceed CNY70 billion."

Daily Online relates that according to a source with one of
China's five leading power companies, the country's five biggest
power generators posted total losses of CNY26.8 billion from
January to October.  These leading power companies are:

   -- China Huaneng Group lost CNY3.4 billion;

   -- China Guodian Corp had a deficit of CNY6.55 billion;

   -- China Datang Corp's losses were about CNY6 billion

   -- China Huadian Corp recorded a loss of CNY6.07 billion; and

   -- China Power Investment Corp's losses were about CNY4.85
      billion.

"Among the five companies' coal-fired power plants, 90 percent are
loosing money right now and 70 percent of them have a deficit of
more than 100 million yuan," the Daily Online cited the source as
saying.  "And I expect the percentage to grow later this year."



===========
G U I N E A
===========

RIO TINTO: Guinea Gov't. Wants Northern Simandou Mine Relinquished
------------------------------------------------------------------
Bloomberg News reported that Rio Tinto Group has been ordered by
the government of Guinea to hand over half of the country's
Simandou deposit to a company controlled by Israeli diamond
investor Beny Steinmetz.

Rio Tinto Group confirmed in a statement it has received
correspondence from the Guinean Minister of Mines which appears to
indicate that the Council of Ministers has instructed the Ministry
of Mines and Geology to effect a compulsory relinquishment of the
northern half of the Simandou Mining Concession whilst confirming
Rio Tinto's entitlement to the southern half of that Concession.

According to Rio Tinto, it has been in active negotiation in good
faith with the Government of Guinea since August 2008 following
receipt of correspondence from the President of Guinea purporting
to rescind the Simandou Mining Concession.

Rio Tinto said it remains of the view that it has complied with
all its obligations in relation to the Concession such that it is
entitled to hold and retain the entire Concession, and will
continue working in good faith with the Government of Guinea to
seek to resolve this matter on that basis.

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2008, Rio Tinto plans to further reduce its net debt by US$10
billion by the end of 2009.  The Group's net debt has reduced by
US$3.2 billion in the period from June 30 to October 31, 2008 to
US$38.9 billion.

Bloomberg News related BHP Billiton abandoned its hostile US$66
billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and
slumping demand for commodities.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

Rio Tinto disclosed total capital expenditure for the Group in
2009 is forecast to reduce from over US$9 billion to US$4 billion,
of which US$2 billion will be sustaining capital expenditure.
There will be impacts on projects across the board and stakeholder
engagements are currently underway.  Some projects will be
canceled and others deferred until markets recover, the Group
said.

To further reduce costs, Rio Tinto will be cutting its global
headcount by 14,000, comprising 8,500 contractor jobs and 5,500
employee roles, will consolidate
offices around the Group, including its London head office and
will accelerate
outsourcing and off-shoring of IT and procurement in 2009.

                          About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.



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

ADVANTAGE CHINA: Members' Final Meeting Set for January 8
---------------------------------------------------------
The members of Advantage China Holdings Limited will meet hold
their final meeting on January 8, 2009, at Room 1509C.C. Wu
Building, 302-8 Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Seto Sau Kuen Christine, the company's liquidator,
will give a report on the company's wind-up proceedings amd
property disposal.


APEX YIELD: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on December 5, 2008, the
members of Apex Yield Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Yang Sih Yu, Samuel
          Sea View Estate, Room 1, 1st Floor, Block A
          Sea View Estate, 2-8 Watson Road
          North Point, Hong Kong


ATTRACTION JEWELLERY: Creditors' Meeting Set for January 6
----------------------------------------------------------
The creditors of Attraction Jewellery Co Limited will meet on
January 6, 2009, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.


CHARLES SCHWAB: Sole Member to Hold Final Meeting on January 13
---------------------------------------------------------------
The sole member of Charles Schwab Hong Kong Nominees Limited will
hold the final general meeting on January 13, 2008, 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:

          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CHARLES SCHWAB: Members' Final Meeting Set for January 13
---------------------------------------------------------
The members of Charles Schwab Hong Kong Securities Limited will
their final general meeting on January 13, 2008, at 10:00 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CLEARWATER CAPITAL: Fitch Says Average IDR Unchanged at "B-"/"CCC"
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Clearwater Capital
Partners CLO I Pte. Ltd's issuance of floating-rate notes due 2014
and assigned Outlooks:

  -- US$10.70 million Class B senior secured notes affirmed at
     'AA'; Stable Outlook;

  -- US$7.30 million Class C senior secured deferrable notes
     affirmed at 'A'; Stable Outlook; and

  -- US$5.84 million Class D senior secured deferrable notes
     affirmed at 'BBB'; Stable Outlook.

The transaction, a static cash flow collateralized loan
obligation, is a securitization of primarily Asian performing and
restructured loans and high yield bonds.  The portfolio is not
granular - due to scheduled amortizations, the current portfolio
contains just 16 obligors (US$95.21 million) as compared with 22
obligors (US$113.48 million) in November 2007.  In addition, the
portfolio is heavily concentrated in Asian emerging market
countries, most notably the Philippines (21.64%), Malaysia
(20.73%) and Indonesia (18.81%).  Hong Kong currently represents a
further 17.47% of the portfolio.

Despite these risk factors, the transaction has continued to
perform well.  The Long-term Issuer Default ratings of each non-
publicly rated asset have been reviewed by the agency's corporate
ratings group as part of this surveillance review and the credit
quality of the portfolio has remained stable, with the weighted
average rating remaining unchanged at 'B-' (B minus)/'CCC'.
Principal proceeds have been used to repay Class A in full and
decrease the notional size of Class B to US$10.70 million from
US$14.60 million at closing.

The rating affirmations and Stable Outlooks reflect the high level
of defaults (as measured by both obligor default and emerging
market country default) and low levels of recovery that the
transaction is able to withstand and still see Classes B, C, and D
repaid in full.  Class B currently represents just 11.24% of the
current portfolio notional and Classes C and D 7.67% and 6.13%
respectively.  Should the current repayment schedule continue to
be met, Fitch anticipates that Class B will be paid in full in
just over six months and Classes C and D in just over one year.
This headroom is reflected in the high over-collateralization and
interest coverage levels of the rated notes.  Since November 2007,
Class B's reported OC has increased to 5.94x from 2.63x and Class
C's to 3.53x from 2.26x.  Fitch's estimate of the OC of Class D
(not a reporting requirement) is currently 2.66x.  The reported OC
levels, in accordance with the transaction documentation, have
made appropriate par-value adjustments for the 'CCC' and below
rated assets, mainly based on the lower of Fitch's recovery rate
assumptions and available market quotations.  The balance in the
issuer's interest reserve account has remained at US$4.3 million,
which can be used to enhance the timely payment of senior expenses
and interest payments.  This amount can cover one year's worth of
interest payments, based on the recent quarterly funding cost
level of the issuer.

The rating of Class B addresses the ultimate repayment of
principal at maturity and the timely payment of interest according
to the terms of the notes.  For classes C and D, the ratings
address the ultimate payment of principal and interest, including
any deferred interest, at maturity according to the terms of the
notes.


CORAL HOLDINGS: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of Coral Holdings Limited met on December 4, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          John Robert Lees
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


HONG KONG TECHNICAL: Members' Final Meeting Set for January 13
--------------------------------------------------------------
The members of Hong Kong Technical Services Limited will hold
their final meeting on January 13, 2008, at 10:00 a.m., at the 6th
Floor of Sunning Plaza, 10 Hysan Avenue, in Causeway Bay,
Hong Kong.

At the meeting, Alan Chung Wah Tang and Wong Kwok Man, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


J&C INVESTMENTS: Creditors' Proofs of Debt Due on January 12
------------------------------------------------------------
The creditors of J&C Investments Limited are required to file
their proofs of debt by January 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on December 2, 2008.

The company's liquidator is:

          Ng Kin Yung, Tony
          Greenwich Centre, 6th Floor
          260 King's Road
          North Point, Hong Kong


JADE SOURCE: Court to Hear Wind-Up Petition on January 7
--------------------------------------------------------
A petition to have Jade Source International Group Limited's
operations wound up will be heard before the High Court of
Singapore on January 7, 2008, at 9:30 a.m.

Chan Kong Ping filed the petition against the company on Nov. 5,
2008.


TOTAL PERSON: Pui Chiu Wing Ceases to Act as Liquidator
------------------------------------------------------
On December 10, 2008, Pui Chiu Wing ceased to act as liquidator of
Total Person International Limited.

The company's former Liquidator can be reached at:

          Pui Chiu Wing
          Parklane Centre, Room 10, 16th Floor
          25 Kin Wing Street
          Tuen Mun, N.T.


WHITE WAVE: Wing Ceases to Act as Liquidator
--------------------------------------------
On December 10, 2008, Pui Chiu Wing ceased to act as liquidator of
White Wave International Limited.

The company's former Liquidator can be reached at:

          Pui Chiu Wing
          Parklane Centre, Room 10, 16th Floor
          25 Kin Wing Street
          Tuen Mun, N.T.



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

GENERAL MOTORS: Hires Lawyers & Bankers to Mull Chapter 11 Filing
-----------------------------------------------------------------
Jeffrey McCracken, John D. Stoll, and Greg Hitt at The Wall Street
Journal report that people familiar with the matter said General
Motors Corp. has hired lawyers and bankers to mull over a possible
Chapter 11 filing by the company.

According to WSJ, GM has retained Harvey Miller of Weil Gotshal &
Manges LP as bankruptcy counsel.  GM, says the report, has also
hired:

    -- restructuring veteran Jay Alix,
    -- Evercore Partners' William Repko, and
    -- Blackstone Group's Arthur Newman.

WSJ relates that the hiring of bankruptcy experts indicates GM's
increasing desperation as it waits for government financial
assistance, which is being considered in the Congress.  WSJ states
that while Senate Majority Leader Harry Reid hopes to push a bill
through this week, Sen. John Thune says that there is a lot of
resistance on the bailout.

Citing a source, WSJ reports that GM CEO Rick Wagoner has been
hesitant to consider the company's possible bankruptcy on fears
that it would discourage potential car buyers.  A bankruptcy
filing, according to the report, would also be very expensive and
difficult due to tight credit markets.  Mr. Wagoner is still
against filing for Chapter 11, the report states.

The board is keeping all options open, says WSJ, citing GM
director Kent Kresa.  GM's board is putting Mr. Wagoner to
deepening scrutiny, meeting three times a week and receiving
constant updates on the financial situation, the report states.
Mr. Kresa, according to the report, said that the GM management
was constantly caught off guard by auto sale drops.  Executives
kept changing sales projections, but the managers never fully
understood how bad the situation could get, the report syas,
citing Mr. Kresa.

WSJ states that GM now operates near its minimum-required funding
options, and GM executives are worried that suppliers could
tighten credit terms and the government could swiftly take back
its loans.  "This is an urgent situation and we need to deal with
it," the report quoted Mr. Kresa as saying.

GM will be meeting with its dealers this week to discuss a new
advertising campaign to increase sales, WSJ report.  According to
WSJ, GM will also discuss the possible closure of its Saturn
division or put it into bankruptcy protection, as it is a separate
entity.

Peter A. McKay at WSJ relates that GM led in stock declines on
Thursday, sliding 10.4%.

        Ellen Kullman Leaves Board for DuPont CEO Post

DuPont President Ellen J. Kullman has resigned from GM's Board of
Directors, effective Dec. 11, 2008, to focus on her new
responsibilities at DuPont.  Ms. Kullman will become chief
executive officer of DuPont on Jan. 1, 2009.

"I have been proud to serve on GM's Board for four years," Ms.
Kullman said.  "GM has made important advancements across a number
of fronts and I wish the GM team continued success as they work to
overcome the current challenges."

"I understand and respect Ellen's need to focus on DuPont right
now," noted George M.C. Fisher, presiding director of GM's Board.
"She's been a great Board member for GM, and we'll miss her."

Ms. Kullman served on GM's Audit Committee and Investment Funds
Committee.  There are no immediate plans to replace her on those
committees.

                     About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


GENERAL MOTORS: Ind. Fiduciary Extends Share Trading Blackout
-------------------------------------------------------------
General Motors Corp. disclosed in a regulatory filing with the
Securities and Exchange Commission that State Street Bank and
Trust Company, which serves as the independent fiduciary of the GM
Common Stock Fund in the Plans, has extended until further notice
the temporary suspension on purchases of the GM Common Stock Fund
that began on September 30.

General Motors disclosed on Sept. 30, 2008, that it had suspended
purchases of its common stock, par value $1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.  All purchases of Common Stock under the Plans were
suspended because the Plans had issued all of their registered
shares of Common Stock.  This suspension was the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  This trading blackout began
on Sept. 30, 2008, and was expected to end the week of Nov. 9,
2008, when GM planned to file a registration statement with the
SEC registering additional shares for the Plans.

State Street determined that, due to GM's earnings announcement
and related information about GM's business, it was not
ppropriate to allow additional investments by participants into
the GM Common Stock Fund.  As independent fiduciary, State Street
is specifically authorized pursuant to its agreements with GM and
the Plan documents to impose restrictions on purchases or
exchanges into and out of the GM Common Stock Fund at any time.

GM has not registered additional shares of GM Common Stock for the
Plans with the SEC.  Plan participants, other than directors and
officers, are not prevented from selling Common Stock through the
Plans, or buying or selling Common Stock outside the Plans, during
the blackout period.  Based on the provisions of the Plans, these
participants may also at any time exchange shares in the Common
Stock Fund for other investment options or change their
contribution election.  The contributions of participants directed
to the GM Common Stock Fund, will be invested in the default fund
for the Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
invested in the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Nov. 21, 2008, GM sent a notice to its directors and executive
officers informing them of the trading restrictions in the Common
Stock Fund imposed by State Street and that the blackout period
instituted on Sept. 30, 2008, would continue.  During the blackout
period, GM's directors and executive officers will be prohibited
from directly acquiring, disposing of or transferring any equity
securities of GM acquired by them in connection with their service
and employment with GM in such capacities.  The notice was sent to
ensure compliance with Section 306(a) of the Sarbanes-Oxley Act of
2002.  In accordance with the unforeseeable circumstance exemption
under Section 306(a) GM determined that it was unable to give
advance notice of the blackout period to the directors and
executive officers.

A full-text copy of the notice is available for free at
http://ResearchArchives.com/t/s?360e

                      About General Motors

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

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

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

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Suppliers Seek Advance Payments
-----------------------------------------------
Some auto-parts suppliers have asked General Motors Corp. for
advance payments, after the company warned that it would run out
if it fails to secure loans from the government, Jeff Green at
Bloomberg News reports, citing people familiar with the matter.

According to Bloomberg, the sources said that GM has rejected the
requests.  The report says that GM pays its 3,600 suppliers about
45 days after getting an invoice.  Advance payment requests
started in the last several weeks but have not disrupted vehicle
production, the report states, citing a person familiar with the
matter.   GM Purchasing Vice President Bo Andersson denied to the
trade publication Automotive News on Nov. 25 that suppliers were
seeking payment in advance or shorter turnarounds on invoices.

GM spokesperson Dan Flores, Bloomberg relates, said, "Despite the
current economic challenges, GM remains committed to maintaining a
strong, open relationship with our suppliers.  GM remains focused
on maintaining payment terms and being a prompt payer."

   Car Czar Appointment May Spur Holders' Demand for Payouts

Banc of America Securities analyst Glen Taksler said that the
appointment of a "car czar" to supervise the government bailout
program has raised the possibility of a bankruptcy event for
credit-default swaps.  A car czar might trigger "what's known as
an event in the vast market for credit-default swaps," which would
cause holders of GM and Ford Motor Co. credit protection to demand
payouts, WSJ says, citing Banc of America.

Mr. Taksler said that The International Swaps and Derivatives
Association, a standard-setter for credit-derivatives trading,
identified the appointment of an administrator, trustee, or
similar official to oversee all or most of an entity's assets as a
trigger event for a bankruptcy filing, WSJ relates.  WSJ quoted
Mr. Taksler as saying, "The result may depend on the exact wording
of a potential bailout package.  We find arguments both for and
against an autos czar triggering CDS. ... The actual process is
likely to be determined through ISDA."

According to WSJ, the Depository Trust & Clearing Corp. said that
institutions like banks and insurance firms hold $43.15 billion in
credit protection on GM debt.  WSJ relates that excluding
contracts sold by the same institutions holding GM DCS, there is
about $3.3 billion in GM CDS outstanding, while the DTCC said that
for Ford Motor debt, there is about $34 billion in gross CDS and
about $2.8 billion in net swaps outstanding.  Chrysler LLC,
according to the report, is a private company and doesn't trade in
the CDS market.

Corey Boles, Patrick Yoest, and Josh Mitchell posted on The Wall
Street Journal blog that the government financial bailout bill
being considered in the House of Representatives would require
Chrysler's parent, Cerberus Capital Management, to put up equity
warrants for Chrysler to get an emergency loan, because Chrysler
is a private company.

                     About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


TATA STEEL: To Merge Corus Unit Next Year
-----------------------------------------
Tata Steel Limited plans to merge its Corus subsidiary next year
in a move to cut cost in its UK operations, The Times of India
reports citing British Sunday newspaper.

According to the Times, the newspaper said that the plan could
cause plant closures and job losses across the UK at a time when
Corus and unions are trying to prevent redundancies by discussing
potential pay cuts of up to 10% for the firm's 25,000 workers.

The proposed merger, the Time recalls, was part of the company's
plans to cut costs in the UK by GBP350 million (US$521 million)
following its acquisition of Corus, which was agreed in 2006.

Meanwhile, citing the Independent newspaper, the Time adds Corus
was threatening to move its European operations to China unless
governments overhauled carbon emission regulations.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

As reported in the Troubled Company Reporter-Asia Pacific on
October 24, 2008, Moody's Investors Service changed Tata Steel
Ltd's outlook on its Ba1 corporate family rating to negative from
stable.  This reflects the change in outlook for Tata Steel UK's
rating (formerly Corus) from stable to negative and the close
linkages between the credit profiles of the two entities.

"The change in outlook reflects the more challenging operating
conditions now facing Tata Steel UK as a result of the likely
deterioration in demand in Europe and the UK in the next 18
months, with declining steel prices and reduced production
volumes," said Ivan Palacios, a Moody's AVP Analyst and lead
analyst for Tata Steel.



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

CABS LTD: S&P Raises Rating on Class B Notes to 'B-' From 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on CABS Ltd.
Master Trust Series 2005-1's class A floating-rate notes to 'BBB'
from 'B', and its rating on the class B floating-rate notes to
'B-' from 'CCC-'.

The upgrades reflect the signing of an agreement by the
transaction parties that will introduce changes to the priority of
payments, or the waterfall, among different series of transactions
issued under the CABS Master Trust agreement.  The aforementioned
changes are expected to raise the amount of collections that would
be distributed to payments for the Series 2005-1 transaction and
boost credit enhancement for the rated notes.

The underlying asset pool's default rate is declining due to a
decrease in the amount of claims for refunds of overpaid interest.
Nevertheless, S&P is concerned that obligors' creditworthiness
could decline amid worsening economic conditions, causing the
transaction's performance to deteriorate over the medium to long
term.  S&P will closely monitor whether the default rate would
continue to decline with the decrease in the amount of refunds of
overpaid interest, and how much impact deteriorating economic
conditions would have on obligors' creditworthiness and the
transaction's performance.

On Sept. 14, 2007, originator Credia Co. Ltd. (the company's name
has been changed to Phlox Co. Ltd.) filed for civil rehabilitation
proceedings, which were applied on Sept. 21, 2007.  Credia
selected Kazaka Finance (the company's name has been changed to
Neoline Capital Co. Ltd.) as a sponsor on April 25, 2008, and
submitted a rehabilitation plan on May 21, 2008.  (The
rehabilitation plan was amended on June 27, 2008.)  At a meeting
on Aug. 20, 2008, creditors adopted the rehabilitation plan, which
was approved by the Court on the same day. Approval of the
rehabilitation plan was finalized on Sept. 17, 2008.  Phlox Co.
Ltd. took over all of Credia's operations on Oct. 1, 2008.

The floating-rate notes issued under this transaction are
ultimately secured by a pool of uncollateralized consumer loan
receivables originated by Credia (Phlox Co. Ltd.).

                          Ratings Raised

               CABS Ltd. Master Trust Series 2005-1
               Floating rate notes due August 2014

            Class   To    From   Initial Issue Amount
            -----   --    ----   --------------------
            A       BBB   B      JPY8.7 bil.
            B       B-    CCC-   JPY1.3 bil.


ELPIDA MEMORY: Major Shareholder Cuts Stake by 1%
-------------------------------------------------
Investment management firm AllianceBernstein L.P. is no longer
Elpida Memory Inc's leading major shareholder after a reduction in
the New York-based company's shareholding ratio on December 8,
2008, the Japanese DRAM supplier said in a statement.

AllianceBernstein reduced its Elpida stake to 9.49% from 10.49% as
of November 25, 2008.

Elpida said it does not expect the change in ownership of the
company's shares to affect its business performance.

Japan-based Elpida Memory Inc. -- http://www.elpida.com.-- is a
leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                         *     *     *

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
reported that Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Elpida Memory
Inc. to negative from stable.  The downward revision is based on
the  increasing uncertainty over prospects for a future earnings
recovery, as well as the company's ability to maintain its
financial soundness over the next two to three years, amid further
stagnation in the Dynamic Random Access Memory (DRAM) market.  At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and long-term senior unsecured debt ratings on the company.


ELPIDA MEMORY: Resets Convertible Bond Buyback to January 9
-----------------------------------------------------------
Elpida Memory Inc. said it will accelerate the redemption of the
outstanding Unsecured Convertible Bond Type Bonds with Stock
Acquisition Rights issued on November 4, 2008.

The redemption date of Elpida's 1st Series Unsecured Convertible
Bond Type Bonds with Stock Acquisition Rights has been moved from
November 4, 2009 to January 9, 2009.  Face value of the early
redemption is JPY100 per face value of JPY100.

The company said it does not expect the move to affect its
business performance in fiscal year 2008.  Elpida meanwhile said
it will review its capital expenditures plan for FY 2009 based on
market conditions and competition in the DRAM industry.

                     Overview of the bond issuance

  (1)  Issue date:     November 4, 2008
  (2)  Issue amount:     JPY50 billion
  (3)  Outstanding Bonds
            as of December 11:   JPY50 billion
  (4)  Interest rate:     The Bonds will not bear any
interest.
  (5)  Original redemption
            date:           November 4, 2009

                       About Elpida Memory Inc

Japan-based Elpida Memory Inc. -- http://www.elpida.com.-- is a
leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                         *     *     *

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
reported that Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Elpida Memory
Inc. to negative from stable.  The downward revision is based on
the  increasing uncertainty over prospects for a future earnings
recovery, as well as the company's ability to maintain its
financial soundness over the next two to three years, amid further
stagnation in the Dynamic Random Access Memory (DRAM) market.  At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and long-term senior unsecured debt ratings on the company.


EXCELLENT COLLABORATION: Moody's Cuts Rating on Cl. D Bonds to Ba3
------------------------------------------------------------------
Moody's Investors Service has downgraded the Series 1 Class B, C,
and D specified bonds (final maturity July 7, 2010) issued by
Excellent Collaboration Tokutei Mokuteki Kaisha.

The complete rating action:

Class B Specified Bonds

  -- Prior Rating: Aaa

Prior Rating Action Date: March 23, 2007

  -- Current Rating: Aa2

Class C Specified Bonds

  -- Prior Rating: A2

Prior Rating Action Date: March 23, 2007

  -- Current Rating: Baa2

Class D Specified Bonds

  -- Prior Rating: Baa2

Prior Rating Action Date: March 23, 2007

  -- Current Rating: Ba3

The downgrade does not affect the Class A bonds (rated Aaa), which
are the most senior class.

This is a CBO transaction subject to the SME-related financial
policies of Tokyo and eight other municipalities (Osaka
Prefecture, and the cities of Chiba, Yokohama, Kawasaki, Shizuoka,
Osaka, Sakai, and Kobe), and arranged by Mizuho Bank, Ltd.
The downgrade reflects the decline in the current credit
enhancement to below the required prior rating levels, resulting
from the default of two assets in the pool in November 2008.

Unlike typical SME CDOs in Japan, which are backed by amortizing
assets, this transaction is backed by bullet assets, wherein all
of the principal is to be paid down in a single payment at
maturity.  Therefore, deterioration in the pool performance is
more likely to result in credit decline of this transaction.

The pool's performance was stable until February 2008, but four
assets defaulted during March and June 2008, after which, there
were no defaults in the pool until October 2008.  The ongoing
economic slump has led to the bankruptcy of a growing number of
SMEs.  To rescue these SMEs, the government is now developing and
implementing measures to address the financial institutions'
credit squeeze and expand guarantee programs.  Moody's will
maintain a close watch on the performance of this pool.


JMAC4 TRUST: Fitch Places 'BB' Rating on Class E to Negative Watch
------------------------------------------------------------------
Fitch Ratings has placed two classes of JMAC4 Trust's trust
beneficiary interests due February 2013 on Rating Watch Negative,
affirmed the remaining classes and assigned Outlooks:

  -- JPY4.5 billion* Class A TBIs affirmed at 'AAA';
     Outlook Stable;

  -- JPY1.0 billion* Class B TBIs affirmed at 'AAA';
     Outlook Stable;

  -- JPY0.9 billion* Class C TBIs affirmed at 'A+';
     Outlook Stable;

  -- JPY0.8 billion* Class D TBIs rated 'BBB'; placed on RWN;

  -- JPY0.5 billion* Class E TBIs rated 'BB'; placed on RWN; and

  -- Class X1 TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of December 10, 2008

Fitch received information from the trustee on December 10, 2008,
that one of the loans backed by multiple properties located in
regional cities is highly likely to default.  The subsequent
rating action is due to the agency's concerns about the
probability of loan recovery from the property sale in the current
real estate market and the characteristics of the property
portfolio.  Fitch will resolve the RWN status after it carefully
reviews additional information to be provided by the servicer,
including the latest on the loan collection status, and the
probability of recovery stemming from sale of properties from the
servicer.

As the other underlying loans, except the above loan, are
performing in line with expectations and credit enhancement are
improved by the prepayments of the loans, the agency has affirmed
the ratings on Classes A through C and Class X1 TBIs and assigned
a Stable Outlook.

Currently, the transaction is secured by five loans backed by 14
properties as well as prepaid principals currently held at the
trust account.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


NISSIN SERVICER: Fitch Downgrades Servicer Rating to 'CSS3-'
------------------------------------------------------------
Fitch Ratings has downgraded Nissin Servicer Co., Ltd.'s asset-
backed special servicer rating to 'ABSS3(JPN)' from 'ABSS3+(JPN)'
and its commercial mortgage special servicer rating to 'CSS3-
(JPN)' from 'CSS3+(JPN)'.  The ratings have been placed on Rating
Watch Negative.

The rating actions are based on the continued financial
difficulties faced by Nissin and its parent, NIS Group Co., Ltd.,
in part due to the current operating environment.  Fitch does not
publicly rate the credit and financial strength of NISG.  However,
a company's financial condition is an important component of
Fitch's servicer rating analysis.

Fitch recently performed an annual review of Nissin, and confirms
that the servicer maintains its servicing capability at the level
equivalent to the assigned ratings.  The agency also notes that
the servicer retains the strength of its experienced and stable
management and continues its efforts to improve its servicing
efficiency, including the enhancement of its internal control.

Nissin is a consolidated subsidiary of NISG, and is listed on the
Mothers section of the Tokyo Stock Exchange (NISG recently
announced its intention to sell a portion of its stock holdings in
Nissin).  Established in July 2001, Nissin has been handling both
unsecured and secured loan receivables with a license, obtained in
October 2001, from the Minister of Justice.  As at end-March 2008,
Nissin serviced over 44,000 secured and unsecured loans with the
unpaid principal balance of JPY1,057 billion.



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

HYNIX SEMICONDUCTOR: Banks Deny Capital Cut
-------------------------------------------
Leading shareholders of Hynix Semiconductor Inc. denied rumor that
the company's capital could be reduced, Reuters reports.

Controlling shareholders of Hynix, including Korea Exchange Bank
(KEB) and Korea Development Bank, Reuters notes, are discussing an
KRW800 billion funding for the firm.

"We never discussed reducing capital and there's no need to" said
the shareholders' committee in a statement provided by KEB as
cited by Reuters.

However, Reuters says analysts are concerned the funding would
cover only a few more quarters for loss-making Hynix and it would
eventually need more funds in a prolonged industry downturn.

According to the report, UBS said Hynix could require close to
KRW2 trillion to see it through the downturn.

                     About Hynix Semiconductor

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

                          *     *     *

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

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


HYUNDAI MOTOR: Reassigns 221 Jobless Workers
--------------------------------------------
Hyundai Motor Company's management and the union has agreed to
reassign 221 laborers to other factories after the closure of
Equus production, english.chosun.com reports.

The move, english.chosun.com relates, ended Hyundai's reassignment
of all 498 laborers to other factories after losing their jobs due
to Equus production closure.

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

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

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

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

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

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

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

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


* KOREA: 15 Insurance Firms' Solvency Ratios Drop
-------------------------------------------------
The solvency margin ratios of 15 insurance companies have dropped
below the level recommended by the nation's financial watchdog,
Jeong Hyeon-ji of the Korean Herald reports citing industry
sources.

According to the report, the Financial Supervisory Service has
found 15 insurance companies with solvency ratios lower than 150
percent.  Nine of these insurance companies are life insurers
while six are general insurance companies, including:

   -- Netherlands-based ING Life
   -- Hana HSBC Life
   -- KB Life
   -- AIG Life
   -- AIG General Insurance
   -- Kyobo AXA General Insurance
   -- Hyundai Hi Car Direct Insurance Co. Ltd.

The report relates insurance companies operating in Korea are
advised to maintain their solvency ratios at 150 percent or
higher.  Those companies with ratios lower than 150 percent are
recommended to reinforce capital by the financial regulator, while
the watchdog orders immediate corrections to companies with
solvency ratios lower than the 100-percent level.

Solvency margin ratios, the Korean Herald notes, indicate how
readily insurance firms can pay insurance benefits to their
subscribers and is considered to represent insurance companies'
capital adequacy status in general.



=============
L E B A N O N
=============

* Moody's Changes Outlook on 'B3' Sovereign Ratings to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Lebanon's
sovereign ratings to positive from stable.  These ratings are the
country's B3 local and foreign currency government bond ratings,
the B3 country ceiling for foreign currency bank deposits, and the
B2 country ceiling for foreign currency bonds.

"The change in outlook was motivated by the proven resilience of
the public finances to shocks, which have been severe in recent
years.  The improvement in Lebanon's political and economic
environments since the signature of the Doha Agreement in May are
also reassuring," explains Tristan Cooper, a Vice President-Senior
Analyst in Moody's Sovereigns Group.  Under the Doha Agreement,
Lebanon's hostile political factions agreed to: (i) elect a new
president; (ii) form a national unity government; and (iii) pass a
new electoral law in advance of the 2009 parliamentary elections.

All three actions have been achieved: a consensus president was
appointed in late May (the presidency had been vacant since
November 2007); a new government that includes Hezbollah and
representatives of other opposition parties was formed in July;
and a revised electoral law was approved by parliament in
September.  These actions appear to have assuaged Lebanon's
volatile political environment, which was nearing civil war in
May.

"Moody's recognizes that Lebanon's calmer political environment
has allowed the country's economy to regain momentum but also
notes that the public finances would likely be durable should the
improvement falter, as shown during previous episodes of political
turmoil," says Mr. Cooper.  This summer was Lebanon's best in
terms of tourism inflows since 2004.  The IMF is projecting that
the Lebanese economy will grow by 6% this year and the country's
very large public debt overhang has continued to ease.

Furthermore, Moody's notes that Lebanon is one of the few
countries to have so far benefited from the global financial
turmoil, as members of the large Lebanese diaspora have moved
funds into Lebanon's banks, viewing them as relatively safe
havens.  Due to strict regulation, Lebanese banks have not been
exposed to toxic sub-prime assets and did not hold significant
assets with failed Western banks.  Thus, largely due to these
deposit inflows, the central bank's foreign currency reserves
jumped by 57% over the first nine months of this year.  At end-
September, they amounted to US$15.3 billion or 60% of 2007 GDP.
Lebanon's commercial banks also retain a high level of foreign
currency liquidity.  Moody's notes the banking system therefore
remains willing and able to roll over and buy new government paper
in both local and foreign currency.

Despite these improvements, Moody's points out that Lebanon still
has substantial credit risks.  The political situation is fragile
and tensions could well resurface before the parliamentary
elections next May.  There is also the looming threat of renewed
conflict between Israel and Hezbollah.  A return to serious
political turmoil would quickly set back the economy and could
lead to a withdrawal of bank deposits, although these have been
highly resistant to political shocks in the past, as have the
government's poor finances.  Lebanon's economy is also likely to
be negatively affected by the global economic downturn, as
external demand falls and remittances and inward investment
potentially suffer.  The level of remittances from Lebanese
workers in the Gulf are already reported to be falling.
Nevertheless, Moody's believes that these downside risks are
already well captured by Lebanon's low ratings.

Moody's would upgrade Lebanon's sovereign ratings if the current
relative political calm can be sustained through the electoral
cycle, some much-needed economic reforms are passed and the public
debt burden continues to ease.

Lebanon has a GDP per capita in purchasing power terms of around
US$12,000, mid-range among countries rated by Moody's, although
the absolute size of the economy is relatively small.

The last rating action took place on March 25, 2008, when Moody's
changed the outlook on Lebanon's ratings to stable from negative
owing to the resilience of Lebanon's public finances in the face
of numerous political shocks.


* Moody's Changes 'B3' Rating Outlook on Four Lebanese Banks
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit rating of the four Lebanese banks,
BLOM Bank, Byblos Bank, Bank Audi, and Bank of Beirut, to positive
from stable.  In addition, the outlook on Byblos Bank's B2 foreign
currency senior and subordinated bond ratings has changed to
positive from stable.

This rating action has been prompted by the recent change in
outlook to positive from stable of Lebanon's B3 foreign currency
deposit ceiling and the B2 foreign currency bonds ceiling.  The
rating agency notes that the change in outlook was motivated by
the proven resilience of the public finances to shocks, which have
been severe in recent years.  Moody's also finds reassuring the
improvement in Lebanon's political and economic environments since
the signature of the Doha Agreement in May 2008.

"The affected ratings were, and remain constrained by the country
ceilings, while the banks' respective bank financial strength
ratings, global local currency deposit ratings, local-and foreign-
currency short-term ratings and national scale ratings are not
affected by this rating action," says Stathis Kyriakides, a
Limassol-based Moody's Assistant Vice President - Analyst, and
lead analyst for Lebanese banks.

Moody's previous rating action on the four Lebanese banks was on
March 27, 2008, when it changed the outlook of Lebanese banks'
long-term foreign-currency deposit rating to stable from negative.

All four Moody's rated banks are headquartered in Beirut:

  - Bank Audi had total assets of LBP28.1 trillion
    (US$18.6 billion) at the end of June 2008.

  - BLOM Bank had total assets of LBP26.6 trillion
    (US$17.6 billion) at the end of June 2008.

  - Byblos Bank had total assets of LBP15.4 trillion
    (US$10.2 billion) at the end of June 2008.

  - Bank of Beirut had total assets of LBP8.4 trillion
    (US$5.6 billion) at the end of June 2008.



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

KHAN BANK: Fitch Affirms Long-Term Issuer Default Ratings at 'B+'
-----------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Khan Bank and XacBank LLC's
Long-term foreign and local currency Issuer Default Ratings at
'B+' and revised the Outlooks to Negative from Stable.

These rating actions follow Fitch's revision of the Outlook on the
Mongolian Sovereign's 'B+' IDRs to Negative from Stable, noting
that Khan Bank and XacBank's IDRs are capped by that on the
Sovereign.


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

ARA MAHI: Court to Hear Wind-Up Petition on January 28
------------------------------------------------------
A petition to have Ara Mahi Ltd.'s operations wound up will be
heard before the High Court at Tauranga on January 28, 2009, at
10:45 a.m.

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

The CIR's solicitor is:

          Rachel L. Scott
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone:(07) 959 0416
          Facsimile:(07) 959 7614


BOSTON FINANCE: 21c in the Dollar Payout, Below Forecasts
---------------------------------------------------------
Fiona Robertson at The National Business Review reported that
Boston Finance has repaid investors another NZ$2.9 million of
their capital as part of a moratorium.

Boston Finance, the Business Review recounted, won investors' vote
for a moratorium back in March, based on forecasts that it would
have repaid 77c in the dollar of investors' NZ$38.5 million by the
end of this year.

However, the report related, last week's payout took their total
returns to just 21c in the dollar, well behind the forecasts.

The moratorium was meant to last only 20 months and return full
capital plus 9% interest, the Business Review noted.

According to the report, insolvency experts KordaMentha, who are
supervising the moratorium, wrote to investors in September noting
that the moratorium might not return all investors' capital if
conditions deteriorated further, though it still expected a full
return.


CUT IT: Court Hears Wind-Up Petition
------------------------------------
On December 8, 2008, the High Court at Rotorua heard a petition to
have Cut It Out (Taupo) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 19, 2008.


EASTERN HI FI: Raising NZ$3 Million to Retire Debts
---------------------------------------------------
Eastern Hi Fi Group Limited is raising approximately NZ$3 million
through rights issue to pay off debts.  The new issue will be two
shares for every one share currently held at a value of 15 cents
each, the company said in a regulatory filing.

Eastern Hi Fi said it has received a convertible interest free
loan from its second largest shareholder James Ian Urquhart in the
sum of NZ$1 million, which it is proposed will convert to equity
in the new issue.

According to Eastern Hi Fi, the loan would ordinarily require
shareholder approval as a related party transaction and because of
its size relative to the company's current market capitalisation,
however the company said NZX has granted a waiver for this
requirement.

Based in New Zealand, Eastern Hi Fi Group Limited -
http://www.easternhifigroup.com-- is engaged in importation,
wholesaling and retailing of audio visual equipment.  It operates
retail outlets in New Zealand, in Greater Auckland area and in
Tauranga, Napier and Wellington.  The company operates through its
subsidiaries Pacific Audio Limited, Eastern Hi Fi Ltd, Avalon
Pacific Marketing Ltd and Avalon Audio Corporation Limited. Avalon
Pacific Marketing Ltd has sole New Zealand distribution rights for
a select portfolio of brands.  This portfolio includes KEF, Polk
Audio, Audioquest, Dynaudio, Goldring and Hitachi.  These brands
are marketed throughout the country.  Approximately 60% of the
product imported by Avalon Pacific Marketing Ltd is sold at retail
by the Company. Eastern HiFi Ltd operates six stores with outlets
in Auckland (North Shore, Mt Eden, Newmarket and Howick), Tauranga
and Napier. Eastern HiFi Ltd markets brands, such as Denon, Loewe,
Bose, Rotel, Perreaux and Image.

                          *     *     *

In its unaudited financial report for the six months ended June
30, 2008, Eastern Hi Fi Group Limited reported a net loss of
NZ$569,091 compared to a NZ$174,014 net loss in the same period
last year.

For the year ended December 30, 2007, Eastern Hi Fi reported a net
loss of NZ$971,283.


ELLIS LOGGING: Court Hears Wind-Up Petition
-------------------------------------------
On December 8, 2008, the High Court at Rotorua heard a petition to
have Ellis Logging Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 29, 2008.


H. M. BURT: Court Hears Wind-Up Petition
----------------------------------------
On December 8, 2008, the High Court at Rotorua heard a petition to
have H. M. Burt Joinery Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on July 25, 2008.


HYBRID HOMES: Court Hears Wind-Up Petition
------------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Hybrid Homes Ltd.'s operations wound up.

Intoit Limited filed the petition against the company on Aug. 27,
2008.


HYGIENE INTENSIVE: Court Hears Wind-Up Petition
-----------------------------------------------
On November 28, 2008, the High Court at Auckland heard a petition
to have Hygiene Intensive Treatments Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 17, 2008.


IGIENIX LTD: Court Hears Wind-Up Petition
-----------------------------------------
On December 8, 2008, the High Court at Rotorua heard a petition to
have Igienix Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 8, 2008.


KENWYN TRUST: Court to Hear Wind-Up Petition on January 30
----------------------------------------------------------
A petition to have Kenwyn Trust Ltd.'s operations wound up will be
heard before the High Court at Auckland on January 30, 2009, at
10:45 a.m.

Harrison Grierson Consultants Limited filed the petition against
the company on August 28, 2008.

Harrison Grierson's solicitor is:

          R. G. Hay
          Morgan Coakle, Solicitors
          Gosling Chapman Tower 1
          51-53 Shortland Street, Level 12
          Auckland


KIWI PROPERTY: Creditors' Proofs of Debt Due on December 19
-----------------------------------------------------------
The creditors of Kiwi Property Investments Group 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. 17, 2008.

The company's liquidators are:

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


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

Mont Baker Limited filed the petition against the company on
October 16, 2008.

Mont Baker's solicitor is:

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


RANGITOTO HOLDINGS: Court Hears Wind-Up Petition
------------------------------------------------
On November 28, 2008, the High Court at Auckland heard a petition
to have Rangitoto Holdings Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 17, 2008.


SYDNEY PRODUCTIONS (NO. 3): Court Hears Wind-Up Petition
--------------------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No. 3) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on July 28, 2008.


SYDNEY PRODUCTIONS (NO. 2): Court Hears Wind-Up Petition
--------------------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No. 2) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on July 28, 2008.


TERRAFIRMA LANDSCAPING: Court Hears Wind-Up Petition
----------------------------------------------------
On November 28, 2008, the High Court at Auckland heard a petition
to have Terrafirma Landscaping Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 17, 2008.


THE HOUSE: Court Hears Wind-Up Petition
---------------------------------------
On December 8, 2008, the High Court at Rotorua heard a petition to
have The House Of Rhythm And Soul Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 19, 2008.


* NEW ZEALAND: Total Retail Sales Drop 1.3% in October
------------------------------------------------------
Seasonally adjusted total retail sales fell 1.3 percent (NZ$69
million) in October 2008, Statistics New Zealand said.  This drop
was dominated by the vehicle-related industries, particularly a
14.5 percent (NZ$90 million) fall in motor vehicle retailing.  The
trend in motor vehicle retailing sales has fallen 19.6 percent
since September 2007 and is at its lowest level since September
2001.  Automotive fuel retailing was also down (2.2 percent or $14
million), consistent with lower petrol and diesel prices in
October.

Core retailing, which excludes the four vehicle-related
industries, rose 0.8 percent (NZ$34 million) in October 2008, with
13 of the 20 core industries having increased sales compared with
September 2008.  These increases were led by appliance retailing
(up 7.6 percent or NZ$15 million), accommodation (up 5.3 percent
or NZ$12 million), and clothing and softgoods retailing (up 5.5
percent or NZ$11 million).  The largest offsetter to the rise in
core retailing was supermarket and grocery stores, with a 1.2
percent (NZ$14 million) fall.

Monthly movements in the total retail sales trend have been close
to flat throughout 2008 but have been trending downwards, with
October showing a 0.9 percent fall from the start of the year.
The core retail sales trend has been rising continually since
September 1995, but since mid-2007 has slowed to an average
monthly growth of just 0.1 percent.

In October 2008, sales fell overall in the North Island and were
flat in the South Island.



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

CHARTERED SEMICONDUCTOR: Sees Wider Fourth Quarter Net Loss
-----------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd expects its fourth
quarter 2008 net loss to widen to $80 million from an earlier
expectation of $57 million.  The company incurred a net loss of
$24.4 million in the third quarter 2008.

The company also expects its revenue for the fourth quarter 2008
to lower to
$348 million from previous estimate of $368 million.  In the third
quarter 2008, the company recorded $463.7 million in revenues.

Commenting on the revised earnings guidance, George Thomas, senior
vice president & CFO of Chartered, said: "As the quarter is
progressing, we are seeing some of our customers postponing their
deliveries due to, what we believe are, weaker market conditions
and their intent to keep inventories low.  We are therefore
revising our outlook for the fourth quarter.  Due to the uncertain
business environment that continues to cloud our business
visibility, we are aggressively identifying additional areas for
cost reduction in addition to those that are being implemented
currently,"

Chartered plans to release fourth quarter 2008 results on January
30, 2009, Singapore time, before the Singapore market opens.

                         About Chartered

Singapore-based Chartered Semiconductor Manufacturing Ltd.
(Nasdaq: CHRT, SGX-ST: CHARTERED) -- http://www.charteredsemi.com/
-- is a semiconductor foundry, which provides wafer fabrication
services and technologies to semiconductor suppliers and systems
companies.  The Company focuses on providing foundry services to
customers that serve technologically advanced applications for the
communication, computer and consumer sectors.  As of December 31,
2007, Chartered owns, or have an interest in, five fabrication
facilities, Fabs 2, 3, 5, 6 and 7, all of which are located in
Singapore.  Fab 7 is its only 300-mm facility.  During the year
ended December 31, 2007, the Company manufactured semiconductors
for over 150 different active customers.  During 2007, its top
five customers collectively accounted for approximately 61% of the
Company's total net revenue.  In March 2008, the Company completed
the acquisition of Hitachi Semiconductor Singapore Pte Ltd, from
Hitachi, Ltd and Hitachi Asia Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
26, 2008, Standard & Poor's Ratings Services lowered the corporate
credit rating on Chartered Semiconductor Manufacturing Ltd to
'BB+' from 'BBB-'.  The outlook is negative.  At the same time,
S&P lowered the issue ratings on all Chartered's senior
unsecured notes to 'BB+' from 'BBB-'.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2008, Fitch Ratings downgraded Chartered Semiconductor
Manufacturing Ltd's Long-term foreign currency Issuer Default
rating and its outstanding senior unsecured debt to 'BB+' from
'BBB-'.  The Outlook is Stable.


FONTERRA BRANDS: Creditors' Proofs of Debt Due on January 5
-----------------------------------------------------------
The creditors of Fonterra Brands (Trading Singapore) Pte Ltd are
required to file their proofs of debt by January 5, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


HOCK SOON: Court Enters Wind-Up Order
------------------------------------
On November 28, 2008, the High Court of Singapore entered an order
to have Hock Soon & Company (Pte) Limited's operations wound up.

Corporate Compliance Services Pte Ltd filed the petition against
the company.

The company's liquidator is:

          Lok Lai Cheng
          1 Scotts Road #21-07/08
          Shaw Centre
          Singapore 228208


MHC HOLDINGS: Creditors' Proofs of Debt Due on January 16
---------------------------------------------------------
The creditors of MHC Holdings Pte Ltd are required to file their
proofs of debt by January 16, 2009, 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


SLENDER SHAPES: Court Enters Wind-Up Order
------------------------------------------
On November 28, 2008, the High Court of Singapore entered an order
to have Slender Shapes Singapore Pte. Ltd.'s operations wound up.

Lowe Richard Christopher filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


TMS SHIP: Court Enters Wind-Up Order
------------------------------------
On November 28, 2008, the High Court of Singapore entered an order
to have TMS Ship Repairs Pte Ltd's operations wound up.

Kwong Soon Engineering Company Pte Ltd filed the petition against
the company.

The company's liquidator is:

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



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

TRUE CORP: S&P Cuts Corporate Credit Rating to 'B'; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on True Corp. Public Co. Ltd.
and its cellular subsidiary True Move Co. Ltd. to 'B' from 'B+ '.
The outlooks on the ratings are negative.  At the same time, S&P
lowered the issue rating on True Move's senior unsecured notes to
'B-' from 'B'.

"The rating actions reflect a weakening of the group's credit
profile due to lower-than-expected earnings visibility as a result
of further profitability pressure on True Move.  In addition, True
Move may face difficulties meeting its near-term financial
covenants, given the challenging operating environment," said
S&P's credit analyst Yasmin Wirjawan.

The lower issue rating reflects Standard & Poor's expectation that
True Move's ratio of priority debt to total assets will remain
between 15% and 30% on a sustainable basis.  As at Sept. 30, 2008,
the group is in compliance with its covenants as these ratios
stood at 3.7x for True Corp. and 4.2x for True Move, based on
EBITDA for the past four quarters.  There is no cross default
among the True group companies.  From fiscal 2008 onwards,
however, True Corp.'s stand-alone ratio of senior debt to EBITDA
cannot reach more than 4.0x and True Move's ratio of net debt to
EBITDA cannot reach more than 4.0x based on the group's existing
financial covenants.  There is a reasonable possibility, that the
group's relevant creditors may consider a waiver, extension, or
novation of such requirements.

The rating on True Corp. reflects the group's highly leveraged
financial risk profile, intense competition in Thailand's wireless
market, and regulatory uncertainties.  These risks are partly
mitigated by the company's leading position in the country's
fixed-line, broadband, and pay-TV markets, its established
presence as the third-largest player in the domestic wireless
market, and its diversified services.

As at Sept. 30, 2008, True Corp.'s consolidated credit measures
had deteriorated compared with the first quarter of 2008.  Its
ratio of total debt to EBITDA stood at 4.6x (annualized) from 4.0x
due to the pressure on profitability margins.  The turnaround in
the profitability of True Corp.'s wireless segment has been
hampered by intense competition, which is likely to continue as
revenue growth has subsided, lower average revenue per user, and a
penetration rate of about 90%.

The rating on True Move reflects the company's high leverage
position, intense competition, and regulatory uncertainties.
These risks are partially offset by its strategic importance to
True Corp. and its presence as the third-largest operator in the
Thai cellular market.  True Move's consolidated credit measures
have deteriorated due to strong competition, as revenue growth has
subsided and the penetration rate has reached about 90%.  The
pressure on profitability margins should persist and could weaken
True Move's cash flow position further, as its ratio of debt to
EBITDA reached almost 6x (annualized) as at Sept. 30, 2008.



=============
V I E T N A M
=============

VIETNAM: S&P Keeps 'BB/B' Sovereign Credit Ratings; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' foreign
currency and 'BB+/B' local currency sovereign credit ratings on
the Socialist Republic of Vietnam.  The outlook is negative.

The ratings on Vietnam reflect the country's low-income economy
and developing financial system.  These weaknesses increase the
vulnerability of the economy to severe shocks that could
significantly increase the public financial burden.

Recent developments highlight the risks associated with this
vulnerability in the economy.  Hectic investment activity of
recent years, fueled in part by strong credit growth, appears to
have pushed the economy to the limits.

"The banking sector now faces a global economic slowdown with its
balance sheet weakened by excessive credit growth," Mr. Tan said.
If the economy suffers a prolonged downturn, financial pressure on
the banking sector will mount to exacerbate asset quality
deterioration.  The government may have to support the banks to
preserve financial stability.  This would damage the sovereign
balance sheet.

Despite the near-term risks, good prospects for sustained economic
growth provide fundamental support for sovereign creditworthiness
in Vietnam.  The government's ongoing structural reforms have led
to a resurgence of investor confidence.  S&P expects investment
from both public and private sector investors to sustain economic
growth at an average 7% annually in the medium term, Mr. Tan said.

In recent years, foreign investment in Vietnam has also lifted the
level of foreign reserves held by the central bank.  S&P forecasts
reserves at approximately US$21 billion by the end of 2008.
Vietnam's positive net external credit position should help the
economy withstand a large adverse economic shock.

The negative outlook on the ratings reflects the risks to
financial stability as banks face near-term asset quality
deterioration with weakened balance sheets.  The credit ratings on
the government could be lowered if the probability that the
situation would develop into a widespread economic and financial
system distress increases.  The likelihood of the sovereign rating
remaining at the current level could rise on indications that the
economy will return to a sustainable growth path and that the
financial fallout of economic rebalancing will be confined to a
small number of systemically unimportant institutions.  This would
allow the outlook to revert to stable.



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

* Credit Unions to Extend US$10 Billion in Loans to Detroit 3
-------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that a group of
1,300 credit unions have pledged to extend about $10 billion in
auto loans.

According to WSJ, the credit unions are aiming to win new
borrowers while providing General Motors Corp., Ford Motor Co.,
and Chrysler LLC financial assistance.

Tom Henderson at Crain's Detroit Business relates that GM and the
Michigan Credit Union League said on Dec. 10 that a consortium of
credit unions in Michigan, Ohio, Indiana, and Illinois have agreed
to provide up to US$10 billion to finance the sale of new GM
vehicles through June 2009, in exchange for supplier discounts
from GM to more than 12 million credit union members in the
Midwest.  According to a statement posted at
Lovemycreditunion.org, credit union members will be able to get an
additional US$250 bonus cash between Dec. 10, 2008 and Jan. 5,
2009, on their eligible new GM vehicle purchase.

The GM price discount program includes these brands: Buick,
Cadillac, Hummer, Saab, Chevrolet, GMC, Saturn, and Pontiac.  The
program runs from Dec. 8, 2008, through June 30, 2009.

WSJ relates that the credit union group said that it's working
with Ford Motor Co. and Chrysler LLC on a similar arrangement.



                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

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

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





                 *** End of Transmission ***