TCRAP_Public/081218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, December 18, 2008, Vol. 11, No. 251

                            Headlines

A U S T R A L I A

ADVANCED CORPORATION: Commences Liquidation Proceedings
B STRESS: Commences Liquidation Proceedings
B AND G: Members and Creditors Hear Wind-Up Report
B S CONSTRUCTIONS: Commences Liquidation Proceedings
CENTRO PROPERTIES: Inks Refinancing Plan with Lenders

CUMMINSCORP: Creditors OK Delay in Repayment
DIRBA PTY: Members Receive Wind-Up Report
E & T PLUMBING: Commences Liquidation Proceedings
EXCELSIOR ELECTRICS: Placed Under Voluntary Liquidation
FORTESCUE METALS: Faces Legal Disputes on Shipping Contracts

GBS GOLD: Gives Update on Australian Units' Administration Process
KALINIA ENTERPRISES: Supreme Court Enters Wind-Up Order
MOUNT GIBSON: FIRB Approves Rights Issue Underwriting
PBL MEDIA: A$445 Million Fund from CVC Helps Avert Default
PLANNED PRINT: Placed Under Voluntary Liquidation

PORT MACQUARIE: Commences Liquidation Proceedings
PWF WORLD: Placed Under Voluntary Liquidation
SUNDA INTERNATIONAL: Placed Under Voluntary Liquidation
VALAD PROPERTY: Sells Assets For AU$138.7MM To Retire Debts
VEDICHY PTY: Commences Liquidation Proceedings

WHITESMITHS PTY: Declares First Dividend
WYN PROPERTIES: Placed Under Voluntary Liquidation


C H I N A

CHINA COSCO: Shares Decline on Possible FFA Losses
GOME ELECTRICAL: May Sell Stake to Foreign Investors


H O N G K O N G

ADVANTAGE LIMITED: Final Meeting Set for January 12
ANDIGILOG INTERNATIONAL: Commences Liquidation Proceedings
ASAT HOLDINGS: S&P Lowers Long-Term Credit Rating to 'CC'
CITIC SOUTH: Sole Member to Hold Meeting on January 12
DATUM NETWORKS: Annual Meetings Set for December 23

GREEN LOVE: Members' Final Meeting Set for January 14
HASSELL (ASIA PACIFIC): Creditors' Proofs of Debt Due on Jan. 9
HENDERSON LAND: Members' Final Meeting Set for January 16
REVIVAL HANDBAG: Members' Final Meeting Set for January 13
TREMONT GROUP: More Than Half of Assets Invested in Madoff's Firm

TYCO NETWORKS: Contributories' Final Meeting Set for January 12


I N D I A

BHAVNAGAR MERCANTILE: RBI Cancels License Due to Insolvency
SIDDHPUR COMMERCIAL: RBI Cancels License Due to Insolvency
* INDIA: Declining Exports Spurs Layoffs in Gems and Jewelery Cos
* INDIA: Exporters Cut 65,500 Jobs Due to Declining Demand
* RBI Asks Banks to Disseminate Info on Debt Restructuring Package


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Moody's Cuts CFR to B2; Ratings on Review
* INDONESIA: ADB Provides US$200 Mil. Loan to Reduce Poverty


J A P A N

AMERICAN INTERNATIONAL: Ronald Ferguson Pays for Co.'s Losses
AOZORA BANK: Discloses JPY12.4 Billion Investments in Madoff
AROSA FUNDING: Moody's Cuts Ratings on 3 Note Classes to Low-B
CREDIT SUISSE: To Cut Japan Investment-Banking Jobs in Half
DELPHI CORP: Defaults Loan, But Gets Costly Forbearance

DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
FORD MOTOR: Credit Unions Courting Firm to Join Loan Program
* Moody's: Japan's Banking System Outlook Is Negative


M I D D L E  E A S T

* Moody's: Kuwaiti Banks Could Face Challenges If Trends Persist


N E W  Z E A L A N D

ALDY AUCKLAND: Court to Hear Wind-Up Petition on December 19
BENDEMEER AP: Commences Liquidation Proceedings
CROWN TRANSPORT: Court Hears Wind-Up Petition
DAIWHA COMPANY: Court Hears Wind-Up Petition
FALLING FOR ET AL: Appoints Parsons and Kenealy as Liquidators

FOUR STAR: Court to Hear Wind-Up Petition on December 19
FRONTIER PROPERTY: Creditors' Proofs of Debt Due on December 22
GOLDSTEINS FINANCE: Court Hears Wind-Up Petition
HEATH NO. 1: Court Hears Wind-Up Petition
KEIR FREIGHTLINE: Court Hears Wind-Up Petition

LUSH LOUNGE: Creditors' Proofs of Debt Due on December 23
MORE COWS: Creditors' Proofs of Debt Due on December 22
REAL GROOVY: Court Hears Wind-Up Petition
SILVER RIVER: Court Hears Wind-Up Petition
VCL AUTO: Court to Hear Wind-Up Petition on December 19


P H I L I P P I N E S

* PHILIPPINES: BSP Places Two More Banks on Receivership


T A I W A N

EASTERN BROADCASTING: Fitch Affirms Long-Term IDRs at 'BB-'


X X X X X X X X

* Gov't Working on Financial Aid for Auto Industry
* Moody's Puts 25% Probability of Gov't Auto Industry Bailout


                         - - - - -


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


ADVANCED CORPORATION: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on October 7, 2008, the
members of Advanced Corporation Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          J. A. Shaw
          S. A. Newton
          Ferrier Hodgson
          2 Market Street, Level 3
          Newcastle NSW 2300
          Telephone:(02) 4908 4444
          Facsimile:(02) 4908 4499


B STRESS: Commences Liquidation Proceedings
-------------------------------------------
The creditors of B Stress Australia Pty Limited met on Oct. 3,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


B AND G: Members and Creditors Hear Wind-Up Report
--------------------------------------------------
The members and creditors of B AND G Spraypainting Pty Limited met
on November 21, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


B S CONSTRUCTIONS: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on October 9, 2008, the members of
B S Constructions Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          William Free
          Raymond George Tolcher
          Lawler Partners, Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


CENTRO PROPERTIES: Inks Refinancing Plan with Lenders
-----------------------------------------------------
Centro Properties Group said it has agreed in principle with all
financiers to a long term refinancing and stabilization plan for
the Group.

In a disclosure to the Australian Securities Exchange, Centro
stated that a one month interim extension to all of its facilities
expiring on December 15, 2008, has been agreed in order to allow
time for the completion of documentation for this refinancing and
stabilization.

The key terms are:

   -- Of the AU$5.05 billion* senior secured debt owed to
      the Australian lending group and US private placement
      noteholders, AU$1.05 billion will be replaced by a
      hybrid security and AU$4.0 billion will be converted
      into term debt loans;

   -- The AU$1.05 billion hybrid security will be senior
      secured convertible bonds (Hybrid Securities) subscribed
      for by the Australian lending group.  The hybrid security
      will have a seven year maturity date and the potential
      for conversion into ordinary stapled securities.  All
      interest payable on the Hybrid Securities is expected to
      be capitalized.  Any conversion to ordinary stapled
      securities would be subject to a number of conditions,
      including approval of Centro ordinary securityholders;

   -- The AU$4.0 billion of remaining existing senior secured
      debt owed to the Australian lending group and US private
      placement noteholders will be converted into term loans
      maturing on December 15, 2011;

   -- Centro stapled securities equivalent to 14.9% of
      existing issued securities will be issued on or before
      January 15, 2009, to the Australian lenders and US
      private placement noteholders on a pro rata basis at
      market value, the proceeds of which will be used for
      payment of outstanding lender fees and expenses;

   -- If converted in full, the Hybrid Securities would
      constitute, in aggregate with the 14.9% of stapled
      securities referred to above, 90.1% of the post-
      conversion (fully diluted) ordinary stapled securities
      of Centro;

   -- Up to AU$35 million revolving working capital facility;

   -- No distributions to ordinary securityholders are
      permitted to be paid for the duration of the senior
      secured debt facility, and it is unlikely that
      distributions would be paid prior to conversion of
      Hybrid Securities;

* Comprises US$2.5 4 billion (converted at 0.6624) and A$1.21
billion.

   -- Facilities of US$1.3 billion associated with Super LLC,
      Centro's joint venture with Centro Retail Trust (CER)
      will be converted into term loans maturing on Dec. 31,
      2010;

   -- A facility of US$370 million will be provided to Super
      LLC by the existing US lenders.  This facility will be
      used primarily for the repayment of indebtedness and
      will provide additional liquidity; and

   -- Centro will provide certain collateral to the Super LLC
      lenders to secure the release of Centro guarantees
      within the Super LLC structure.

While the material terms for a refinancing on the above basis
have, in Centro's view, been substantively agreed in principle
between all financiers, no assurance can be given that the
documentation will be completed or that the final terms of any
agreement for refinancing will not be different from those
currently contemplated and described above.

Centro Chairman Paul Cooper said, "The Board has carefully
considered all alternatives available to Centro over the last 12
months and has concluded that the transaction agreed in principle
with our financiers provides the best outcome for our
shareholders.  The outcome provides a future for Centro and
retention of some value for our existing shareholders and is
superior to the prospect that Centro otherwise faced of entering
administration or liquidation."

Centro CEO Glenn Rufrano said, "This outcome will stabilize Centro
and provide sufficient liquidity with time for the company to
maximize the value of its property operating platform and funds
management business.  This transaction also provides the
opportunity to pursue an alternative recapitalization strategy in
a more favourable economic environment.  We are very appreciative
of the hard work that many of our stakeholders, notably Centro's
staff and our lending group, have undertaken to accomplish this,
and we are grateful for the ongoing support from our
securityholders."

                     About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.


CUMMINSCORP: Creditors OK Delay in Repayment
--------------------------------------------
Creditors of Cumminscorp Limited have unanimously agreed to wait a
further six months before they receive payments under a deed of
arrangement, allowing the company to use the funds for further
expansion, Goldcoast.com.au reports.

Goldcoast.com.au relates that the company has been operating under
the deed of arrangement after moving out of voluntary
administration two years ago.

According to the report, the company is facing immediate
expansion, but needs fresh working capital to fund it.

Cumminscorp, the report says, will meet an 'interested party'
today, Dec. 18, about a private placement deal.

The creditors' next payment is due at the end of March, the report
adds.

Based in Australia, Cumminscorp Limited --
http://www.cumminscorp.com.au/-- engages in the research and
development of water solutions with emphasis on water tank
manufacture, aquaculture systems to harvest fish and water
purification and water remediation systems.


DIRBA PTY: Members Receive Wind-Up Report
-----------------------------------------
The members of Dirba Pty Limited met on November 21, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Andrew J. Love
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001


E & T PLUMBING: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on October 3, 2008, the members of
E & T Plumbing Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


EXCELSIOR ELECTRICS: Placed Under Voluntary Liquidation
-------------------------------------------------------
The sole member of Excelsior Electrics Pty Limited resolved to
voluntarily liquidate the company's business on Sept. 30, 2008.

The company's liquidators are:

          Ozem Kassem
          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          76 - 80 Clarence Street, Level 10
          Sydney NSW 2000
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


FORTESCUE METALS: Faces Legal Disputes on Shipping Contracts
-------------------------------------------------------------
The Australian reported that Fortescue Metals Group Ltd is facing
legal disputes after suspending shipping contracts.

According to the report, analysts warn that battles could cost
Fortescue hundreds of millions of dollars.

In a press statement, Fortescue said it is continuing its review
of the legal status of such contracts.

The company has sought legal advice prior to taking its decisive
action under the contracts and will continue to do so in the
prudent management of this issue.

Fortescue said it will use all the appropriate legal mechanisms
for determining the disputes that have arisen between some of the
parties and any future disputes that may arise.

As reported by The Troubled Company Reporter-Asia Pacific on
December 10, 2008, Fortescue said it has exercised suspension of
all of its long term CFR (cost including freight) shipping
Contracts of Affreightment and Consecutive Voyage Contracts on the
basis of unforeseen circumstances.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                         *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


GBS GOLD: Gives Update on Australian Units' Administration Process
------------------------------------------------------------------
GBS Gold International Inc. provides update on the administration
process for its Australian subsidiaries.

A number of non-binding indicative offers for various businesses
and assets of the company were received by the December 5, 2008
deadline set by the Administrators.  In addition, several requests
for additional time to submit indicative offers were received from
other parties.  The indicative offers are non-binding and subject
to further due to diligence, including site visits, and may be
withdrawn or materially changed following due diligence.  The
receipt of an indicative offer does not suggest the likelihood of
completing a sale transaction.  Site visits and due diligence
sessions have commenced and are scheduled to continue until mid
January 2009.

Since there is no proposal for a formal deed of company
arrangement at this stage, the Administrators are recommending at
the December 23, 2008, meeting of creditors that the meeting be
adjourned for a maximum period of 45 business days.  At the
subsequent meeting, creditors would have the opportunity to vote
for any binding offers or to liquidate the company's Australian
subsidiaries.

The previously entered into forbearance agreements with the
Company's secured promissory noteholders and Renison Consolidated
Mines NL have now been extended to February 28, 2009.

A copy of the notice of meeting to creditors and the
Administrators' statutory report will be available shortly on the
Administrators' website at www.ferrierhodgson.com.

                          About GBS Gold

Based in Vancouver, BC, Canada, GBS Gold International Inc.
(TSE:GBS)-- http://www.gbsgold.ca/-- is a gold producer with 2.4
million ounces (Moz) of measured and indicated resources, and
1.6Moz of inferred resources of gold at its Union Reefs operations
centre located in the Northern Territory of Australia (Union Reefs
Operations Centre). The Company produces gold at its 2.5 million
tons per annum (Mtpa) Union Reefs processing plant (the Union
Reefs Plant). During the year ended December 31, 2007, GBS Gold
produced 91,186 ounces of gold, of which total production from the
commencement of commercial production on April 1, 2007, was 80,092
ounces of gold. During 2007, ore was sourced from the Rising Tide
and Fountain Head open pits, and from the high-grade Brocks Creek
underground mine and nearby historic stockpiles. On July 25, 2007,
the company acquired the Tom's Gully mine assets from Australian
company Renison Consolidated Mines NL.

                          *     *     *

As reported by The Troubled Company Reporter-Asia Pacific on
September 24, 2008, GBS Gold International Inc. said that its
indirect wholly-owned subsidiary, GBS Gold Australia Pty Ltd, has
appointed Andrew Saker, Darren Weaver and Martin Jones of Ferrier
Hodgson as joint and several voluntary administrators of GBS
Australia and its Australian subsidiary entities.

The appointment of the administrators is required under Australian
law following the recent degradation of GBS Australia's financial
position and places control of the Australian subsidiaries in the
hands of the administrators.  Claims of creditors are delayed with
the principal aim of allowing the Australian subsidiaries to be
restructured and recapitalized with a view to being able to
continue their business.


KALINIA ENTERPRISES: Supreme Court Enters Wind-Up Order
-------------------------------------------------------
On October 9, 2008, the Supreme Court of NSW entered an order to
have Kalinia Enterprises Pty Ltd's operations wound up.

The company's liquidator is:

          Bradd Morelli
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


MOUNT GIBSON: FIRB Approves Rights Issue Underwriting
-----------------------------------------------------
Mount Gibson Iron Limited said that Foreign Investment Review
Board (FIRB) has approved the underwriting of the rights issue by
APAC Resources Limited and by Shougang Concord International
Enterprises Company Limited and the placement to Shougang Concord.

In particular:

   1. APAC has received FIRB approval to underwrite the rights
      issue up to the first 82,900,000 shares not validly
      subscribed for by shareholders and to take up all of its
      32,829,629 rights in relation to Mount Gibson shares it
      held as at November 2, 2008;

   2. Shougang Concord has received FIRB approval to underwrite
      the balance of the rights issue up to a maximum of
      50,000,000 shares; and

   3. Shougang Concord has received FIRB approval for the
      placement of 110,000,000 Mount Gibson shares to Shougang
      Concord.

Luke Tonkin, Managing Director, said "We are very pleased that the
condition precedent in relation to FIRB approval for the
underwriting and placement has now been satisfied.  FIRB approval
was a key condition to the implementation of the transaction with
APAC and Shougang Concord.  Mount Gibson shareholders will now
vote on the transaction at the Mount Gibson shareholder meeting on
December 30, 2008."

The APAC shareholder meeting to approve their portion of the
underwriting will be held on December 29, 2008.

As reported by The Troubled Company Reporter-Asia Pacific on
November 11, 2008, Mount Gibson Iron Limited raised AU$162.5
million in additional equity finance after signing binding heads
of agreement with its major shareholders APAC Resources Limited
and Shougang Concord International Enterprises Company Limited.
The transactions are in response to delays to iron ore shipments
scheduled for the quarter commencing October 2008 as customers
default on their binding offtake agreements.

Under the agreements:

   -- APAC and Shougang Concord will purchase available
      production from Mount Gibson's operations:

      ** During November and December, 2008 (Short Term Offtake);
      ** Between January and June 2009 (Medium Term Offtake); and
      ** From July 1, 2009 (Long Term Offtake).

      renounceable rights issue at AU$0.60 per share to
      raise gross proceeds of AU$96.5 million (Rights Issue
      & Underwriting); and

   -- Shougang Concord will subscribe for a placement of
      110 million ordinary shares at AU$0.60 per share to
      raise an additional AU$66 million (Placement).

                        Customer Defaults

According to the Australian mining company, three of its customers
have defaulted on their binding offtake agreements while
acceptable accommodation has been reached with a further two
customers.

The company said it will be pursuing those customers who
materially breached their offtake agreements to recover from them
any losses arising from volume and price differences between the
customers' existing offtake agreements and the new offtake
agreements.

Mount Gibson Chairman, Neil Hamilton, commented "We are very
disappointed that a number of our customers have defaulted on
their binding obligations given the substantial investment Mount
Gibson has made in the business based on executed legally binding
long term ore purchase contracts and further representations made
by these customers.  Having said that, we acknowledge the support
of our major shareholder, APAC, and Shougang Concord during this
difficult time which allows Mount Gibson the opportunity to
present a viable solution to shareholders that provides long term
security for their company during the current volatility in the
iron ore and financial markets."

James Regan of Reuters reported November 3 that the customer
defaults on iron-ore purchases prompted the mining company to
temporarily cut a third of its work force and cut its sales target
in the 2008-09 business year to 5 million tons from 7.2 million
tons.

                           About APAC

APAC Resources Limited is principally engaged in trading.  It
trades both metals and metal inputs as well as fabrics, fabric
products and other related goods.  It also has investments in a
variety of assets in resources and related industries as well as
listed securities.  APAC is listed on the Hong Kong Stock Exchange
and has a market capitalization as of October 31, 2008 of
approximately HK$1277 million.  It operates in Hong Kong, People's
Republic of China, Australia and South East Asia.

                         About Shougang

Shougang Corporation owns 100% of Shougang Holding (Hong Kong)
Limited (SHHKL) which in turn owns 18.95% of the shares in APAC.

                       About Mount Gibson

Mount Gibson Iron Limited -- http://www.mtgibsoniron.com.au/-- is
an Australian company engaged in the mining of hematite deposits
at Tallering Peak and Koolan Island; construction and development
of hematite mining operations at Extension Hill, and exploration
and development of hematite deposits at Koolan Island and in the
Mid-West region of Western Australia.  The Company's subsidiaries
include Mount Gibson Mining Limited, WHTK Pty Ltd, Geraldton Bulk
Handling Pty Ltd and Aztec Resources Limited.


PBL MEDIA: A$445 Million Fund from CVC Helps Avert Default
----------------------------------------------------------
Bloomberg News reports that PBL Media received a A$445 million
(US$294 million) refinancing package from CVC Asia Pacific Ltd. to
protect the media company from default.

According to the report, PBL Media said in a statement CVC will
invest A$335 million in new capital and cancel A$110 million of
undrawn facilities.

The report relates Ian Law, PBL Media's chief executive officer,
said the new funds will help PBL weather a slowing economy.

"The next 12 to 24 months is clearly going to be testing," Mr. Law
said in the statement obtained by Bloomberg News.  "We are now in
a position to withstand a severe recession, should that eventuate,
and we will not have an issue with our financing."

Bloomberg News recalls PBL had been struggling to repay debt from
the 2006 buyout as the credit crunch pushes up interest costs and
slowing economic growth cuts advertising revenue.  The report
notes billionaire James Packer left the company's board in October
after his Consolidated Media Holdings Ltd. refused to provide more
capital as banks warned PBL was close to breaching covenants on
its loans.

PBL Media Pty Limited -- http://www.pblmedia.com.au/-- is an
Australian media and entertainment group.  Its assets include the
Nine Network Australia, ACP Magazines, Ticketek, Acer Arena and
majority interests in carsales.com, NBN Television, a 50% interest
in ninemsn as well as interests in Mathletics and the Australian
News Channel (Sky News).


PLANNED PRINT: Placed Under Voluntary Liquidation
-------------------------------------------------
The creditors of Planned Print Pty Limited resolved to voluntarily
liquidate the company's business and appoint John Vouris and
Robert Whitton as the company's liquidators.

The Liquidators can be reached at:

          John Vouris
          Robert Whitton
          Lawler Partners, Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


PORT MACQUARIE: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on October 3, 2008, the members of
Port Macquarie Cinemas Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          R. G. Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


PWF WORLD: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 3, 2008, the members of
PWF World Freight Service Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Bradd Morelli
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


SUNDA INTERNATIONAL: Placed Under Voluntary Liquidation
-------------------------------------------------------
The members of Sunda International (Australia) Pty Limited met on
October 1, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Ozem Kassem
          Bruno A. Secatore
          Cor Cordis Chartered Accountants
          76 - 80 Clarence Street, Level 10
          Sydney NSW 2000
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


VALAD PROPERTY: Sells Assets For AU$138.7MM To Retire Debts
-----------------------------------------------------------
Valad Property Group said it has sold 11 investment assets in New
Zealand for NZ$41.2 million, four investment assets in Australia
for AU$36.1 million and three Australian development sites for
AU$68.7 million.  Combined, these sales of balance sheet assets
have raised AU$138.7 million, the  proceeds of which will be
applied to debt.

The company said that nine of the 11 New Zealand assets disposed
of were depots leased to Carter Holt Harvey.  The weighted average
passing yield of the assets sold was 9.4% and the combined
discount to book value as at June 30, 2008 was 14%.  Sales
proceeds totaled NZ$41.2 million.

The four Australian investment asset dispositions comprised three
Bunnings stores and an industrial property which were sold on a
weighted average passing yield of 8.3% at a combined discount of
8.0% to the June 30, 2008, book value.  Sales proceeds totaled
AU$36.1 million.

Commerciality considerations and confidentiality clauses apply to
the sales of three development sites in New South Wales, which
realized a combined AU$68.7 million.

In addition to these recent sales, Valad said AU$160 million of
proceeds from sales transacted prior to June 30, 2008, have been
received in FY09.  Of this, AU$35 million pertained to the sale of
the Manukau development site in New Zealand held on balance sheet
while AU$125 million pertained to sales of assets that were held
in joint ventures including the Kennards portfolio, the 40% Gold
Fields House stake and the Digital Campus portfolio in the UK.

Separately, within Valad's managed funds, approximately AU$65
million was raised from the sale of an eight asset portfolio from
Nordic Aktiv Funds 1 and 2, the proceeds of which will be applied
against debt in those vehicles.

As reported by The Troubled Company Reporter-Asia Pacific on
October 15, 2008, Valad Property Group said it has withdrawn its
earnings guidance of 7 to 9 cents per stapled security given in
August 2008 as a result of the on-going unprecedented
deterioration in financial and other markets, particularly over
the past two weeks.  The company said it is not comfortable
providing a forecast to the market until there is more stability
in the markets within which it operates.

Additionally, the company said it has decided to cancel the
interim distribution payable in February 2009, and will assess the
payment of a final distribution in August 2009, closer to that
time, taking account of the then prevailing market conditions.

Citing various reports, the TCR-AP reported on October 13, 2008,
that Valad's shares fell 50% to 12.5 cents on October 9, 2008,
after the company revealed a AU$31.1 million exposure to Brisbane
developer Petrac.

Valad's exposure to these projects is AU$31.1 million by way of
preferred equity which is secured by second mortgages.  Valad had
further undrawn commitments of AU$3.9 million relating to these
projects, however the appointment of receivers has effectively
cancelled this obligation.

In addition to these projects, Valad said it has a total of
AU$44.4 million invested in three other Petrac projects and five
retirement joint venture vehicles with Petrac and Harvest.
Valad's undrawn commitment associated with these projects is
AU$49.8 million.

Valad reported a net loss of AU$249.7 million for the year ended
June 30, 2008, compared with a net income of AU$109.1 million in
the prior year.

                       About Valad Property

Valad Property Group (ASX:VPG) -- http://www.valad.com.au -- is
engaged in passive property ownership, property development and
trading, property funds management and capital services.  The
company operates in four segments.  It owns rental income
producing passive properties throughout Australia, New Zealand and
Europe.  These include long term hold investments producing a
recurring stream of income to the company.  Most of the passive
property ownership interests are held in Valad Property Trust.
The property development and trading segment develops and trades
assets and also creates a pipeline of products for Valad's managed
funds.  The funds management establishes and manages listed and
unlisted property funds.  The Valad capital services segments
provides property structured finance and investment banking
services to external parties, and has invested in a portfolio
across asset classes, including commercial, retail, industrial,
residential and retirement.  In July 2007, it acquired Scarborough
Group and Valad (Hurst) Limited.


VEDICHY PTY: Commences Liquidation Proceedings
----------------------------------------------
The sole member of Vedichy Pty Limited met on Sept. 29, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Ozem Kassem
          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          76 - 80 Clarence Street, Level 10
          Sydney NSW 2000
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422


WHITESMITHS PTY: Declares First Dividend
----------------------------------------
Whitesmiths Pty Limited declared first dividend on Nov. 26, 2008.

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

The company's deed administrator is:

          David G. Young
          Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place
          Sydney NSW 2000


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

The company's liquidator is:

          C. Wykes
          Lawler Partners Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


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


CHINA COSCO: Shares Decline on Possible FFA Losses
--------------------------------------------------
China COSCO Holdings Company Limited fell to the lowest in two
weeks in Shanghai Stock Exchange on Wednesday, Dec. 16, after it
announced severe losses, various reports say.

Bloomberg News relates that the company's shares decreased 5.18
percent to CNY8.78 at the close, extending losses for the year to
79 percent.

Citing a Hong Kong stock exchange filing on Wednesday, Dec. 16,
Bloomberg News says China Cosco's total losses from derivatives
amounted to CNY5.38 billion in the year to Dec. 12.  That was
offset by a CNY1.43 billion gain.  The company had reported a net
loss of about CNY440 million on forward freight agreements (FFAs)
at the end of the third quarter, Bloomberg notes.

The loss is "the biggest one I've ever heard of," Bloomberg News
quoted Herman Michelet, chief executive officer of Oslo-based
freight-derivatives broker Imarex ASA, as saying.

According to Shanghai Daily, Cosco said that the demand for
container shipping had declined dramatically and pushed down
shipping fees along major routes.

The company, as cited by the Daily, said the outlook for the final
quarter of this year was "very tough."

                        About China COSCO

China COSCO Holdings Company Limited --
http://www.chinacosco.com//ChinaCos-- is principally engaged in
shipping and the related businesses.  The company is primarily
involved in container shipping business, dry bulk cargo shipping
business, container terminal business, container leasing business
and logistics, among others.  During the year ended December 31,
2007, the dry bulk cargo shipping and the related business, as
well as the container shipping and the related business,
contributed approximately 53% and 44% of the Company's total
revenue, respectively.  The company mainly operates its businesses
in the Americas, Europe, Asian and Pacific regions and China.  As
of December 31, 2007, the company had six major subsidiaries.


GOME ELECTRICAL: May Sell Stake to Foreign Investors
----------------------------------------------------
GOME Electrical Appliances Holdings Ltd. is reportedly holding
preliminary talks with overseas investors over possible stake
sale, People's Daily Online reports citing Financial Times.

The Daily Online relates that Gome's spokesperson He Yangqing did
not deny the report, but refused to comment on the same citing
corporate policy.

Gome's founder Huang Guangyu is currently being investigated for
his role in a share trading scandal.

Huang, according to analysts cited by the Daily Online, is
increasingly looking at the stake sale as a viable option as banks
are also reluctant to sanction any fresh loans.

"The company had been facing the problem of (sluggish) cash
turnover from the middle of the year, much before the scandal
broke out," the Daily Online quoted Wu Meiping, senior researcher,
Essence Securities, as saying.

In addition, according to the Daily Online, analysts said the
company's reckless expansion spree in the last few years have put
it under severe financial stress.

                            About GOME

GOME Electrical Appliances Holdings Ltd. is principally engaged in
the retailing of electrical appliances and consumer electronic
products in People's Republic of China.  During the year ended
December 31, 2007, the company had 726 traditional stores, which
included 61 flagship stores, 624 standard stores (including
supermarkets) and 41 specialized stores.  The product category
operated by the company includes audiovisual products, air-
conditioner, refrigerators and washing machines, small electrical
appliances, telecommunication products, digital products and
information technology.  The company acquired remaining 50%
interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd.,
from Beijing Dazhong Electrical Appliances Co., Ltd. on 31
December 2007.  The Group disposed of its 50% interest in Qingdao
Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong
Electrical Appliances Co., Ltd. on December 31, 2007.


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


ADVANTAGE LIMITED: Final Meeting Set for January 12
---------------------------------------------------
The sole member of Advantage Limited will hold final meeting on
January 12, 2008, at 10:00 a.m., at the 8th Floor of Gloucester
Tower, The Landmark, in 15 Queen's Road Central, Hong Kong.

At the meeting, Thomas Andrew Corkhill, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ANDIGILOG INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on December 2, 2008, the
members of Andigilog International Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

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


ASAT HOLDINGS: S&P Lowers Long-Term Credit Rating to 'CC'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on ASAT Holdings Ltd. (ASAT) to 'CC' from 'CCC-'.
The outlook on the rating is negative.

At the same time, Standard & Poor's lowered the issue rating on
the company's US$150 million 9.25% senior notes due 2011 to 'CC'
from 'CCC-'.  The notes were issued by New ASAT (Finance) Ltd. and
guaranteed by ASAT.  The 'CC' rating indicates that ASAT is
currently highly vulnerable to nonpayment of its financial
obligations.

ASAT is a small operator in the highly fragmented and competitive
semiconductor sector.  The company is a provider of semiconductor
package design, assembly, and test services.  Standard & Poor's
has limited access to the company's management.  The rating is
based on publicly available information.  The company's financial
statement for fiscal 2008 was released on Oct. 30, 2008.

"The downgrade reflects the potentially severe impact from a sharp
drop in demand for semiconductors, which could exacerbate ASAT's
already-tight liquidity position," said Standard & Poor's credit
analyst Ryan Tsang.  "The rating reflects ASAT's very tight
liquidity position, heavy interest burden, very limited financial
flexibility, and high customer concentration risk in a highly
cyclical and competitive semiconductor packaging industry."

"In our opinion, ASAT's cash position is extremely weak.
Accordingly, we believe, it is a challenge to the company to
generate sufficient cash flow from operations to meet its US$6.9
million semi-annual interest payments in 2009.

"We believe it would be an even bigger challenge to the company to
generate adequate cash from its business to repay its US$150
million debt due 2011, if demand for semiconductors remains weak,"
Mr. Tsang said.

"ASAT has a very concentrated customer base. The company relies
heavily on a limited number of customers for its sales.  In fiscal
2008, the largest customer accounted for about 58.7% of sales in
2008 and the top five customers formed 74.9% of sales.  We expect
the company's revenue, average selling prices, and margins to be
pressured in fiscal year 2009 and 2010 (year ending
April 30).

"The negative outlook on the rating reflects our view that ASAT's
fragile financial position is likely to be severely challenged
amid the weakening global semiconductor market condition."


CITIC SOUTH: Sole Member to Hold Meeting on January 12
------------------------------------------------------
The sole member of Citic South China (Group) Hong Kong Co. Limited
will hold final meeting on January 12, 2008, at 11:00 a.m., at the
8th Floor of Gloucester Tower, The Landmark, in 15 Queen's Road
Central, Hong Kong.

At the meeting, Thomas Andrew Corkhill, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DATUM NETWORKS: Annual Meetings Set for December 23
---------------------------------------------------
The members and creditors of Datum Networks Corp. Limited will
hold their annual meetings on December 23, 2008, at 2:30 p.m. and
3:00 p.m., respectively at the 29th Floor of Caroline Centre, Lee
Gardens Two, in 28 Yun Ping Road, Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GREEN LOVE: Members' Final Meeting Set for January 14
-----------------------------------------------------
The members of Green Love Foundation Limited will hold meeting on
January 14, 2009, at 11:00 a.m., at the 1st Floor of Beverly
House, 93-107 Lockhart Road, in Wachai, Hong Kong.

At the meeting, Cheung Chui Ping Chaplin, the company's
liquidator, will give a report on the company's wind-up proceeding
and property disposal.


HASSELL (ASIA PACIFIC): Creditors' Proofs of Debt Due on Jan. 9
---------------------------------------------------------------
The creditors of Hassell (Asia Pacific) Limited are required to
file their proofs of debt by January 9, 2008, to be included in
the company's dividend distribution.

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

Suen Man Fai is the company's liquidator.


HENDERSON LAND: Members' Final Meeting Set for January 16
---------------------------------------------------------
The members of Henderson Land Credit (2001) Limited will meet on
January 16, 2009, at 9:30 a.m., at the 76th Floor of Two
International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


REVIVAL HANDBAG: Members' Final Meeting Set for January 13
----------------------------------------------------------
The members of Revival Handbag and Clothing Company Limited will
hold their final meeting on January 13, 2009, at 10:00 a.m., at
Flat 31, 8th Floor of Tung Hing Building, 29-31 Tung Choi Street,
in Mongkok, Kowloon.

At the meeting, Fok Hei Yuen, Paul, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TREMONT GROUP: More Than Half of Assets Invested in Madoff's Firm
-----------------------------------------------------------------
Tremont Group Holdings Inc. had US$3.3 billion, or more than half
its total assets, invested with Bernard Madoff, Katherine Burton
of Bloomberg News reports citing
a person familiar with the matter.

The person told Bloomberg News Tremont's Rye Investment Management
unit had US$3.1 billion, virtually all the money the group
managed, allocated to Madoff.

Tremont also had another US$200 million, or about 7 percent of its
total assets, invested through its fund of funds group, Tremont
Capital Management, the person was cited by Bloomberg News as
saying.

According to Bloomberg News, 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.

"We believe Tremont exercised appropriate due diligence in
connection with the Madoff investments," Tremont said in a
statement obtained by Bloomberg News.

New York-based Tremont Group Holdings Inc. --
http://www.tremont.com/-- is the holding company for Tremont
Capital Management (formerly Tremont Advisers), a fund of hedge
funds. Tremont Group manages roughly US$6 billion in assets
through its fund of hedge fund products and multi-manager
portfolios, as well as its single-manager Rye Investment
Management unit.

The Tremont Group has offices in Toronto, London, and Hong Kong.
OppenheimerFunds, which is majority controlled by MassMutual, owns
the Tremont Group.


TYCO NETWORKS: Contributories' Final Meeting Set for January 12
---------------------------------------------------------------
The contributories of Tyco Networks (Hong Kong) Limited will hold
their final meeting on January 12, 2008, at 2:00 p.m., at the 18th
Floor of 1801 Wing On House, 71 Des Voeux Road, in Central,
Hong Kong.

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


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


BHAVNAGAR MERCANTILE: RBI Cancels License Due to Insolvency
-----------------------------------------------------------
The Reserve Bank of India, on Dec. 11, 2008, ordered the
cancellation of Bhavnagar Mercantile Co-operative Bank Ltd.'s
license after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the The
Registrar of Co-operative Societies, Gujarat to wind up Siddhpur
Commercial and appoint a liquidator.

RBI's decision came after determining that Siddhpur Commercial has
ceased to be solvent and has already caused inconvenience to its
depositors.

According to RBI, the Bank's financial statements as of
December 31, 2002, revealed that the bank's financial position was
impaired.  Due to precarious financial position and the liquidity
crunch faced by the bank it was placed under directions with
effect from August 21, 2004 vide Directives UBD. NSB No. D-
103/12.03.100/2004-04 dated August 19, 2004. In view of the
unsatisfactory state of affairs of the bank, the Board of
Directors of the bank was superseded with effect from December 14,
2004.

The Bank's financial accounts as of December 31, 2004 and March
31, 2006, also revealed that the bank's financial  was not sound.
The statutory inspection of the bank with respect to its position
as on March 31, 2007 revealed that its financial position was
precarious.

RBI had issued a show cause notice to the bank on Sept. 4, 2008,
asking it to show cause as to why the licence granted to it to
conduct banking business should not be cancelled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI cancelled the Bank's license in
the interest of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors was set in motion subject to the terms and conditions
of the Deposit Insurance Scheme.


SIDDHPUR COMMERCIAL: RBI Cancels License Due to Insolvency
----------------------------------------------------------
The Reserve Bank of India, on Dec. 11, 2008, ordered the
cancellation of Siddhpur Commercial Co-operative Bank Ltd.'s
license after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the The
Registrar of Co-operative Societies, Gujarat to wind up Siddhpur
Commercial and appoint a liquidator.

RBI's decision came after determining that Siddhpur Commercial has
ceased to be solvent and has already caused inconvenience to its
depositors.

According to RBI, the Bank's financial statements as of
March 31, 2006, revealed that the bank's financial position was
impaired.   The Bank's financial accounts as of March 31, 2007 and
March 31, 2008, also revealed that the bank's financial position
deteriorated further, and it was issued directions under Section
35 A of the Banking Regulation Act, 1949 (As applicable to Co-
operative Societies) from the close of business of August 21, 2008
restricting its operations for period of six months.

RBI had issued a show cause notice to the bank on August 21, 2008
asking it to show cause as to why the licence granted to it to
conduct banking business should not be cancelled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI cancelled the Bank's license in
the interest of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors was set in motion subject to the terms and conditions
of the Deposit Insurance Scheme.


* INDIA: Declining Exports Spurs Layoffs in Gems and Jewelery Cos
-----------------------------------------------------------------
Gems and jewelery industry in India may lay-off another 65,000
workers in the next two months, The Economic Times reported an
industry official.

The Economic Times quoted Gems and Jewelery Export Promotion
Council's (GJEPC) Chairman, Vasant Mehta, as saying "The Indian
gems and jewellery sector was forced to lay-off 65,000 workers
between August-October.  Due to the ongoing economic slowdown and
slump in demand, there could be a further lay-off of 65,000
workers in the next two months."

According to the report, Chairman Mehta warned there was a danger
of many units shutting down, saying that by January, the exact
number of units closing down would be known.

Chairman Metha said, as cited by The Times, gems and jewellery
sector, contributes 55 per cent of the world's export in terms of
value and over 75 per cent by carats and number of pieces.

In November, Chairman Metha said, the sector witnessed a decline
in exports by 34.25 per cent at US$987.10 million from US$1,501.27
million during the year-ago period.


* INDIA: Exporters Cut 65,500 Jobs Due to Declining Demand
----------------------------------------------------------
Kartik Goyal of Bloomberg News reports that Indian exporters have
cut about 65,500 jobs as recession in the U.S. and Europe, the
nation's biggest markets, damped overseas demand for products.

The report relates Trade Minister Kamal Nath said a sample survey
conducted by the country's department of commerce between August
and October for 121 export-oriented companies revealed the loss of
jobs, both direct and indirect.

According to Bloomberg News, India's exports fell in October for
the first time in seven years, while industrial output, which
accounts for a quarter of the economy, fell 0.4 percent in October
for the first time since April 1993.  Overseas shipments in
October dropped 12.1 percent to US$12.8 billion from a year
earlier, the report notes.


* RBI Asks Banks to Disseminate Info on Debt Restructuring Package
------------------------------------------------------------------
The Reserve Bank of India advised the banks to explain and
disseminate the details of the RBI restructuring guidelines of
August 2008 in order that the banks proactively address the
problems faced by the micro and small enterprises (MSE) sector and
take steps for timely restructuring, holding on operations and
additional facilities.  The guidelines could be explained and
disseminated in meetings of the State Level Bankers' Committee
(SLBC), the Reserve Bank advisory stated.

The Reserve Bank has asked SLBC convenor banks to immediately
organise special meetings of SLBCs where representatives of MSE
sector could be invited to facilitate exchange of views and arrive
at concrete measures in the interest of the sector and the banking
system.  The SLBC convenor banks have also been asked to take up,
with the concerned authorities, issues which are not credit
related but are coming in the way of smooth flow of credit to the
MSE sector.  Every Regional Office/Zonal Office of all banks
should closely monitor the flow of credit to MSEs and also
institute a help desk at key centers.

It may be recalled that the Reserve Bank has, between August and
December 2008, announced a number of measures to improve credit
delivery to the employment intensive MSE sector.  These include,
instructions to restructure the dues of SMEs where warranted and
also continue to disburse loans against the sanctioned limits,
exceptional regulatory treatment for second restructuring of
exposures (other than exposures to commercial real estate, capital
market exposures and personal / consumer loans) up to June 30,
2009, harmonizing prudential norms on restructuring of advances
with over all categories of debt restructuring mechanisms (other
than those restructured on account of natural calamities) and
certain other measures to enhance liquidity available to enable
banks to extend finance to micro and small enterprises.

Further, as per the existing instructions, banks are required to
fix separate sub-limits, within the overall limits, specifically
for meeting payment obligations in respect of purchases from SSIs
either on cash basis or on bill basis while sanctioning/renewing
credit limits to their large corporate borrowers enjoying working
capital limits of Rs. 10 crore and above from the banking system.
With a view to ensuring availability of adequate balance in the
account for meeting the payment obligations to SSI units, banks
are also advised to ensure that sale proceeds/other receipts of
the borrower are credited to this account on a pro rata basis.
Banks are required to closely monitor the operations in the sub-
limits, particularly with reference to their corporate borrowers'
dues to SSI units by ascertaining periodically from their
corporate borrowers, the extent of their dues to SSI suppliers and
ensuring that the corporates pay off such dues before the
'appointed day'/agreed date by using the balance available in the
sub-limit so created. The instructions provide that if, at any
time, the sub-limit is exhausted there is no bar on such payments
being made from the other segment of the working capital limit.
Similarly, if no payments are due to SSI suppliers, and the sub-
limit remains unutilised/partly utilized, banks are free to allow
their corporate borrowers to operate this limit for meeting other
working capital expenses.


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


CENTRAL PROTEINAPRIMA: Moody's Cuts CFR to B2; Ratings on Review
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 PT Central
Proteinaprima's corporate family rating and senior unsecured bond
rating. At the same time, PT Moody's Indonesia has downgraded
CPP's national scale issuer rating to Baa2.id from A3.id.  The
ratings are under review for further possible downgrade.

"This rating action reflects a projected weaker credit profile due
to the company's revised revitalization plan for its shrimp
ponds," says Ken Chan, a Moody's Vice President, adding, "Although
CPP completed the revitalization of its ponds at Wahyuni Mandira,
its intention to halt the process at Aruna Wijaya Sakti lowers
projected cash flow for the next 1-2 years."

"Therefore, its projected credit metrics -- with RCF/Adjusted Debt
of 6-8% and EBITDA/Interest of around 1.8-2.0x -- are now more in
line with its regional low B-rated peers," said Mr. Chan.

Moreover, the company may breach some of its financial covenants
on certain short-term bank loans in its FY08 financials.  In the
event of this happening, the risk of trigging a cross-default is
rising, given its low cash-to-short-term debt coverage -- cash of
IDR253 billion and short-term debt of IDR1,000 billion as of
September 2008.

Furthermore, around 50-60% of its revenue from the sale of frozen
shrimp comes from US, a market which is likely to shrink over the
next 12-18 months in view of the economic downturn.

On the other hand, the ratings continue to reflect the company's
well-established and integrated production facilities and its
leading positions in the shrimp export market and Indonesia's
shrimp and fish feed industry, with full traceability for its
frozen shrimp products.

The review will focus on CPP's operating performance against its
financial covenants.

The last rating action was on July 12, 2007 when the ratings of
CPP were affirmed at B1 with stable outlook.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production. Its products also include poultry feed, day-
old chicks and probiotics.


* INDONESIA: ADB Provides US$200 Mil. Loan to Reduce Poverty
------------------------------------------------------------
The Asian Development Bank (ADB) is providing a US$200 million
loan to Indonesia to support efforts to sustain the country's
economic growth and reduce poverty.

In a statement, ADB said the loan for the Fourth Development
Policy Support Program will help the government advance reforms to
strengthen its finances, improve investment climate, and enhance
public service delivery.

The funds will supplement financing for another series of loans
from the World Bank and Japanese Government that also support the
same policy reforms.  The cofinancing arrangement ensures that
development funding from different agencies is harmonized with the
government's own reform program.

The government has made significant strides to improve its
finances, attract foreign investment, and address development
needs, but it needs to continue on the reform path if it is to
meet some of the Millennium Development Goals by 2015.

"Lagging human development indicators such as the high maternal
mortality rate, malnutrition rate, and low transition from primary
to secondary school must be tackled by improving the quality of
services," said Purnima Rajapakse, Principal Country Specialist at
ADB's Indonesia Resident Mission.

The fourth phase of the ongoing Development Policy Support Program
will provide continuity to reforms begun previously in public
financial management, investment environment, and public service
delivery to the poor.

ADB said it will continue to assist the government's reform agenda
in areas that include removing regulatory uncertainty for
investors, implementing the "national single window" for cargo
clearances, reducing tax compliance costs, improving budget
preparation and execution, lowering public procurement costs, and
strengthening the capacity of local governments to deliver public
services to the poor.

The long-term benefits of the Program will include a more stable
macroeconomic environment, a healthier investment climate, less
corruption and bureaucratic bottlenecks, and stronger government
institutions.


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


AMERICAN INTERNATIONAL: Ronald Ferguson Pays for Co.'s Losses
-------------------------------------------------------------
The Associated Press reports that former General Re Corp. CEO
Ronald Ferguson was sentenced to two years in prison and was fined
about US$200,000 on Tuesday for his role in a scheme that cost
shareholders of American International Group Inc. more than $500
million.

According to The AP, Mr. Ferguson was found guilty in February of
conspiracy, securities fraud, mail fraud, and making false
statements to the Securities and Exchange Commission.  Mr.
Ferguson participated in a scheme in which AIG paid General Re as
part of a secret agreement to take out reinsurance policies with
AIG in 2000 and 2001, propping up AIG's stock price and inflating
reserves by US$500 million, the report says, citing prosecutors.
According to the report, Assistant U.S. Attorney Eric Glover said
that Mr. Ferguson's conduct contributed to doubts in the financial
system.

Court documents say that Mr. Ferguson denied any connection
between the eight-year-old AIG-General Re deal and AIG's recent
financial troubles.

Citing U.S. District Judge Christopher Droney, The AP states that
Mr. Ferguson's sentence is below federal sentencing guidelines.
The report says that Mr. would have been sentenced with life
imprisonment.

The AP relates that prosecutors had asked for a "substantial"
sentence, but attorneys for Mr. Ferguson's had asked for leniency
due to his age and his plans to become an ordained minister.

The AP states that other defendants convicted are:

    -- former General Re Senior Vice President Christopher P.
       Garand,

    -- former General Re Chief Financial Officer Elizabeth
       Monrad,

    -- former General Re Senior Vice President Robert Graham,
       and

    -- former AIG Vice President Christian Milton.

                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 US$22.76 on Sept. 8, 2008, to
US$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 US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.


AOZORA BANK: Discloses JPY12.4 Billion Investments in Madoff
------------------------------------------------------------
Aozora Bank Ltd has JPY12.4 billion (US$137 million) at risk
related to Bernard Madoff's investment funds, the bank said in a
statement obtained by Bloomberg News.

According to Bloomberg News, 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.

The report relates Aozora, the worst performer this year among 84
lenders tracked in Japan's Topix Bank Index, said funds invested
with Madoff are unlikely to have a material impact on the bank's
financial position.

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
31, 2008, Moody's Investors Service downgraded Aozora Bank,
Limited's bank financial strength rating (BFSR) to D+ from C-, the
base line credit assessments to Baa3 from Baa2, the long-term and
short-term deposit ratings to A3/P-2 from A2/P-1, and senior
unsecured debt rating to A3 from A2. The outlook for these ratings
is negative.  This rating action concludes the review initiated on
September 18, 2008.

Moody's said the downgrade reflects its views that Aozora's
earnings, particularly from its domestic investment banking and
global investment businesses, will remain volatile and that the
bank's operating performance will remain under pressure due to a
less favorable environment for businesses funded by wholesale
funds.

As reported in the Troubled Company Reporter-Asia Pacific on April
2, 2008, Fitch Ratings has affirmed Japan's Aozora Bank's Long-
term foreign and local currency Issuer Default Ratings at 'A-',
Short-term foreign and local currency IDRs at 'F1', Individual
'C', Support '3', Support Rating Floor 'BB+' and senior unsecured
notes 'A-'.  The Outlook remains Stable.


AROSA FUNDING: Moody's Cuts Ratings on 3 Note Classes to Low-B
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Arosa Funding Limited.

This transaction is a synthetic CDO referencing a dynamic
portfolio of structured finance debt comprising ABS, out of which
a maximum of 20% can be single tranche mezzanine credit default
swaps. In this transaction Morgan Stanley & Co. International Plc
has certain rights of substitution concerning the portfolio
constrained by guidelines governing the credit exposure of the
portfolio.

According to Moody's, the rating actions are the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to indirect exposures
to Lehman Brothers Holdings Inc., which filed for protection under
Chapter 11 of the U.S. Bankruptcy Code on September 15, 2008;
Washington Mutual Inc., which was seized by federal regulators on
September 25, 2008 and subsequently virtually all of its assets
were sold to JPMorgan Chase and Fannie Mae and Freddie Mac, which
were placed into the conservatorship of the U.S. government on
September 8, 2008.  The transaction also has a significant
exposure to other corporate names which continue to deteriorate in
the current economic environment.  This will weigh on the ratings
of the tranches in this transaction.

The rating actions are:

Arosa Funding Limited:

(1) Series 2004-5 JPY 2,000,000,000 Class A1 Secured Credit-Linked
Floating Rate Notes due 2010

     Current Rating: A2
     Prior Rating: Aaa, on review for possible downgrade
     Prior Rating Date: 11 June 2008

(2) Series 2004-5 JPY1,000,000,000 Class A2 Secured Credit-Linked
Floating Rate Notes due 2010

     Current Rating: A2
     Prior Rating: Aaa, on review for possible downgrade
     Prior Rating Date: 11 June 2008

(3) Series 2004-5 JPY1,500,000,000 Class B1 Secured Credit-Linked
Floating Rate Notes due 2010

     Current Rating: Ba1
     Prior Rating: Aa3, on review for possible downgrade
     Prior Rating Date: 11 June 2008

(4) Series 2004-5 JPY600,000,000 Class B2 Secured Credit-Linked
Floating Rate Notes due 2010

     Current Rating: Ba1
     Prior Rating: Aa3, on review for possible downgrade
     Prior Rating Date: 11 June 2008

(5) Series 2004-5 JPY900,000,000 Class C Secured Credit-Linked
Floating Rate Notes due 2010

     Current Rating: B1
     Prior Rating: A3, on review for possible downgrade
     Prior Rating Date: 11 June 2008

While the total of the initial note balances was JPY6 billion,
JPY800 million of Series 2004-5 Class A1 and JPY800 million of
Series 2004-5 Class C have been redeemed and cancelled.


CREDIT SUISSE: To Cut Japan Investment-Banking Jobs in Half
-----------------------------------------------------------
Credit Suisse Group AG is cutting its investment-banking workforce
in Japan in half and closing some local operations, Bloomberg News
reports citing two people familiar with the matter.

According to Bloomberg News's sources, Credit Suisse Securities
(Japan) Ltd. eliminated at least 30 jobs in the country last week
and is shutting its securitization business and paring back
leveraged finance operations.

The report relates that based on a regulatory statement, Credit
Suisse's Japanese business lost JPY7.3 billion (US$81 million) in
the year that ended March 31, more than double the year-earlier
shortfall.

Zurich-based Credit Suisse, the report recounts, said Dec. 4 it is
eliminating 11 percent of its global workforce, or 5,300 jobs, and
scrapping executives' bonuses after reporting 5.2 billion francs
(US$4.4 billion) in losses this year.

Credit Suisse has posted about US$13.7 billion in losses and
writedowns tied to the global credit crisis, the sixth-highest
amount among European banks, according to data compiled by
Bloomberg.

Separately, Reuters reports that Morgan Stanley downgraded Credit
Suisse to "equal-weight" from "overweight," citing further
impairment risk from forced shrinkage and winding down businesses.

Morgan Stanley continues to be bearish on the 2009 outlook for the
bank, Reuters says.

"We still feel that dilution concerns remain uppermost for
investors, even if much is already priced in, given the very high
leverage ratios of European wholesale banks on total balance
sheet, weakening credit conditions and little visibility on
wholesale earnings for 2009," Morgan Stanley said.

Headquartered in Zurich, Switzerland, Credit Suisse Group AG
(VTX:CSGN) -- http://www.credit-suisse.com/-- formerly Credit
Suisse Group, is a global financial services company catering to
corporate, institutional and government clients, and high-net-
worth individuals worldwide, as well as to retail clients in
Switzerland.  The Company serves its clients through its three
divisions: Private Banking, Investment Banking and Asset
Management.  In Private Banking, the Company offers advice and a
range of wealth management solutions, including pension planning,
life insurance products, tax planning and wealth and inheritance
advice. In Investment Banking, it offers investment banking and
securities products and services to corporate, institutional and
government clients worldwide.  In Asset Management, it provides
access to a range of investment classes, ranging from money
market, fixed income, equities and balanced products, to
alternative investments, such as real estate, hedge funds, private
equity and volatility management.


DELPHI CORP: Defaults Loan, But Gets Costly Forbearance
-------------------------------------------------------
Delphi Corp. said in a filing with the Securities and Exchange
Commission that it satisfied all the conditions to the
effectiveness of its accommodation agreement with its lenders,
allowing its continued use of the US$4.35 billion secured credit,
even though the loan won't be repaid when the loan matures
Dec. 31.

Delphi in early Dec. 2008 won permission from the United States
Bankruptcy Court for the Southern District of New York to enter
into an accommodation agreement allowing Delphi to retain the
proceeds of its existing debtor-in-possession financing agreement
that matures Dec. 31, 2008.

Bloomberg News' Bill Rochelle notes that the Accommodation
Agreement allows Delphi, at a price, to avoid the consequences of
default until June 30.  One cost is a 2% higher default rate of
interest and the payment of a $37 million fee, which itself
represents 2% of the loan.  The loan is to be secured with the
remaining 35% of the stock in Delphi's first-tier foreign
subsidiaries.  The lenders already have a pledge of the other 65%.

The DIP loan consists of:

-- a US$1.1 billion first priority revolving credit facility,
-- a US$500 million first priority term loan, and
-- a US$2.75 billion second priority term loan.

On December 12, 2008, Delphi satisfied the closing conditions set
forth in the Accommodation Agreement, which became effective.
Under the Accommodation Agreement, JPMorgan Chase Bank, N.A., the
administrative agent under the Amended and Restated DIP Credit
Facility and the requisite majority of holders of the Tranche A
and Tranche B commitments and exposure under the Amended and
Restated DIP Credit Facility by amount have agreed to, among
other things, allow Delphi to continue using the proceeds of the
Amended and Restated DIP Credit Facility and to forbear from the
exercise of certain default-related remedies, in each case until
the earlier to occur of:

  (i) June 30, 2009, but subject to the satisfaction of certain
      condition,

(ii) Delphi's failure to comply with its covenants under the
      Accommodation Agreement or the occurrence of certain
      other events set forth in the Accommodation Agreement and

(iii) an event of default under the Amended and Restated DIP
      Credit Facility.

However, the outside date of June 30, 2009, for the accommodation
period will be shortened to May 5, 2009, if one of various
conditions is not satisfied -- Delphi either:

  (a) has received binding commitments on or prior to Feb. 27,
      2009, for debt and equity financing sufficient for it to
      emerge from chapter 11 pursuant to the modified Chapter
      11 plan filed with the Court on Oct. 3, 2008, or any
      other plan that provides the administrative agent and the
      DIP Lenders with the same treatment; or

  (b) has (i) filed, on or prior to Feb. 27, 2009,
      modifications to the Oct. 3 Plan or any other
      reorganization plan to which JPMorgan does not submit a
      notice, within 10 business days of the filing, informing
      Delphi that either (A) the Required Lenders or (B)
      lenders party to the Accommodation Agreement holding
      Tranche A, Tranche B and Tranche C commitments and
      exposure representing in excess of 50% of the Tranche A,
      Tranche B and Tranche C commitments and exposure held by
      all lenders party to the Accommodation Agreement,
      affirmatively oppose the modifications or plan of
      reorganization, and

         (ii) on or prior to March 31, 2009, obtained approval
      of modifications to the disclosure statement with respect
      to the Oct. 3 Plan or other reorganization plan, and the
      approval to re-solicit or solicit votes, as the
      case may be.

JPMorgan would submit a Notice if either the Required Lenders or
the Required Total Participant Lenders vote, within 10 business
days after the filing of the modifications to the Oct. 3 Plan or
the new plan of reorganization, to oppose the plan modifications
on the grounds that the plan was not acceptable to them.

                     Delphi in Default

Notwithstanding the Accommodation Agreement, Delphi says it is in
default of the terms of its DIP Credit Facility and is required
to file a notice of default upon effectiveness of the
Accommodation Agreement.  As a result, Delphi is no longer able
to make additional draws under the facility after Dec. 12, 2008.

However, under the Accommodation Agreement, Delphi is required to
continue to comply with the provisions of the DIP Credit
Facility.  Additionally, prior to the effective date of the
Accommodation Agreement, Delphi was required to and did, (x)
replace or cash collateralize, at 105% of the undrawn amount
thereof, all outstanding letters of credit under the Amended and
Restated DIP Credit Facility that had not been collateralized
prior to that date (US$81 million as of December 12, 2008, of
letters of credit that had not been collateralized previously),
and (y) limit the aggregate principal amounts outstanding under
Tranche A borrowings to no more than US$377 million.

As of December 12, 2008, there was US$370 million outstanding
under Tranche A, US$500 million outstanding under the Tranche B
Term Loan and US$2.75 billion outstanding under the Tranche C Term
Loan.

Prior to the effectiveness of the Accommodation Agreement, Delphi
was permitted to and did provide cash collateral, in an aggregate
not to exceed US$200 million, that was pledged to JPMorgan, the
administrative agent, for the benefit of the DIP Lenders.  Upon
Delphi's request, portions or all of the Borrowing Base Cash
Collateral will be transferred back to Delphi provided that
Delphi is in compliance with the borrowing base calculation in
the Accommodation Agreement and no event of default has occurred.

Bill Rochelle also notes that the survival of General Motors Corp.
-- which is seeking a bailout from the federal government to avert
collapse -- is required for Delhi's emergence, as GM has committed
to provide US$10.6 billion of funding to Delphi.

                            Deals With GM

In support of Delphi's efforts to obtain the accommodation
agreement from certain of its DIP lenders, General Motors Corp.
agreed to extend the term of the agreement whereby GM agreed to
advance Delphi up to US$300 million, as determined in accordance
with the GM Advance Agreement, as amended.

The amendment to the GM Advance Agreement provides filed with the
Court on November 7, 2008, extends the GM advances through the
earlier of

  (i) June 30, 2009,

(ii) the date as Delphi files any motion seeking to amend the
      plan of reorganization in a manner that is not reasonably
      satisfactory to GM,

(iii) the termination of the Accommodation Agreement or the
      accommodation period therein, or

(iv) the date as a plan of reorganization becomes effective.

The Court approved Delphi's motion to amend and extend the GM
Advance Agreement concurrently with the approval of Delphi's
motion seeking authority to enter into the Accommodation
Agreement.

A full-text copy of Amendment No. 2 dated Dec. 12 to GM-Delphi
Agreement filed with the SEC is available for free at:

            http://ResearchArchives.com/t/s?3636

At the Dec. 1 DIP Hearing, John Wm. Butler, Jr., Esq., at Skadden
Arps Slate Meagher & Flom, LLP, in Chicago, Illinois, pointed out
that the GM Amendment Agreement's effectiveness is contingent on
the approval of the Accommodation Agreement by the Court.  Mr.
Butler certified that as of Dec. 1, 2008, no objection has been
lodged against the GM Agreement or its supporting documents.

Additionally, GM has agreed, subject to certain conditions, to
accelerate payment of certain payables to Delphi, pursuant to the
Partial Temporary Accelerated Payments Agreement, which could
result in an additional US$100 million of liquidity to Delphi in
each of March, April, and May of 2009.  The Partial Temporary
Accelerated Payments Agreement provides that GM will generally
recoup these accelerated payments over its three subsequent
monthly payments on or after the date that GM's obligation to
advance funds under the GM Advance Agreement terminates or
advances made become due and payable in accordance with the GM
Advance Agreement.

A full-text copy of the Dec. 12 Partial Temporary Accelerated
Payment Agreement is available for free at:

             http://ResearchArchives.com/t/s?3637

                   About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
-----------------------------------------------------------
The hearing to consider preliminary approval of Delphi Corp.'s and
its affiliates' proposed modifications to their confirmed
First Amended Joint Plan of Reorganization has been adjourned to
11:00 a.m. on March 24, 2009.

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

The Preliminary Plan Modification Hearing has been adjourned four
times.  Under the original schedule, the Debtors contemplated an
October 23, 2008 preliminary hearing and emergence from
bankruptcy by Dec. 31, 2008.

Delphi Corp. has signed deals with General Motors Corp. and its
DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to have
access to borrowed cash until mid-2009.  Under its accommodation
agreement with lenders, Delphi has a Feb. 27, 2009 deadline to
file an updated plan of reorganization, and obtain commitments for
its bankruptcy exit loans, otherwise the DIP loans would mature
May 31, 2008.

On Oct. 3, the Debtors submitted proposed modifications to their
Plan of Reorganization.  Under the modified plan, the Debtors
targeted a Dec. 17 confirmation hearing, and a Chapter 11 exit by
year-end.   The modified plan does not require, in addition to
US$4,700,000,000 of debt exit financing, Appaloosa's
US$2,550,000,000 cash-for-equity investment, which was the
highlight of the Court- confirmed, but unconsummated, Jan. 25,
2008 PoR.  The modified plan requires debt exit financing of
US$2.75 billion plus a US$1,000,000,000 raised through a rights
offering.

Delphi, however, has said that "in the face of the current
unprecedented turbulence in the credit markets and uncertainty in
the automobile industry," it does not anticipate emerging from
chapter 11 prior to December 31, 2008, when its financing deals
mature.

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

In its third quarter report on Form 10-Q, General Motors Corp.,
Delphi's primary customer, admitted, "Given the current credit
markets and the challenges facing the automotive industry, there
can be no assurance that Delphi will be successful in obtaining
US$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges US$4.1 billion for nine
months ended Sept. 30, 2008.  GM recorded a net loss of
US$2,542,000,000 on US$37,503,000,000 of revenues for three months
ended Sept. 30, 2008, compared with a net loss of
US$38,963,000,000 on US$43,002,000,000 of sales during the same
period in 2007.

General Motors, along with Ford Motor Company and Chrysler LLC,
has asked Congress to grant the U.S. carmakers access to
US$25 billion of the US$700 billion Troubled Asset Relief Program
approved by Congress to bail out financial institutions.
Congress is expected to tackle on Nov. 18 and 19 the proposed
bailout, which, according to reports, may be necessary to save
the U.S. automakers from collapse or bankruptcy.

A bankruptcy filing for GM could shatter its former unit Delphi's
plans to finally exit bankruptcy this year or early next year,
according to a report by Bloomberg News.  "If GM fails, it's
likely the Delphi reorganization fails, and Delphi converts to a
case under Chapter 7 -- a liquidation," Nancy Rapoport, a law
professor at the University of Nevada-Las Vegas, in an e-mail,
according to Bloomberg News.  "For the creditors of Delphi, this
of course isn't optimal, and the usual issues in Chapter 7,
determining the liquidation value of the company, will apply."

                   About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Credit Unions Courting Firm to Join Loan Program
------------------------------------------------------------
Credit unions are negotiating with Ford Motor Co. to join a credit
union loan partnership called "invest in America," The Associated
Press relates, citing Michigan Credit Union League President and
CEO David Adams.

Chrysler LLC already said that it will join "Invest in America"
credit union loan partnership, following General Motors Corp.'s
lead.  This gives 1,295 credit unions in Michigan, Ohio, Indiana,
and Illinois access to cash discounts for its members from GM and
Chrysler and access to affordable financing on new vehicle
purchases.  Chrysler will expand the pilot program in eight
additional states, as well as the original four Midwest states.
This will make available an additional US$12 billion in auto loans
for the program and bring discounts to another 14 million credit
union members.  The program, running from Dec. 16, 2008, through
June 30, 2009, offers "Credit Union Member Cash" rebates of US$500
or US$1,000 on eligible Chrysler, Jeep, and Dodge vehicles.  These
rebates will be exclusively for credit union members who also
obtain their financing from a credit union, layering on top of
other incentives.

"'The Invest in America' program will provide access to affordable
financing options and special discounts for credit union members
who want to purchase a new Chrysler, Jeep or Dodge vehicle," said
Steven Landry, Chrysler executive vice president of North American
Sales.

To gain access to the rebates, credit union members can bring
proof of credit union financing to a Chrysler dealership.  Credit
union loan rates average 5.4% compared to 6.9% for average bank
rates according to Datatrac, a survey company that tracks auto
loan rates.  Participation does require that the consumer belong
to a credit union.

The eight additional states taking part in the "Credit Union
Member Cash" rebates are Oklahoma, Texas, Kentucky, Arkansas,
Tennessee, Louisiana, New Mexico and Mississippi.

The "Invest in America" program was created by CUcorp, a marketing
company based in Livonia, Michigan and a wholly-owned subsidiary
of the Michigan Credit Union League.  There are plans to bring
"Invest in America" nationwide, possibly by the second quarter of
2009.

John D. Stoll at The Wall Street Journal reports that according to
results from surveys by Merrill Lynch & Co. and CNW Research,
consumers would still consider purchasing or leasing a vehicle
from a bankrupt automaker, as long as the U.S. government is
willing to step in the company's Chapter 11 process.  WSJ relates
that CNW Research's President Art Spinella said on Tuesday that
people would feel much better about a Chapter 11 automaker's
chances "as long as there are loan guarantees by the government."

According to WSJ, GM Rick Wagoner has said that consumers would
stay away from automakers in bankruptcy.  The report states that
Mr. Wagoner told the Congress that a CNW Research survey,
conducted in July among 6,000 respondents, suggested that 80% of
potential car buyers would abandon plans to buy a vehicle from a
bankrupt automaker.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


* Moody's: Japan's Banking System Outlook Is Negative
-----------------------------------------------------
The outlook for Japan's banking system is now negative, according
to a new report from Moody's Investors Service.

"Recent external developments triggered by turbulence in the
global credit markets are now effecting downward pressure on
Japan's banking system," comments Moody's.

"Major reasons for the negative outlook are not only the ongoing
pressure on profitability due to the decline in sales of mutual
funds and the failure of investment securities strategies, but
also rising credit expenses due to the rising number of corporate
bankruptcies in the real estate and construction sectors, as well
as the weakening equity markets."

According to the report, the weaknesses of Japanese banks had
already been incorporated in bank financial strength ratings, but
recent developments have revealed the growing weakness of
operating profitability to absorb rising pressure from market and
credit risks.

Still, the growing number of corporate bankruptcies and the
prospect of ever greater, prolonged economic downturns will create
critical challenges for the Japanese banks.  In addition, the
slide in the Japanese equity market has again revealed the
vulnerability of the bank's capital structures to unexpected
market developments.


===================
M I D D L E  E A S T
====================


* Moody's: Kuwaiti Banks Could Face Challenges If Trends Persist
----------------------------------------------------------------
Developments in Kuwait's financial and real estate and
construction markets have given rise to concerns that the
country's banks could potentially face challenges if the trends
witnessed in recent months were to persist, says Moody's Investors
Service in a new Special Comment.  In particular, Kuwaiti banks'
high exposures to the real estate sector could weigh on their
performance in the event that the observed slowdown continues and
leads to rising loan delinquencies.  Their large portfolios of
loans, which were extended to facilitate the purchase of
securities, and a potential increase in their exposure to Kuwait's
troubled investment companies could also pose challenges to the
banks' asset quality if the markets fail to rebound.

"The rated Kuwaiti banks are, in particular, highly exposed to the
commercial real estate sector, in which demand increasingly
appears to have declined during 2008.  Concerns that the situation
may fail to improve in 2009 have been compounded by the poor
performance of the financial markets between September and
November 2008, in which the Kuwait Stock Exchange dropped 40%,"
says Stathis Kyriakides, a Moody's Assistant Vice-
President/Analyst.

The market slump has exerted acute pressure on some corporates
and, in particular, on Kuwaiti investment companies, which had
accounted for some of the boom in commercial real estate demand in
previous years.  Given that the investment companies control an
estimated 25% of financial assets in the country, the Kuwaiti
authorities are keen to avert contagion from any possible defaults
and have intervened through various measures in recent weeks.

Moody's acknowledges that such measures to support the country's
embattled investment companies sector have averted immediate
difficulties.  "However, Moody's is concerned that the recently
announced support mechanism for such entities, which calls on the
country's banks to extend long-term secured funding, could have a
significant impact on the balance sheets of those banks that
choose to participate and divert resources away from their
franchise development," cautions Mr. Kyriakides.

In addition, despite having little direct exposure to market risk,
Kuwaiti banks maintain large portfolios of loans that were
extended to facilitate the purchase of securities.  Although the
banks state that such loans remain well covered by collateral,
investors have sustained significant losses and, if markets fail
to rebound, delinquencies may start to rise.

Moody's Special Comment -- entitled "Kuwaiti Banking Sector:
Implications of Equity and Property Market Declines" -- summarizes
some key aspects of Kuwait's real estate and construction sectors
and the country's banks' involvement in and exposure to these
sectors and to the Kuwaiti financial markets, as well as the
implications for their future performance and credit quality in
the light of recent developments in these sectors.


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


ALDY AUCKLAND: Court to Hear Wind-Up Petition on December 19
------------------------------------------------------------
The High Court of Auckland will hear on December 19, 2008, at
11:45 a.m., a petition to have Aldy Auckland Pty Ltd.'s operations
wound up.

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

The CIR's solicitor is:

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


BENDEMEER AP: Commences Liquidation Proceedings
-----------------------------------------------
Bendemeer AP Ltd. commenced liquidation proceedings on Nov. 17,
2008.

The Official Assignee can be reached at:

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


CROWN TRANSPORT: Court Hears Wind-Up Petition
---------------------------------------------
On December 10, 2008, the High Court at Nelson heard a petition to
have Crown Transport Services Ltd.'s operations wound up.

Waipa District Council filed the petition against the company on
September 22, 2008.

Waipa District's solicitor is:

          S. Garmonsway
          c/o Gallie Miles
          PO Box 170, Te Awamutu
          Telephone:(07) 872 0560
          Facsimile:(07) 871 5882


DAIWHA COMPANY: Court Hears Wind-Up Petition
--------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Daiwha Company Ltd.'s operations wound up.

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

The CIR's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


FALLING FOR ET AL: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------------
On November 17, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as liquidators of:

   -- Falling For You Tree Services Ltd.; and
   -- Luxury Lingerie (New Zealand) Limited

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


FOUR STAR: Court to Hear Wind-Up Petition on December 19
--------------------------------------------------------
The High Court of Auckland will hear on December 19, 2008, at
11:45 a.m., a petition to have Four Star Investments Ltd.'s
operations wound up.

John Trevor Whittfield and Boris van Delden filed the petition
against the company on October 24, 2008.

The Petitioners' solicitor is:

          Richard Norman Tudway Norris
          Jackson Russell
          9 Princes Street, 3rd Floor
          Auckland


FRONTIER PROPERTY: Creditors' Proofs of Debt Due on December 22
---------------------------------------------------------------
The creditors of Frontier Property Developments 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
          c/o Marie Inch at HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


GOLDSTEINS FINANCE: Court Hears Wind-Up Petition
------------------------------------------------
On December 12, 2008, the High Court at Auckland heard a petition
to have Goldsteins Finance Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on August 5, 2008.

The CIR's solicitor is:

          Michael Kinlim Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone:(09) 984 1514
          Facsimile:(09) 984 3116


HEATH NO. 1: Court Hears Wind-Up Petition
-----------------------------------------
On December 15, 2008, the High Court at Christchurch heard a
petition to have Heath No. 1 Ltd.'s operations wound up.

Fuji Xerox Finance Limited filed the petition against the company
on Aug. 25, 2008.

Southbound Distribution's solicitor is:

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


KEIR FREIGHTLINE: Court Hears Wind-Up Petition
----------------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Keir Freightline Ltd.'s operations wound up.

Deakin Motors Limited filed the petition against the company on
November 17, 2008.

Deakin Motors' solicitor is:

          M. J. Wenley
          Willis Toomey Robinson
          116 Vautier Street
          Napier


LUSH LOUNGE: Creditors' Proofs of Debt Due on December 23
---------------------------------------------------------
The creditors of Lush Lounge Bar Ltd. are required to file their
proofs of debt by December 23, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 17, 2008.

The company's liquidators are:

          Stephen John Tubbs
          Colin Anthony Gower
          c/o Barbara King, BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch 8013
          Telephone:(03) 353 5528
          Facsimile:(03) 353 5526
          e-mail: Barbara.king@chc.bdospicers.com


MORE COWS: Creditors' Proofs of Debt Due on December 22
-------------------------------------------------------
The creditors of More Cows (Canterbury) 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
          HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


REAL GROOVY: Court Hears Wind-Up Petition
-----------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Real Groovy Records Ltd.'s operations wound up.

Southbound Distribution Limited filed the petition against the
company on Oct. 1, 2008.

Southbound Distribution's solicitor is:

          Michael Lloyd
          Fairlie Milne, Solicitors
          7 Violet Street, Mt Albert
          Auckland 1025
          Telephone:(09) 300 3020


SILVER RIVER: Court Hears Wind-Up Petition
------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Silver River Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 3, 2008.

The CIR's solicitor is:

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


VCL AUTO: Court to Hear Wind-Up Petition on December 19
-------------------------------------------------------
A petition to have VCL Auto Services Ltd.'s operations wound up
will be heard before the High Court at Auckland on Dec. 19, 2008,
at 11:45 a.m.

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

The CIR's solicitor is:

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


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


* PHILIPPINES: BSP Places Two More Banks on Receivership
--------------------------------------------------------
The Bangko Sentral ng Pilipinas placed two more banks under
receivership of the Philippine Deposit Insurance Corporation
(PDIC) after both declared bank holidays.  This brings to nine the
total number of banks from the Legacy Group placed by BSP under
PDIC receivership since December 9 last week.

The two banks are:

   1.  Dynamic Bank (RB of Calatagan) based in Batangas; and

   2.  San Pablo City Development Bank based in Laguna

These two banks are part of a group of banks that petitioned the
court to:

   A. Stop the BSP from submitting the 2007 Report of
      Examination covering their respective banks to the
      Monetary Board, its policy-making body; and

   B. Stop the Monetary Board from acting on the basis of
      said Reports of Examination.

A TRO against the BSP and the MB was issued by Regional Trial
Court of Manila on June 4, 2008, which was affirmed by the Court
of Appeals September 30, 2008.

On November 24, 2008, on motion of the BSP, the Supreme Court
issued a TRO to restrain the implementation of the decisions of
the Court of Appeals and the Regional Trial Court of Manila,
Branch 28.  This paved the way for the BSP and the Monetary Board
to act on the 2007 findings which were validated by the 2008
Reports of Examination.

The BSP said it has been monitoring these banks well before the
global financial turmoil because of potentially unsafe and unsound
banking practices.

The BSP reiterates that these banks represent a tiny fraction of
the banking system and that the Philippine banking system remains
stable, highly-capitalized, and highly liquid.

BSP's move to place these banks under receivership enables the
PDIC to take over the banks' assets to protect the interest of
bank depositors and to start processing deposit insurance claims.
For further information, depositors of these nine banks may call
the PDIC's Deposit Assistance Group at 841-4630.

The seven other banks from the same group that have been placed
under PDIC receivership are:

1.Rural Bank of Paranaque (on December 9, 2008)

2.Rural Bank of Bais based in Negros Oriental
                 (on December 11, 2008)

   3. Pilipino Rural Bank based in Cebu (on December 11, 2008)

   4. Rural Bank of San Jose based in San Jose, Batangas
                  (on December 11, 2008)

   5. Bank of East Asia based in Cebu
                (on December 12, 2008)

   6. First Interstate Bank based in Tacloban; and
                   (on December 12, 2008)

   7. Philippine Countryside Rural Bank based in Cebu
                   (on December 12, 2008)


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


EASTERN BROADCASTING: Fitch Affirms Long-Term IDRs at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Eastern Broadcasting Co.,
Ltd.'s (EBC) ratings:

   -- Long-term foreign and local currency Issuer Default
      Ratings (IDRs) at 'BB-' (BB minus);

   -- National Long-term rating at 'BBB(twn)'; and

   -- National Short-term rating at 'F3(twn)'.

Simultaneously, Fitch has revised the Outlook of the IDRs and
Long-term ratings to Stable from Negative.

"EBC's ratings reflect its market status as a leading domestic
cable television (CBTV) content provider in Taiwan, efficiency
advancements and cost savings achieved from a recent corporate
restructure, as well as improved corporate governance under a new
majority shareholder.  Also, a TWD2.4 billion capital injection,
via a new share issuance in Q308, significantly improved EBC's
capital structure and short-term liquidity.  After further debt
repayments in December, EBC is likely to improve its leverage in
terms of net adjusted debt/operating EBITDAR to around 1.0x for
2008," notes Kevin Chang, Associate Director of Fitch's
Telecommunication, Media and Technology team.

In 2007 EBC retained its No. 1 and No. 2 market shares, in terms
of advertising revenues and audience ratings respectively, among
Taiwan's CBTV channel operators.  Fitch expects EBC to maintain a
stable operating EBITDAR in 2008 following a significant
improvement in its EBITDAR margin for the nine months ending
September 2008, thanks largely to a 13% cutback in personnel.
Following an 18.5% drop yoy in 2007, EBC's consolidated revenues
fell 16.9% yoy in the first half of 2008.

The agency notes that more time is needed to monitor the new
management's strategic intentions before an upgrade of the current
ratings could be considered.  Specific upgrade triggers include
evidence that EBC's high cash balance, low leverage level and
EBITDAR margin above 35% can all be maintained on a sustainable
basis.  Negative rating triggers would include a substantial
increase in leverage or an inability to maintain a cash balance
above TWD100 million, or 15% of short term debt.


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


* Gov't Working on Financial Aid for Auto Industry
--------------------------------------------------
The Wall Street Journal reports that the U.S. President George
Bush said that the government working with stakeholders on a way
forward on a financial assistance for General Motors Corp.,
Chrysler LLC, and Ford Motor Co.

According to WSJ, President Bush admitted to reporters while on
board Air Force One during his trip to Iraq and Afghanistan, "An
abrupt bankruptcy for autos could be devastating for the economy."

WSJ relates that the U.S. Treasury Department said on Monday that
it hasn't made any decision on how to craft bailout for the
automakers.  The report states that Treasury spokesperson Brookly
McLaughlin told reporters that department officials are working
closely with the White House on the issue and are still
considering pertinent data.  "We continue to assess and review the
information we have received from the auto makers, and we are
providing regular briefings to the White House on our thinking,"
the report quoted Ms. McLaughlin as saying.

WSJ says that the government is trying to determine the amount of
money it will take to help GM, Chrysler, and Ford Motor.
According to the report, the government is discussing a rescue
from US$10 billion to US$40 billion or more.

The automakers could tap Treasury Department's US$700 billion fund
for the financial industry, WSJ states.  Citing people familiar
with the matter, WSJ relates that about US$15 billion of that fund
is yet uncommitted from the first tranche of US$350 billion, so
the
government could be forced to ask that the second half cover the
automakers' needs.

The government, WSJ says, must also figure out whether and how to
press for concessions from affected parties, including factory
employees, dealers and holders of the automakers' debt.  Critics,
according to WSJ, said that without concessions, the automakers
would need cash infusions long into the future.

The government is also considering requiring any automaker seeking
aid to file for bankruptcy, WSJ reports, citing sources familiar
with the matter.


* Moody's Puts 25% Probability of Gov't Auto Industry Bailout
-------------------------------------------------------------
The U.S. government will likely provide immediate stopgap
financing to bridge the major American auto companies until a more
complete agreement can be reached early in 2009, says Moody's
Investors Service in a new report that outlines the three mostly
likely bailout and bankruptcy scenarios for government help to
Ford Motor Co., General Motors Corp., and Chrysler LLC.

"We think it's most likely that a prepackaged bankruptcy filing
coupled with government financial assistance will be needed to
restructure the Big Three," said Moody's Senior Vice President
Bruce Clark, a co-author of the report.  "The government will also
probably offer support by providing or guaranteeing debtor-in-
possession or DIP financing, and bondholder losses would probably
be less than 75% in this scenario."

In the wake of the domestic auto manufacturing companies' request
for urgent financial assistance from the federal government, the
Moody's report describes three bailout and bankruptcy scenarios
for Detroit, assesses the probabilities of these scenarios, and
examines the extent of likely losses in each of the scenarios for
auto manufacturer debt holders.  It then assesses the broader
implications of the three scenarios, across the larger economy
generally and specifically on 10 important financial and
industrial sectors.

These include auto-part manufacturers, captive finance companies,
car rental companies, banks, auto dealers, steel, chemicals,
rental car fleet securitizations, state and local governments,
dealer floorplan securitizations, auto loan/lease securitizations,
and rental car fleet securitizations.

"A prepackaged bankruptcy might be the best approach to current
problems, but achieving timely agreement from a broad range of
creditors would be highly difficult, especially given the critical
funding status of GM and Chrysler," said Mr. Clark.

While the analyst and his Moody's colleagues give a prepackaged
bankruptcy filing coupled with government financial assistance a
70% likelihood of coming to pass, they assign a 25% probability of
a government bailout without a near-term automaker bankruptcy.

"Under this less-likely scenario, a comprehensive bailout package
is agreed to that enables the automakers to restructure without
any bankruptcy filings during 2009.  The degree of economic
disruption and direct financial loss for investors would be
contained, at least in the short term," said Mr. Clark.
"Bondholder losses would be the least in this scenario, although
there is a risk that such a reorganization would be inadequate,
and that at least one automaker might file for bankruptcy beyond
2009."

Given only a 5% likelihood, Moody's also considers the "freefall
bankruptcy" scenario without a prepackage plan and without
government involvement.  This would involve the most significant
disruption to the economy, including potential bankruptcies in
associated industries such as auto parts suppliers and auto
dealers.

"The negative consumer sentiment and erosion of franchise value
would make the reorganization process more complex for the
automakers and a Chapter 7 liquidation of at least one of the
automakers possible," said Mr. Clark.  "Auto bondholder losses
could be in the 75-100% range in this scenario."

                         *********

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
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TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***