TCRAP_Public/081216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, December 16, 2008, Vol. 11, No. 249

                            Headlines

A U S T R A L I A

BEZZINA GROUP: Two More Companies in Receiverships
CORPORATE VENTURES: Members Receive Wind-Up Report
DATE CARRIERS: Members and Creditors Hear Wind-Up Report
ELAN CONSTRUCT: Declares Final Dividend
ELECTROMATION (QLD): Members and Creditors Receive Wind-Up Report

EMEK BUILDING: Members and Creditors Receive Wind-Up Report
HBW FOODS: Placed Under Voluntary Liquidation
MULTITEC MAILING: Members and Creditors Hear Wind-Up Report
NEWHAM NOMINEES: Members and Creditors Receive Wind-Up Report
PICTORIAL LANDSCAPES: Declares First and Final Dividend

QUABADEE PASTORAL: Declares First and Final Dividend
S.M.O.C. ENGINEERING: Placed Under Voluntary Liquidation
SUZIS LANDSCAPE: Appoints Darin and Malanos as Liquidators
THE CITY OF QUEANBEYAN: Declares First Dividend
TRESBON CONTINENTAL: Members and Creditors Receive Wind-Up Report

WJ & LM: Placed Under Voluntary Liquidation


C H I N A

AGRICULTURAL BANK: Seeks Dual Listing
CHINA EASTERN: Names New Chairman and President
CHINA MERCHANTS: To Provide Smaller Firms With CNY5 Bil. Financing
CHINA SOUTHERN: Chairman Liu Shaoyong Resigns
COASTAL GREENLAND: Moody's Maintains 'B1' Corporate Family Rating


H O N G K O N G

ASIAN GAMES: Ho Man Han Ceases to Act as Liquidator
QNITY NETWORKS: Leung Chui Mei Steps Down as Liquidator
YEW CHUNG: Creditors' Proofs of Debt Due on January 6
YING TAI: Placed Under Voluntary Liquidation
YUEN LONG: Creditors' Proofs of Debt Due on January 12


I N D I A

GENERAL MOTORS: May Lose 40% of Dealers If GMAC Goes Bankrupt
PURI CONSTRUCTIONS: CRISIL Rates Rs.1000 Mil. Term Loan at 'BB-'
* Market Meltdown Restricts 'COMPLEX' Debt Issuances: CRISIL Says


I N D O N E S I A

EXCELCOMINDO PRATAMA: Inks US$214 Million Loan With EKN


J A P A N

AMERICAN INT'L: Will Meet With Bankers on Asian Assets Sale
FORD MOTOR: Fitch Puts Issuer Default Ratings on Negative Watch
JMAC4 TRUST: Moody's Reviews Ratings on Class E for Possible Cuts
NOMURA HOLDINGS: Madoff-Linked Exposure at JPY27.5 Bil.
SHARP CORP: To Reorganize LCD Panel Plants; Sheds 380 Jobs


M A L A Y S I A

GOLD BRIDGE: Inks MOU with HektarKlasik
TALAM CORP: Court Extends Unit's Restraining Order to June 26
TIME ENGINEERING: Seeks Extension to Submit Regularization Plan


M O N G O L I A

KHAN BANK: Moody's Changes Outlook on 'D' BSFR to Negative
XACBANK: Moody's Reviews 'D' Bank Rating for Possible Downgrade


N E W  Z E A L A N D

A2 CORPORATION: Gets OK to Set Shareholding Level at 2,000 Shares
DHILLON FRUIT: Court Hears Wind-Up Petition
F O W LTD: Court to Hear Wind-Up Petition on December 19
GARDEN CITY: Fixes December 22 as Last Day to File Claims
JEMA TRUSTEES: Court to Hear Wind-Up Petition on February 18

KUDOS DEVELOPMENTS: Court Hears Wind-Up Petition
NATHANS FINANCE: Investors Likely to Get Less Than 2.5% Repayment
PROPERTYFINANCE: Posts NZ501,000 Loss in First Half Ended Sept.
SARVEE GROUP: Tenants to Stay Amid Group's Receivership
TECHNICAL WATER: Fixes December 22 as Last Day to File Claims

TOTE PROPERTY: Commences Liquidation Proceedings
TOURNAMENT HOLDINGS: Court Hears Wind-Up Petition
UPTOP ROOFING: Court Hears Wind-Up Petition
VEAR HOUSELIFTING: Court to Hear Wind-Up Petition on December 19
* NEW ZEALAND: Manufacturing Sales Volume Dips 2.3% in September


P A K I S T A N

* Moody's Confirms Negative Outlook on Pakistan's 'B3' SBR


P H I L I P P I N E S

* PDIC Assures Payment of All Valid Deposit Insurance Claims
* PHILIPPINES: Domestic Liquidity Growth Slows Down in October


X X X X X X X X

* Senate Rejects Auto Aid for Detroit 3; Access to TARP Mulled
* BOND PRICING: For the Week December 8 to December 12, 2008


                         - - - - -


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

BEZZINA GROUP: Two More Companies in Receiverships
--------------------------------------------------
Two more Michael Bezzina-backed development companies were place
in receivership, the Australian reports citing Mark Robinson,
partner of accountancy firm PBB.

According to the report, eight penthouse-style apartments worth
more than AU$80 million have been handed over to the banks after
the receivership of Caprace Pty Ltd and Pyoanee Pty Ltd.

Mr. Robinson said three of the apartments were subject to presale
contracts for more than AI$10 million, while the remaining five
were anticipated to fetch a similar price.

The Australian recalls that Bezzina Builders No.2, a Bezzina
company that developed the AU$100 million Jade complex in Surfers
Paradise was put into liquidation in September.


CORPORATE VENTURES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Corporate Ventures Pty Limited met on Nov. 25,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          R. J. Porter
          Moore Stephens
          460 Church Street, Level 6
          Parramatta NSW 2150


DATE CARRIERS: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Date Carriers Pty Limited met on
November 25, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


ELAN CONSTRUCT: Declares Final Dividend
---------------------------------------
Elan Construct Pty Limited declared the first dividend on Nov. 19,
2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


ELECTROMATION (QLD): Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Electromation (GLD) Pty Limited met
on November 25, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John D. Green
          3 Woodford Street
          Longueville NSW 2066


EMEK BUILDING: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Emek Building Services & Supplies Pty
Limited met on November 25, 2008, and heard the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


HBW FOODS: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on September 22, 2008, the members
of HBW Foods Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Terry Grant van der Velde
          Stephen Wesley Hathway
          SV Partners
          Insolvency Accountants and Business Solutions
          Suite 6.03, Level 6
          135 King Street, Sydney NSW 2000


MULTITEC MAILING: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Multitec Mailing Pty Limited met on
November 25, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


NEWHAM NOMINEES: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of Newham Nominees Pty Limited met on
November 25, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


PICTORIAL LANDSCAPES: Declares First and Final Dividend
-------------------------------------------------------
Pictorial Landscapes Pty Limited, which is in liquidation,
declared first and final dividend for its creditors on Nov. 7,
2008.

Only creditors who were able to file their proofs of debt by
November 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Daniel I. Cvitanovic
          Cvitanovic Amos
          Chartered Accountants & Insolvency Specialists
          Telephone:(02) 4885 2500
          Facsimile:(02) 4885 2995


QUABADEE PASTORAL: Declares First and Final Dividend
----------------------------------------------------
Quabadee Pastoral Company Pty Ltd, which is in liquidation,
declared the first and final dividend on December 11, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          M. J. Chubb
          Clout & Associates
          144-148 West High Street, Level 1
          Coffs Harbour NSW 2450
          Telephone:(02) 6652 3288
          Facsimile:(02) 6651 9393


S.M.O.C. ENGINEERING: Placed Under Voluntary Liquidation
--------------------------------------------------------
The members of S.M.O.C. Engineering Pty Limited met on Oct. 10,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Daniel I. Cvitanovic
          Peter A. Amos
          Cvitanovic Amos Chartered Accountants &
          Insolvency Specialists
          Shop 5 Old Potato Shed,
          74-76 Hoddle Street


SUZIS LANDSCAPE: Appoints Darin and Malanos as Liquidators
----------------------------------------------------------
During a general meeting held on October 9, 2008, the members of
Suzis Landscape & Gardening Pty Ltd appointed Chris Darin and
Nick Malanos as the company's liquidators.

The Liquidators can be reached at:

          Chris Darin
          Nick Malanos
          Worrells Solvency & Forensic Accountants
          333 George Street, Level 3
          Sydney NSW 2000
          Telephone:(02) 9249 1200
          Facsimile:(02) 9249 1211
          Website: http://www.worrells.net.au


THE CITY OF QUEANBEYAN: Declares First Dividend
-----------------------------------------------
The City of Queanbeyan RSL Club Limited declared first dividend on
November 19, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


TRESBON CONTINENTAL: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Tresbon Continental Bakeries (Aust)
Pty Limited met on November 25, 2008, and heard the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


WJ & LM: Placed Under Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting held on October 10, 2008, the
members of WJ & LM Crossley Building & Maintenance Pty Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Barry Cook
          54 Beechwood Ave
          Greystanes NSW 2145
          Telephone:(02) 9636 2845
          Facsimile:(02) 9636 2845



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

AGRICULTURAL BANK: Seeks Dual Listing
-------------------------------------
The Agricultural Bank of China plans to seek a dual listing at
both Shanghai Stock Exchange and Hong Kong Exchanges in 2010,
China Daily reports citing Economic Daily.

According to the report, a source cited by Economic Daily said the
bank is expected to raise US$25 billion to US$35 billion from the
initial public offering (IPO), with 60 percent of shares sold at
the Shanghai bourse and 40 percent at the Hong Kong bourse.  But
the proportion could also be changed, depending on market
situation and the scale of the IPO.

As reported by the Troubled Company Reporter-Asia Pacific on
November 10, 2008, various report said that ABC received a CNY130
billion (US$19 billion) capital injection from Central Huijin
Investment Ltd, to start off its restructuring plan.

According to the Shanghai Daily, the bank said Central Huijin, an
arm of China's sovereign wealth fund, and the Ministry of Finance
will each hold a 50 percent stake in ABC after the bailout.

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform.  The bank,
the Xinhua News relates, reported its NPLs at CNY817.97 billion
(US$116.9 billion) as of the end of 2007.

The Bank carries an 'E' Individual rating from Fitch Ratings.

As reported in The Troubled Company Reporter-Asia Pacific on
October 28, 2008, Moody's Investors Service affirmed all ratings
of the Agricultural Bank of China and changed the outlook on its E
bank financial strength rating to positive from stable.  The
action does not affect ABC's A1/Prime-1 foreign currency deposit
ratings, which maintain their stable outlook.


CHINA EASTERN: Names New Chairman and President
-----------------------------------------------
The Associated Press reported that China Eastern Airlines's
chairman and president have been replaced as part of a government-
managed shake-up of the troubled industry.

Citing China Eastern's statement to the Hong Kong Stock Exchange,
AP related that Liu Shaoyong, chairman of rival China Southern
Airlines, was appointed to replace China Eastern's chairman Li
Fenghua.

Meanwhile, AP added, China Eastern's president Cao Jianxiong will
be replaced by Ma Xulun, deputy general manager of China National
Aviation Holding Co.

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

                          *     *     *

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


CHINA MERCHANTS: To Provide Smaller Firms With CNY5 Bil. Financing
------------------------------------------------------------------
The China Merchants Bank plans to lend no less than CNY5 billion
(US$730 million) in 2009 to help domestic smaller enterprises
develop, Xinhua News reports citing China Merchant Bank.

Xinhua News relates that earlier this month, the bank obtained
financial license from the China Banking Regulatory Commission
(CBRC) for its newly founded smaller enterprise credit center in
eastern Jiangsu Province.

According to Xinhua, smaller enterprises are identified by the
CBRC as those with an authorized credit no more than CNY5 million,
assets of less than CNY10 million or annual sales of less than
CNY30 million.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's Baa3/P-
3 long-term/short-term foreign currency deposit ratings and D+
bank financial strength rating.  The affirmation follows CMB's
planned purchase of Wing Lung Bank ("WLB", C+/A2).  The ratings'
outlook remains stable.


CHINA SOUTHERN: Chairman Liu Shaoyong Resigns
---------------------------------------------
China Southern Airlines Co. Ltd said Liu Shaoyong had resigned as
chairman, the Associated Press reported citing China Southern
Airlines' announcement.

According to the report, the company appointed company director,
Li Wenxin, as acting chairman until Liu's replacement is named.

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

                         *     *     *

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


COASTAL GREENLAND: Moody's Maintains 'B1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service says that it will maintain Coastal
Greenland Limited's B1 corporate family rating and B2 bond rating
-- as well as their negative outlook -- after the company's
announcement that it is terminating its corporate restructuring
plan to inject its residential development projects into its 21%-
owned associate, Shanghai Fenghwa Group Co Ltd.

"While the termination of the transaction has alleviated Moody's
original concerns over the potential risk of fund leakage and the
deepening level of subordination, the slowdown in the Chinese
property market would likely hinder CGL's attempts to meet its
sales plan in the near-to-medium term.  This situation could in
turn affect the company's rating profile," says Kaven Tsang,
Moody's lead analyst for CGL.

Moody's will continue to monitor CGL's performance in cash
property sales and review its 1H results for FY2009.  The results
will be announced on December 19, 2008.  Any negative findings
would further pressure its ratings.

Moody's last rating action occurred on August 25, 2008, when CGL's
ratings were confirmed with a negative outlook.

Coastal Greenland Limited is a Chinese property developer focusing
on medium and high-end residential and commercial property
developments.  It has an attributable land bank of 4.6 million sqm
in six major economic areas in China.



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

ASIAN GAMES: Ho Man Han Ceases to Act as Liquidator
---------------------------------------------------
On November 21, 2008, Ho Mo Han stepped down as liquidator of
Asian Games Marketing Limited.

The company's former Liquidator can be reached at:

          Ho Mo Han
          Hang Seng Mongkok Building, 15th Floor
          677 Nathan Road
          Kowloon, Hong Kong


QNITY NETWORKS: Leung Chui Mei Steps Down as Liquidator
-------------------------------------------------------
On November 28, 2008, Leung Chui Mei stepped down as liquidator of
Qnity Networks Limited.

The company's former Liquidator can be reached at:

          Leung Chui Mei
          Prosperous Building
          Room 502, 5th Floor
          48-52 Des Voeux Road Central
          Hong Kong


YEW CHUNG: Creditors' Proofs of Debt Due on January 6
-----------------------------------------------------
The creditors of Yew Chung Quality Education Development
Organisation Limited are required to file their proofs of debt by
January 6, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Dec. 9, 2008.

The company's liquidator is:

          Suen Man Fai
          Sing Pao Building
          Room 2402, 24th Floor
          101 King's Road Fortress Hill
          Hong Kong


YING TAI: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on December 4, 2008, the
shareholders of Ying Tai Development Company Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Chok-man Yik
          Manulife Tower, 15th Floor
          169 Electric Road
          North Point, Hong Kong


YUEN LONG: Creditors' Proofs of Debt Due on January 12
------------------------------------------------------
The creditors of Yuen Long Kam Sze Hei Association 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 Dec. 3, 2008.

The company's liquidator is:

          Wong Tong
          Sun Hung Kai Centre, Room 1021
          30 Harbour Road
          Wanchai, Hong Kong



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

GENERAL MOTORS: May Lose 40% of Dealers If GMAC Goes Bankrupt
-------------------------------------------------------------
A bankruptcy filing by GMAC LLC may cause General Motors Corp. to
lose as many as 40% of its 6,500 U.S. dealerships, Greg Bensinger
at Bloomberg News reports, citing a retailer for GM.

Bloomberg relates that GMAC is GM dealers' largest source of
financing for purchasing vehicles, representing about 75% of U.S.
inventory.  The report says that tighter GMAC loan rules
discouraged about 40% of potential buyers, helping drag GM sales
to a 22% decline this year.

Bloomberg quoted Martin NeSmith, a liaison to the lender as a
member of GM's National Dealer Council, as saying, "There's so
many dealers on the edge, if GMAC goes out of business 30 to 40
percent of dealers won't be able to get financing from anywhere
else.  They'll go out of business."

As reported by the Troubled Company Reporter on Dec. 11, 2008,
GMAC Financial Services threatened bondholders that it would
abandon its effort to become a bank holding company if it doesn't
get the required support from them.  GMAC failed to lure enough
bondholders to US$38 billion debt exchange offer and so the
company failed to raise enough capital for it to become a bank
holding company.  GMAC must raise $2 billion of new capital and
have at least US$30 billion in total regulatory capital.  By
becoming a bank, GMAC will be able to access the Treasury's US$700
billion rescue fund.  It will also allow GMAC to sell bonds backed
by the Federal Deposit Insurance Corp., giving it new funding.
GMAC was shut out of the public market for bonds backed by auto
loans for the past six months.  GMAC asked bondholders in November
to tender their securities for at least 55 cents in cash or a
combination of new notes and preferred stock, which would count as
regulatory capital.  GMAC's debt exchange offer is extended to
GMAC and Residential Capital LLC investors.  GMAC extended for the
third time the delivery deadline for debt holders to Dec. 12.

Aparajita Saha-Bubna and Liz Rappaport at The Wall Street Journal
report that some bondholders said that the plan doesn't ask enough
sacrifice from GMAC's owners -- GM and an investor group led by
Cerberus Capital Management LP.  According to the report, the
bondholders want equity holders to put in their share of new
capital.

According to WSJ, the proposed debt exchange is necessary to GMAC,
which may face bankruptcy protection if it isn't completed.

                     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.


PURI CONSTRUCTIONS: CRISIL Rates Rs.1000 Mil. Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4' to the various
bank facilities of Puri Constructions Private Limited (PCPL).

   Rs.1000 Million Term Loan      BB-/Stable (Assigned)

   Rs.200 Million Letter of       P4 (Assigned)
    Credit & Bank Guarantee  

The rating reflects company's limited track record of profitable
execution of real estate projects and constrained financial risk
profile.  These weaknesses are, however, mitigated by expected
cash inflows from 'Palm spring' project which is expected to
enhance the current net worth levels of the company.

For arriving at the rating, CRISIL has combined the business and
financial profiles of Puri Constructions Private Limited (PCPL)
and its three subsidiaries namely Mad Entertainment Network
Limited, A.R. Fisheries Private Limited and Florentine Estates of
India Limited.  All the entities operate under common management
with prevalence of financial interlinkages amongst the entities.

Outlook: Stable

CRISIL expects PCPL's financial risk profile to remain stable over
the medium term, supported by expected inflows from the "Palm
Springs" project.  The outlook could be revised to 'Positive' upon
availability of sufficient customer advances for Pratham and
Pranayam project.  Conversely, the outlook could be revised to
'Negative' if there is an adverse impact on the saleability of the
upcoming projects of the company or company aggressively
undertakes new projects which may deteriorate its capital
structure and debt protection measures.

                    About Puri Construction

Founded in 1981 by Mr. Amrinder Kaur, PCPL was primarily engaged
in construction activity; some of the prominent projects
implemented by the company include The Bharat Bhawan and the new
Vidhan Sabha Bhawan, Bhopal, The Hall of Nations and Industries,
Pragati Maidan, New Delhi, The Clarks Hotel, Jaipur.  In 1997 the
company changed focus and started accumulation of land for real
estate development purpose in residential segment.  PCPL's first
residential real estate project is in collaboration with Emaar MGF
"Palm Spring" which is expected to be completed by March 2009.
The company is implementing 2 new projects in the Faridabad region
namely "Pranayam" and "Pratham" which are expected to be completed
in 2011.


* Market Meltdown Restricts 'COMPLEX' Debt Issuances: CRISIL Says
-----------------------------------------------------------------
CRISIL's analysis of debt issuances in November 2008 reveals an 80
per cent decline in the issuance of 'Complex' and 'Highly Complex'
instruments, in the course of just a month.  In CRISIL's opinion,
this can largely be attributed to uncertain financial market
conditions, with a meltdown in the equity market, tight liquidity
in the debt market, and a cautious approach to credit by lenders
given the expectation of an economic slowdown.

The categorization of these instruments is according to CRISIL
Complexity Levels, a pro-bono service by CRISIL that categorizes
financial products by the ease of identifying and understanding
their risks.  The service classifies financial products into three
categories: 'Simple', 'Complex', and 'Highly Complex'.  The
Annexure provides CRISIL's Complexity Levels classifications for
222 domestic debt issues in October and November 2008, using data
available from the National Securities Depository Ltd and the
National Stock Exchange of India Ltd.

The relatively sophisticated 'Complex' and 'Highly Complex'
categories accounted for more than 60 per cent of the 139
instruments issued in October 2008.  However, the share of these
categories plunged to only 18 per cent of 83 debt issuances in
November 2008. 'Highly Complex' issuances in October largely
comprised equity-index-linked debentures (47 per cent) and pass-
through certificates (PTCs) related to securitisation transactions
(45 per cent).  Equity-linked debentures are mainly targeted at
high-net-worth individuals and the main investors in PTCs are
mutual funds.

In November, very few 'Highly Complex' instruments were issued.
Notably, 85 per cent of the 'Complex' securities, and 100 per cent
of the 'Highly Complex' ones, were issued by financial sector
entities, whereas 'Simple' instruments were issued mainly by
manufacturing and service sector companies and government-linked
entities, including public sector banks. 'Simple' debt issues
mainly comprised commercial paper, certificates of deposit, and
non-convertible debentures with fixed coupons.

Ms. Roopa Kudva, Managing Director and CEO, CRISIL Ltd commented:
"These trends are clearly linked to market factors.  With the fall
in equity prices, equity-index-linked debentures have lost
popularity with high-net-worth individuals, who have probably
shifted to simpler instruments.  Moreover, demand for pass-through
certificates has all but dried up with debt fund launches slowing
in the face of heavy redemptions."

CRISIL Complexity Levels allow market observers and regulators to
easily discern and analyze such trends.  To assist investors,
CRISIL will now provide a monthly commentary on trends in
complexity levels of debt market issuances.  Says S. Venkataraman,
Senior Director, CRISIL Ltd, "CRISIL launched this service, a
global first, to help investors gauge the level of sophistication
and due diligence required before investing in an instrument type.
Our continuing efforts are aimed at strengthening financial market
awareness and market prudence, which we believe are particularly
relevant for investors, issuers, and regulators, in this uncertain
market environment."



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

EXCELCOMINDO PRATAMA: Inks US$214 Million Loan With EKN
-------------------------------------------------------
The Jakarta Post reported that PT Excelcomindo Pratama Tbk has
inked a deal with the Swedish Export Credits Guarantee Board (EKN)
to secure US$214 million in loans for the purchase of Ericsson
equipment from Sweden.

Citing Excelcomindo in a statement, the Post related, the facility
is the first tranche of the total $400 million facility provided
by EKN.  The facility was arranged by ABN AMRO Bank N.V. Stockholm
Branch and Standard Chartered Bank.

Loan from facility will be used to partly finance the company's
capital expenditure this year, the Post said.

The Swedish Export Credits Guarantee Board (EKN) is a governmental
agency in Stockholm which, in return for a premium, provides
companies, banks and other financial institutions with state-
backed guarantees against loss incurred in export transactions and
foreign investment.

                       About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
September 2, 2008, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long-term foreign currency and local currency Issuer
Default Ratings at 'BB-'.  The Outlook on the ratings is Stable.
At the same time, Fitch has affirmed the rating on XL's
outstanding senior unsecured notes programme at 'BB-'.

On June 6, 2008, that Moody's Investors Service affirmed PT
Excelcomindo Pratama Tbk's Ba2 local currency issuer rating and
senior unsecured foreign currency rating.  Concurrently, PT
Moody's Indonesia has affirmed the company's national scale rating
of Aa1.id.  The outlook for all ratings is stable.



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

AMERICAN INT'L: Will Meet With Bankers on Asian Assets Sale
-----------------------------------------------------------
Dow Jones Newswires reports that American International Group Inc.
Chairperson and CEO Edward Liddy said on Thursday that the company
will discuss with investment bankers the potential sale of some of
the firm's Asian assets.

Jonathan Cheng at The Wall Street Journal relates that Mr. Liddy
said that he may not meet with potential buyers for some of AIG's
major Asian assets until January 2009.  The report says that
Prudential PLC, Prudential Financial Inc., and some Asian-based
insurers are among those expected to look closely at the assets.

Dow Jones states that AIG wants to sell a stake of up to 49% in
its Asian operation, American International Assurance Company
Ltd., and its shares in its Japanese joint ventures and American
Life Insurance Co.

According to Dow Jones, Mr. Liddy said in a speech at an American
Chamber of Commerce luncheon in Hong Kong, "Given the size and
complexity of our businesses, however, we recognize that an
announcement on these (divestitures) are a couple of months or
more into the future."

WSJ states that Mr. Liddy admitted that difficult markets and the
complexity of the terms of the U.S. government rescue could slow
the sale process for American International Assurance Co., which
bankers value at more than $20 billion.  The report says that
Citigroup Inc. and Goldman Sachs Group Inc. are handling the sale
of AIA.

Mr. Liddy, according to WSJ, said that AIG would take its time
considering offers to avoid a "fire sale."

            Retention Packages to Top Executives

WSJ reports that Mr. Liddy said AIG will retention packages to top
executives at the company's Asian life-insurance unit.

Mr. Liddy told the American Chamber of Commerce in Hong Kong that
the retention packages are needed to preserve franchise value
during the sale process of the Asian assets, WSJ relates.

According to WSJ, Mr. Liddy said that executives can leave anytime
but "we don't want individuals to leave."  The report says that
Mr. Liddy assured that AIG is "extremely" cautious with expenses.

                About American International Group

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


FORD MOTOR: Fitch Puts Issuer Default Ratings on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed the Issuer Default Ratings of the U.S.
auto suppliers listed below on Rating Watch Negative, based on the
impact of a potential bankruptcy filing by General Motors (and
Fitch's view that this would be followed by a bankruptcy at Ford).
Given its smaller profile, it is unlikely that a bankruptcy filing
by Chrysler would have the same impact.  Industry bankruptcies
could result from either the failure of the auto legislation
currently under consideration in the U.S. Congress, or the failure
of the Detroit Three to develop viable restructuring plans in the
several months prior to the expiration of the bridge loans
included in the current legislation.

In 2009, auto suppliers are already facing a steep global downturn
in auto production, including a deeply depressed production
forecast in the U.S. and Europe.  In the event of a General Motors
bankruptcy, Fitch believes that the resulting contraction in auto
production, the supply chain, trade credit and capital-access
would cause widespread shutdowns and bankruptcies throughout the
supply chain.  Given the cliff-risk nature of the risks involved,
Fitch has tried to detail below the extent of the potential rating
actions that would be taken in the event of a GM bankruptcy.  In
any event, Fitch will continue to take individual rating actions
in the sector as events unfold over the next several weeks and
months.  Fitch notes that even if the OEMs avoid bankruptcy, major
restructurings of their operations will occur, causing material
changes in the operations of their Tier I suppliers.  These
restructurings could also lead to ratings actions, providing
further rationale for placing these suppliers on Rating Watch
Negative.

The auto suppliers placed or remain on Rating Watch Negative and
the ratings most likely to result in the event of a GM bankruptcy
are:

   Companies Current IDR/Prospective IDR

    -- American Axle 'B'/'CC';
    -- ArvinMeritor 'B'/CCC';
    -- Hayes-Lemmerz 'B'/CCC';
    -- Johnson Controls 'A-'/'BBB+';
    -- Tenneco 'BB-/B-';
    -- TRW 'BB'/'B-';
    -- Visteon 'CCC'/'CC'
    -- Companies not included in the rating actions:
    -- Cummins 'BBB+';
    -- Goodyear 'BB-';
    -- Navistar 'BB-'

Despite improved diversification by most Tier 1 suppliers, across
manufacturers, geographies and product lines, the decline in
supplier revenues and operating cash flow through 2009 resulting
from a GM bankruptcy would likely produce covenant violations
across the vast majority of suppliers.  Of equal concern, Tier 2
and three suppliers are likely to experience widespread
bankruptcies through loss of volume, lack of receivables
financing, and restricted financial and trade credit.  Fitch
expects that a collapse of trade credit throughout the supply
chain would put at risk the domestic operations of these
suppliers, as well as their financial viability.  TRW and Tenneco
remain better positioned given their global operations, but Fitch
expects that these two companies, at a minimum, would require
renegotiations with their bank group.

Ratings on Rating Watch Negative are:

American Axle & Manufacturing Holdings, Inc.

-- IDR 'B';

American Axle & Manufacturing, Inc

-- IDR 'B';

ArvinMeritor

-- IDR 'B';
-- Secured 'BB';
-- Senior unsecured 'B/RR4'.

Hayes-Lemmerz International, Inc

-- IDR 'B'.

Hayes-Lemmerz Finance Luxembourg S.A

-- IDR 'B';
-- Senior unsecured 'B-/RR5';
-- Senior secured 'BB/RR1'.

HLI Operating Company Inc.

-- IDR 'B';
-- Senior secured 'BB/RR1'.

Johnson Controls

-- IDR 'A-'.

York International

-- IDR 'A-'.

Tenneco

-- IDR 'BB-';
-- Senior unsecured 'BB-';
-- Subordinated 'B';
-- Senior secured notes 'BB';
-- Senior secured credit facilities 'BB+'.

TRW Automotive Holdings Corp

-- IDR 'BB'.

TRW Automotive, Inc

-- IDR 'BB';
-- Secured 'BB+';
-- Senior unsecured 'BB-'.

Visteon Corp

-- IDR 'CCC';
-- Senior secured 'B/RR1';
-- senior unsecured 'CC/RR6'.


JMAC4 TRUST: Moody's Reviews Ratings on Class E for Possible Cuts
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the rating of Class C through E trust certificates
issued by JMAC4 Trust.  The final maturity of the certificates
will take place in February 2013.

Class:C

  -- Prior Rating: A2
  -- Prior Rating Action Date (Definitive Rating Date): 3/28/2006
  -- Current Rating: A2, under review for possible downgrade

Class:D

  -- Prior Rating: Baa2
  -- Prior Rating Action Date (Definitive Rating Date): 3/28/2006
  -- Current Rating: Baa2, under review for possible downgrade

Class:E

  -- Prior Rating: Ba2
  -- Prior Rating Action Date (Definitive Rating Date): 3/28/2006
  -- Current Rating: Ba2, under review for possible downgrade

JMAC4 Trust, effected in March 2006, represents the securitization
of 16 non-recourse loans backed by real estate portfolios.  Eleven
of the non-recourse loans have been paid in full, and the
transaction is currently secured by 5 non-recourse loans backed by
14 properties and prepaid principals in the trustee's account.
The rating action reflects the need to reconsider the credit
quality of the remaining non-recourse loan portfolio.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


NOMURA HOLDINGS: Madoff-Linked Exposure at JPY27.5 Bil.
-------------------------------------------------------
Channel NewsAsia reported that Nomura Holding's Inc. said it had
exposure of JPY27.5 billion (US$302 million) to Bernard Madoff,
but reassured investors that there would be no significant impact
on its finances.

According to Bloomberg News, Nomura joined firms including Spain's
Banco Santander SA in disclosing investments tied to Mr. Madoff.

Bloomberg News relates Mr. Madoff was arrested Dec. 11 and charged
with defrauding investors of as much as US$50 billion through a
Ponzi scheme at his New York-based firm's business advising rich
people, hedge funds and institutions.

Channel NewsAsia said Nomura's investors appeared unfazed by news
of the exposure.  Shares in Nomura rose JPY10, or 1.50 per cent,
to JPY676 by noon yesterday, December 15, on the Tokyo Stock
Exchange, as the benchmark Nikkei index surged 4.74 per cent.

As reported by The Troubled Company Reporter-Asia Pacific on
Dec. 10, 2008, Bloomberg News said Nomura is stepping up job cuts
in Japan and plans to eliminate more than 100 positions in Asia.

Bloomberg News' sources said the firm is eliminating at least 100
jobs in Tokyo, mainly among former Lehman Brothers Holdings Inc.
employees, and will cut positions in Hong Kong, Singapore and
other Asian countries as early as this year.

Nomura will also cut up to 1,000 or about 22 percent of its London
staff after an internal review following its purchase of Lehman's
Asian, European and Middle Eastern operations, according to a
Reuters report cited by the TCR-AP on Dec. 5, 2008.  According to
Agence France-Presse, Nomura has a total of 4,500 employees in the
British capital.

In a TCR-AP report on Dec. 3, 2008, Bloomberg News said Nomura
repeated a target of reaching a JPY500 billion (US$5.3 billion)
pretax profit for the year that ends in March 2011.

However, Bloomberg News said the plan came as Goldman Sachs Group
Inc. cut a forecast for Nomura's fiscal 2011 pretax profit by 20
percent to JPY250 billion.  Goldman said Nomura's acquisition of
parts of Lehman Brothers may force it to raise more capital.

According to Bloomberg News, Nomura reported three straight
quarterly losses as global markets declined and flagged US$2
billion in costs stemming from the purchase of parts of Lehman
Brothers.  The company had a pretax loss of JPY64.6 billion for
the year ended March 31 while global investment banking profit was
JPY22.8 billion.  Nomura had about JPY430.9 billion of cash as of
Sept. 30.

Bloomberg News said the brokerage posted a wider-than-expected
JPY72.9 billion second-quarter loss, putting it on course for a
record full-year deficit.  The firm's first-half shortfall of
JPY149.5 billion was more than double its record JPY67.8 billion
annual loss last year, prompting Standard & Poor's and Moody's
Investors Service to say they may cut the firm's credit ratings,
Bloomberg News noted.

                       About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. --
http://www.nomura.com/-- is a securities and investment banking
firm in Japan and has worldwide operations.  Nomura is a holding
company.  The services it provides include trading, underwriting,
and offering securities, asset management services, and others. As
of March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The Company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.  In February 2007, Nomura acquired Instinet
Incorporated.  Effective Oct. 1, 2008, Nomura Holdings Inc.
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 7, 2008, Fitch Ratings affirmed, among others, its
'C' Individual rating on Nomura Holdings Inc.

Fitch's action follows the announcement by NHI of a JPY72.9
billion net loss for second quarter of the fiscal year ended March
2009 (Q2FYE09), as well as a net loss of JPY149.5 billion for the
half year ended September 2008 (H1FYE09).

The TCR-AP reported on October 29, 2008 that Nomura Holdings
incurred a net loss of JPY72,872 million for the three
months ended Sept. 30, 2008, from a net loss of JPY11,707 million
in the same period last year.  Net revenue for the current quarter
was JPY128,065 million, a decrease of 5.2% from JPY176,700 million
in the same period last year, the same report said.


SHARP CORP: To Reorganize LCD Panel Plants; Sheds 380 Jobs
----------------------------------------------------------
In preparation for the start of operations at its new LCD panel
plant now under construction in Sakai City, Osaka Prefecture,
Sharp Corporation said it will undertake a reorganization of its
Kameyama Plant (Kameyama City, Mie Prefecture), which currently
produces large LCD panels for TVs, and its Mie Plant (Taki-cho,
Mie Prefecture) and Tenri Plant (Tenri City, Nara Prefecture),
which both produce small and medium-size LCD panels, commencing in
January 2009.

The company said that the exterior of the new LCD panel plant in
Sakai, which will employ the world's largest 10th-generation glass
substrates, is nearly complete.  Production equipment is now being
installed.  The start of operations originally planned for March
2010 is now indeed on the horizon.

Meanwhile, Sharp has been exploring a reorganization of its
existing LCD panel plants to strengthen competitiveness in
production.  The reorganization includes parts of the Tenri and
Mie Plants that have almost fully depreciated, and Kameyama Plant
No. 1, which employs 6th-generation glass substrates.

In this light, and given the excess supply of LCD panels in the
current market environment, Sharp has decided that now is an
optimal time to initiate a reorganization of existing plants.

The move, the Wall Street Journal reported, will affect 380
temporary workers representing 29% of the company's 1,300
temporary workers in Japan as of the end of November.

Sharp said it will concentrate production of large LCD panels for
TVs at Kameyama Plant No. 2, which uses 8th-generation glass
substrates.   This shift, along with output from the new plant in
Sakai, will allow Sharp to further strengthen its competitive edge
in production of large LCD TV panels.

At present, Sharp is manufacturing small and medium-size LCD
panels at Mie (Plants Nos. 1, 2, and 3) and at its Tenri Plant.
Under this reorganization, production of some LCD panels from
these plants will be shifted to Kameyama Plant No. 1.  And because
Kameyama Plant No. 1 uses larger 6th-generation glass substrates,
Sharp will be able to boost production efficiency for small and
medium-size LCD panels and thus strengthen its competitiveness
regarding these LCDs.

Production items and panel sizes at the Mie and Tenri Plants will
be reviewed.  Production lines at Mie Plant No. 1 and at the Tenri
Plant that have fully depreciated will be terminated.

                      About Sharp Corporation

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.  The company operates in two business divisions.  The
Electronics Equipment division offers audio and video
(AV)/communication products, including liquid crystal color
televisions, projectors, digital versatile disc (DVD) players and
recorders, compact disc (CD) players and various telephones;
electric appliances, as well as information equipment, such as
personal computers (PCs), digital dictionaries, calculators,
liquid crystal color monitors, information displays and copy
machines.  It also offers software.  The Electronic Component
division provides large-scale integrated (LSI) circuits, liquid
crystal display (LCD) modules and other electronic components,
such as batteries and parts for satellite broadcasting, among
others.  In July 2008, United Drug plc acquired the company.



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

GOLD BRIDGE: Inks MOU with HektarKlasik
---------------------------------------
In a disclosure with the Kuala Lumpur Stock Exchange, Gold Bridge
Engineering & Construction Berhad disclosed that its wholly-owned
subsidiary, Aseania Development Sdn Bhd entered into a Memorandum
of Understanding with HektarKlasik Sdn Bhd to a joint venture to
invest in, manage and operate a 3-storey shopping complex together
with a basement floor upon the terms and conditions as may be
agreed by Hektar and ADSB.

The Shopping Mall was developed and constructed by a wholly-owned
subsidiary of D'Aseania Mall Sdn Bhd on all that piece of land
held under HSM 378, Mukim 07, PT802, Daerah Seberang Perai Tengah,
Negeri Pulau Pinang.

Hektar and ADSB have agreed to enter into the MOU to define the
basic terms of the Proposed Joint Venture and to regulate their
interest in D'Aseania.

The Proposed Joint Venture will be undertaken by the Parties
through equity participation in D'Aseania.  Under the Proposed
Joint Venture, the participating interests of the Parties in the
enlarged share capital of D'Aseania are:

   Hektar 60%
   ADSB 40%

Hektar is company incorporated in Malaysia under the Companies
Act, 1965 and having its registered office at Unit 419, Block A
Kelana Business Centre, No. 97 Jalan SS7/2 Kelana Jaya, 47301
Petaling Jaya, Selangor Darul Ehsan and a principal place of
business at Block C-2-5, Plaza Damas, No. 60 Jalan Sri Hartamas 1,
Sri Hartamas, 50480 Kuala Lumpur.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                           *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


TALAM CORP: Court Extends Unit's Restraining Order to June 26
-------------------------------------------------------------
The Kuala Lumpur High Court further extends to June 26, 2009, the
restraining order given to Maxisegar Sdn Bhd, a wholly owned
subsidiary of Talam Corporation Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 18, 2006, Maxisegar obtained the restraining order from the
court to facilitate the holding of creditors meeting concerning
the implementation of a proposed debt-restructuring scheme.  With
the restraining order in effect, parties are inhibited to conduct
any legal proceedings against the company.  The restraining order
has been extended several times, the TCR-AP noted.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TIME ENGINEERING: Seeks Extension to Submit Regularization Plan
---------------------------------------------------------------
Time Engineering Berhad submitted an application before the Bursa
Malaysia Securities Bhd to extend for three months the the
submission of the company's regularization plan to approving
authorities.

The application seeks to extend the submission of the plan until
March 30, 2009.

Time Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.

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

KHAN BANK: Moody's Changes Outlook on 'D' BSFR to Negative
----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Khan Bank 's D bank financial strength rating,
Baa3/Prime-3 long-term/short-term local currency deposit ratings,
Baa3 local currency issuer ratings and Baa3/Ba1 local currency
senior/subordinated debt ratings on its proposed Global Medium-
Term Notes Program.

The outlook on the Mongolian bank's B2/Non-Prime long/short-term
foreign currency deposit ratings, Ba2 foreign currency issuer
rating and Ba2 foreign currency senior/subordinated debt ratings
under the MTN Program remains stable.

"This rating action reflects the Khan Bank's slightly
deteriorating level of asset quality, occurring against the
backdrop of an economic slowdown," says Cherry Huang, a Moody's
VP/Senior Analyst.

"Mongolia has a high dependence on exports, particularly copper
and gold, and its deteriorating trade account may significantly
affect the repayment capabilities of borrowers, businesses or
individuals," adds Huang.

Concern over the liquidity flight from Mongolia's banking system
in recent months, and volatility in the USD/MNT exchange rate have
exacerbated pressure on the bank's credit fundamentals.  It
remains to be seen if the government's blanket deposit guarantee
announced on November 25 and if its sales of the US$against the
MNT can restore public confidence and stave off a deposit flight.

Moody's notes that system-wide M2, cash in circulation, savings
deposits and foreign currency deposits shrunk by 6.6%, 8.8%, 3.6%
and 12.2%, respectively, from September to October in 2008.  In
addition, the togrog, the Mongolian unit of currency, has
depreciated against US$by approximately 11% in the past two
months.

Mitigating rating factors for Khan Bank are its significant and
favorable franchise, relatively higher capital base -- when
compared to its local peers -- enabling it to better absorb
external shocks, as well as its diversified business portfolio.
In the meantime, management has tightened risk controls and plans
to raise capital to navigate through the down-cycle, though
containing a rising non-performing loan ratio may prove
challenging.

In the next 12 to 18 months, Moody's will monitor the liquidity
flight across the banking sector and its effects.  Moody's also
notes that trends in asset quality and earnings pressure due to
increased credit costs are key elements for ratings stability.
The last rating action for Khan Bank was on September 9, 2008 when
the Global Medium-Term Notes Program was proposed and ratings were
assigned.

Khan Bank is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT796.6 billion (approximately US$692.7 million) as at
June 2008.


XACBANK: Moody's Reviews 'D' Bank Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed these ratings of XacBank in
Mongolia on review for possible downgrade: its D bank financial
strength rating, Ba1 long-term local currency deposit ratings, and
Ba1 local currency issuer ratings.

Meanwhile, the bank's Non-Prime short-term local currency deposit
rating, B2/Non-Prime long-term/short-term foreign currency deposit
ratings and Ba2 foreign currency issuer rating remain unchanged.

"This rating action reflects the bank's deteriorating asset
quality, occurring against the backdrop of an economic slowdown,"
says Cherry Huang, a Moody's VP/Senior Analyst.  "In the meantime,
the bank's growing exposures to SME lending entail rising
concentration risk, which may in turn raise its risk profile,"
adds Huang.

Mongolia also has a high dependence on exports, particularly
copper and gold, and its deteriorating trade account may
significantly affect the repayment capabilities of borrowers,
businesses or individuals.  Whether the bank's relatively small
capital base can weather the consequent strains is an area of
concern.

In this environment, Management has tightened risk controls and
plans to adopt de-leveraging measures and raise capital to
navigate through the down-cycle, though containing a rising non-
performing loan ratio may prove challenging.

Meanwhile, concerns over the liquidity flight evident in
Mongolia's banking system in recent months and the volatility in
the USD/MNT exchange rate have exacerbated pressure on the bank's
credit fundamentals.

It remains to be seen if the government's blanket deposit
guarantee announced on Nov 25 and if its sales of the US$against
the MNT can restore public confidence and stave off a deposit
flight.

Moody's notes that system-wide M2, cash in circulation, savings
deposits and foreign currency deposits shrunk by 6.6%, 8.8%, 3.6%
and 12.2%, respectively, from September to October.  Meanwhile,
the togrog, the Mongolian unit of currency, has depreciated
against the US$by approximately 11% in the past two months.

The focus of Moody's review will be on developments of the bank's
asset quality and the impact on its capital adequacy.  Further
development of the liquidity flight across the banking sector and
its effect on XacBank will also be closely monitored.

The last rating action on XacBank was on May 4, 2007 when its
local currency deposit rating and issuer rating were upgraded to
Ba1 from Ba2 as a result of Moody's rollout of its JDA
methodology.

XacBank is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT198.6 billion (approximately US$172.7 million) as at
June 2008.


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

A2 CORPORATION: Gets OK to Set Shareholding Level at 2,000 Shares
-----------------------------------------------------------------
A2 Corporation Ltd disclosed that it has been granted permission
by NZX to set a minimum shareholder limit of 2,000 shares.

A2 said this minimum shareholding level of 2,000 shares affects
approximately 186 shareholders, who account for less than 0.1% of
the company's issued shares.

In accordance with Section 12.11 of A2 Corporation's constitution,
the Board of Directors said they will exercise the power of sale
of individual shareholdings less than the minimum shareholding
(2,000 shares) effective March 15, 2009.

                       About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


DHILLON FRUIT: Court Hears Wind-Up Petition
-------------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Dhillon Fruit Growers Ltd.'s operations wound up.

Havelock North Fruit Co. Limited filed the petition against the
company on November 5, 2008.

Havelock North's solicitor is:

          M. H. L. Morrison
          Lowndes Jordan, Solicitors
          The ANZ Centre, Level 22
          23-29 Albert Street, Auckland


F O W LTD: Court to Hear Wind-Up Petition on December 19
--------------------------------------------------------
A petition to have F O W Ltd.'s operations wound up will be heard
before the High Court of Auckland on Dec. 19, 2008, at 10:00 a.m.

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

The CIR's solicitor is:

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


GARDEN CITY: Fixes December 22 as Last Day to File Claims
---------------------------------------------------------
The creditors of Garden City Decorators Ltd. are required to file
their proofs of debt by December 22, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          Marie Inch at HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


JEMA TRUSTEES: Court to Hear Wind-Up Petition on February 18
------------------------------------------------------------
A petition to have Jema Trustees Ltd.'s operations wound up will
be heard before the High Court of Auckland on Feb. 18, 2008, at
10:45 a.m.

Body Corporate 188889 (North Auckland Registry) filed the petition
against the company on September 22, 2008.

Body Corporate's solicitor is:

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


KUDOS DEVELOPMENTS: Court Hears Wind-Up Petition
------------------------------------------------
On November 25, 2008, the High Court at Gisborne heard a petition
to have Kudos Developments Ltd.'s operations wound up.

Electus Distribution Limited filed the petition against the
company on September 29, 2008.

Electus Distribution's solicitor is:

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


NATHANS FINANCE: Investors Likely to Get Less Than 2.5% Repayment
-----------------------------------------------------------------
Nathans Finance NZ Ltd's receivers, Colin McCloy and John Waller
of PriceWaterHouseCoopers, updated the finance company's
investors on the status of the company's receivership.

According to the receivers, the report provides an update, the
potential returns for Nathans investors and the receivers'
investigations into the financial affairs of Nathans in the period
prior to receivership.

At the date of receivership Nathans had advanced NZ$171 million of
debt to VTL, 24seven Australasia, 24seven US, Shop 24, their
franchisors and franchisees.  In addition Nathans owned NZ$10
million of fixed assets, mainly vending machines.  Accordingly,
Nathans' vending-related assets at receivership totalled NZ$181
million, or 93% of its total assets, which were recorded at a book
value of NZ$194 million.  Recoveries from Nathans' vending assets
will therefore have the single largest impact on the ultimate
returns for Nathans investors.

The receivers said that it its view, the recoverable value of the
assets of Nathans was materially overstated at August 20, 2007,
being the date of their appointment as receivers of Nathans.
Shortly after the receivership of Nathans, the directors of VTL
reported a loss of NZ$133 million for the 14 month period ended
August 31, 2007.  The loss will have a direct impact on the
potential recoveries for the Nathans receivers and ultimately
Nathans investors.  The magnitude of the loss is a serious concern
and has been the subject of investigation by the receivers of
Nathans.  A number of matters of concern have since been reported
to certain Government Authorities, who are investigating the
matters.

As mentioned in its previous updates, the receivers have continued
to provide funding to VTL to enable it to trade pending the sale
of its 24seven and Shop24 business by way of a managed process.
At the same time the receivers sought to recover the loans to VTL
and related parties.  However, this has been increasingly
difficult given worsening global economic conditions.

As a result, the directors of VTL have requested that receivers be
appointed to manage the affairs of VTL.  Accordingly, Colin McCloy
and Anthony Boswell of PricewaterhouseCoopers were appointed
receivers of VTL Group Limited on November 5, 2008.  The receivers
will operate the receiverships of Nathans and VTL in conjunction
with each other to enable both receiverships to be managed as
effectively and cost efficiently as possible.

          Progress of VTL's Sale and Restructuring Processes

Ultimately the recoveries for Nathans investors will be determined
by recoveries from VTL's 24seven Australasia, 24seven US and
Shop24 business units; and recovery of other assets.

           24seven Australasia (Australia and New Zealand)

24seven Australasia was offered for sale by way of a formal
competitive tender process, managed by PwC Auckland.  A number of
bids were received and a sale as a going concern was concluded
at the end of May 2008.

                  24seven US (California and Texas)

The 24seven US business comprises operations in California and
Texas.  24seven California was sold as a going concern with the
proceeds of sale received in late April.  The business operations
in Texas are the subject of continued negotiations.

                   Shop24 (Europe and United States)

As previously advised, the Shop24 business is in a development
phase and required funding and a strategic partner in order to
realize maximum value for Nathans secured debenture investors.  A
detailed fund raising information memorandum was prepared and
issued to interested parties.  A number of parties expressed
interest and are currently evaluating the opportunity.

Unfortunately in the current volatile economic environment it is
difficult to assess the ultimate outcome of the process.  As a
result the receivers are reassessing the sales strategy for
Shop24.

                        Recovery of Other Assets

The receivers continue to assess the best strategy to realize
value in Nathans' commercial loans, and loans to related parties
and VTL franchisees on a case by case basis.

Some of Nathans' franchisee loans were realized in conjunction
with the sale of the 24seven Australasia and 24seven US California
businesses.

                     Anticipated Initial Dividend

The receivers said they had previously advised secured debenture
investors that they were hopeful the sale of the 24seven
Australasia and 24seven US business units would be completed by
June 2008.  This has been successfully achieved.  However, in both
cases a number of contingent creditors remain to be resolved.

At present, the receivers hold around NZ$8 million of funds,
including the proceeds of sale from the 24seven Australasia and
California businesses.  The NZ$8 million equates to an interim
dividend of 4.6% of the NZ$174 million due to secured debenture
holders.  However, the ultimate level of interim dividend that can
be released to investors will depend on the outcome of the
contingent creditors referred to above, recoveries from Shop24,
commercial loans, related party loans and franchisee loans.

In light of the pre-receivership losses reported by the directors
of VTL and the impact of worsening global economic conditions on
our ability to realize the assets of Nathans and VTL, investors
face a significant loss and it is unlikely that secured debenture
investors will recover more than 10% of their principal investment
and the return could be less than this, the receivers noted.

The receivers said they are hopeful that an interim dividend can
be paid before December 31, 2008.  However, this dividend is
unlikely to exceed 2.5% of secured debenture investors' principal
investment.

                 About Nathans Finance and VTL

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


PROPERTYFINANCE: Posts NZ501,000 Loss in First Half Ended Sept.
---------------------------------------------------------------
Propertyfinance Group (PFG) said that it is making progress on
both the implementation of the Propertyfinance Securities Limited
(PFSL) wind-down and the tidying up/simplification of the Group.

In its half yearly announcement to NZX, the company disclosed a
loss of NZ$501,000 after further asset impairment provisions.  The
company's total assets now stand at NZ$127.4 million.

PFSL business had repaid NZ$7.2 million (9 cents per dollar) in
secured debenture stock with the first year's balance of NZ$7.8
million expected to be paid during the first quarter of 2009
(total of 19 cents).

PFG noted that by far the most important aspect of the PFG
business continues to be the mortgage securitisation programme it
initiated and developed.  PFG has now in excess of NZ$400 million
in assets.

The day to day management is undertaken by NZ Guardian Trust and
Deloitte.

However, PFG said the ultimate position and realisation of the PFG
investment in the four mortgage trusts may not be known for a
number of years.

This outcome will principally be a function of four variables: the
actual life of the loans within each trust, the margin between the
lending rate and cost of funds, the day to day management costs
and bad debts.

                   About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


SARVEE GROUP: Tenants to Stay Amid Group's Receivership
-------------------------------------------------------
Waikato Times reported that residents renting properties operated
by Sarvee Group, which is in receivership, will remain in their
homes for at least two years.

According to Waikato Times, receiver Kerryn Downey of McGrath
Nicol and Partners said Sarvee Group will continue to operate
under the control of the receivers until there is an improvement
in the New Zealand and world economy.

Mr. Downey, Waikato Times relates, was appointed as the receiver
of the Sarvee Group two weeks ago on behalf of Bank of Scotland
International, which is understood to be owed more than NZ$50
million by Hamilton property developers Kenyon and Jenepher
Clarke.

The receivers, Waikato Times says, had not rehired any of the
Clarke family and had kept on three senior level staff on short-
term contracts.  However, a property manager was currently being
recruited to oversee the running of the Sarvee Group of
properties.

Sarvee Group operates the Knox St, Vine St and Peachgrove Rd
studios and apartments under the Studio Homes brand.  The company
also owns a commercial building rented by Quality Education at the
Peachgrove Rd site.


TECHNICAL WATER: Fixes December 22 as Last Day to File Claims
-------------------------------------------------------------
The creditors of Technical Water Systems Ltd. are required to file
their proofs of debt by December 22, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Barry Phillip Jordan
          David Stuart Vance
          c/o Logan Nicholls at Deloitte
          Deloitte House, Levels 11-16
          10 Brandon Street
          Wellington 6011
          Telephone:(04) 472 1677
          Facsimile:(04) 472 8023


TOTE PROPERTY: Commences Liquidation Proceedings
------------------------------------------------
Tote Property Holdings Ltd. commenced liquidation proceedings on
August 25, 2008.

Only creditors who were able to file their proofs of debt Dec. 3,
2008, were included in the company's dividend distribution.

The company's liquidators are:

          Richard Burge
          Bruce Dring
          PO Box 30568, Lower Hutt
          Telephone:(04) 569 9069


TOURNAMENT HOLDINGS: Court Hears Wind-Up Petition
-------------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Tournament Holdings Ltd.'s operations wound up.

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

The CIR's solicitor is:

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


UPTOP ROOFING: Court Hears Wind-Up Petition
-------------------------------------------
On December 9, 2008, the High Court at New Plymouth heard a
petition to have Uptop Roofing Taranaki Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on September 26, 2008.

The CIR's solicitor is:

          A. MacFarlane
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone:(07) 959 0260
          Facsimile:(07) 959 7614


VEAR HOUSELIFTING: Court to Hear Wind-Up Petition on December 19
----------------------------------------------------------------
A petition to have Vear Houselifting Ltd.'s operations wound up
will be heard before the High Court of Auckland on Dec. 19, 2008,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 16, 2008.

The CIR's solicitor is:

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


* NEW ZEALAND: Manufacturing Sales Volume Dips 2.3% in September
----------------------------------------------------------------
The seasonally adjusted volume of manufacturing sales decreased
2.3 percent in the September 2008 quarter, following a decrease of
1.1 percent in the June 2008 quarter, Statistics New Zealand said.
The sales volume is now at its lowest level since the first half
of 2003.

Although the volume of sales is down, increased prices led to a
rise of 1.3 percent in the seasonally adjusted value of
manufacturing sales in the September 2008 quarter.  This follows a
decrease of 0.5 percent in the June 2008 quarter.

Industries other than meat and dairy product manufacturing drove
the overall decrease in seasonally adjusted sales volume, with a
fall of 3.2 percent in the September 2008 quarter.  Three
industries each contributed about one-fifth of this decrease:
structural, sheet and fabricated metal products; paper and paper
products; and machinery and equipment.  The main increase was for
the transport equipment manufacturing industry.

The meat and dairy product manufacturing industry was relatively
flat this quarter with a seasonally adjusted sales volume rise of
0.3 percent.  However, the value of sales rose 3.0 percent because
of price increases for meat and meat products.

The manufacturing sales trend continues to rise but at a slower
rate in the last two quarters than in the four quarters ended
March 2008.

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

* Moody's Confirms Negative Outlook on Pakistan's 'B3' SBR
-----------------------------------------------------------
Moody's Investors Service has confirmed with a negative outlook
Pakistan's B3 sovereign bond ratings while removing the review for
possible downgrade.

The bond ratings were lowered to B3 from B2 in October 2008 on
account of intensified external liquidity pressures and the
unavailability of, or delays in, expected assistance from key
allies and official creditors.

"The B3 ratings were taken off 'review for downgrade' on account
of the recent finalization of a two year, $7.6 billion stand-by
financing agreement with the IMF which will avert a near term
sovereign debt default," says Aninda Mitra, Moody's sovereign
analyst for Pakistan.

"Nonetheless, the IMF program remains subject to considerable
downside risks that could emanate from worsening external
conditions or regional geopolitical tensions that were brought
into sharp focus by the Mumbai terror attacks" says Mitra.

"Worsening external conditions could result in lower donor
assistance or FDI inflows from Gulf Arab countries; and it could
even lower remittance inflows from Pakistani expatriate workers,"
says the analyst.

"The Mumbai terror attacks could also affect domestic political
stability, and ultimately creditor confidence, if authorities
failed to forge a national consensus for lowering regional
tensions as well as preventing further domestic political
polarization or institutional rifts," says Mitra, adding that
"substantial socio-economic hardships, as a result of program
adjustments and a sharp slowdown in growth expected this year,
will add to the socio-political tensions."

The analyst noted that IMF assistance program was designed to fill
external financing gaps that were predicated on an ability to
reduce macroeconomic imbalances through 2010.  He also added that
program conditions were generally congruent with host-country
stabilization plans.  Nonetheless, the success of the program,
and, ultimately, an improvement in sovereign creditworthiness
remained subject to the response of official creditors and private
investors.

"If Pakistan's macro imbalances and confidence-sensitive capital
account flows showed substantial and sustained improvements over
the next 12-18 months, an improvement in the outlook could be
considered," concluded the analyst.

Concurrent to the outlook decision on the Pakistani government's
bond ratings, the outlook on the B1 foreign currency bond ceiling
was also changed to negative; as was the outlook on the B3 foreign
currency deposit ceiling.



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

* PDIC Assures Payment of All Valid Deposit Insurance Claims
------------------------------------------------------------
Philippine Deposit Insurance Corp. said it has deployed a sizeable
number of personnel on field to undertake receivership and claims
settlement operations after the Monetary Board placed four rural
banks under receivership last week and designated PDIC as
receiver.

These banks are: Rural Bank of Paranaque, Rural Bank of Bais
(based in Negros Oriental), Pilipino Rural Bank (based in Cebu),
and Rural Bank of San Jose (based in Batangas).

As receiver, PDIC said it is mandated to gather and preserve the
assets and liabilities of the banks as well as to control, manage
and administer their affairs, for the benefit of depositors and
creditors.  PDIC is also tasked to promote and safeguard the
interest of the depositors by providing deposit insurance.

In this connection, PDIC President Jose C. Nograles assured the
depositing public that the Corporation will pay all valid claims
for deposit insurance of depositors of the said four banks.  He
also clarified that the money paid out to depositors of a bank
under receivership is insurance payment funded from the PDIC's
Deposit Insurance Fund.  PDIC subsequently tries to recover the
amount from the bank, but it would only be able to do so after the
bank's liquidation.  When the proceeds from the bank's liquidation
is not sufficient to meet its obligations, PDIC suffers a loss.
Therefore, without the deposit insurance provided by PDIC, the
loss would be borne by the depositors.

As a matter of procedure, PDIC conducts examination prior to
payout.  The speed of the payout will depend on the availability
and state of bank records and the completeness of documentary and
other requirements submitted by the claimants.  It is also
dependent on the number of deposit accounts involved.

According to PDIC, the aforementioned four banks have combined
deposit accounts of over 64,000.


* PHILIPPINES: Domestic Liquidity Growth Slows Down in October
--------------------------------------------------------------
Domestic liquidity or M3 grew slightly slower at 13.1 percent
year-on-year in October, from the previous month's growth of 13.5
percent.  This was higher than the 11.6 percent expansion recorded
during the same month a year ago.  On a monthly basis, seasonally-
adjusted M3 increased by 1.6 percent in October from 2.8 percent
in the previous month.

The slower increase in net foreign assets (NFA) pulled down the
growth in domestic liquidity.  NFA grew by 10.7 percent in
October, compared to the 11.1 percent growth in the previous
month, as net foreign assets of banks declined, following the fall
in their investments in foreign securities.  Meanwhile, NDA
expanded by 12.4 percent, with the increase in credit to the
public sector and the strong growth in credit extended to the
private sector.  Public sector credit grew by 5.3 percent due
mainly to higher lending to the National Government.  The
expansion in private sector credit remained strong at 17.0
percent, although it was slightly lower than that of the previous
month at 18.8 percent.

Governor Amando M. Tetangco, Jr. said that the BSP will continue
to monitor developments in domestic liquidity, together with other
indicators, to help guide monetary authorities in charting an
appropriate policy stance that is supportive of sustainable growth
and stable prices, and at the same time be responsive to financial
market developments.



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

* Senate Rejects Auto Aid for Detroit 3; Access to TARP Mulled
--------------------------------------------------------------
Greg Hitt, Jeffrey McCracken, and John D. Stoll at The Wall Street
Journal report that the U.S. Senate has rejected the US$14 billion
financial assistance for General Motors Corp.,Chrysler LLC, and
Ford Motor Co.

As reported by the Troubled Company Reporter on Dec. 11, 2008, The
House of Representatives passed the bill on the government
financial assistance being requested by GM, Ford Motor, and
Chrysler.  The bill states that the U.S. president will appoint
one or more officers from the Executive Branch to facilitate the
restructuring necessary to achieve the long-term financial
viability of the automakers.

WSJ relates that the bill failed due to a dispute within the
Senate over the wages paid to the companies' workers.  Citing
Senate Majority Leader Harry Reid, the report says that the Senate
would be in recess, and would stand in pro forma session until
January 2009.

According to WSJ, only a few Republicans had been willing to back
the rescue package, while others raised concerns about government
intervention in the marketplace and demanded that the bill be
strengthened to exact concessions from the industry.

          Access to US$700BB Financial-Rescue Plan

John D. McKinnon, Deborah Solomon, and Greg Hitt at WSJ report
that the White House said on Friday that it would consider letting
GM, Chrysler, and Ford Motor access the US$700 billion financial-
rescue plan.  The government's US$700 billion Troubled Asset
Relief Program was approved in October and was intended for
financial institutions.

Citing a person familiar with the matter, WSJ relates that the
loans to be offered could be lesser than the $14 billion financial
assistance.  According to the report, the source said that it
could be closer to US$8 billion and GM would be a recipient.  The
report says that GM is hoping for about US$10 billion.

WSJ states that Chrysler's parent Cerberus Capital Management was
criticized for not bailing out its own company, while Ford Motor
said that it doesn't need a short-term lifeline and is seeking for
loans in case the market worsens.

       Canadian Gov't May Provide Financial Assistance

The Canadian government is considering providing financial aid to
units of GM, Ford Motor, and Chrysler, Alexandre Deslongchamps and
Hugo Miller at Bloomberg News report, citing Canadian Finance
Minister Jim Flaherty.

"Our government is open to helping the industry.  This is a day-
by-day thing, obviously, in terms of developments in the United
States," Bloomberg quoted Minister Flaherty as saying.

According to Bloomberg, GM has asked for C$800 million assistance
from Canada by year-end, an additional C$1.2 billion line of
credit through March 2009, and then C$400 million in the second
quarter of 2009.

Bloomberg states that MF Global Ltd. broker Aaron Fennell found
the assistance as "a waste of time because they'll probably end up
in some sort of bankruptcy within weeks."


* BOND PRICING: For the Week December 8 to December 12, 2008
------------------------------------------------------------

   AUSTRALIA                 Coupon     Maturity   Currency  Price
   ---------                 ------     --------   --------  -----

Ainsworth Game                8.000%   12/31/09   AUD       0.65
Aust & NZ Bank                6.540%   06/29/49   GBP      67.98
Allco Hit Ltd                 9.000%   08/17/09   AUD       9.00
Alumina Finance               2.000%   05/16/13   USD      62.01
Antares Energy               10.000%   10/31/13   AUD       0.90
Babcock & Brown Pty           8.500%   11/17/09   NZD      52.36
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD      21.78
Becton Property Group         9.500%   06/30/10   AUD       0.11
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.04
Capral Aluminum              10.000%   03/29/12   AUD      60.00
China Century                12.000%   09/30/10   AUD       0.70
Cra Finance Ltd               7.125%   12/01/13   USD      67.89
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.96
GE Cap Australia              6.000%   03/15/19   AUD      68.58
Hanson Australia              5.250%   03/15/13   USD      19.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.20
Insurance Australia           5.625%   12/21/26   GBP      73.39
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       0.52
Macquarie Bank                6.500%   05/31/17   AUD      46.40
Metal Storm                  10.000%   09/01/09   AUD       0.08
Myer Group Fin               10.194%   03/15/13   AUD      65.50
National Cap II               5.486%   12/29/49   USD      62.15
National Wealth               6.750%   06/16/26   AUD      72.85
Nylex Ltd.                   10.000%   12/08/09   AUD       0.91
Orchard Invest                9.000%   12/15/10   AUD      44.00
Paladin Energy                4.500%   12/15/11   USD      58.87
Paladin Energy                5.000%   03/11/13   USD      51.67
Records Funds Man            11.000%   09/01/10   USD      65.00
Rio Tinto Financ              5.875%   07/15/13   USD      67.89
Rio Tinto Financ              6.500%   07/15/18   USD      63.18
Timbercorp Ltd                8.900%   12/01/10   AUD      41.50
Westfield Fin                 3.625%   06/27/12   GBP      73.33
Westfield Fin                 5.500%   06/27/17   GBP      66.06

   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Jiangxi Copper                  1.000%  09/22/16     CNY    71.46

   HONG KONG
   ---------
Respacrcs Funding              8.000%  12/29/49     USD    22.00

   INDIA
   -----
Adani Enterprises              6.000%  01/27/12     USD    72.25
Astrazeneca Phar               8.000%  01/11/09     INR    26.00
Canara Bank                    6.365%  11/28/21     USD    70.72
Gitanjali Gems                 1.000%  11/25/11     USD    63.25
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    56.96
ICICI Bank Ltd                 7.250%  08/29/49     USD    42.75
Pyramid Saimira                1.750%  07/04/12     USD    26.25
Radico Khaitan                 3.500%  07/27/11     USD    60.00
State Bank India               6.439%  02/28/49     USD    74.02
Tata Motors                    1.000%  04/27/11     USD    63.92
UTI Bank                       7.250%  08/12/21     USD    73.52
Videocon Indus                 5.000%  03/07/11     USD    39.75

   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    66.22
Indonesia (Rep)                6.625%  02/17/37     USD    62.50
Indonesia (Rep)                6.875%  01/17/18     USD    74.50
Indonesia (Rep)                7.750%  01/17/38     USD    72.50
Indonesia (Rep)                8.500%  10/12/35     USD    75.00
Indonesia Government           9.750%  05/15/37     IDR    73.68

   JAPAN
   -----
Aiful Corp                     5.000%  08/10/10     USD    73.64
Aiful Corp                     5.000%  08/10/10     USD    73.64
Aiful Corp                     6.000%  12/12/11     USD    65.91
Aiful Corp                     6.000%  12/12/11            65.91
Aozora Bank                    0.560%  02/27/13     JPY    73.99
Aozora Bank                    0.560%  03/12/13     JPY    73.81
Aozora Bank                    0.560%  03/27/13     JPY    73.59
Aozora Bank                    0.560%  04/12/13     JPY    73.35
Aozora Bank                    0.560%  04/27/13     JPY    73.15
Aozora Bank                    0.560%  05/12/13     JPY    72.95
Aozora Bank                    0.560%  05/27/13     JPY    72.71
Aozora Bank                    0.560%  06/12/13     JPY    72.48
Aozora Bank                    0.560%  06/27/13     JPY    72.26
Aozora Bank                    0.560%  07/12/13     JPY    72.05
Aozora Bank                    0.560%  07/27/13     JPY    71.85
Aozora Bank                    0.560%  08/12/13     JPY    71.61
Aozora Bank                    0.560%  08/27/13     JPY    71.40
Aozora Bank                    0.560%  09/12/13     JPY    71.17
Aozora Bank                    0.560%  09/27/13     JPY    70.96
Aozora Bank                    0.560%  10/12/13     JPY    70.76
Aozora Bank                    0.560%  10/25/13     JPY    70.57
Aozora Bank                    0.560%  11/12/13     JPY    70.32
Aozora Bank                    0.560%  11/27/13     JPY    70.11
Aozora Bank                    0.400%  01/12/13     JPY    69.26
Aozora Bank                    0.400%  12/27/13     JPY    69.16
CSK Corporation                0.250%  09/30/13     JPY    63.00
Ebara Corp                     1.300%  09/30/13     JPY    69.81
Fukuoka Prefect                2.100%  08/30/16     JPY     1.21
Hiroshima Bank                 1.720%  05/14/14     JPY    72.89
Hiroshima Bank                 1.890%  09/20/17     JPY    62.05
Hitachi Zosen                  1.500%  09/30/12     JPY    69.33
Kenedix Inc                    2.090%  11/08/10     JPY    59.98
Promise Co Ltd                 5.950%  06/13/12     USD    73.97
Promise Co Ltd                 5.950%  06/13/12     USD    73.97
Resona Bank                    4.125%  09/29/49     EUR    58.44
Resona Bank                    5.850%  09/29/49     USD    49.98
Resona Bank                    5.986%  08/29/49     EUR    64.83
Shinsei Bank                   1.960%  03/25/15     GBP    70.70
Shinsei Bank                   2.010%  10/30/15     JPY    68.83
Shinsei Bank                   3.750%  02/23/16     EUR    37.08
Shinsei Bank                   5.620%  12/29/49     GBP    25.30
Softbank Corp                  7.750%  10/15/13     EUR    70.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    55.85
Sumitomo Mitsui                5.625%  07/29/49     EUR    69.31
Takefuji Corp                  9.200%  04/15/11     USD    66.00
Takefuji Corp                  9.200%  04/15/11     USD    66.00
Takefuji Corp                  8.000%  11/01/17     USD    32.23

   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    68.86
GS Caltex Corp                 5.500%  10/15/15     USD    70.42
GS Caltex Corp                 6.000%  08/08/16     USD    70.13
GS Caltex Corp                 5.500%  04/24/17     USD    65.58
GS Caltex Corp                 5.500%  04/24/17     USD    65.58
Hynix Semi Inc.                4.500%  12/14/12     USD    56.92
Hynix Semi Inc.                7.875%  06/27/17     KRW    36.50
Hynix Semi Inc.                7.875%  06/27/17     USD    35.37
Korea Dev Bank                 7.350%  10/27/21     KRW    49.45
Korea Dev Bank                 7.400%  10/27/21     KRW    49.45
Korea Dev Bank                 7.450%  10/31/21     KRW    49.42
Korea Dev Bank                 7.400%  11/02/21     KRW    49.40
Korea Dev Bank                 7.310%  11/08/21     KRW    49.35
Korea Dev Bank                 8.450%  12/15/26     KRW    73.47
KT Corp                        6.500%  09/07/34     USD    72.25
LG-Caltex Oil                  5.500%  08/25/14     USD    74.87
LG-Caltex Oil                  5.500%  08/25/14     USD    74.87
Shinhan Bank                   5.663%  03/02/35     USD    49.00
SK Telecom                     6.625%  07/20/27     USD    73.32
SK Telecom                     6.625%  07/20/27     USD    73.32
Woori Bank                     6.125%  05/03/16     USD    69.78
Woori Bank                     6.208%  05/02/37     USD    41.50

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.82
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.18
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Eastern & Orient               8.000%  07/25/11     MYR     0.82
EG Industries                  5.000%  06/16/10     MYR     0.35
Huat Lai Resources             5.000%  03/28/10     MYR     0.31
Insas Berhad                   8.000%  04/19/09     MYR     0.22
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.14
Kretam Holdings                1.000%  08/10/10     MYR     1.00
Kumpulan Jetson                5.000%  11/27/12     MYR     0.35
LBS Bina Group                 4.000%  12/31/08     MYR     0.21
LBD Bina Group                 4.000%  12/31/09     MYR     0.70
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.16
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.06
Plus Spv Bhd                   2.000%  06/27/19     MYR    68.85
Public Bank Berhad             6.840%  08/22/36     USD    74.42
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.71
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.55
Silver Bird Grp                1.000%  02/15/09     MYR     0.32
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plant               3.000%  02/28/16     MYR     1.12
Wah Seong Corp.                3.000%  05/21/12     MYR     2.00
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.40

   NEW ZEALAND
   -----------

Capital Prop NZ                8.000%  04/15/10     NZD    13.70
Fletcher Building              7.800%  03/15/09     NZD    10.15
Fletcher Building              7.550%  03/15/11     NZD     9.10
Infrastr & Util                8.500%  09/15/13     NZD     9.40
Infratil Ltd                  10.180%  12/29/49     NZD    60.00
Marac Finance                 10.500%  07/15/13     NZD     1.08
Sky Network TV                 9.370%  10/16/16     NZD    75.00
South Canterbury              10.430%  12/15/12     NZD     1.08
St laurence Prop               9.250%  07/15/10     NZD    74.56
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD     8.35

   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    39.25
Rizal Comm Bank                9.875%  10/31/49     USD    70.00

   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    68.00
Capitaland Ltd.                2.100%  11/15/16     SGD    68.04
Capitaland Treas.              3.500%  07/17/17     SGD    68.29
Capitaland Ltd.                3.125%  03/05/18     SGD    63.84
Capitaland Ltd.                2.950%  06/20/22     SGD    49.73
Chartered Semico               6.375%  08/03/15     USD    65.38
Flextronics International      6.500%  11/15/14     USD    70.75
Flextronics International      6.500%  05/15/13     USD    73.00
Sengkang Mall                  4.800%  11/20/12     SGD     1.00
Empire Cap Res                 9.375   12/15/11     USD    64.87
Olam International Limited     1.000%  07/03/13     USD    62.21

   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     68.29
Sri Lanka Govt                6.850%  10/15/12     LKR     65.15
Sri Lanka Govt                7.000%  08/01/11     LKR     73.61
Sri Lanka Govt                7.000%  10/15/11     LKR     72.09
Sri Lanka Govt                7.000%  10/01/23     LKR     47.95
Sri Lanka Govt                7.500%  08/01/13     LKR     63.47
Sri Lanka Govt                7.500%  11/01/13     LKR     62.65
Sri Lanka Govt                7.500%  08/15/18     LKR     56.16
Sri Lanka Govt                8.500%  01/15/13     LKR     68.23
Sri Lanka Govt                8.500%  07/15/13     LKR     66.53
Sri Lanka Govt                8.500%  02/01/18     LKR     61.00
Sri Lanka Govt                8.500%  07/15/18     LKR     60.64
Sri Lanka Govt               10.500%  04/01/13     LKR     72.02

  THAILAND
  --------
Italian-Thai Dey              4.500%  06/10/13     USD     44.47
Thoresen Thai AG              2.500%  09/24/12     USD     59.33



                         *********

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,
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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 ***