TCRAP_Public/081219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, December 19, 2008, Vol. 11, No. 252

                            Headlines

A U S T R A L I A

BABCOCK & BROWN WIND: Ends Ties with Parent
CARSLYN PTY: Members Receive Wind-Up Report
CITY PACIFIC: Appoints Downie as Chairman
CIVIC TEXTURE: Commences Liquidation Proceedings
CRL TRANSPORT ET AL: Members and Creditors Hold Meetings

ENDACO PTY: Members and Creditors Hear Wind-Up Report
EZYDVD: Goes Into Receivership; More Than 200 Jobs at Risk
HAYCHAP AUSTRALIA: Members and Creditors Hear Wind-Up Report
FMG FINANCE: Moody's Affirms 'B1' Senior Secured Debt Rating
JESIN PTY: Placed Under Voluntary Liquidation

LILYFIELD DEVELOPMENTS: Members and Creditors Hear Wind-Up Report
MASON ESTATE: Placed Under Voluntary Liquidation
NF HOLDINGS: Commences Liquidation Proceedings
OCTAVIAR LIMITED: Creditors Put 2 Units Under Company Arrangement
PRESS HARD: Commences Liquidation Proceedings

SANDSTROM ENTERPRISES: Placed Under Voluntary Liquidation
SYDNEY CARAVAN: Placed Under Voluntary Liquidation
THE PENRITH: Placed Under Voluntary Liquidation
TIN HUT: Placed Under Voluntary Liquidation
TRIPLE C SPORTS: Members and Creditors Hear Wind-Up Report


C H I N A

CHINA ORIENWISE: Non-Legally Binding MOA Keeps Moody's 'Ca' CFR
GENERAL MOTORS: Opens New Plant in China Despite Slowing Demand
SHANGHAI AIRLINES: Seeks Cash Aid from Local Government
SHIMAO PROPERTY: S&P Keeps BB- Rating on Sr. Unsecured Notes
NINE DRAGONS: S&P Downgrades Long-Term Corp. Credit Rating to 'BB'


H O N G K O N G

BACCARAT PACIFIC: Members' Final Meeting Set for January 13
BEAR COMPANY: Contributories and Creditors to Meet on January 12
COLIYIELD COMPANY ET AL: Appoint Walsh as Liquidator
IDS LIMITED: Appoints Lau and Yan as Provisional Liquidators
LDI (HK) ET AL: Members' Final Meetings Set for January 16

NIDECO ELECTRONICS: Members' Final Meeting Set for January 14
PMSOFT INTERNATIONAL: Members' Final Meeting Set for January 12
SAFEWEAR (HONG KONG): Chan Sek Kwan Rays Steps Down as Liquidator
SCOTCHBROOK-BSMG: Placed Under Voluntary Liquidation
SEM TRADING: Members' Final Meeting Set for January 13

SPRINGLEAF ENTERPRISES: Placed Under Voluntary Liquidation
SUN RISE: Creditors' Meeting Set for December 23
WATERWARE (ASIA): Creditors' Meeting Set for December 19
WELLBERY COMPANY: Wong Lai Yin Steps Down as Liquidator
ZILLION DYNASTY: Creditors' Proofs of Debt Due on December 31


I N D I A

BLUE GREEN: RBI Cancels Certificate of Registration
CHALISGAON PEOPLE'S: Insolvency Prompts RBI to Cancel License
CIRCUIT SYSTEMS: CRISIL Rates Rs.245.3 Mil. Term Loan at BB+
GENERAL MOTORS: E.D. Mich. Preps for Chapter 11 Filing in Detroit
GENERAL MOTORS: Will Stop Construction of Flint Factory

TATA MOTORS: To Close Pune Plant for Three Days
TOYOP RELIEF: CRISIL Rates Various Bank Facilities at 'P4'


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Fitch Cuts IDR to 'B'; Outlook Negative
PT PERTAMINA: Fails to Pay IDR31.95 Tril. of Taxes, ICW Says


J A P A N

ANDANTE LTD: S&P's Rating on Class B Secured Notes Tumble to 'D'
HONDA MOTOR: Reduces Profit Forecasts by More Than 60%
NISSAN MOTOR: To Cut Production by 78,000 Units, Axes 500 Jobs
PEGASUS FUNDING: S&P Cuts Credit Rating on Class B Loan to 'B'


M A L A Y S I A

EB CAPITAL: Bursa to Delist Securities on December 24
WONDERFUL WIRE: Bank Muamalat Serves Summons


M I D D L E  E A S T

GLOBAL INVESTMENT: S&P Downgrades Counterparty Ratings to 'SD/SD'


N E W  Z E A L A N D

ANTIOCH CO: U.S. Trustee Forms Five-Member Creditors Committee
ARMOURY HOLDINGS: Appoints Grant and Khov as Liquidators
BARISTAS LTD: Court Hears Wind-Up Petition
BEST YIELD ET AL: Appoint Madsen-Ries and Vance as Liquidators
CARL GRAHAM: Creditors' Proofs of Debt Due on December 23

CSE GARMENT: Court Hears Wind-Up Petition
CYBERPUTRA LTD: Creditors' Proofs of Debt Due on December 24
DORCHESTER PACIFIC: Investors Approve Deferred Repayment Plan
DER ROHE ET AL: Appoint Madsen-Ries and Levin as Liquidators
DTR DEVELOPMENTS: Court Hears Wind-Up Petition

DUNEDIN CARPET: Court Hears Wind-Up Petition
GE MONEY: Closes Wizard Home Loan Business in New Zealand
GOLDEN STRAND: Court Hears Wind-Up Petition
NAGLUM 1: Court Hears Wind-Up Petition
PARAPINE BUILDING: Commences Liquidation Proceedings

PRIVATE PROPERTY: Court Hears Wind-Up Petition
SAVANNAH HEIGHTS: Court Hears Wind-Up Petition
STEALTH TRADING: Court Hears Wind-Up Petition
* NEW ZEALAND: Personal Bankruptcies Up by 20% in 2008


T A I W A N

POWERCHIP SEMICONDUCTOR: Seeks Gov't. Aid to Extend Loan
WINTEK CORP: To Lay Off 10% of its Workforce


T H A I L A N D

SIAM CITY BANK: Fitch Keeps Currency Issuer Default Rating at 'BB'


X X X X X X X X

Moody's Says Likely Scenario Is Gov't Support for Automakers
* Delphi Chairman Says Detroit 3 Need Pseudo-Bankruptcy
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


BABCOCK & BROWN WIND: Ends Ties with Parent
-------------------------------------------
Babcock & Brown Wind Partners (BBW) said it has reached in
principle agreement with Babcock & Brown Limited (B&B) to
terminate the management agreements and the exclusive financial
advisory agreement and to internalize the management function of
BBW for a total cash payment of AU$40 million comprising:

   -- an upfront payment of AU$35 million; and

   -- a deferred payment of AU$5 million, payable on
      June 30, 2009.

As part of the initial phase of the internalization, the
management agreements between BBW and Babcock & Brown Wind
Partners Management Pty Ltd (Manager) (a wholly owned subsidiary
of B&B) will be terminated, BBW said in a statement to the stock
exchange.

According to BBW, the existing BBW management team, which is
currently employed by the Manager, will continue in their
operational roles and will be offered positions as direct
employees of BBW, to commence on January 1, 2009.  BBW will assume
existing employee entitlements, including certain incentive
amounts relating to previous employment with B&B.

BBW said is working with B&B to implement appropriate transition
arrangements, with the transition to be completed as soon as
possible and the full transition expected to be completed on or
before June 30, 2009.  B&B will complete a small number of
existing mandates as agreed.

BBW's US wind farm interests will continue to receive operations
and maintenance services from B&B's US wind farm business on an
ongoing basis under existing agreements.

                    About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.  In November
2007, it acquired Coinmach Service Corp.

                   About Babcock & Brown Wind

Babcock & Brown Wind Partners (BBW)--
http://www.bbwindpartners.com/-- is a global wind energy company,
which owns and operates a portfolio of wind farms.  In December
2007, the company completed the acquisition of a 50% interest in
the Enersis Portfolio of wind farms.  BBW's portfolio comprises
interests in 87 wind farms that have a total installed capacity of
approximately 3,360 megawatts (MW).  BBW is managed by Babcock &
Brown Wind Partners Management Pty Limited.  BBW's portfolio of
assets includes wind farms in Europe, North America and the Asia
Pacific.


CARSLYN PTY: Members Receive Wind-Up Report
-------------------------------------------
On November 24, 2008, R. M. Sutherland presented a report on the
wind-up proceedings and property disposal to the members and
creditors of these companies:

   -- Carslyn Pty Limited;
   -- PJ Austin Pty Limited; and
   -- Terminal Properties of Aust Pty Limited

The Liquidator can be reached at:

          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


CITY PACIFIC: Appoints Downie as Chairman
-----------------------------------------
City Pacific Limited has appointed current Independent Non-
Executive Director, Graeme Downie, as Chairman effective Dec. 17,
2008.  Mr. Downie replaces Ian Donaldson, who resigned as Chairman
and Independent Non-Executive Director as of Dec. 16, 2008.

Mr. Downie is a Fellow of the Institute of Chartered Accountants
who maintains an involvement with professional practice as a
specialist consultant in his field of expertise.  His professional
background includes twenty-five years in practice, twelve of which
as a partner/consultant to the former Coopers and Lybrand.

Mr. Downie was Chairman of the Brisbane Lions Football Club Ltd
for six years and served over fifteen years on the Board of the
Club.

He is the current Chairman of the Gold Coast City Council funded
Surfers Paradise Alliance Ltd and was appointed by the State
Government as a Trustee of the Jupiters Casino Community Benefits
Fund.

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

                          *     *     *

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

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

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

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

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


CIVIC TEXTURE: Commences Liquidation Proceedings
------------------------------------------------
During a general meeting held on October 8, 2008, the members of
Civic Texture Coatings Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Adam Shepard
          c/o Setter Shepard
          69 Reservoir Street, Level 6
          Surry Hills NSW 2010
          Telephone:(02) 8218 2193


CRL TRANSPORT ET AL: Members and Creditors Hold Meetings
--------------------------------------------------------
On November 21, 2008, meetings were held for the members and
creditors of these companies:

   -- CRL Transport Pty Ltd;
   -- Maitland Custom Stone Pty Ltd;
   -- L & H Electrical Pty Ltd;
   -- Look Sharp Enterprises Pty Ltd;
   -- Ikon Kitchens Pty Ltd;
   -- Bunna Constructions Pty Ltd;
   -- Eat Me Holdings Pty Ltd;
   -- Harenu Pty Ltd;
   -- Marangone Constructions Pty Ltd;
   -- K & H Luna Holdings Pty Ltd;
   -- Jazhayd Holdings Pty Ltd; and
   -- M & B Mcguigan (Nominees) Pty Ltd

The 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


ENDACO PTY: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
On November 24, 2008, the members and creditors of Endaco Pty
Limited received 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


EZYDVD: Goes Into Receivership; More Than 200 Jobs at Risk
----------------------------------------------------------
EzyDVD has gone into receivership, putting more than 200 jobs at
risk, Digital Media Reports. Ferrier Hodgson has been appointed
receiver and manager of the company.

Ferrier Hodgson partner David Kidman, Digital Media relates,
confirmed that the company had been struggling through a retail
sales slump, which was compounded by a significant debt burden and
substantial operating losses in 2007 and 2008.

According to the report, the receivers advised that all EzyDVD
stores would operate normally while an assessment of the company's
trading position was undertaken and the business offered for sale.

Based in Adelaide, Australia, EzyDVD -- http://www.ezydvd.com.au/
-- is an online entertainment retailer.  It operates 58 retail
outlets, which includes 26 company-owned stores and 32 franchised
outlets.  The company employs 70 full-time staff in South
Australia and about 150 casual employees nationally.


HAYCHAP AUSTRALIA: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
On November 24, 2008, R. M. Sutherland presented a report on the
wind-up proceedings and property disposal to the members and
creditors of these companies:

   -- Haychap Australia Pty Limited;
   -- Penta Property Group Pty Limited;
   -- Kwikray Pty Limited

The Liquidator can be reached at:

          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


FMG FINANCE: Moody's Affirms 'B1' Senior Secured Debt Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 rating of the senior
secured debt of FMG Finance Pty Ltd, the financing arm of the
Fortescue Metals Group.  The outlook for the rating is changed
from stable to negative.

"The change in outlook to negative reflects the significant
downturn in the steel sector, with substantial cutbacks expected
to continue in 2009, says Ian ChanChong, a Moody's VP/Senior
Analyst.  "Fortescue's main market is China, where steel demand is
expected to fall materially affected by the global downturn", adds
Ian ChanChong.

The change in outlook also reflects uncertainty about future
expansion plans and their impact on FMG's rating.

The project achieved completion in July 2008, and is currently in
ramp-up to its initial design rate of 45mtpa. Since completion FMG
has shipped 13.4 million tonnes from its port facility.
The B1 rating incorporates 1) project completion and the
corresponding reduction in execution risk associated with the
construction program, and 2) the competitive cost position of
FMG's operations.

The rating outlook could stabilize when there is more certainty
around FMG's future sale of iron ore, particularly in 2009, given
the currently challenging environment.

On the other hand the rating could be downgraded if the currently
weak industry environment leads to materially lower sales volume
and prices, to the extent that Interest Coverage decline below
3.25x.

The rating could also be pressured if Moody's believes that the
on-going level of sales and leaseback arrangements raise legal
subordinated issues for the bondholders.

Fortescue Metals Group, based in Perth, is an emerging iron ore
producer engaged in the exploration and mining of iron ore for
export mainly to China.

The last rating action was on November 13, 2007 when the ratings
of FMG Finance Pty Ltd were downgraded to B1 from Ba3.


JESIN PTY: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on October 9, 2008, the
members of Jesin Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          1 Castlereagh Street, Level 13
          Sydney NSW 2000


LILYFIELD DEVELOPMENTS: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
The members and creditors of Lilyfield Developments 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:

          Robyn Duggan
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Telephone:(02) 9286 9999


MASON ESTATE: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 8, 2008, the members of
Mason Estate Agents Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


NF HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------
During a general meeting held on October 2, 2008, the members of
NF Holdings Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Adam Shepard
          c/o Setter Shepard
          69 Reservoir Street, Level 6
          Surry Hills NSW 2010
          Telephone:(02) 8218 2193


OCTAVIAR LIMITED: Creditors Put 2 Units Under Company Arrangement
-----------------------------------------------------------------
At the second meetings of creditors held Wednesday, Dec. 17, the
creditors voted for a deed of company arrangement over two
entities in the Octaviar group, Octaviar Limited and Octaviar
Administration Pty Limited, the Heraldsun reports.

Under the deed scheme, Heraldsun relates, creditors of Octaviar
Limited will get back at most 4 cents in the dollar.  The only
secured creditor, Fortress Credit Corporation, has agreed to
accept 65 cents in the dollar, or AU$25 million of the AU$38.5
million it is owed.

According to the the report, administrator John Greig had
recommended a wind up of Octaviar Administration Pty Ltd but
creditors voted for a deed which will see them recoup at best just
10 cents in the dollar.

Meanwhile, Heraldsun says, another three companies in the group
had control returned to the directors but the Brisbane Supreme
Court was expected to wind them up at a hearing yesterday.  The
three entities are:

   -- Octaviar Financial Services Limited

   -- Octaviar Investment Notes Limited

   -- Octaviar Investment Bonds Limited

Shareholders will get nothing back from the Group, Heraldsun
notes.

                      About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.

                      *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.

The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.

Octaviar said that the Octaviar Group must reach an accommodation
with its large secured creditors.  To achieve that outcome the
Group had made separate proposals to all of its large creditors.
Some creditors had accepted the offer and others were either in
discussions with the company regarding those proposals or were
considering their position.


PRESS HARD: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on October 10, 2008, the members of
Press Hard Print Solutions Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

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


SANDSTROM ENTERPRISES: Placed Under Voluntary Liquidation
---------------------------------------------------------
During a general meeting held on October 29, 2008, the members of
Sandstrom Enterprises Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Anthony W. Elkerton
          Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place
          Sydney NSW 2000
          Telephone:(02) 9221 2099


SYDNEY CARAVAN: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 3, 2008, the members of
Sydney Caravan & Camping Centre Pty Ltd agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

          David Gregory Young
          Anthony Wayne Elkerton
          Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place, Sydney
          NSW 2000


THE PENRITH: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 25, 2008, the members
of The Penrith Hockey Centre Inc. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

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


TIN HUT: Placed Under Voluntary Liquidation
-------------------------------------------
During a general meeting held on October 3, 2008, the members of
Tin Hut Investments Pty Ltd agreed to voluntarily liquidate the
company's business.

The company's liquidators are:

          David Gregory Young
          Anthony Wayne Elkerton
          Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place, Sydney
          NSW 2000


TRIPLE C SPORTS: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
On November 24, 2008, the members and creditors of Triple C Sports
Pty Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CHINA ORIENWISE: Non-Legally Binding MOA Keeps Moody's 'Ca' CFR
---------------------------------------------------------------
Moody's Investors Service says that the Ca corporate family and
senior unsecured debt ratings of China Orienwise Ltd (China
Orienwise) are unaffected by the announcement that it has entered
into a non-legally binding memorandum of understanding in relation
to a possible debt-for-equity exchange by its noteholders into
preference shares of the company.

At the same time, Moody's says that the ratings remain on review
for possible downgrade.

According to the company's announcement, the MOU contemplates,
subject to the agreement on terms and conditions and definitive
agreements, that the preference shares will be issued to each
noteholder pro rata with their holdings of the notes in
consideration for the cancellation of the notes and warrants held
by such noteholders.

Moody's notes that the company made its semi-annual interest
payment for the outstanding notes due on November 29, 2008, using
the funds set aside in its interest reserve account.  However,
since the payment, the company has not replenished the interest
reserve account as required by the bond indenture, and such
circumstance constitutes an event of default.

"Since the MOU is not legally binding and a definitive agreement
has not been reached, there remains uncertainty over the
successful execution of such an exchange and therefore settlement
of the bond outstanding.  As a result, Moody's will continue to
review the company's Ca ratings for possible downgrade," says
Sally Yim, a Moody's Assistant Vice President/Analyst.
"The Ca rating continues to reflect the potential for above
average loss severity in the event of default," says Yim.
Moody's will also continue to monitor developments, especially on
progress in reaching agreement with its noteholders, and the final
execution of such an agreement, or in the absence of such an
agreement, the status of the next interest payment and other
developments for assessing the likely ultimate losses to be borne
by the noteholders.

These ratings remain on review for further possible downgrade:
China Orienwise Ltd -- corporate family rating and senior
unsecured bond rating at Ca.

Moody's last rating action with respect to China Orienwise
occurred on November 4, 2008, when it downgraded the corporate
family and senior unsecured bond ratings from Caa1 to Ca.
China Orienwise's ratings were assigned by evaluating factors
determined to be applicable to the credit profile of the issuer
such as the franchise value, risk positioning, operating and
regulatory environment and financial fundamentals of the company
versus others within its industry, as well as the projected
performance of the company over the near to intermediate term.
These attributes were compared against other issuers within and
outside of China Orienwise's core industry and the rating placed
at a level that compares to issuers of similar credit risk.

China Orienwise Limited, headquartered in Shenzhen, is 100% owned
by its parent, Credit Orienwise Group Limited and is one of the
largest private guarantee companies in China.  As of December
2007, it had total assets of RMB4.1 billion (US$586 million).


GENERAL MOTORS: Opens New Plant in China Despite Slowing Demand
---------------------------------------------------------------
Bloomberg News reports General Motors Corp opened its eighth
vehicle plant in China and said it had no plans for adding further
capacity amid slowing demand in Asia's biggest auto market.

Describing the current financial crisis as "a short-term
downturn," Kevin Wale, GM China's president, told Bloomberg News
the company is "building capacity for the long term and we are
very comfortable with what we are doing."

The new CNY2.67 billion (US$390 million) factory in the
northeastern city of Shenyang will be able to make as many as
150,000 vehicles a year, using a two-shift system, the automaker
said in an e-mailed statement to Bloomberg News.

The report notes the plant is an equal venture between GM and SAIC
Motor Corp., China's biggest automaker.

According to the report, GM expects a "single digit" increase in
industrywide sales next year, helped by China's US$584 billion
economic stimulus plan.  Auto sales in China have declined in
three of the past four months because of the global economic
slowdown, the report says.

                      About General Motors

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

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

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


SHANGHAI AIRLINES: Seeks Cash Aid from Local Government
-------------------------------------------------------
Shanghai Airlines is seeking a cash injection from local
government to cut debt ratio, China Daily reports.

According to the Daily, Chairman Zhou Chi said the amount of cash
it will be seeking is much less than CNY3 billion (US$438
million), which China Eastern Airlines and China Southern Airlines
have received from the government.

Shanghai Airlines, the report relates, reported a loss of CNY414
million in the first nine months of this year, and its asset-
liability ratio reached 90 percent.  The carrier also booked fair-
value losses on its jet fuel hedging contracts stood of about
CNY98 million at the end of October.

The Daily says that according to earlier reports, the injection
would be part of the government plan to merge China Eastern and
Shanghai Airlines.

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.


SHIMAO PROPERTY: S&P Keeps BB- Rating on Sr. Unsecured Notes
------------------------------------------------------------
Standard & Poor's Rating Services said that it had revised the
outlook on China-based property developer Shimao Property Holdings
Ltd. to negative from stable.  At the same time, it affirmed the
'BB' long-term corporate credit rating on Shimao and the 'BB-'
issue rating on the company's US$350 million 8% senior unsecured
notes due 2016 and on its US$250 million floating rate note due
2010.

"The outlook revision reflects a weaker-than-expected outlook for
the Chinese economy in 2009, and the deteriorating sales outlook
for residential properties, which will likely further weaken
Shimao's cash flow protection measures and financial flexibility
in 2009.  This will put the company under pressure to meet its
bank loan financial covenants in the first half of 2009," said
Standard & Poor's credit analyst Christopher Lee.

Shimao's cash flow protection measures and liquidity are weaker
than S&P expected because of disappointing presales.  The
company's year-to-date presales were lower than its revised
forecast of Chinese renminbi 14 billion.  However, cumulative
sales in recent months have improved compared with the first half
of 2008, reflecting the higher number of projects launched.

Despite evidence of central government's initiatives to encourage
sales and credit lending for the property sector, a time lag is
likely before the incentives take effect.  S&P therefore believe
Shimao's presales will remain weak in the first six months of
2009, which is traditionally a slow period for property sales.
Therefore, Shimao will face challenges to the maintenance of its
bank loan covenants.

The rating on Shimao reflects the company's weak financial
flexibility.  The company continues to have limited access to
offshore financing and will continue to depend on onshore project
loans to fund ongoing project construction.  Shimao could dispose
of its investment property assets; however, the prospect of this
is uncertain given the current market conditions.

Standard & Poor's believes that Shimao will continue to conserve
cash through scaling back construction and capital expenditure.
The rating continues to recognize Shimao's geographically
diversified portfolio of projects and its growing recurring income
from its hotel and commercial properties.


NINE DRAGONS: S&P Downgrades Long-Term Corp. Credit Rating to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Nine Dragons Paper (Holdings)
Ltd. to 'BB' from 'BBB-'.  At the same time, Standard & Poor's
lowered its issue rating on the company's US$300 million senior
unsecured notes to 'BB-' from 'BBB-'.  Both ratings remain on
CreditWatch with negative implications, where they were placed on
Oct. 13, 2008, following Nine Dragons' weak earnings results for
fiscal 2008.

"The downgrades reflect our expectation that Nine Dragons'
financial profile is likely to remain weak in the coming 12 months
as the company's ability to reduce debt and improve profitability
is constrained by current market conditions.  Nine Dragons'
financial profile has materially deteriorated as a result of a
significant increase in total borrowings and weakened
profitability, and no longer supports a high 'BB' rating," said
Standard & Poor's credit analyst Xiaoming Song.

The ratings remain on CreditWatch because financial covenant
ratios for Nine Dragons' two bank loans were very close to
threshold levels as at June 30, 2008, fueling continued
uncertainty over the company's weakened liquidity position and
financial flexibility.  Despite adequate unused bank facilities,
Nine Dragons' ability to draw from these facilities is constrained
by the covenants, which provide limited headroom for further
borrowing.  The tight covenants also leave little room for any
potential further shortfalls in operating cash flow that might
result from ongoing cyclical downturns, and thus puts added
pressure on liquidity.  The CreditWatch reflects the uncertainty
over whether the company is going to or is able to amend existing
covenants, and if so, the timing and the terms of any amendments.

The rating on Nine Dragons continues to be supported by the
company's good business profile, including its leadership position
in China's containerboard paper industry, its competitive cost
position relative to domestic peers', and China's good long-term
demand potential for containerboard products.  The company is
likely to benefit from sector consolidation, as encouraged by the
Chinese government.

The issue rating is one-notch lower than the rating on Nine
Dragons to signal lower recovery prospects when the company's
ratio of total consolidated priority liabilities at onshore
subsidiaries over total consolidated assets is likely to remain
above the notching threshold of 15% for speculative-grade issuers.


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


BACCARAT PACIFIC: Members' Final Meeting Set for January 13
-----------------------------------------------------------
The members of Baccarat Pacific Limited will hold their final
meeting on January 13, 2008, at 11:00 a.m., at 1902 MassMutual
Tower, 38 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, Cheng Chung Por Gordon, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BEAR COMPANY: Contributories and Creditors to Meet on January 12
----------------------------------------------------------------
The contributories and creditors of Bear Company (Hong Kong)
Limited will hold their final meetings on January 12, 2008, at
11:00 a.m. and 11:30 a.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.


COLIYIELD COMPANY ET AL: Appoint Walsh as Liquidator
----------------------------------------------------
On October 30, 2008, the High Court of Hong Kong appointed G.
Jacqueline Fangonil Walsh as the liquidator of:

   -- Coliyield Company Limited;
   -- Ferenso Limited;
   -- Kong Wah Electronic Enterprises Limited;
   -- Kong Wah Estate Limited;
   -- Kong Wah Industrial (Zhongshan) Investment Company Limited;
      and
   -- Kong Wah International Company Limited.

The Liquidator can be reached at:

          G. Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong
          Telephone:(852) 3761 3888
          Facsimile:(852) 3761 3889


IDS LIMITED: Appoints Lau and Yan as Provisional Liquidators
------------------------------------------------------------
On December 2, 2008, Lau Po Ming, Peter and Yan Sze Wai, Gary were
appointed as provisional liquidators of IDS Limited.

The Liquidators can be reached at:

          Lau Po Ming, Peter
          Yan Sze Wai, Gary
          Tower, Room 201, 2nd Floor
          625 Nathan Road
          Mongkok, Kowloon


LDI (HK) ET AL: Members' Final Meetings Set for January 16
----------------------------------------------------------
A final meeting will be held on January 16, 2009, for the members
of:

   -- LDI (HK) Limited at 9:00 a.m.;
   -- Cosmos Fire Insurance Company Limited at 9:30 a.m.; and
   -- Success Era Investments Limited at 10:00 a.m.

The meetings will be held at Rooms 603-4, 6th Floor of Hang Seng
Wanchai Building, 200 Hennessy Road, in Wanchai, Hong Kong.


NIDECO ELECTRONICS: Members' Final Meeting Set for January 14
-------------------------------------------------------------
The members of Nideco Electronics Hong Kong Limited will hold
their final meeting on January 14, 2008, at 11:00 a.m., at the
20th Floor of Prince's Building, in Central, Hong Kong.

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


PMSOFT INTERNATIONAL: Members' Final Meeting Set for January 12
---------------------------------------------------------------
The members of Pmsoft International Limited will hold their final
general meeting on January 12, 2008, at 10:00 a.m., at Room 1401,
14th Floor of HK and Macau Building, 156-157 Connaught Road
Central, Hong Kong.

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


SAFEWEAR (HONG KONG): Chan Sek Kwan Rays Steps Down as Liquidator
-----------------------------------------------------------------
On November 21, 2008, Chan Sek Kwan Rays stepped down as
liquidator of Safewear (Hong Kong) Limited.

The company's former Liquidator can be reached at:

          Chan Sek Kwan Rays
          Seabright Plaza
          Unit F, 12th Floor
          9-23 Shell Street, North Point
          Hong Kong


SCOTCHBROOK-BSMG: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on December 5, 2008, the
members of Scotchbrook-BSMG Worldwide (Hong Kong) Limited resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong
         China Merchants Tower, 12th Floor
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


SEM TRADING: Members' Final Meeting Set for January 13
------------------------------------------------------
The members of Sem Trading (HK) Limited will hold their final
meeting on January 13, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sin Mee Yu, Meonne
          Tai Yau Building, 22nd Floor
          181 Johnston Road
          Wanchai, Hong Kong


SPRINGLEAF ENTERPRISES: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on December 3, 2008, the
members of Springleaf Enterprises Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Jan. 15,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Lam Kwai Ming
          Chang Lai Ying
          Island Place Tower, Suites 2205-6
          510 King's Road, North Point
          Hong Kong


SUN RISE: Creditors' Meeting Set for December 23
------------------------------------------------
The creditors of Sun Rise Plastic Materials Company Limited will
meet on December 23, 2008, at 11:30 a.m., for the purposes of
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 203 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


WATERWARE (ASIA): Creditors' Meeting Set for December 19
--------------------------------------------------------
The creditors of Waterware (Asia) Limited will meet on Dec. 19,
2008, at 10:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the 11th Floor, No. 99 Hennessy Road,
in Wanchai, Hong Kong.


WELLBERY COMPANY: Wong Lai Yin Steps Down as Liquidator
-------------------------------------------------------
On December 6, 2008, Wong Lai Yin stepped down as liquidator of
Wellbery Company Limited.

The company's former Liquidator can be reached at:

         Wong Lai Yin
         Haleson Building, Room 1206
         1 Jubilee Street
         Central, Hong Kong


ZILLION DYNASTY: Creditors' Proofs of Debt Due on December 31
-------------------------------------------------------------
The creditors of Zillion Dynasty Limited are required to file
their proofs of debt by December 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Au Tin Po
         Sun House
         Unit A, 10th Floor
         90 Connaught Road Central
         Hong Kong


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


BLUE GREEN: RBI Cancels Certificate of Registration
---------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration issued to Blue Green Constructions & Investments Ltd.
carrying on the business of a non-banking financial institution.

Following cancellation of the registration certificate, Klue Green
Constructions & Investments Ltd., cannot transact the business of
a nonbanking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Blue Green Constructions & Investments Ltd. has its registered
office at Habib Complex, 6th Floor, No.5, Durgabai Deshmukh Road,
in R.A. Puram, Chennai-600028.


CHALISGAON PEOPLE'S: Insolvency Prompts RBI to Cancel License
-------------------------------------------------------------
The Reserve Bank of India, on Dec. 16, 2008, ordered the
cancellation of Chalisgaon People's Co-operaftive Bank Ltd.'s
license after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Maharashtra to wind up
Chalisgaon People's Co-operaftive and appoint a liquidator.

RBI's decision came after determining that Chalisgaon People's Co-
operaftive 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 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 Feb. 8, 2008, restricting its
operations for period of six months.

RBI had issued a show cause notice to the bank on Feb. 26, 2008
asking it to show cause as to why the license 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.


CIRCUIT SYSTEMS: CRISIL Rates Rs.245.3 Mil. Term Loan at BB+
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Circuit Systems (India) Ltd (CSIL).

   Rs.72.5 Million Cash Credit Limit *    BB+/Stable(Assigned)

   Rs.40.0 Million Working Capital        BB+/Stable(Assigned)
                   Demand Loan

   Rs.245.3 Million Term Loan **          BB+/Stable(Assigned)

   Rs.60.0 Million Letter of Credit       P4(Assigned)

   Rs.5.0 Million Bank Guarantee          P4(Assigned)

* Includes a proposed limit of Rs.40.0 million
** Includes a proposed limit of Rs.157.5 million

The ratings reflect CSIL's established market position in the
rigid printed circuit board (PCB) segment and its improving
operating efficiencies.  These rating strengths are, however,
partially offset by the company's large capital expenditure
(capex) programme and its high working capital requirements.

Outlook: Stable
CRISIL believes that CSIL will maintain its current business risk
profile over the medium term backed by the expected growth in the
electronics industry and the company's improving operational
efficiencies.  CSIL's overall credit risk profile, however, will
remain constrained over the medium term due to the large capex for
its ongoing project.  The outlook may be revised to 'Positive' if
the company's profitability improves significantly on the back of
stabilisation of operations of its new plant.  Conversely, the
outlook may be revised to 'Negative' if CSIL contracts higher-
than-expected debt for its capex, which could affect its financial
risk profile.

                            About CSIL

CSIL was incorporated as a public limited company in February,
1995, but was privatized in August, 2001.  The company went public
again in October 2005.  CSIL is into manufacturing PCBs.  Its
plant, located at Gandhinagar, Gujarat, has an annual
manufacturing capacity of 84,000 square metres of PCBs.  The
company is in the process of increasing its manufacturing capacity
to 250,000 square metres per annum by setting up a new plant at
Gandhinagar, which is expected to become operational by March,
2009.


GENERAL MOTORS: E.D. Mich. Preps for Chapter 11 Filing in Detroit
-----------------------------------------------------------------
The judges sitting in the U.S. Bankruptcy Court for the Eastern
District of Michigan entered an administrative order last week
giving Chief Judge Steven Rhodes the authority to assign "a very
large, complex case of national significance" to a specific
bankruptcy judge "after consulting with the other bankruptcy
judges," rather than using the traditional blind draw system.
Additionally, the administrative order provides that "the
bankruptcy judge to whom the [very large, complex case of national
significance] is assigned shall have the authority to assign
adversary proceedings and contested matters to other bankruptcy
judges as necessary and appropriate."  A copy of the order is
posted at http://www.mieb.uscourts.gov/notices/ao08-24.pdf

The Bankruptcy Court in Detroit announced this week that it is
accepting applications for temporary clerical "positions that may
become available in the next several months."

                    About General Motors

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

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

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

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: Will Stop Construction of Flint Factory
-------------------------------------------------------
The Associated Press reports that General Motors Corp. said that
it would stop construction works for a factory in Flint, Michigan.

According to The AP, GM is trying to conserve cash so it can
continue operations next year.  The factory, says the report, was
set to make 1.4-liter engines for GM's Chevrolet Cruze and the
Chevy Volt plug-in electric car.

Citing GM spokesperson Sharon Basel, The AP relates that the
construction delay may be temporary until the firm figures out its
cash situation.

The AP quoted Ms. Basel as saying, "Everything that involves heavy
cash outlays obviously is under review.  Our intent is to still go
forward with a new facility bringing that engine to Flint,
Michigan."

Sharon Terlep at The Wall Street Journal reports that GM said on
Tuesday it will proceed with plans to deliver its Chevrolet Volt
electric car by 2010, with or without government bailout.  WSJ
relates that The Volt is GM's most high-profile project

                     About General Motors

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

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

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

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

                         *     *     *

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

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

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

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


TATA MOTORS: To Close Pune Plant for Three Days
-----------------------------------------------
Tata Motors Limited is undertaking another block closure of its
commercial plant in the western Indian city of Pune for three days
from December 29, The Times of India reports citing a company
spokeswoman.

According to the Times of India's source, high interest rates and
unavailability of finance had depressed demand for its vehicles.
"So we have to take corrective measures and ensure that inventory
does not pile up with us or our dealers."

As reported by The Troubled Company Reporter-Asia Pacific on
Dec. 4, 2008, The Times of India said Tata Motors had a block
closure at the Pune plant from December 5.

The company, the Times recalled, had previously shut operations at
the Pune plant for six days last month to cut production of
commercial vehicles.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 17, 2008, Standard & Poor's Ratings Services said that it had
lowered its corporate credit rating on Tata Motors Ltd.
to 'BB-' from 'BB' and placed it on CreditWatch with negative
implications.  At the same time, S&P lowered its issue rating on
the company's senior unsecured notes to 'BB-' from 'BB' and also
placed the rating on CreditWatch with negative implications.

On Dec. 2, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to B1 from Ba2.  The
outlook remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


TOYOP RELIEF: CRISIL Rates Various Bank Facilities at 'P4'
----------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Toyop Relief Pvt Ltd (Toyop Relief).

   Rs.70.0 Million Packing Credit         P4(Assigned)
   Rs.20.0 Million Bill Discounting       P4(Assigned)
   Rs.10.0 Million Letter of Credit       P4(Assigned)
   Rs.10.0 Million Bank Guarantee         P4(Assigned)

The rating reflects Toyop Relief's exposure to risks relating to
volatility in revenues, and its moderate financial risk profile,
marked by working capital intensive operations, high gearing and
stretched debt protection measures.  These weaknesses are,
however, partially offset by Toyop Relief's long-standing presence
in its niche business segment, with established relationships with
non-governmental organizations.

                         About Toyop Relief

Set up in 1994, as Sabra Exim Investments, and incorporated in
April 2008 by Mr. Sachin Shah, Toyop Relief supplies disaster
relief material, including kitchen accessories, plastic toiletries
and tarpaulin tents to NGOs and multilateral agencies. Toyop
Relief also imports materials such as power tillers and specialty
plastic granules.

Toyop Relief reported a profit after tax (PAT) of Rs.6 million on
net revenues of Rs.103 million in 2007-08 (refers to financial
year, April 1 to March 31) as against a PAT of Rs.7 million on net
revenues of Rs.104 million for 2006-07.


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


CENTRAL PROTEINAPRIMA: Fitch Cuts IDR to 'B'; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Indonesia's PT Central Proteinaprima
Tbk's, Long-term foreign currency Issuer Default Rating to 'B'
from 'B+'.  The Outlook is revised to Negative.  At the same time,
the agency has downgraded its issue rating to 'B' from 'B+' and
affirmed the recovery rating at 'RR4' on the US$325 million senior
notes due in 2012, issued by Blue Ocean Resources Pte Ltd and
guaranteed by CPP and its subsidiaries.

CPP's ratings downgrade is predicated on the expectations that
financial leverage levels will remain high over the medium-term.
Financial leverage (measured by adjusted debt net of cash to
operating EBITDAR) was 4.8x for the first nine months of 2008
(9M08), driven by higher than expected capex of IDR972 billion in
9M08. The company had previously projected capex of IDR707 billion
in FY2008; this is now expected to increase to IDR1,225 billion.
In addition, demand for shrimp is expected to slow down, due to
the economic recession in main consuming countries such as the US,
Europe and Japan.  Furthermore, the company's liquidity is
pressured by rising interest costs and increased difficulty in
obtaining additional bank funding to finance its working capital.

As a remedial step to preserve cash and not leverage further, CPP
has decided to stop the capex for the revitalization of PT Aruna
Wijaya Sakti (Dipasena).  At end-November 2008, the total number
ponds that were revitalized at Dipasena was only 5,709 out of the
initial budget of 10,617 ponds.  While the remedial action
improves liquidity, Fitch notes that with the revitalization on
hold, future operating cash flow generation will be lower than
previously expected.  Coupled with revenue and margin pressure,
the agency expects leverage to remain high at above 4x in FY2009
and FY2010.

Fitch notes that CPP has achieved good cash flow in 9M08 with
EBITDA and funds from operations close to FY2007's level.  The
company's liquidity position as of September 30, 2008, is also
moderate with short-term debt of IDR1,033 billion (US$110,7
million), which is almost covered by IDR253 billion (US$26.9
million) of cash and cash equivalents and US$72.7 million of
undrawn credit facilities.  Furthermore, the remaining proceeds of
IDR685 billion from the disposal power plants totalling IDR780
billion in Q108, have been received in October 2008, should
provide additional support to the company's liquidity.

The agency expects CPP's ratings to be supported by its scale and
vertical integration, use of advanced farming technologies and
proven track record of its management in operating integrated
shrimp farm facilities.  CPP's vertically integrated business
model lends many benefits, such as the full traceability of its
products and ability to produce high-quality products that enable
it to charge premium prices; also underpinning CPP's position as
one of the lowest-cost producers of quality shrimp.  Traceability
is particularly important in the shrimp farming industry, given
the increased food safety concerns in major importing countries
such as the US.

The Negative Outlook reflects Fitch's concern that CPP's
profitability and cash flow generation will be under further
pressure due to a weakening global economy.  Given its low
operating margins, continued decline in frozen shrimp price could
result in significantly higher leverage levels.  The company's
rating could face downward pressure if net adjusted debt/EBITDAR
is sustained above 5.5x or interest coverage ratio (measured by
Operating EBITDA/gross interest expenses) is sustained below 1.5x.
Other potential negative rating triggers include a decline of
frozen shrimp prices of more than 5% from the FY2008 average,
unplanned new material capital outflow and difficulty in renewing
its revolving bank facilities.

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in Thailand,
CPP is one of the world's largest shrimp producers and processors.
It reported revenues and EBITDA of IDR5,698 billion and IDR595
billion, respectively, for 9M08.  The Jiaravanon family, which is
the controlling shareholder of CPG, has a 72.8% beneficial
interest in the company.


PT PERTAMINA: Fails to Pay IDR31.95 Tril. of Taxes, ICW Says
------------------------------------------------------------
Indonesia Corruption Watch (ICW) revealed that PT Pertamina has
failed to pay taxes between 2006 and 2007 amounting to as much as
IDR31.95 trillion or (US$2.9 billion), the Jakarta Post reports.

Citing ICW's head of Data and Analysis Division Firdaus Ilyas, the
The Post relates that Pertamina's IDR31.95 trillion unpaid taxes
was due to:

   -- IDR15.98 trillion state receivables from value-added tax on
      subsidized fuels; and

   -- IDR15.98 trillion the company received as subsidies for
      government-granted value-added tax.

However, Pertamina's Corporate Secretary Anang Wuryanto told The
Post that the company had not seen the ICW report and that they
had paid all their dues according to existing regulations.

"I think the reality was not as the report said.  Most probably it
was a miscalculation," Mr. Anang was quoted by the Post as saying.

In a response, Mr. Firdaus said that Pertamina should show the
documents to the public to prove that they have paid their dues.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                         *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).


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


ANDANTE LTD: S&P's Rating on Class B Secured Notes Tumble to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its rating on
the class B credit-linked secured notes issued under the Andante
Ltd. series 3 transaction.  At the same time, Standard & Poor's
lowered to 'CCC-' from 'CCC' its ratings on three other classes of
notes issued under the same transaction, and removed the ratings
from CreditWatch with negative implications.  On Nov. 28, 2008,
S&P had lowered the rating on the class C notes and kept the
rating on CreditWatch with negative implications. On Dec. 8, 2008,
S&P had placed the ratings on classes A-1 and A-2 on CreditWatch
with negative implications.

The transaction is an arbitrage synthetic collateral debt
obligation transaction, initially referencing 100 global names.
S&P lowered the rating on class B following the receipt of a cash
settlement notice and confirmation that the amount of accumulated
losses has exceeded the loss threshold amount.

On the other hand, the accumulated losses have not exceeded the
loss threshold amounts for the class A-1, A-2, and C notes of this
transaction.

                          Rating Lowered

                           Andante Ltd.
               Credit-linked secured notes series 3

               Class   To   From   Issue Amount
               -----   --   ----   ------------
               B       D    CCC-   JPY3,000 mil.

            Ratings Lowered, Off Creditwatch Negative

           Class   To     From            Issue Amount
           -----   --     ----            ------------
           A-1     CCC-   CCC/Watch Neg   JPY700 mil.
           A-2     CCC-   CCC/Watch Neg   JPY300 mil.
           C       CCC-   CCC/Watch Neg   $10 mil.


HONDA MOTOR: Reduces Profit Forecasts by More Than 60%
------------------------------------------------------
The Japan Times reported that Honda Motor Co. slashed its profit
forecast by more than 60 percent for this business year amid auto
industry slowdown.

Honda, the report relates, will also cut managers' salaries by 10
percent.

According to Japan Times, Honda said it will fall into the red in
the second half of the current fiscal year, with a group operating
loss of JPY190 billion.

Honda, the report says, earned JPY600 billion last year but the
company now expects JPY185 billion in group net profit for the
year ending March 31.

Based in Japan, Honda Motor Co., Ltd. -- http://world.honda.com/
-- develops, produces and manufactures a variety of motor
products, ranging from small general-purpose engines to specialty
sports cars that incorporate Honda's internal combustion engine
technology.  Honda's business segments are motorcycle business,
automobile business, financial services business, and power
product and other businesses.  Approximately 96% of Honda's
overseas sales are made through its principal foreign sales
subsidiaries, which distribute Honda's products to local
wholesalers and retail dealers.  Sales of Honda motorcycles,
automobiles and power products in Japan are made through different
distribution networks.  Honda's products are sold to consumers
primarily by independent retail dealers throughout Japan.


NISSAN MOTOR: To Cut Production by 78,000 Units, Axes 500 Jobs
--------------------------------------------------------------
Nissan Motor Co. Ltd. said it would cut production by 78,000 units
from its plants in Japan starting from January 2009.

This further reduction is necessary to manage inventory levels and
ensure a balanced production supply, in response to continued
declines in global vehicle sales, the company said in a statement.

The company will also implement some production adjustments at its
several production and engine plants effective January 2009.

Nissan said it will gradually reduce 500 short-term employees
within the first quarter from January through March 2009.

Nissan Motor Co., Ltd. -- http://www.nissan.co.jp/-- is a Japan-
based automobile manufacturer. The company has two business
segments.  The Automobile segment is engaged in the planning,
development, manufacture and sale of passenger vehicles, trucks,
buses, marine vehicles, forklifts and related parts, the import
and export of automobiles, as well as the transportation of
vehicles to overseas markets.  The Sales Finance segment is
engaged in the provision of credit card and leasing services, as
well as non-life insurance and financing businesses.  The company
has 194 consolidated subsidiaries and 16 associated companies in
Japan, France, Holland, the United Kingdom, Italia, Spain, the
United States, Canada, Mexico, Australia, South Africa, China,
Thailand and United Arab Emirates.


PEGASUS FUNDING: S&P Cuts Credit Rating on Class B Loan to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Pegasus
Funding's class A1, class A2, and class B asset-backed loans, and
removed the ratings from CreditWatch with negative implications.

On June 24, 2008, Standard & Poor's had placed the ratings on the
class A1, class A2, and class B ABLs on CreditWatch with negative
implications to reflect the risk of: (1) possible deterioration in
the obligor's credit quality as inferred from the performance of
the underlying assets; and (2) weakened potential for recovery to
be achieved through the sale of collateral real estate due to an
increase in the loan-to-value ratio of the real estate-backed loan
receivables.

On Sept. 18, 2008, Standard & Poor's lowered the ratings on the
aforementioned ABLs.  The downgrades reflected: (1) S&P's judgment
that the obligor's credit quality had weakened due to
deterioration in the performance of the underlying real estate-
backed loans; and (2) the risk of a possible delay in the sale of
collateral properties and a possible decline in the recovery rate
due to rapidly weakening real estate market conditions.  At the
same time, Standard & Poor's kept the ratings on CreditWatch with
negative implications to reflect the need to monitor the sales
performance of the collateral properties for a certain period of
time because the transaction had only seen a limited number of
collateral property sales.

The downgrades reflect: (1) significant deterioration in the
obligor's repayment performance; (2) slow progress in the sale of
collateral properties; and (3) the risk of further delays in the
sale of collateral properties and a decline in the recovery rate
as real estate financing conditions remain extremely difficult.

So far, Pegasus Funding's policy, with respect to the sale of
collateral properties, is still unclear.  The company may decide
to wait for the real estate market to recover, and therefore,
postpone the sale.  Such a delay could give rise to liquidity risk
or a delay in interest payments on this transaction.  The
liquidity risk of the transaction is mitigated to a reasonable
degree since predetermined liquidity reserves have been set aside
to cover interest payments on the ABLs for a certain period, even
if collections from the collateral assets or recoveries from the
sale of the collateral real estate are halted.  Nevertheless,
Standard & Poor's may lower the ratings on the ABLs if the delay
in collections from the collateral assets or the recovery amount
from the sale of collateral real estate causes a drawdown from the
liquidity reserve and the reserve amount falls below the required
amount to cover the future interest payments.

S&P removed the ratings from CreditWatch with negative
implications because S&P does not see a high likelihood of the
transaction's credit quality deteriorating markedly over the next
three months or so.  Nevertheless, there is a likelihood that the
transaction's credit quality will decline over the medium term
because of: (1) further decreases in the amount of collections
from the collateral assets; or (2) persistent delays in the sale
of collateral real estate properties, causing interruptions in
collections from those
properties.

On the other hand, the transaction's credit quality could become
stable if real estate financing liquidity improves in the near
future, possibly due to the positive effects of the government's
recently announced emergency measures to stimulate the housing and
real estate market.

S&P will continue to monitor trends in real estate prices and
progress in the sale of collateral properties, including the
timing and amount of recovery.

The ratings address the full and timely payment of interest and
the full and timely payment of principal of the ABLs by December
2014.

                 Ratings Lowered, Off Creditwatch

                         Pegasus Funding

     JPY120 billion total extendable amount due December 2014

       Class   To     From            Initial Issue Amount
       -----   --     ----            --------------------
       A1      BBB-   BBB/Watch Neg   JPY40.0 bil.
       A2      BBB-   BBB/Watch Neg   JPY51.9 bil.
       B       B      BB/Watch Neg    JPY28.1 bil.

The issue date was Sept. 29, 2006.


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


EB CAPITAL: Bursa to Delist Securities on December 24
-----------------------------------------------------
EB Capital Berhad's securities will be removed from the Official
List of Bursa Securities starting from Dec. 24, 2008, as the
company's appeal to consider its regularization plan was rejected
by the Securities Commission.

The securities of EBCAP will be removed from the Official List
unless an appeal is made to Bursa Securities within five market
days or by Dec. 19, 2008.  Any appeal submitted after the
Appeal Timeframe will not be considered by Bursa .

In the event the company will submit an appeal to Bursa within
the Appeal Timeframe, the removal of the company's securities on
Dec. 24, 2008, will be deferred pending the decision of the
Appeals Committee on the company's appeal.

EB Capital Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding and the provision of
management services.  The segments of the company include eB
Technologies (M) Sdn. Bhd, which is engaged in the provision of
broadband Internet access and other Internet-related services, and
e-Swift Technologies (M) Sdn. Bhd, which is a dormant company.


WONDERFUL WIRE: Bank Muamalat Serves Summons
--------------------------------------------
Wonderful Wire & Cable Berhad has been served with a sealed copy
of the summons by Bank Muamalat Malaysia Berhad for these claims:

   * total amount outstanding for the hire purchase
     facility for a motor vehicle including the
     principal sum, accrued and default interests
     and repossession charges as at Nov. 4, 2008,
     of RM90,815-00; and

   * other reliefs as the Court deems fit.

The company said it is taking steps to regularize the above
default before Jan. 21, 2009.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


GLOBAL INVESTMENT: S&P Downgrades Counterparty Ratings to 'SD/SD'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Kuwait-based Global
Investment House KSCC to 'SD/SD' (selective default, meaning
payments may not be made on some financial obligations) from
'BBB/A-3'.

"The rating action follows GIH's nonpayment of a $200 million
syndicated loan due on Dec. 15, 2008," said Standard & Poor's
credit analyst John Gibling.

GIH has been unable to fulfill its obligations toward its
creditors and has extended the maturity of the loan by one week to
Dec. 22, 2008.  This is classified as a distressed exchange offer
and is therefore considered as a selective default under Standard
& Poor's methodology.

On Dec. 14, 2008, GIH announced that it is entering into
negotiations with its creditors to refinance its short-term debt
obligations and convert them into secured medium-term facilities
using the bank's assets as collateral.  The discussions with
creditors are planned to take place on Dec. 21, 2008.

Standard & Poor's will continue to follow closely the developments
at GIH and will adjust its ratings depending on the outcome of the
negotiations between the bank and its creditors and its continued
ability to meet its debt obligations in a timely manner.


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


ANTIOCH CO: U.S. Trustee Forms Five-Member Creditors Committee
--------------------------------------------------------------
The United States Trustee for Region 9 appointed seven creditors
to serve on an Official Committee of Unsecured Creditors for KB
Toys Inc. and its debtor-affiliates.

The creditors committee members are:

  1) Lisa Marie Drew
     8849 Ridgewood
     St. Joseph, MN 56374

  2) Heide Leigh Everett
     8553 Orange Road
     St. Joseph, MN 56374

  3) 2377 Commerce Boulevard, LLC
     Attn: Gary Gottschlich
     Gottschlich & Portune, LLP
     201 E. Sixth St.
     Dayton, OH 45402

  4) Kay Richter
     26352 Huckleberry Court
     Cold Spring MN 56320

  5) Walthall A&B, LP
     Attn: Jenny J. Hyun, Esq.
     c/o Weingarten Realty
     2600 Citadel Plaza Dr., Suite 300
     Houston, TX 77008

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at the Debtor's
expense.  They may investigate the Debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.  Those
committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the Debtors and other
core parties-in-interest.  If negotiations break down, the
Committee may ask the Bankruptcy Court to replace management with
an independent trustee.  If the Committee concludes reorganization
of the Debtor is impossible, the Committee will urge the
Bankruptcy Court to convert the Chapter 11 cases to a liquidation
proceeding.

                          About Antioch

The Antioch Co. -- http://www.antiochcompany.com/-- which owns
St. Cloud-based Creative Memories.  The company was founded in
1926.  It consists of operating and business units located in
Ohio, Minnesota, Nevada, and Virginia.  The direct-selling
division encompasses the U.S. and Puerto Rico, Canada, Australia,
New Zealand, Germany, Japan and the United Kingdom, with expansion
planned in other European countries.  The Antioch employs more
than 1,090 people and manufactures, packages and markets more than
3,000 products to tens of thousands of independent sales
Consultants and retail dealers.  As reported in the Troubled
Company Reporter on Nov. 17, 2008, The Antioch Co. reached an
agreement with its lenders to restructure its debt.  To facilitate
this agreement, Antioch and six of its subsidiaries filed
voluntary petitions for Chapter 11 protection with the U.S.
Bankruptcy Court for the Southern District of Ohio.  In their
summary of schedules, the Debtors listed US$66,388,321 in total
assets and US$141,142,236 in total liabilities.


ARMOURY HOLDINGS: Appoints Grant and Khov as Liquidators
--------------------------------------------------------
On November 19, 2008, Damien Grant and Steven Khov were appointed
as liquidators of Armoury Holdings Ltd.

The Liquidators can be reached at:

          Damien Grant
          Steven Khov
          c/o Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile:0800FAXWSI
          e-mail: enquiries@waterstone.co.nz


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

The petition was filed by the Commissioner of Inland Revenue on
Oct. 1, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland


BEST YIELD ET AL: Appoint Madsen-Ries and Vance as Liquidators
--------------------------------------------------------------
On November 14, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of:

   -- Best Yield Property Trading Limited;
   -- Colourplus Eastern Hire Limited; and
   -- Saya Limited.

Only creditors who will be able to file their proofs of debt by
Dec. 19, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


CARL GRAHAM: Creditors' Proofs of Debt Due on December 23
---------------------------------------------------------
The creditors of Carl Graham Ltd. are required to file their
proofs of debt by December 23, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Arron Leslie Heath
          Michael Lamacraft
          c/o Meltzer Mason Heath, Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


CSE GARMENT: Court Hears Wind-Up Petition
-----------------------------------------
On December 10, 2008, the High Court at Nelson heard a petition to
have CSE Garment & Textile Design Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
Oct. 30, 2008.

The CIR's solicitor is:

          Julie Newton
          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception, 224 Cashel Street
          PO Box 1782, Christchurch 8140
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


CYBERPUTRA LTD: Creditors' Proofs of Debt Due on December 24
------------------------------------------------------------
The creditors of Cyberputra Ltd. are required to file their proofs
of debt by December 24, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


DORCHESTER PACIFIC: Investors Approve Deferred Repayment Plan
-------------------------------------------------------------
Dorchester Pacific Limited disclosed that the deferred repayment
plan put to debenture stockholders and noteholders of its finance
company, Dorchester Finance, has been approved by investors who
voted on the plan at the meeting held in Auckland yesterday,
Dec. 18.

The company said 97% of Debenture Holders and 99% Noteholders
voted for the plan that will repay their principal over 3 years.
Debenture Stockholders will receive an initial payment of 20% and
Noteholders will receive an initial payment of 10% prior to
Christmas.

Executive Director, Paul Byrnes commented "While the result is
pleasing we appreciate that it is no cause for celebration.

"However, approval of the Plan represents the first survival step
for Dorchester.  We now have to focus on minimizing overheads,
improving operating efficiency and continuing to simplify the
structure of the organization.  A financially viable business,
albeit on a reduced scale, will be necessary firstly to achieve
the repayments to investors over the next 3 years and secondly to
attract support from shareholders in raising new equity and
restructuring the balance sheet in the next year or so."

                     About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 27, 2008, Dorchester Finance, a subsidiary of Dorchester
Pacific said it will withdraw and not renew its prospectus and
will seek the approval of debenture holders and note holders to a
deferred repayment plan, but with continued interest payments.

Chairman of Dorchester Finance, Mr. Barry Graham said "As a
result of the rapid decline in the property finance market and a
continuing fall in reinvestment rates the Board has formed the
view that there is now a risk of a cash flow shortfall arising
in future months."

As at June 24, 2008, Dorchester Finance had NZ$168 million in
debenture stock secured against total assets of NZ$212 million,
including NZ$18 million in cash.  In addition it had NZ$8 million
in subordinated notes on issue.


DER ROHE ET AL: Appoint Madsen-Ries and Levin as Liquidators
------------------------------------------------------------
On November 14, 2008, Vivien Judith Madsen-Ries and Henry David
Levin were appointed liquidators of:

   -- Der Rohe Holdings Limited; and
   -- R & D Enterprises Limited.

Only creditors who will be able to file their proofs of debt by
Dec. 19, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


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

The petition was filed by the Commissioner of Inland Revenue on
Aug. 5, 2008.

The CIR's solicitor is:

          Julie Newton
          Inland Revenue Department Legal and Technical Services
          1st Floor Reception, 224 Cashel Street
          PO Box 1782, Christchurch 8140
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


DUNEDIN CARPET: Court Hears Wind-Up Petition
----------------------------------------------
On December 8, 2008, the High Court at Dunedin heard a petition to
have Dunedin Carpet Cleaning Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
Oct. 30, 2008.

The CIR's solicitor is:

          Julie Newton
          Inland Revenue Department Legal and Technical Services
          1st Floor Reception, 224 Cashel Street
          PO Box 1782, Christchurch 8140
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


GE MONEY: Closes Wizard Home Loan Business in New Zealand
---------------------------------------------------------
GE Money said that it decided to close its Wizard Home Loan
business as a result of the global financial crisis and
New Zealand home loan market conditions.

During a review of the business announced in May, GE Money said a
buyer or strategic partner for Wizard Home Loans in New Zealand
could not be found.

GE Money added that it will continue to service all existing loans
in the normal way, however Wizard branches in NZ will cease
writing new business at a date to be determined in discussions
with the branch licensees.

GE Money Australia and New Zealand President and CEO, Mike Cutter,
said: "This was a difficult decision, and no reflection on the
tremendous contribution made by the Wizard management and
employees who have shown great loyalty to the brand and the
business."

"The extreme volatility and greatly increased cost of funds,
coupled with the New Zealand mortgage market conditions mean the
Wizard business in NZ is no longer viable.

"This decision has no bearing on the ongoing Wizard review in
Australia, which is progressing.

"GE Money in New Zealand will now be able to better focus on those
parts of the business that are its core strengths - retail store
finance, personal loans and insurance sold through our retail
partners, branches and online direct channels."

Wizard Home Loans - http://www.wizard.co.nz/about/default.aspx--
is a home loan lender.  Wizard is part of the GE Money group.


GOLDEN STRAND: Court Hears Wind-Up Petition
-------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Golden Strand Wood Fibre Products Ltd.'s operations wound
up.

The petition was filed by the Commissioner of Inland Revenue on
Sept. 26, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland


NAGLUM 1: Court Hears Wind-Up Petition
--------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have Naglum 1 Ltd.'s operations wound up.

The petition was filed by Mainstream Forwarders Limited on
September 8, 2008.

Mainstream Forwarders' solicitor is:

          A. W. Johnson
          Martelli McKegg Wells & Cormack
          PricewaterhouseCoopers Tower, Level 20
          188 Quay Street
          Auckland 1010


PARAPINE BUILDING: Commences Liquidation Proceedings
----------------------------------------------------
Parapine Building Partners Ltd. commenced liquidation proceedings
on November 17, 2008.

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

The company's liquidators are:

          Edward Jansen
          Benjamin Blackler
          PO Box 30568, Lower Hutt
          Telephone:(04) 569 9069


PRIVATE PROPERTY: Court Hears Wind-Up Petition
----------------------------------------------
On December 12, 2008, the High Court at Auckland heard a petition
to have Private Property Partners Ltd.'s operations wound up.

The petition was filed by Bridgecorp Limited on July 22, 2008.

Bridgecorp's solicitor is:


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


SAVANNAH HEIGHTS: Court Hears Wind-Up Petition
----------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Savannah Heights Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
September 25, 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


STEALTH TRADING: Court Hears Wind-Up Petition
---------------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Stealth Trading Ltd.'s operations wound up.

The petition was filed by Tremain Commercial Limited on Nov. 6,
2008.

Tremain Commercial's solicitor is:

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


* NEW ZEALAND: Personal Bankruptcies Up by 20% in 2008
------------------------------------------------------
Personal bankruptcy and the recently introduced alternative, the
No Asset Procedure (NAP), increased 20 per cent in 2008, The New
Zealand Herald reports citing Veda Advantage, New Zealand's
largest credit information provider.

For this year, a total of 4,751 individuals have filed for either
bankruptcy or NAPs, compared to 3,949 in 2007, the Herald relates
citing Veda Advantage country director John Roberts.

According to the Herald, Veda Advantage's credit bureau also
revealed that credit applications for the month of November were
down 26 per cent on 2007, and were the lowest applications have
been in six years.

However, according to Mr. Roberts, the average amount of a default
had almost doubled when compared last year - further evidence of
New Zealanders' financial struggles.


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


POWERCHIP SEMICONDUCTOR: Seeks Gov't. Aid to Extend Loan
--------------------------------------------------------
The China Post reported that Powerchip Semiconductor Corp. will
soon apply for government assistance to extend loans.

According to the report, Eric Tang, Powerchip's spokesman, said
the company will seek to extend the repayment period for NT$70
billion to NT$80 billion of loans.

Mr. Tang said the length of the extension will depend on
government regulations.

Taiwan's government, the Post relates, said it will support the
unprofitable memory-chip industry with the extension of loans and
possible investment in individual companies.

Applications for assistance will be reviewed by the government,
which will then pass on its recommendations to the banking
association which will ask banks to consider the extensions, the
Post adds citing Chen Chao-yih, director-general of the Industrial
Development Bureau of the economics ministry.

Citing stock exchange filings, the Post notes that the company had
net current liabilities due in the next 12 months of NT$34 billion
at the end of September.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The company's products are
applied in computer telecommunication and consumer electronic
industries.  During the year ended December 31, 2007, the company
obtained approximately 82% and 18% of its total revenue from its
package elements and wafers, respectively.  The company primarily
distributes its products in Asia.  As of December 31, 2007, the
company had five major subsidiaries, including three wholly owned
subsidiaries.


WINTEK CORP: To Lay Off 10% of its Workforce
--------------------------------------------
Wintek Corp. will cut its workforce by 10 percent and slash
executive salaries by 30 percent to reduce costs after demand
slumped, The China Post reports citing an e-mailed statement.

According to Digitimes, the company will require all employees to
take an additional five days leave per month, four of which are
unpaid.  It will also dismiss all temporary workers.

Based in Taichung, Taiwan, Wintek Corporation is principally
engaged in the design, research, development, manufacture and sale
of liquid crystal display (LCD) panels and liquid crystal modules
(LCMs) for indium tin oxide (ITO) conductive glass, touch panels,
light guides, twisted nematic (TN), super twisted nematic (STN)
and thin film transistors (TFTs).  The company's LCDs and LCMs are
used in communication devices, digital still camera (DSCs),
portable navigation devices (PNDs), moving picture experts group
layer-3 audio (Mp3), moving picture experts group(MPEG) layer-4
audio(MP4), digital photo frame and ultra-mobile personal
computers(UMPCs).  During the year ended December 31, 2007, LCMs
accounted for 88.94% of the company's total revenue.


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


SIAM CITY BANK: Fitch Keeps Currency Issuer Default Rating at 'BB'
------------------------------------------------------------------
Fitch has affirmed Siam City Bank Public Company Limited's Long-
term foreign currency Issuer Default rating at 'BB', Short-term
foreign currency rating at 'B', National Long-term rating at 'A-
(tha)' (A minus(tha)), National Short-term rating at 'F1(tha)',
Individual rating at 'D', Support rating at '4' and Support Rating
Floor at 'B+'.  The Outlook is Stable.

SCIB's ratings reflect the bank's still weak franchise and, while
improving, its limited financial strength.  SCIB reported a net
loss of THB2 billion in 2007, due mainly to large provisioning as
a result of more stringent classification.  The bank reported a
recovery in 9M08 with a net income of THB3.5 billon, mainly from
much lower provisions.  However, the GDP outlook for 2009 has
weakened sharply, which is likely to affect the bank's
performance.

SCIB's NPLs increased to THB20.3 billion (or 7.6% of total loans)
at end-September 2008, from THB18.4 billion or 7.3% at end-2007.
Loan loss reserves coverage ratio of 76.4% at end-September 2008
is in line with peers.  While SCIB plans to reduce its NPLs ratio
to below 5% by end-2009 (mainly through debt restructuring and NPL
sales), the bank is likely to face renewed asset quality pressure
in 2009 given the expected sharp economic slowdown.  SCIB has a
relatively large investment portfolio of THB97.3 billion, which
accounted for about 23% of total assets.  The portfolio consisted
mainly of government securities at 65% and foreign debt securities
(mostly sovereign bonds) at 15%.

The bank's capital position is adequate, with Tier 1 and total
capital ratios at end-September 2008 of 11.5% and 12.7%,
respectively.  Basel II implementation is expected to impact
capital ratios by about 150 bp by year-end.  A continuation of the
deteriorating economic conditions may result in further pressure
on the capital ratios.

The Outlook is Stable given the ratings are already relatively
low.  The strengthening of the bank's franchise, risk controls and
management as well as a clearer long-term strategy and support of
a major shareholder could improve the ratings in the medium term.
SCIB was nationalized following the 1997 financial crisis, and in
2002, merged with another nationalized bank, Bangkok Metropolitan
Bank.  The central bank's Financial Institutions Development Fund
still retains a 48% stake, although this is expected to be
divested and hence there is a limited probability of state
support.  The bank has nearly 7000 employees and over 400 branches
with a 6% market share, as well as subsidiaries in insurance,
securities, asset management and leasing.


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


Moody's Says Likely Scenario Is Gov't Support for Automakers
------------------------------------------------------------
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, GM and Chrysler.

"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."

The report, "U.S. Automakers: Credit Implications of Three
Scenarios Have Broad Reach," is available at:

                  http://www/moodys.com/


* Delphi Chairman Says Detroit 3 Need Pseudo-Bankruptcy
-------------------------------------------------------
"General Motors Corp., Chrysler LLC, and Ford Motor Company -
need an out-of-court pseudo-bankruptcy that mimics the things
that might happen in a bankruptcy," said Steve Miller, Delphi
Corp. chairman, in an interview with Automotive News.

Mr. Miller, however, believed that bankruptcy and prepackaged
bankruptcy, which served as turnaround tools for Delphi, may not
be suitable to the Detroit 3.  "The Bankruptcy system isn't built
to handle anything as "big, complex and politically sensitive" as
a GM Bankruptcy," he related in the Automotive News interview.

"Prepackaged bankruptcies don't save time because all concessions
need to be made before going to the Court and the situation where
GM and Chrysler are in calls for urgency," Mr. Miller stressed.
Back in 1979, he recalled, it took three months of debate before
Congress signed the bill on loan guarantees on December 21, 1979,
and another six more months for Chrysler to get all stakeholder
concessions required by the law before an automaker could draw
its first guaranteed loan.

The article implied that a March 31 deadline for the Detroit 3 to
line-up concessions from stakeholders may prove to be overly
optimistic.

In 1979, there was Chrysler, one company who needed cash, this
time, there are three companies with different problems,
Mr. Miller pointed out in the interview.  Though a bailout is
about saving jobs, excessive focus on creating jobs would be bad
as in effect, "that would be creating a Job Banks again," he
added in the Automotive interview.

Mr. Miller also cited that an auto czar, instead of micromanaging
the companies, should establish guiding principles and leave the
rest to the management.  "They should just make the companies
healthy and let the market do the rest," he concluded in the
interview.

Mr. Miller was responsible for the 1979 rescue of Chrysler Corp.
and has rehabilitated several troubled companies, the article
noted.

To recall, the U.S. Senate has rejected the proposed US$14 billion
financial assistance for General Motors, Chrysler, and Ford
Motor, after the measure was passed by the House of
Representatives.  In light of the Senate's decision, the White
House, according to the Wall Street Journal, said on Friday that
it would consider letting the Big 3 access the US$700 billion
financial-rescue plan.  The government's US$700 billion Troubled
Asset Relief Program was approved in October and was intended for
financial institutions.

                   About Delphi Corp.

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

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

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.
(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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

INDIA

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


INDONESIA

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


JAPAN

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

KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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

                         *********

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

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

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

                            *********

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

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

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

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

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





                 *** End of Transmission ***