TCRAP_Public/081223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, December 23, 2008, Vol. 11, No. 254

                            Headlines

A U S T R A L I A

BIDGEE FINANCE: Receivers Sell Four Branches
CENTREX METALS: Sells 50% Stake to Wuhan Iron for AU$180 Million
CENTRO SHOPPING: Moody's Cuts Rating on Class E Notes to B1
CONCORP STAFF: Placed Under Voluntary Liquidation
COVADIS ASIA: Declares Final Dividend

KULDOO PTY: Members and Creditors Hear Wind-Up Report
MAKING ROOM: Placed Under Voluntary Liquidation
N-TECH PTY: Members and Creditors Receive Wind-Up Report
PACIFIC TOYOTA: Unit Placed in Receivership
PROPRIETARY INVESTMENTS: Members and Creditors Hear Wind-Up Report

RIDLEY TOWNS: Placed Under Voluntary Liquidation
TCB PTY: Members Hear Wind-Up Report
TOP FIVE: Placed Under Voluntary Liquidation
VICTORIA GARDENS: Declares First and Final Dividend


C H I N A

CHINA MINSHENG: To Raise Stake in UCBH to 9.9 Per cent
FEDERAL MOGUL: To Reduce Global Workforce by 10% in 2009
KEY PLASTICS: Court OKs Payment of Claims, Other 1st Day Motions
SINO-FOREST CORPORATION: Fitch Assigns 'BB' Issuer Default Rating


H O N G K O N G

CITIC PACIFIC: Shareholders Approve US$1.5 Bil. Bailout
LION CITY: S&P Junks Rating on 2006-5 CDO; Retains Negative Watch
MANDRA FORESTRY: S&P Junks Corp. Credit Rating on Weak Liquidity
* HONG KONG: Jobless Rates Rises to 3.8% in November Quarter


I N D I A

ICICI BANK: Appoints K. V.  Kamath as Chairman
GENERAL MOTORS: Will Start Talks With UAW in January
GOREGAON CO-OPERATIVE: RBI Cancels License Due to Insolvency
TEAM FERRO: CRISIL Rates Rs.110.0 Mil. Cash Credit at 'BB'
VISHAL MALLEABLES: CRISIL Rates Rs.67.5 Mil. Cash Credit at 'B+'

* Gov't Loans Can Convert into DIP Facility for GM & Chrysler


I N D O N E S I A

MEDCO ENERGI: Forecasts Output to Drop by as much as 10% in 2009
PAKUWON JATI: Moody's Downgrades Corporate Family Rating to 'B3'


J A P A N

DELPHI CORP: Can Sell Global Exhaust Business to Bienes for $17MM
DIA KENSETSU: Files for Bankruptcy Protection
FORD MOTOR: To Hold Talks with UAW for Cost Savings
IKON OFFICE: S&P Raises Corporate Credit Rating to 'A+' From 'BB-'
KINTETSU CORPORATION: Fitch Lowers Issuer Default Rating to 'BB'

MITSUBISHI MOTORS: Moody's Puts Negative Outlook on 'Ba2' Ratings


K E N Y A

EASTERN AND SOUTHERN: Fitch Assigns 'BB-' Issuer Default Rating


K O R E A

SSANGYONG MOTOR: To Delay Payment of Workers' December Wages
* KOREA: 18 Firms Delisted from Bourse in 2008


M A L A Y S I A

HONG LEONG: Fitch Affirms Support Floor Rating at 'BB+'


M O N G O L I A

MONGOLIA: S&P Gives Negative Outlook on 'BB-' Sovereign Rating


N E W  Z E A L A N D

A2 CORPORATION: Transfers Head Office to Australia
ANTIOCH CO: Committee Taps Taft Stettinius as Counsel
BELLONA LTD: Appoints Heath and Meltzer and Hayward as Liquidators
DAHIYA ENTERPRISES: Appoints John Francis Managh as Liquidator
FNS1 LTD: Court Hears Wind-Up Petition

FOGAFANUA CONSTRUCTION: Court Hears Wind-Up Petition
LFS No 1: Court Hears Wind-Up Petition
LOMBARD FINANCE: Investors May Get Repayments on March 2009
QUALITY PEST: Court Hears Wind-Up Petition
SF2 HOLDINGS: Commences Liquidation Proceedings

SHARP CIVIL ET AL: Appoint Grant Bruce Reynolds as Liquidator
SWAN WORKFORCE: Court Hears Wind-Up Petition
WILSON OVEN: Court Hears Wind-Up Petition
* NEW ZEALAND: Current Account Deficit Rises to 8.6% of GDP


N I G E R I A

DIAMOND BANK: Fitch Affirms Currency Issuer Default Ratings to 'B'


P A K I S T A N

REPUBLIC OF PAKISTAN: S&P Raises Sovereign Rating to 'CCC+'


P H I L I P P I N E S

UNITED COCONUT: Gets Php4 Bil. Cash Infusion from Gov't.
* PHILIPPINES: BSP Completes Receivership Moves on Group of Banks


S I N G A P O R E

UNITED TEST: S&P Downgrades Rating to 'B' From 'B+'; Outlook Neg.


T A I W A N

ORIENTAL SECURITIES: Fitch Affirms 'C/D' Individual Rating


X X X X X X X X

* Fitch Withdraws Ratings on Various Asian Financial Institutions
* S&P Puts Junk Ratings on 13 Tranches of Asia-Pacific CDOs
* BOND PRICING: For the Week December 15 to December 21, 2008


                         - - - - -


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


BIDGEE FINANCE: Receivers Sell Four Branches
--------------------------------------------
The Daily Advertiser reported that two former Bidgee Finance
workers has taken over the company's Wagga and Albury branches.

The Advertiser related that the company's Trail Street office is
now Smith Lovett, co-owned by former Bidgee Wagga business lender
Mark Smith and Albury's Steve Lovett.

Bidgee receivers KordaMentha disclosed that it had sold four of
the six Bidgee branches to local brokers who will keep them open
under different names, the Advertiser said.

The Advertiser quoted a KordaMentha spokesman as saying "The big
advantage of the local brokers taking over is that they can
maintain customer relationships while Bidgee runs down its loan
book over time.  KordaMentha still expects Bidgee to be in
receivership for several years while this happens."

According to the Advertiser, the Mildura office remains as Bidgee
head office during the receivership but will not process new
loans.  The Deniliquin office will be shut down.

In addition, the Advertiser noted, only the brokering side of the
business has been maintained.

Bidgee, the Advertiser added, has a loan book of AU$97 million
which will slowly be returned over the next few years via loan
repayments.

As reported by The Troubled Company Reporter-Asia Pacific on
Nov. 27, 2008, ABC News said that the trustee of Bidgee Finance
Ltd's debenture notes appointed Kordamentha as receivers to the
company.

ABC News related that the appointment follows company's decision
to suspend redemptions after the Federal Government decision to
offer a guarantee to bank deposits but not those of finance
companies.

Bidgee's debenture holders, ABC News said, are owed AU$18 million
while the National Australia Bank about AU$45 million.

Established in 1961, Bidgee Finance Ltd --
http://www.bidgee.com.au/Home/tabid/36/Default.aspx-- provides
agricultural and business finance mainly to clients in northern
Victoria and southern New South Wales.


CENTREX METALS: Sells 50% Stake to Wuhan Iron for AU$180 Million
----------------------------------------------------------------
Wuhan Iron & Steel (Group) Co. will invest up to AU$180 million to
acquire half of selected iron ore projects owned by Centrex Metals
Ltd.  Wuhan will also pay an additional AU$9.7 million for a 15
percent stake in Centrex.

As part of the buy-in, the Chinese investment will see Centrex
paid AU$59.5 million cash once all necessary government consents
and permits have been received which is expected in March next
year, with a further AU$30 million unconditional cash payment 12
months later, Centrex said in a press statement.

A non-refundable deposit of AU$500,000 will be paid to Centrex by
Wuhu by the end of this month.

A further AU$90 million will be paid in four progressive but equal
tranches subject to the new joint venture to be set up between the
two companies achieving Inferred Resource definition targets
across the projects of 1,250 million tonnes(Mt); 1,500 mt; 1,750
mt and 2,000 mt.

                        About Wuhan Iron

Wuhan Iron and Steel Company Limited is principally engaged in the
production and sale of iron and steel products.  The company
primarily provides hot rolled products including hot rolled
plates, medium thick boards, heavy sections, high speed wires and
steel bars, as well as cold rolled products including cold rolled
and coating boards and cold rolled silicon steel, among others.
During the year ended December 31, 2007, the company obtained
approximately 49% and 46% of its total revenue from the sale of
cold rolled products and hot rolled products, respectively.  In
2007, the company produced approximately 11.65 million metric tons
of iron, 11.9 million metric tons of steel and 10.56 million
metric tons of steel products.  The company mainly distributes its
products in China's domestic market.

                      About Centrex Metals

Centrex Metals Limited (ASX:CXM) --
http://www.centrexmetals.com.au/-- is engaged in exploration for
iron ore.  The company has tenement holdings over iron ore
resources and exploration targets on Eyre Peninsula in the
southern Gawler Craton.

                         *     *     *

Centrex Metals Limited incurred three consecutive net losses of
AU$1.25 million, AU$0.66 million and AU$0.63 million for the years
ended June 30, 2008, 2007 and 2006, respectively.


CENTRO SHOPPING: Moody's Cuts Rating on Class E Notes to B1
-----------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes
issued by Centro Shopping Centre Securities Limited -- CMBS Series
2006-1.  In addition, all seven classes of notes in the
transaction remain on review for possible downgrade.

The rating actions are:

AUD250 million Class A-1 Notes

  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: Aaa, on review for downgrade

AUD300 million Class A-2 Notes

  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: Aaa, on review for downgrade

EUR100 million Class A-3 Notes

  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: Aaa, on review for downgrade

AUD37 million Class B Notes

  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: A1, on review for downgrade

AUD62 million Class C Notes

  -- Prior Rating: A3, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: Baa1, on review for downgrade

AUD52.8 million Class D Notes

  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: Ba2, on review for downgrade

AUD28 million Class E Notes

  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Action Date: 29 January 2008
  -- Current Rating: B1, on review for downgrade

The rating actions follow the announcements made on Dec. 16, 2008,
by Centro Properties Group and Centro Retail Trust on its
stabilization plans with its financiers regarding an aggregate of
approximately AUD7 billion of debt.  The debt was scheduled to be
refinanced on December 15, 2008, but has been extended by a month
to allow for the completion of documentation.

As stated by Moody's upon assignment of the ratings in December
2006, the ratings of the CMBS notes are partially linked to CNP.
Each of the obligors is managed by CNP and partially indirectly
owned by CNP.  CNP also manages the underlying real estate and is
the interest rate swap provider for each obligor.

The rating actions reflect: (i) an increased default risk at
refinance for the five loans (41% of the total debt) that have a
soft maturity date in December 2009 due to the scarcity and cost
of debt financing; and (ii) and an increased severity risk of the
same loans due to lack of demand for such properties which may put
significant downward pressure on valuations.

Moody's notes that while the credit risk in the transaction has
increased due to the points and linkages to CNP and CER, the
performance of the underlying real estate collateral has been
stable and in line with Moody's expectations.

Moody's will continue to monitor the performance of the
transaction.  Future ratings volatility may occur as new
information on CNP or CER is disseminated and the new deadline
date nears.

This transaction is backed by 13 commercial mortgage loans granted
to 12 borrowers in the Centro Group, including various property
syndicates and CER, the largest borrower in the portfolio.  The
underlying collateral consists of 50 properties in 5 States and in
the Northern Territory of Australia and is supported by over 1,100
tenancies.  The majority of the properties - by number - are
supermarket-based shopping centres, a substantial portion of which
are anchored by Woolworths (an Australian entity rated A3) or
Coles, Australia's two leading supermarket retailers.  The
weighted average occupancy level is approximately 99%.


CONCORP STAFF: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on Oct. 8, 2008, the members of
Concorp Staff Management Services Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         Robyn Erskine
         Peter Goodin
         Brooke Bird, Insolvency Practitioners
         471 Riversdale Road, Hawthorn East 3123


COVADIS ASIA: Declares Final Dividend
-------------------------------------
Covadis Asia Pacific Pty Ltd, which is in liquidation, declared
final dividend on November 27, 2008.

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

The company's liquidator is:

         Paul Burness
         Worrells Solvency & Forensic Accountants
         15 Queen Street, Level 5
         Melbourne VIC 3000
         Telephone:(03) 9613 5500
         Facsimile:(03) 9614 3233
         Facsimile: http://www.worrells.net.au


KULDOO PTY: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Kuldoo Pty Ltd met on Nov. 26, 2008,
and heard the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Robyn Erskine
         Peter Goodin
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East VIC 3123
         Telephone:(03) 9882 6666


MAKING ROOM: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of Making Room Pty Ltd met on Oct. 9, 2008, and
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Timothy M. S. Holden
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham VIC 3191


N-TECH PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of N-Tech Pty Ltd met on Dec. 5, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         P. Newman
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne VIC 3000


PACIFIC TOYOTA: Unit Placed in Receivership
-------------------------------------------
Ron Doyle Motors, a unit of Pacific Toyota Group, has been placed
in receivership, Eden Magnet reports.

"As dealer principal, myself and staff here are all strong and we
are trying to put a rescue package to purchase the place wholly
off the receivers," Eden Magnet quoted principal dealer of Ron
Doyle Motors, Troy Altman as saying.

As reported by The Troubled Company Reporter-Asia Pacific on
December 17, 2008, the Cairns Post said Pacific Toyota, Cairn's
biggest car dealer, has been placed into receivership.

Cairn Post related that several prospective buyers are believed to
be interested in taking over the company.

According to Eden Magnet, the Cairns Post estimated Pacific
Toyota's debt to be between AU$20 and AU$25 million with a
potential price tag of AU$30 million for perspective buyers.

According to the report, Pacific Toyota --
http://www.pacifictoyota.com.au/-- incorporates more than 10 new
and used car dealerships in Cairns, Emerald and Longreach and a
several service centres.


PROPRIETARY INVESTMENTS: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------------
The members and creditors of Proprietary Investments Pty Ltd met
on Nov. 21, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Colin R. Mcdonald
         Suite 7, 56-60 Bay Road
         Sandringham VIC 3191


RIDLEY TOWNS: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on Oct. 7, 2008, the
members of Ridley Towns Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

         Gess Michael Rambaldi
         Andrew Reginald Yeo
         Pitcher Partners
         15 William Street, Level 19
         Melbourne VIC 3000


TCB PTY: Members Hear Wind-Up Report
------------------------------------
The members of TCB Pty Limited met on Nov. 21, 2008, and heard the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stephen Graham Longley
         PricewaterhouseCoopers
         Freshwater Place
         2 Southbank Boulevard
         Southbank VIC 3006


TOP FIVE: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on Oct. 1, 2008, the
members of Top Five Bakehouse Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

         Messrs. Clyde Peter White
         Philip Newman
         HLB Mann Judd, Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne


VICTORIA GARDENS: Declares First and Final Dividend
---------------------------------------------------
Victoria Gardens Syndicate Joint Venture, which is in liquidation,
declared the first and final dividend on November 13, 2008.

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

The company's liquidator is:

         Andrew Mclellan
         c/o PPB Chartered Accountants
         90 Collins Street, Level 10
          Melbourne VIC 3000


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


CHINA MINSHENG: To Raise Stake in UCBH to 9.9 Per cent
------------------------------------------------------
China Minsheng Banking Corporation Ltd. said that regulators have
approved its plan to raise its stake in California-based UCBH
Holdings to 9.9 percent from 4.9 percent for US$29.9 million,
Reuters reports.

According to the report, the bank said it plans to buy 6.16
million UCBH shares for US$4.85 per share in cash.

China Minsheng, Reuters relates, bought a 4.9 percent stake in
UCBH last October and said it would increase its holding in the
U.S lender to 9.9 percent by the end of 2008.

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                          *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings individual rating of "D" and support rating at "4".


FEDERAL MOGUL: To Reduce Global Workforce by 10% in 2009
--------------------------------------------------------
Federal-Mogul Corporation (NASDAQ:FDML) has expanded its existing
restructuring plan announced September 17, 2008, in response to
the continued challenging conditions in the global automotive
market.  Federal-Mogul plans to implement several initiatives
designed to further consolidate, downsize or close additional
locations.  These actions are expected to reduce the company's
global workforce by approximately 4,600 additional positions or
about 10%.  The company is not disclosing the specific sites at
this time, pending further evaluation and consultations with
appropriate parties.  The additional restructuring actions will
begin during the first quarter of 2009.  Preliminary cost
estimates for the additional restructuring are approximately $80
million through the end of 2009, and are in addition to expense
estimates included in the original plan announced in September
2008.

"We continue to take actions in response to the ongoing
significant downturn in regional markets and global industry
outlook.  These measures are required to prepare the company for
the unprecedented challenges in the automotive industry," said
Jose Maria Alapont, Federal-Mogul President and CEO.

                About Federal-Mogul Corporation

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries.  Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14.  Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.

(Federal-Mogul Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *    *    *

As reported by the Troubled Company Reporter on Nov. 4, 2008,
Standard & Poor's Ratings Services said it has revised its outlook
on Federal-Mogul Corp. to negative from stable and affirmed its
'BB-' corporate credit rating on the company.  Southfield,
Michigan-based Federal-Mogul had total balance sheet debt of
$3 billion as of Sept. 30, 2008.


KEY PLASTICS: Court OKs Payment of Claims, Other 1st Day Motions
----------------------------------------------------------------
Key Plastics L.L.C. has received a variety of first day orders
from the U.S. Bankruptcy Court for the District of Delaware that
will allow it to continue managing its operations in the ordinary
course.  It received court orders authorizing the company to pay
certain prepetition claims of unsecured creditors in the ordinary
course of business. In addition, the company received
authorization to utilize its existing cash management system.  As
a result, all obligations owed to trade creditors, suppliers,
customers and employees in the ordinary course of business will be
unaffected by the restructuring.  Moreover, the company will also
provide timely payments to providers of goods and services
delivered post-petition.

Ralph Ralston, President and Chief Operating Officer of the
company's North American operations, stated, "We are pleased to
have received approval of all of the requested first day orders.
We are on schedule and hope to move through our consensual
restructuring process quickly.  We hope to have our prepackaged
plan approved by the end of January, 2009."

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.

On March 23, 2000, Key Plastics L.L.C. and certain of its domestic
affiliates filed a voluntary petition under Chapter 11 of the
United States Bankruptcy Code in the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division.  The case number
is 00-44478-R.  Sandra Mayerson, Esq., at Holland & Knight ((212)
513-3200) in NYC is attorney to the debtor.  Automotive News said
David Resnick of Peter J. Solomon Co. was working as the company's
financial advisor immediately prior to the filing.

Key Plastics LLC sold substantially all of its North American and
European assets to Carlyle Management Group.  As reported by the
Troubled Company Reporter on December 13, 2000, financial
consultants pegged consideration for the transaction in the range
of $185 million to $195 million, which includes a combination of
cash, notes, equity and assumption of certain debts. In addition,
CMG also assumed payables that Key has incurred in the ordinary
course during chapter 11 which are outstanding on the closing
date.

The TCR reported on April 3, 2001, that the Court confirmed Key
Plastics' plan of reorganization, allowing the Debtors to close
the CMG deal and emerge from Chapter 11 by the end of that month.

On April 26, 2001, Carlyle Management Group finalized and closed
its acquisition of Key Plastics.

On December 15, 2008, Key Plastics LLC made its second trip to the
bankruptcy court together with affiliate Key Plastics Finance
Corp. (Bankr. D. Del. Lead Case No. 08-13326).  Mark D. Collins,
Esq., at Richards Layton & Finger PA, in Wilmington, Delaware
((302) 651-7700), serves as bankruptcy counsel.  When they filed
for bankruptcy, the Debtors estimated both assets and debts to be
between US$100 million and US$500 million.


SINO-FOREST CORPORATION: Fitch Assigns 'BB' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned China's Sino-Forest Corporation a 'BB'
Long-term foreign currency Issuer Default Rating and a 'BB' senior
unsecured debt rating.  The Outlook is Stable.

The ratings are underpinned by the favorable maturity profile of
Sino-Forest's asset base where 68% of the trees are mature,
providing stable operating cash flow in the near term.  Its
current long-term forest master purchase agreements of 750,000
hectares (ha) as of end-2007 (utilized 9% as of end 2007), and
long-term lease rights of 30-50 years are expected to provide
operating cash flow generation in the longer term.

The ratings are supported by favorable industry dynamics, such as
supportive government policies and the domestic wood-fibre
deficit.  Although regulatory risk exists, Fitch believes the
government will continue to be supportive over the medium- to
longer-term in commercializing its forests.

The ratings are further supported by Sino-Forest's comfortable
financial flexibility and healthy liquidity, underpinned by
improving operating cash flow and low leverage; which resulted in
its funds from operations (FFO)/gross interest coverage ratio
reaching 11.4x in financial year 2007 (FY07), and FFO net adjusted
leverage declining to 0.3x at end-2007 from 1.0x at end-2006.
However, Fitch expects leverage to deteriorate as Sino-Forest's
asset base, if debt-funded, expands.

Sino-Forest's ratings are constrained by its aggressive capex
programme; it has spent US$1.6bn since 2003 in building its asset
base to 312,000 ha, as of end-2007.  Although the expansion has
resulted in improved operating cash flow, Sino-Forest has
persistently generated negative free cash flow due to the scale of
its capex.  This trend is unlikely to change in the near term, due
especially to the availability of mature trees to be acquired in
Sino-Forest's concessions, and the rising cost of forest
concessions.

The ratings are also constrained by the long-term nature of Sino-
Forest's timber inventories, which augments vulnerability to price
risk and cash margin compression.  However, Fitch notes the shift
towards an integrated model helps to mitigate price risk, as the
time to maturity and sale is shortened.  The ratings reflect the
inherent risks of weather and natural disasters, the industry's
sensitivity to construction and property development cycles, and
the lack of pricing power.  The ratings are also constrained by
the lack of geographical diversification, as in single-market risk
in exposure to China.

Sino-Forest enjoys strong liquidity, as is evident from its cash
position at financial year-end 2007 (FYE07) of US$351m versus
short-term debt of US$55 million.  Fitch notes that short-term
liquidity needs are further supported by unutilized committed
facilities of US$79m (as of FYE07).  In addition, the company
issued a US$345 million convertible bond in mid-2008.  The company
also benefits from a back-ended maturity profile, with most debt
due in 2011 and 2013.

The Stable Outlook reflects Fitch's expectation that the financial
profile will remain healthy and within a range consistent with its
rating category.  Significant expansion of Sino-Forest's asset
base, or a sustainable replanting programme in place to support
positive FCF generation, is a positive rating trigger.  A
sustained continuation of the current downturn in China's
construction/property development activity, prolonged delays in
harvesting/replanting trees, or FFO/ net adjusted leverage
exceeding 2.5x on a sustained basis, could result in negative
rating actions.

Sino-Forest is a leading foreign-owned commercial forestry
plantation operator in China.  In the financial year ended
December 2007, Sino-Forest achieved revenue of US$714 million,
EBITDAR of US$203 million and net income of US$152 million.  As of
October 2008, major shareholders consist of institutional
investors, and include Davis Selected Advisers, L.P. (16.88%) and
Paulson & Co. Inc. (12.67%).


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


CITIC PACIFIC: Shareholders Approve US$1.5 Bil. Bailout
-------------------------------------------------------
CITIC Pacific Ltd on Friday, Dec. 19, won shareholders approval
for HK$11.6-billion (US$1.5 billion) convertible bond sale to its
parent in a move to rescue CITIC Pacific from trading losses,
Shanghai Daily reports.

Citing a company statement to the Hong Kong exchange, Shanghai
Daily relates that the shareholders voted 99.9 percent in favor of
the proposal, which would also have parent CITIC Group assume
HK$11.3 billion of currency losses on behalf of the unit.

Meanwhile, Reuters says that voting results came after a majority
of shareholders voted down an attempt by an activist investor to
postpone Friday's EGM for 14 days.

According to Reuters, Chairman Larry Yung said the rescue plan was
fair and reasonable despite some minority investors saying the
exercise price of the convertible bond at HK$8 each was too low.

Both Mr. Yung and managing director Henry Fan are facing pressure
to step down as some minority shareholders said they have lost
confidence in the two after the scandal came to light, Reuters
notes.

Rueters says that both the Securities and Futures Commission, and
its bourse operator, Hong Kong Exchanges and Clearing, have
launched formal investigations into the firm after it shocked the
market in October by announcing a potential US$2 billion in forex
trading losses.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2008, Citic Pacific Limited said it has reached an
agreement that provides critical financial support to meet certain
liabilities from the exposure to the leveraged foreign exchange
contracts.

Its parent company, CITIC Group will provide a US$1.5 billion
(approximately HK$11.6 billion) standby loan facility, to be
replaced by the issuance of a convertible bond of the same value.
This bond will convert into shares at a price of HK$8 per share.

On conversion of the convertible bond, CITIC Group's shareholding
in CITIC Pacific will be around 57.6%.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 18, 2008, Standard & Poor's Ratings Services revised the
CreditWatch implications to developing from negative on its 'BB'
long-term corporate credit rating on CITIC Pacific Ltd. and
relevant issue ratings.  At the same time, Standard & Poor's kept
its issuer credit ratings, along with relevant issue ratings, on
CITIC Group, CITIC International Financial Holdings Ltd., and
CITIC Resources Holdings Ltd. on CreditWatch with negative
implications.

In addition, the TCR-AP reported that Moody's Investors Service on
Nov. 18, 2008, changed the rating review to direction uncertain
for both CITIC Pacific Ltd's Ba2 corporate family rating and the
Ba2 rating of CITIC Pacific Finance (2001) Ltd's US$450 million
bonds, which are guaranteed by CITIC Pacific.  These ratings were
previously downgraded to Ba2 from Ba1 and placed under review for
further possible downgrade on Oct. 21, 2008, following the
company's report of material losses from leveraged foreign
exchange contracts.


LION CITY: S&P Junks Rating on 2006-5 CDO; Retains Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
rating on Lion City CDO Ltd. Series 2006-5 to 'CCC-' from 'B+'.
The rating remains on CreditWatch with negative implications.

Lehman Brothers Special Financing Inc. is the swap counterparty
and Lehman Brothers Holdings Inc. is the swap guarantor for the
collateralized debt obligation transactions.  The rating action
reflects S&P's view on the likelihood of a loss being incurred by
the transaction.

S&P understands from the swap documents that the bankruptcy fil
ings of LBHI and LBSF constitute events of default and termina
tion; however, the swap is not automatically terminated.   In the
transaction, the swap counterparty should have posted collateral
to cover one period's premium in advance.  Therefore, the timing
of the termination of the credit default swap, the next payment
date, and the value of the collateral are important factors in the
analysis of this transaction and the timing of any rating action.
Once S&P receives final payment reports, S&P expects to take fur
ther action.  If the notes experience a loss, S&P expects to lower
the rating to 'D'; however, if the notes are repaid in full, S&P
will withdraw the rating.

The rating actions taken on the affected transactions are:

                       Lion City CDO Ltd.

    Transaction                Rating To            Rating From
    -----------                ---------            -----------
    Series 2006-5             CCC-/Watch Neg       B+/Watch Neg


MANDRA FORESTRY: S&P Junks Corp. Credit Rating on Weak Liquidity
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Mandra Forestry Finance Ltd.
to 'CCC+' from 'B-'.  The outlook is negative. Standard & Poor's
also lowered the issue rating on Mandra's US$195 million
guaranteed senior notes due May 15, 2013 to 'CCC+' from 'B-'.

"The downgrade reflects Mandra's extremely weak liquidity and
financial flexibility, and persistent operating losses," said
Standard & Poor's credit analyst Xiaoming Song.

The company's strategy to delay its harvest had contributed to the
ongoing operating losses.  The company has continued to deplete
its cash on hand to meet obligations, due to poor cash flow
generation stemming from the financial impact of the snowstorms in
early 2008 and an insufficient level of harvesting volume.  Cash
generation will be further affected if selling prices decline more
significantly than S&P expected and if sales are affected by
weakening demand.

"We expect Mandra to meet its next interest payment on May 8, 2009
with its remaining cash on hand.  However, the company's ability
to continually service its debt over the next 12 months is
increasingly uncertain, due to its weak cash-generating capability
and low cash level," said Ms. Song.

Mandra's financial flexibility is constrained by a bond covenant
limiting an increase in borrowings to no more than US$25 million
for working capital purposes.  Mandra's cash balance fell to
US$28.7 million as at Sept. 30, 2008 from US$55.2 million at the
end of December 2007.  Cash on hand marginally covers the
US$23 million interest payment due in 2009.


* HONG KONG: Jobless Rates Rises to 3.8% in November Quarter
------------------------------------------------------------
Shanghai Daily reports that Hong Kong's unemployment rate rose to
the highest in more than a year as a recession prompted more job
cuts.

Citing data from the Hong Kong government's website, the report
relates that the seasonally adjusted jobless rate for the three
months ended November 30 climbed to 3.8 percent from 3.5 percent
at the end of October.

According to the Daily, Hong Kong's economy slid into a recession
in the third quarter as the global financial crisis cut exports
and spending cooled.


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


ICICI BANK: Appoints K. V.  Kamath as Chairman
----------------------------------------------
ICICI Bank Limited has appointed K. V. Kamath as Chairman for a
period of five years, effective May 1, 2009.

Mr. Kamath will replace Mr. N. Vaghul, who would retire from the
Board on completion of his current term on April 30, 2009.

The bank also named Ms. Chanda Kochhar, presently Joint Managing
Director and Chief Financial Officer, as the successor of
Mr. Kamath to the post of Managing Director and CEO effective
May 1, 2009.

Ms. Kochhar joined erstwhile ICICI Limited (ICICI) in 1984 and
elevated to the Board of Directors of ICICI Bank in 2001.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings affirmed ICICI Bank Ltd.'s Long-
term Foreign Currency Issuer Default Rating at 'BBB-, Short-term
Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.


GENERAL MOTORS: Will Start Talks With UAW in January
----------------------------------------------------
John D. Stoll and Alex P. Kellogg at The Wall Street Journal
report that General Motors Corp. would start talks in January with
the United Auto Workers union, bondholders, and the Obama
administration to try to work out agreements to comply with the
terms of the bailout President George W. Bush disclosed last week.

GM said that it appreciates the President extending a financial
bridge, which will help preserve many jobs and support the
continued operation of GM and the many suppliers, dealers, and
small businesses across the country that depend on GM.  The loan
will also allow the company to accelerate the completion of its
aggressive restructuring plan for long-term, sustainable success.

Today's Troubled Company Reporter relates that Ford Motor Co.
spokesman Mark Truby said Friday the company expects to work with
the United Automobile Workers union to achieve any savings that
G.M. and Chrysler might negotiate.

The White House announced Friday that the U.S. Treasury Department
will extend a $9.4 billion secured loan to GM and a $4.0 billion
secured loan to Chrysler from available Troubled Asset Relief
Program funds.  Another $4.0 billion will be made available to GM
if the Congress approves the transfer of $350 billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee $2.0 billion of
Chrysler's borrowings.

According to WSJ, GM Chief Financial Officer Ray Young said on
Friday that the company expects to get its first round of loans
from the government by Dec. 29.  Mr. Young said that the loans
would just be in time to fund $6 billion to $8 billion in payments
due to autoparts makers at the start of January, the report
states.

Alex P. Kellogg at WSJ states that even with the government
bailout, GM and Chrysler LLC is still facing burdensome union
costs, long term financial strain, and a short timeline for
getting stakeholders to negotiate.  Citing KeyBanc Capital Markets
senior automotive analyst Brett Hoselton, GM and Chrysler would
have some tough talks with the UAW union, and must come away with
significant cost cuts quickly to qualify a second round of loans
in the first quarter.

WSJ says that GM and Chrysler would seek to eliminate the Jobs
Bank, a program in which laid-off workers continue to get paid
even when their plants close and they no longer report for work.
The union will suspend the Jobs Bank, WSJ relates, citing UAW
President Ron Gettelfinger.

GM's management team, along with advisers that include high-
profile bankruptcy attorneys, started to work on contingency plans
in the event it would have to file for Chapter 11 bankruptcy
protection, WSJ reports.

WSJ quoted turnaround firm O'Keefe & Associates Consulting
President Pat O'Keefe as saying, "Bankruptcy is a failed
negotiation.  If they're unable to get a deal on a negotiated
basis, they will use bankruptcy to push the parties that can't
seem to come to the table."

Monica Langley at WSJ relates that Michigan Gov. Jennifer Granholm
was advising car company chief executives last month on improving
their request for federal aid.  The report says that she was
privately urging President-elect Barack Obama to help the
automakers and order Michigan to buy about 1,600 vehicles from the
automakers' fleet cars.

          US$3.29 Billion in Loans From Canadian Gov't

The Canadian government and the province of Ontario said that they
will provide at least US$3.29 billion in loans to the Canadian
units of GM and Chrysler, WSJ states.

According to WSJ, Canada and Ontario were promising to provide
loans totaling 20% of whatever the U.S. offered.  The report
quoted Canadian Prime Minister Stephen Harper as saying, "We
cannot afford, in the United States or Canada, the catastrophic
short-term collapse of the Big Three auto makers.  The U.S. has
signaled that they are not going to allow these companies to fail,
and we will do our share of the North American package to see that
this doesn't happen either."

                      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.


GOREGAON CO-OPERATIVE: RBI Cancels License Due to Insolvency
------------------------------------------------------------
The Reserve Bank of India, on Dec. 18, 2008, ordered the
cancellation of Goregaon Co-operative Urban 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
Goregaon Co-operative and appoint a liquidator.

RBI's decision came after determining that Goregaon Co-operative
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, 2007, revealed that the bank's financial position was
impaired.  The Reserve Bank of India issued directions under
Section 35 A of the Banking Regulation Act, 1949 (As applicable to
Co-operative Societies) on Nov. 1, 2007, restricting its
operations, including placing a ceiling on withdrawal of deposits
at Rs. 1000/-.

RBI had issued a show cause notice to the bank on Nov. 3, 2007,
asking it to show cause as to why the license granted to it to
conduct banking business should not be canceled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI canceled 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.


TEAM FERRO: CRISIL Rates Rs.110.0 Mil. Cash Credit at 'BB'
----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of Team Ferro Alloys Pvt Ltd (TFAPL).

   Rs.110.0 Million Cash Credit          BB/Stable (Assigned)
   Rs.7.5 Million Term Loan              BB/Stable (Assigned)
   Rs.2.5 Million Proposed Term Loan     BB/Stable (Assigned)
   Rs.70.0 Million Letter of Credit      P4 (Assigned)

The rating reflects TFAPL's exposure to risks relating to small
scale of operations, and to cyclicality in its end-user industry,
steel.  These weaknesses are, however, partially offset by TFAPL's
adequate financial profile marked by comfortable gearing and debt
protection measures, and its established presence in the ferro
alloys industry, with a strong client base.

Outlook: Stable

CRISIL expects TFAPL to maintain a profitable track record over
the medium term, backed by a comfortable capital structure and
strong client base.  The outlook may be revised to 'Positive' if
there is sustained improvement in profit margins, while
maintaining a comfortable capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates significantly, on account of debt-funded
capital expenditure (capex) or acquisitions.

                          About TFAPL

Incorporated in 1998 by Mr. A K Gutgutia, Dr. R J Singh and Mr.
Rajesh K. Singh, TFAPL manufactures ferro alloys required as
intermediates for the steel industry.  The company began
commercial production in May 1999 at Dadra.  The company's main
products include low and medium carbon ferro manganese and noble
ferro alloys such as ferro molybdenum and ferro vanadium.  In
December 2005, it set up a new division for cored wires. Over the
years, the company has also leased electro-smelting units at
Nagpur and Hyderabad.

For 2007-08 (refers to financial year, April 1 to March 31), TFAPL
reported a profit after tax (PAT) of Rs.24 million on net sales of
Rs.609 million, as against a PAT of Rs.6 million on net sales of
Rs.357 million for 2006-07.


VISHAL MALLEABLES: CRISIL Rates Rs.67.5 Mil. Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the various bank
facilities of Vishal Malleables Ltd (Vishal Malleables).

   Rs.67.5 Million Cash Credit *    B+/Stable (Assigned)

   Rs.27.1 Million Term Loan        B+/Stable (Assigned)

   Rs.3.1 Million Proposed Long     B+/Stable (Assigned)
        Term Bank Loan Facility

* Includes sublimit of Rs. 12.5million for packing credit and
interchangeable with letter of credit to the extent of Rs. 10
million.

The ratings reflect Vishal Malleables' exposure to risks relating
to small scale of operations and severely limited financial
flexibility on account of low net worth, high gearing and limited
access to unutilised bank limits.  These weaknesses are, however,
partially offset by the company's long track record in the ferrous
castings industry, and established customer relationships.

Outlook: Stable

CRISIL believes that Vishal Malleables will maintain a steady
business risk profile, backed by its established relationships
with customers.  The outlook may be revised to 'Negative' if a
slowdown in end-user industries, particularly the automobile
industry, has a significant impact on Vishal Malleables' business
profile, and if the company's financial risk profile, especially
liquidity, deteriorates further.  The outlook may be revised to
'Positive' if there is substantial improvement in Vishal
Malleables' financial profile, led by sustained increase in its
operating margins and easing of liquidity situation.

                    About Vishal Malleables

Vishal Malleables was incorporated in 1974 by Mr. L N Bhagwati and
Mr. R D Patel as a private limited company to manufacture ferrous
castings. In 1977, the company was converted to a public limited
company. In 1982, the company was taken over by Mr. L R Mewani and
Mr. O P Khetan, (the current Chairman and Chief Executive Officer,
respectively).

Vishal Malleables' foundry is located in Ankleshwar, Gujarat. It
has a diverse customer base located across the country.  The
company also has a wind power unit in Rajkot district, Gujarat.

Vishal Malleables reported a profit after tax (PAT) of Rs.9.4
million on net revenues of Rs.609 million in 2007-08 (refers to
financial year, April 1 to March 31) as against a PAT of Rs.9.2
million on net revenues of Rs.582 million for 2006-07.


* Gov't Loans Can Convert into DIP Facility for GM & Chrysler
-------------------------------------------------------------
"Upon the filing of a voluntary or involuntary bankruptcy petition
by or in respect to" Chrysler or General Motors, the U.S. Treasury
Department "shall have the exclusive right, exercisable at its
option, to convert" the government loans scheduled to close on
Dec. 29, 2008, "into a debtor-in-possession facility," according
to the term sheets released by the Treasury Department on Fri.,
Dec. 19.

As widely reported, the White House announced Friday that the
Treasury Department will extend a US$9.4 billion secured loan to
GM and a US$4.0 billion secured loan to Chrysler from available
Troubled Asset Relief Program funds.  Another US$4.0 billion will
be made available to GM if the Congress approves the transfer of
US$350 billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee US$2.0 billion of
Chrysler's borrowings.

                    Feb. 17 Restructuring Plan

By Feb. 17, 2009, the automakers are required to submit to the
President's Designee a plan to achieve and sustain the long-term
viability, international competitiveness and energy efficiency of
the Company and its subsidiaries.  That Restructuring Plan must
include specific actions intended to result in:

    (1) Repayment of the Loan Amount and any other financing
        extended by the Government under all applicable terms
        and conditions;

    (2) Ability of the Company and its subsidiaries to (x) comply
        with applicable Federal fuel efficiency and emissions
        requirements, and (y) commence domestic manufacturing of
        advanced technology vehicles, as described in section 136
        of the Energy Independence and Security Act of 2007
        (Public Law 110-140; 42 U.S.C. 17013);

    (3) Achievement by the Company and its subsidiaries of a
        positive net present value, using reasonable assumptions
        and taking into account all existing and projected future
        costs, including repayment of the Loan Amount and any
        other financing extended by the Government;

    (4) Rationalization of costs, capitalization, and capacity
        with respect to the manufacturing workforce, suppliers and
        dealerships of the Company and its subsidiaries; and

    (5) A product mix and cost structure that is competitive in
        the United States marketplace.

                        Debt, Wage & VEBA Cuts

Additionally, the automakers must use their best efforts to
achieve these targets:

    (A) Reduction of their outstanding unsecured public
        indebtedness (other than with respect to pension and
        employee benefits obligations) by not less than two-thirds
        through conversion of existing public debt into equity or
        debt and other appropriate means;

    (B) Reduction of the total amount of compensation, including
        wages and benefits, paid to their U.S. employees so that,
        by no later than December 31, 2009, the average of such
        total amount, per hour and per person, is an amount that
        is equal to the average total amount of such compensation,
        as certified by the Secretary of Labor, paid per hour and
        per person to employees of with Nissan Motor Company,
        Toyota Motor Corporation, or American Honda Motor Company
        whose site of employment is in the United States;

    (C) Elimination of the payment of any compensation or benefits
        to U.S. employees of the Company or any subsidiary who
        have been fired, laid-off, furloughed, or idled, other
        than customary severance pay.

    (D) Application of the work rules to their U.S. employees,
        beginning not later than December 31, 2009, in a manner
        that is competitive with Nissan Motor Company, Toyota
        Motor Corporation, or American Honda Motor Company whose
        site of employment is in the United States; and

    (E) Provision that not less than one-half of the value of
        each future payment or contribution made by them to the
        account of the voluntary employees beneficiary association
        (or similar account) (VEBA) of a labor organization
        representing the employees of the Company and its
        subsidiaries shall be made in the form of the stock of
        the Company or one of its subsidiaries, and the total
        value of any such payment or contribution shall not
        exceed the amount of any such payment or contribution
        that was required for such time period under the
        collective bargaining agreement that applied as of the
        day before the Closing Date.

                       Mar. 31 Certification

By Mar. 31, 2009, the automakers must submit to the President's
Designee a written certification and report detailing the progress
they've made in implementing their Restructuring Plans.  The
report shall identify any deviations from the Restructuring
Targets and explain the rationale for these deviations, including
an explanation of why such deviations do not jeopardize the
Borrower's long-term viability.  The report shall also include
evidence satisfactory to the President's Designee that these
events have occurred:

    (1) Approval of the Labor Modifications by the members of
        the Unions;

    (2) Receipt of all necessary approvals of the VEBA
        Modifications other than regulatory and judicial
        approvals, provided that the Company must have filed and
        be diligently prosecuting applications for any necessary
        regulatory and judicial approvals; and

    (3) The commencement of an exchange offer to implement the
        Bond Exchange.

Full-text copies of the 15-page Term Sheets released by the
Treasury Department are available at no charge at:

    General Motors -- http://bankrupt.com/misc/GMTermSheet.pdf

       -- and --

    Chrysler -- http://bankrupt.com/misc/ChryslerTermSheet.pdf

American Bankruptcy Institute has noted that Prof. Todd Zywicki
told The Wall Street Journal that a chapter 11 filing by the
Detroit automakers will likely result in a stronger domestic
industry.  Prof. Zywicki is Professor of Law at George Mason
University School of Law and Senior Fellow of the James Buchanan
Center, Program on Politics, Philosophy, and Economics, at George
Mason University.


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


MEDCO ENERGI: Forecasts Output to Drop by as much as 10% in 2009
----------------------------------------------------------------
PT Medco Energi Internasional Tbk forecasts that its oil and gas
production next year could drop by as much as 10 percent due to
asset sales and aging fields, The Jakarta Post reports.

According to the report, Medco finance director Cyril Noerhadi
said the company had sold participating shares in the Tuban block
to state oil and gas company PT Pertamina, and in the PSC
Simenggaris block to Salamander Energy Ltd.

"Aside from that our fields, on average, are already at the aging
stage and can no longer produce optimally," the report quoted
Mr. Noerhadi as saying.

The Post notes that the company's oil and gas production totaled
65.46 thousands of barrels of oil equivalent per day (mboepd) in
the first nine months of the year, down by 6.4 percent from 69.97
mboepd in the same period  last year.

Last year, the report says, the company's oil lifting output
reached 50,411 barrels of oil per day (bopd), down from 56,367
bpod in 2006.  Gas sales amounted to 117.5 (thousands of British
Thermal Units per day) bbtupd, down from 127,15 bbtupd.

The company's oil and gas output would likely start picking up
again in 2011 after completing seven key projects some of which
were already under construction, Mr. Noerhadi told the Post.

"The current economic conditions will narrow down alternatives for
capital access," Mr. Noerhadi said, adding the company was also on
the lookout for rupiah financing.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 5, 2008, Moody's Investors Service placed PT Medco Energi
Internasional Tbk's B1 corporate family rating and B2 senior
unsecured rating (Senior 8.75% bonds due 2010 issued by MEI Euro
Finance Limited) on review for possible downgrade.  The review
follows Medco's announcement that the Technical Assistance
Contract with PT Pertamina EP has expired.  The TAC relates to its
Tarakan, Singa-Sanga, and Somboja Working Areas in East Kalimantan
and were formally operated and held under "PT Medco E&P
Kalimantan".


PAKUWON JATI: Moody's Downgrades Corporate Family Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded PT Pakuwon Jati's
corporate family and senior secured bond ratings to B3 from B2.
The ratings remain on review for possible downgrade.

"The rating action follows the weakening of Pakuwon's credit
metrics and liquidity profile resulting from weak property demand,
material depreciation of the Rupiah and the tightened financial
market," says Joko Widodo, Moody's lead analyst for the company.

"Pakuwon's pre-sales performance for its Gandaria City project in
South Jakarta has been below expectation, selling only 51% of
condominiums and 28% of office building space as of November 2008.
This weak property market is expected to continue in 2009.

"As such, the company's Adjusted EBIT to interest of 1.0-1.5x and
Debt to EBITDA of 5.5-6.0x are more appropriate for its B3
ratings," adds Joko Widodo.

Furthermore, the depreciating Rupiah will increase Pakuwon's debt
servicing obligations from its US$-denominated bonds.  This,
together with the tightened bank lending market, will add pressure
to Pakuwon's liquidity during 2009.

During that period, the company will need a large amount of capex
funding, while at the same time its US$ bonds will amortize
resulting in a tight liquidity for Pakuwon while its financial
flexibility is currently limited.

Moody's review will be focusing on Pakuwon's liquidity profile to
meet the US$ bonds amortization, including its ability to achieve
presales target and flexibility in capex spending.

The rating will be downgraded if Pakuwon's liquidity profile
continues to weaken.  This could be as a result of continued weak
property demand while the financial market does not materially
improve.

Pakuwon's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
its solid operation and competitive position in Surabaya,
management quality, aggressive capital structure with significant
capex for superblock expansion, weak financial and liquidity
profile, debt restructuring history and exposure to foreign
currency risk.

The last rating action for Pakuwon was taken on November 16, 2006,
when the ratings were affirmed at B2 with a stable outlook.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
mainly in Surabaya, East Java.  The company was listed on the
Jakarta Stock Exchange in 1989.


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


DELPHI CORP: Can Sell Global Exhaust Business to Bienes for $17MM
-----------------------------------------------------------------
Delphi Corporation said it received approval from the U.S.
Bankruptcy Court for the Southern District of New York for the
sale of assets related to the company's global exhaust business to
Bienes Turgon for US$17 million, subject to adjustments.

"Delphi's sale of its global exhaust business is a significant,
meaningful step as the company progresses with ongoing corporate
and divisional transformation plans,"  said Ron Pirtle, president,
Delphi Powertrain Systems.  "This move further refines our
powertrain product portfolio to feature core, differentiated
technologies in which Delphi possesses competitive advantages and
for which customers are calling."

Delphi selected Bienes Turgon as the lead bidder and received
court approval to proceed with the sale process for the global
exhaust business.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, suppliers, employees, unions and other stakeholders.

The transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close during the first half of 2009.

Although the company is divesting its exhaust business, Delphi
Powertrain continues to provide full engine management systems
-- including air and fuel management, combustion and valvetrain
technology -- through its gas EMS product business unit.

                     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.


DIA KENSETSU: Files for Bankruptcy Protection
---------------------------------------------
The Japan Times reports that Dia Kensetsu Co., a condominium
builder, filed for bankruptcy protection Friday, Dec. 19, under
the fast-track corporate rehabilitation law.

According to the report, Dia said that the Tokyo District Court
authorized the application and ordered that the company's assets
be protected.

Dia, the Times recounts, began having financial difficulties with
nonperforming assets after the bubble economy imploded in the
early '90s.  It rehabilitated with support from the government-
backed Industrial Revitalization Corp. of Japan, which was set up
in 2003.

However, the report says, the company has been hit hard from the
fallout from the U.S. financial crisis, leading to a record-
breaking decline in condo sales in the Tokyo metropolitan area in
November.

The company has liabilities amounting to JPY30 billion, the report
notes.

Based in Tokyo, Japan, Dia Kensetsu Co., Ltd. is engaged in the
real estate and management businesses.  Along with its
subsidiaries, the company operates in three core business
segments.  The Real Estate segment is engaged in the allotment
sale of condominiums.  The Management segment is involved in the
management of condominiums.  The Others segment is engaged in the
renovation business, as well as the provision of after-sale
services and the maintenance of condominiums to the company's
customers. The company has three subsidiaries.


FORD MOTOR: To Hold Talks with UAW for Cost Savings
---------------------------------------------------
Ford spokesman Mark Truby said Friday that the company expected to
work with the United Automobile Workers union to achieve any
savings that G.M. and Chrysler might negotiate, Bill Vlasic at The
New York Times reports.

"We have a strong relationship with the U.A.W.," Mr. Vlasic quotes
Mr. Truby as saying.  "We're going to continue to work to
completely close the competitive gap with foreign transplants."

Ford has shun any federal assistance unlike its peers.  According
to Mr. Vlasic, Ford runs the risk of falling behind G.M. and
Chrysler if those two companies can wrest concessions from the
union and Ford cannot.

As reported in today's Troubled Company Reporter, the White House
announced Friday that the U.S. Treasury Department will extend a
$9.4 billion secured loan to GM and a $4.0 billion secured loan to
Chrysler from available Troubled Asset Relief Program funds.
Another $4.0 billion will be made available to GM if the Congress
approves the transfer of $350 billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee $2.0 billion of
Chrysler's borrowings.

The New York Times notes that avoiding government bailout is a
risk that Ford is willing and able to take:

   -- Ford has more cash on hand than its larger rival G.M. --
      $18.9 billion at the end of the third quarter, compared
      with $16.2 billion for G.M.; and

   -- Ford has a backstop of a $10.8 billion line of credit with
      banks that it negotiated in 2006.

"At the time, industry analysts saw Ford's mortgaging of its
assets to get the line of credit as a sign of desperation," Mr.
Vlasic wrote.  "Now it appears to be a smart move that separates
Ford from its Detroit rivals, which have been shut out of the
tight credit market and forced to borrow from the government."

Mr. Vlasic notes that by not taking government loans now, Ford can
legitimately portray itself as the healthiest of Detroit's
automakers, and could possibly capitalize on that status in the
marketplace.  According to Mr. Vlasic, one study showed that Ford
benefited during October and November from G.M.'s financial
plight.

The Times also notes that chairman William C. Ford Jr., has said
that Ford is now in a position to lead the industry in its
transition to more fuel-efficient cars.  Mr. Ford said in an
interview last month that Ford hoped to be the model for Detroit's
recovery and to work closely on strategic initiatives favored by
President-elect Barack Obama, the Times says.

"Whether it was lucky or planned, the decision to borrow the money
has turned out to be a huge positive for Ford," Mr. Vlasic notes
John Casesa, principal in the auto consulting firm Casesa Shapiro
Group, as saying."

On Friday, Ford welcomed action by the Bush Administration to
provide emergency funding for GM and Chrysler.

"As we told Congress, Ford is in a different position.  We do not
face a near-term liquidity issue, and we are not seeking short-
term financial assistance from the government," Ford President and
CEO Alan Mulally said. "But all of us at Ford appreciate the
prudent step the Administration has taken to address the near-term
liquidity issues of GM and Chrysler. The U.S. auto industry is
highly interdependent, and a failure of one of our competitors
would have a ripple effect that could jeopardize millions of jobs
and further damage the already weakened U.S. economy."

Ford has submitted to Congress its comprehensive business plan,
which details the company's plan to return to pre-tax Automotive
profitability by 2011. In the plan, Ford said the transformation
of its North American automotive business will continue to
accelerate through aggressive restructuring actions and the
introduction of more high-quality, safe and fuel-efficient
vehicles -- including a broader range of hybrid-electric vehicles
and the introduction of advanced plug-in hybrids and full electric
vehicles.

Ford is asking for access to a line of credit of up to $9 billion
in bridge financing, but reiterated that it hopes to complete its
transformation without accessing a government loan.

"For Ford, a line of credit would serve only as a critical
backstop or safeguard against worsening conditions, as we drive
transformational change in our company," Mr. Mulally said.

Ford said it is more committed than ever to deliver more of the
safe, affordable, high-quality, fuel-efficient vehicles that
consumers want and value.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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


IKON OFFICE: S&P Raises Corporate Credit Rating to 'A+' From 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit and senior unsecured debt ratings on IKON Office Solutions
Inc. to 'A+' from 'BB-', thereby equalizing them with its 'A+'
long-term corporate credit rating on Ricoh Co. Ltd. (A+/Stable/A-
1).  At the same time, the ratings on IKON were removed from
CreditWatch, where they were placed with positive implications on
Aug. 27, 2008, following the announcement that the company had
agreed to be acquired by Ricoh for approximately $1.6 billion in
cash.  The outlook is stable.

The alignment of IKON's ratings with those of its new parent
reflects the company's strategic importance to Ricoh, and S&P
expects IKON's financial integration with the rest of the Ricoh
group to grow within a relatively short period.  Although full
operational integration with the Ricoh group may take a few years,
S&P believes the parent company's economic incentive to provide
operational and financial support to IKON is strong.

The ratings on Ricoh reflect S&P's view that the company will
gradually restore its weakened financial profile over the next
three years.  Ricoh financed the US$1,632 million
(JPY163.2 billion) acquisition using external funding.  As a
result, the company's net debt (excluding debt in its leasing
business) is estimated to have increased by about JPY200 billion
from approximately JPY5.4 billion as of Sept. 30, 2008.

Standard & Poor's expects Ricoh's cash position to recover in
about three years, supported by S&P's estimates of Ricoh's annual
consolidated free operating cash flow of approximately
JPY100 billion.  S&P also believes that the company's conservative
financial policy has not changed.  In addition, S&P expects Ricoh
to maintain its ratio of funds from operations to total debt
(excluding debt in its leasing business) above 45%.

In S&P's view, the acquisition should help Ricoh maintain and even
strengthen its competitive position in the maturing U.S. and
European markets.  Nevertheless, it is likely to take time for
IKON to begin contributing meaningfully to Ricoh's profits,
considering the expected merger-related expenses and challenges
IKON faces in replacing Ricoh's competitors' products with Ricoh's
products, given the current low percentage of Ricoh's products
handled by IKON.  Moreover, S&P expects Ricoh's profitability to
remain under pressure for the next one to two years given
weakening global economies and the strong yen.  The corporate
credit ratings and issue ratings on Ricoh and IKON could come
under downward pressure if the likelihood increases that Ricoh
will be unable to recover its financial profile in about three
years due to severe market conditions.

                          Ratings List

               Upgraded; CreditWatch/Outlook Action
                  IKON Office Solutions Inc.

                               To                 From
                               --                 ----
Senior Unsecured (2 issues)    A+                 BB-/Watch Pos
Corporate Credit Rating       A+/Stable/--       BB-/Watch Pos/--

                       Rating Withdrawn

                                   To                 From
                                   --                 ----
    Senior Unsecured
     Recovery Rating               NR                 4


KINTETSU CORPORATION: Fitch Lowers Issuer Default Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded Kintetsu Corporation's Long-term
foreign and local currency Issuer Default Ratings and senior
unsecured debt rating to 'BB' from 'BB+'.  The Outlook is Stable.
At the same time, the agency has affirmed Kintetsu's Short-term
foreign and local currency IDRs at 'B'.

"The current weakening in the business environment is likely to
exacerbate the structural problems of Kintetsu's diversified
businesses, those which are vulnerable to a weak regional economy
and the economic slowdown and long-term declining trends in their
operating performance," says Satoru Aoyama, Director on the
agency's Asia-Pacific Corporate team.  "This, coupled with the
planned high capital spending, presents significant uncertainty
over Kintetsu's ability to achieve its earnings growth targets and
resume improvement in its leverage," added Mr. Aoyama.

The rating downgrades follow Kintetsu's increased leverage and
significant financial burden caused by the high capital spending
related to the key redevelopment projects, including Abenobashi
terminal building, which are not expected to positively contribute
to its cash generation over the medium-term.  Its capital
expenditure increased significantly in FYE08 as a result of the
buyback of Abenobashi terminal building which it had securitised
in FYE03, resulting in debt increase and leverage deterioration.
Kintetsu's net leverage (net debt/EBITDA) was 12.8x at FYE08
(FYE07: 11.3x), and is expected to increase further in the current
fiscal year (FYE09) due to additional increase in debt and the
expected decline in profits.  Kintetsu's capital spending is
expected to remain high through a term of the projects till 2014,
resulting in its free cash flow being very tight, perhaps at a
breakeven.

Moreover, Kintetsu's profits and operating cash flow have been
slow but constantly declining.  Largely due to the difficult
business environment which Kintetsu operates in (a weak regional
economy and a declining population in its service areas), its
consolidated EBITDA has declined slowly FYE05-FYE08; in FYE08 the
company reported 16% decline in EBITDA of the non-railway
businesses, while EBITDA of the transportation business, including
largely the railway operations, declined by 4%.  Its operating
cash flow tracks this declining trend, adding a pressure on its
already tight free cash flow condition.

The ratings continue to reflect Kintetsu's solid operational base
in the Osaka metropolitan area, its consistent cash flow
generation from its transport business and the substantial
restructuring efforts taken to overhaul its diversified business
portfolio.  Fitch notes that the company's management continues to
emphasize business overhaul and rationalization efforts, the
results of which are evident in its reduced operating expenses and
improved EBITDA margins.  These efforts, despite declining
revenue, have helped stabilize Kintetsu's EBITDA performance.

The current ratings and Stable Outlook incorporate Fitch's view
that the company would adopt cost reductions and rationalization
programs, if it needs them, and maintain at least breakeven free
cash flow; this means that debt will be maintained at or below its
peak balance (JPY1,280bn-JPY1,300bn) expected at FYE09 (till
2014).  A further increase of debt beyond the above level, the
acceleration of a decline in profits and operating cash flow
generation, or both, will be considered changes in its credit
fundamentals and could prompt a negative rating action.


MITSUBISHI MOTORS: Moody's Puts Negative Outlook on 'Ba2' Ratings
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from positive
the outlook for its Ba2 long-term debt ratings of Mitsubishi
Motors Corporation and its supported subsidiaries, Mitsubishi
Motors Credit of America, Inc., and MMC International Finance
(Netherlands) B.V.

The outlook change reflects the increasingly worsening outlook for
the global automotive markets for 2009 and the negative impact on
MMC's operating performance.

MMC revitalized its business in line with its turnaround strategy
in FYE 3/2008 (the final year of the plan).

However, the global economic slowdown since mid-2008 has
significantly affected MMC's financial performance.  In October
2008, MMC lowered its performance forecast for FYE03/2009 due
mainly to deterioration in the volume and product mix following a
decline in automotive demand and yen appreciation.  The company
now expects an operating margin in FYE03/2009 of around 2%, down
from 4% in FYE03/2008.

In Moody's view, however, MMC may not achieve its revised
operating profit and operating profit margin targets for
FYE03/2009.

The automotive market has been in recession in every developed
market, especially since October 2008.  Uncertainty in the
financial system in a number of countries, including the US, is
adversely affecting consumers' ability to obtain credit.
Furthermore, demand is slowing in emerging markets -- even
declining in some.

MMC remains susceptible to such economic down cycles, and this one
is may persist beyond 2009.  In Moody's view, therefore the
company will need more time to improve its overall credit metrics.
MMC's rating also took into account strong ongoing support from
the Mitsubishi group.  The three core members of the group --
Mitsubishi Heavy Industries, Ltd., Mitsubishi Corporation, The
Bank of Tokyo-Mitsubishi UFJ, Limited -- have seconded senior
officials to MMC to re-build the company's operations.

Moody's last rating action with respect to MMC was taken on
May 28, 2008, upgraded to Ba2 from Ba3.

Mitsubishi Motors Corporation, headquartered in Tokyo, is one of
Japan's major automotive manufacturers.

=========
K E N Y A
=========


EASTERN AND SOUTHERN: Fitch Assigns 'BB-' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned the Eastern and Southern Africa Trade
and Development Bank (PTA Bank) an Issuer Default Rating of 'BB-'
(BB minus) and a short-term rating of "B".  The Outlook is Stable.

PTA Bank's credit ratings rely primarily on the support from its
shareholders.  The ratings also take into account the strong
capitalisation and high liquidity of the bank, which partly
mitigate its low asset quality.

PTA Bank's 17 Regional member countries are rated below investment
grade.  However, shareholders' support is enhanced by the
participation of the People's Republic of China ('A+') and African
Development Bank ('AAA'), which together own 12.3% of the shares;
in addition, they have subscribed callable capital, which means
that they are committed to inject more capital in case of need.
The success of the 2007 capital increase is an evidence of
shareholders' willingness to support the bank: Member countries
have accepted a doubling of paid-in capital and callable capital
has been increased from 66.6% to 80% of subscribed capital.

The exposure of PTA Bank to credit risk is substantial, with
impaired loans - defined as loans in arrears for more than 90 days
for trade finance and 180 days for project finance - accounting
for 16.9% of outstanding loans at end-2007.  PTA Bank does not
extend loans to sovereign entities, and, hence does not benefit
from preferred creditor status.  As of end-2007, 25% of loans were
made to public enterprises, 35% to large public corporations and
39% to small and medium size enterprises.  PTA Bank does not have
a branch network, which makes it difficult to appraise risks in
markets outside Kenya, where the largest share of operations are
conducted.  At 59.4% of impaired loans at end-07, provisioning is
low.  However, asset quality is improving: provisions were doubled
in H108, while impaired loan are expected to decline relatively to
total loans.

The risk of the treasury portfolio is relatively well controlled.
Treasury comprises mainly placements with international banks;
placements in well rated international institutions (AA- or
higher) accounted for 31.1% of total treasury assets at end-June
08.  The bank has not been affected by the 2008 financial crisis.
Market risks are limited, as loans are matched to liabilities in
terms of interest and exchange rates, and liquidity is strong.
PTA Bank has large unused credit lines from international
development institutions.  Funding is relatively expensive as the
bank does not have access to concessional funds and does not
collect deposits from the public.  The bank is well capitalized,
with a ratio of usable capital to required capital stands of 1.53x
at end-07 (2006: 1.37x).

PTA Bank is a sub-regional Multilateral Development Bank operating
in the Common Market for Eastern and Southern Africa region.  It
was created in 1985 as PTA Bank, "PTA" standing for Preferential
Trade Area.  Upon transformation of the "PTA" into COMESA, the
bank was renamed "Eastern and Southern African Trade and
Development Bank.  It provides mainly trade finance and project
finance for private sector institutions.  Its Head office is in
Bujumbura (Burundi) but management has been temporarily relocated
in Nairobi, Kenya.


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

SSANGYONG MOTOR: To Delay Payment of Workers' December Wages
------------------------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. Ltd. said it
cannot pay its workers' wages for December on time due to
prolonged liquidity crisis.

In a letter to employees obtained by Yonhap News, Ssangyong said
that "payment of salary for December is impossible due to a lack
of funds for operations."

According to Yonhap News, the company said it expect to post a
loss of up to KRW100 billion (US$76.9 million) this year.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.


* KOREA: 18 Firms Delisted from Bourse in 2008
----------------------------------------------
Eighteen companies have been delisted from the domestic bourse
this year as of Dec. 12, 2008, up from eleven last year, KBS World
Radio reports citing the Financial Supervisory Service.

According to KBS World's source, 17 companies were delisted from
the tech-heavy KOSDAQ and one from the securities market.

The report relates that of the 18 delisted firms, five were
insolvent and four had suffered capital erosion.


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

  
HONG LEONG: Fitch Affirms Support Floor Rating at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed Malaysia's Hong Leong Bank Berhad's
Long-term Issuer Default rating at 'BBB+', Short-term IDR at 'F2',
Individual rating at 'C', Support rating at '3', Support Floor at
'BB+' and subordinated debt rating at 'BBB'.  The Outlook is
Stable.

HLB's ratings reflect its robust financial position, particularly
its strong capital position and low and well-reserved NPLs which
should help to buffer the bank against the more challenging
operating conditions ahead.  The Support Rating reflects a
moderate probability of state support, in the unlikely event of
need, given its position as a mid-sized bank with 6% of system
assets in Malaysia, and the government's past record of supporting
distressed financial institutions.

HLB's profitability improved in FY08 (ending June 2008) and Q1FY09
(ending September 2008) mainly on higher net interest margin,
stable fee income and good cost control.  Loans grew by 9% yoy in
FY08 but slowed markedly to an annualized rate of 4% in Q109,
reflecting a tightening in lending policy in response to the more
uncertain operating climate.  NPLs declined in absolute terms to
2.3% of gross loans at end-Q1FY09 (industry: 5.4%) with almost all
loan segments showing stable-to-lower NPL ratios.  Total provision
cover was raised to 109% of NPLs at end-Q1FY09 (FY07: 86.6%).

Capital ratios remained at the high end of the system average with
Tier 1 at 13.3% and Total CAR lower at 13.6% at end-Q1FY09 (end-
FY08: 15.9%), due to a deduction for its 20% acquisition of Bank
of Chengdu Co., Ltd. (formerly known as Chengdu City Commercial
Bank Co., Ltd.).  Its balance sheet liquidity remained good with
liquid assets such as cash, interbank placements and securities
accounting for 50% of total assets while deposit funding remained
stable with a loan-deposit ratio of 54.4% at end-Q1FY09.

Established in 1905 and listed in 1994, HLB is the sixth-largest
Malaysian bank by assets.  It is 64%-owned by Hong Leong Financial
Group, the financial services investment holding company of the
Hong Leong Group, a diversified conglomerate controlled by
prominent businessman Tan Sri Quek Leng Chan.


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


MONGOLIA: S&P Gives Negative Outlook on 'BB-' Sovereign Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it had revised the outlook
on its 'BB-' foreign and local currency long-term sovereign credit
ratings on Mongolia to negative from stable, while at the same
time affirming the 'BB-' foreign and local currency sovereign
credit rating for Mongolia.

"The rating actions reflects the risks that Mongolia's fiscal and
debt credit metrics could see substantial deterioration in the
event that the recent steep fall in the price of copper--the
country's main source of fiscal revenue and export receipts--is
not countered by prompt corrective fiscal measures," said Standard
& Poor's credit analyst Agost Benard.

While fiscal performance for the current year appears to be on
track, the 2009 budget, said to be recently approved by
Parliament, targets a deficit of 6.1% of GDP, with apparently no
attempt to curb increases in social transfers, salaries, and an
ambitious capital-expenditure program despite the expected revenue
shortfall, given that copper prices are an estimated 50% below the
US$6,700/ton price originally assumed in the budget.  Even though
the authorities may be able to cover next year's expected
shortfall of a reported Mongolian tugrik (MNT) 500 billion by
drawing on accumulated fiscal savings held in a special fund, a
deficit target of this magnitude appears to signal the
government's inability or unwillingness to adjust spending plans
in response to changing economic conditions.  As such, Mongolia's
strong fiscal performance over recent years and the attendant
improvement in public debt ratios could be jeopardized.

The revision in outlook to negative also incorporates the
potential additional fiscal pressure posed by growing contingent
liabilities in the banking system.  With credit growth running at
more than 60% year on year against inadequate risk management and
lending practices, the recent passage of a 100% deposit guarantee,
the reported approval by cabinet of a US$500 million capital
injection into the banking system, and the Central Bank's reported
takeover of one of the top five banks indicate that the size of
contingent liabilities posed by the banking system, as well as the
chances of some of it being realized, have risen.

The outlook on the rating will revert to stable if timely
corrective policy actions are taken on fiscal expenditure in order
to compensate for the expected sharp fall in revenues.
Conversely, failure to implement revisions to expenditure plans
with the possible drawdown of fiscal reserves accumulated over the
past two years would negatively affect Mongolia's net debt ratios,
and thus result in downward pressure on the rating.  Likewise,
failure to effectively deal with rising contingent liabilities in
the banking system, with the associated increased likelihood a
costly state intervention, could put additional downward pressure
on the rating.


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


A2 CORPORATION: Transfers Head Office to Australia
--------------------------------------------------
A2 Corporation Ltd said it is transferring its head office to
Australia after it posted an overall loss.

The company has implemented a strategic market review following
its recent Half-Year result which saw its Australian sales
increase 260% over the same period last year, but the business
still record an overall loss, A2 Corporation said in a statement
to the New Zealand Stock Exchange.

A2C Chairman Cliff Cook said "that as a result the Board has
decided that the strategic review will include a restructuring
proposal where Australia will be one of the key drivers of A2C's
business operations as part of endeavoring to make the business
fully profitable by the end of 2009."

"We are pleased with the success A2C is having in the Australian
market.  As a result, the key focus for A2C will be to build on
this success.  Consequently, the restructuring will include a
proposal that the New Zealand A2C head office is transferred to
Australia to ensure management focus is on this key market," Mr.
Cook said.

The restructuring proposal would see the registered office,
treasury and company secretarial responsibilities remaining in New
Zealand, Mr. Cook added.

                       About A2 Corporation

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

                          *     *     *

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


ANTIOCH CO: Committee Taps Taft Stettinius as Counsel
-----------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Antioch Company and its debtor-affiliates asks
the United States Bankruptcy Court for the Western District of
Ohio for permission to employ Taft Stettinius & Hollister LLP as
its counsel.

The firm is expected to:

  a) advise the Committee with respect to its powers, duties and
     responsibilities in these cases;

  b) provide assistance in the Committee's investigation of the
     acts, conduct, assets, liabilities and financial condition of
     the Debtors, the operation of the Debtors' businesses
     and desirability of the continuance of such businesses, and
     any other matters relevant to the case or the proposed plan;

  c) prepare on behalf of the Committee all necessary pleadings
     and other documentation;

  d) advise the Committee with respect to the Debtors' proposed
     reorganization plan, the Debtors' proposed plan with respect
     to the prosecution of claims against various third parties
     and any other matters relevant to the case;

  e) provide assistance, advice and representation with respect to
     any legal decision involving interests represented by this
     Committee;

  f) represent the Committee in hearings and proceedings involving
     the Committee; and

  g) perform such other legal services as may be necessary and in
     the interest of the creditors and this Committee.

The firm's professionals and their compensation rates are:

     Professionals         Hourly Rates
     -------------         ------------
     Members               $200-$475
     Associates            $165-$325
     Paralegals            $115-195

W. Timothy Miller, Esq., an attorney at the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors' estate and their creditors, and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                         About Antioch Co.

The Antioch Co. -- http://www.antiochcompany.com/-- 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, 20 08, The Antioch reached an
agreement with lenders to restructure its debt.  To facilitate
this agreement, Antioch and six of its subsidiaries filed
voluntary petitions for Chapter 11 protection on Nov. 13, 2008
(Bankr. S.D. Ohio Lead Case No. 08-35741).  McDonald Hopkins LLC
represents the Debtors in their restructuring efforts.  The United
States Trustee for Region 9 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  In their summary of
schedules, the Debtors listed US$66,388,321 in total assets and
US$141,142,236 in total liabilities.


BELLONA LTD: Appoints Heath and Meltzer and Hayward as Liquidators
------------------------------------------------------------------
On November 13, 2008, Arron Leslie Heath, Jeffrey Philip Meltzer
and Lloyd James Hayward were appointed as liquidators of Bellona
Ltd.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The Liquidators can be reached at:

         Arron Leslie Heath
         Jeffrey Philip Meltzer
         Lloyd James Hayward
         Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


DAHIYA ENTERPRISES: Appoints John Francis Managh as Liquidator
--------------------------------------------------------------
On October 16, 2008, the High Court at Napier appointed
John Francis Managh as liquidator of Dahiya Enterprises Limited.

The Liquidator can be reached at:

         John Francis Managh
         50 Tennyson Street
         PO Box 1022, Napier
         Telephone/Facsimile:(06) 835 6280


FNS1 LTD: Court Hears Wind-Up Petition
--------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have FNS1 Ltd.'s operations wound up.

Goode Industries Limited filed the petition against the company on
Sept. 25, 2008.


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

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


LFS No 1: Court Hears Wind-Up Petition
--------------------------------------
On December 12, 2008, the High Court at Auckland heard a petition
to have LFS No 1 Ltd.'s operations wound up.

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


LOMBARD FINANCE: Investors May Get Repayments on March 2009
-----------------------------------------------------------
The Troubled Company Reporter-Asia Pacific reported on Sept. 10,
2008, that Lombard Finance & Investments Limited's receivers
John Waller and John Fisk of PricewaterhouseCoopers said they have
revised the estimate of recoveries to secured debenture investors
to a range of 19% to 40% of their original investment.

In their latest report to investors, the receivers estimated range
of recoveries to secured debenture investors remains unchanged at
19% to 40% of their original investment.

"We are mindful, however, that the general economic conditions,
both in New Zealand and on a global basis, have continued to
worsen.  The ongoing deterioration in the economic environment has
and will continue to impact negatively upon the options available
and the potential level of realizations from LF&I's loan book,"
the receivers said in their report.

                       Property Loan Book

LF&I's major asset is the property loan book which consists of 27
loans with a total book value of NZ$136.7 million as at March 31,
2008.

The receivers said they have assessed in detail potential
realization strategies in respect of each of the loans.  Based on
discussions with the borrowers, legal advisers and specialist
property advisers, the receivers are implementing individual loan
strategies, which they consider will maximize the recoveries to
investors.

As part of this strategy the receivers have placed three of the
borrower entities into receivership:

   -- Brooklyn Developments No. 1 Limited
   -- Brooklyn Views Limited
   -- Liardet Apartments Limited

The purpose of these receiverships is to take control of each of
these developments and manage either the future development or
sell down process.

As at December 5, 2008, the following assets in the property loan
book have been realized:

   -- A bare land coastal subdivision has been sold with a
      shortfall on the amount owed to LF&I.  Summary judgment
      has been obtained against the guarantors of the loan
      for the balance outstanding;

   -- Six apartments have been sold in a completed development
      in Auckland, which has reduced the loan balance
      outstanding;

   -- Sell down of units in a completed residential development
      located in the South Island is ongoing and has
      significantly reduced the amount owing to the prior
      ranking security holders;

   -- Sell down of sections in two bare-land subdivisions in
      the lower North Island is ongoing;

   -- Sell down of units in a completed town-house development
      in Auckland is ongoing and all prior ranking securities
      have been satisfied; and

   -- A residential property which formed part of a loan's
      collateral security has been realized, with funds
      available to LF&I after repayment of the prior ranking
      security holders.

Gross assets of NZ$17.7 million have been realized from the
property loan book as at December 5, 2008.  Of these realizations,
LF&I has received NZ$2.4 million, with the balance being paid to
prior ranking security holders and to cover direct sale costs.

The receivers note that the extent of prior ranking securities
combined with the longer time period that is required to realize
some properties will, in most cases, reduce the funds available to
LF&I.

                      Commercial Loan Book

As at April 10, 2008, the commercial loan book comprised 171 loans
totalling NZ$2.9 million.  The types of loans include hire
purchase, consumer and business loans.  The finance provided is
secured either over specific assets or as a general security over
the assets of the borrower.  Gross recoveries for the period from
April 10, 2008, to December 5, 2008, total approximately
NZ$948,000.

                      Property Owned by LPH

As previously reported, LPH owned a residential property in
Auckland, which has now been sold resulting in net realisations of
NZ$1.8 million.

                              Other

Potential estimates of recoveries have excluded potential returns
in respect of actions that may be taken against directors and
other third parties.  The likelihood and quantum of such returns
cannot be estimated at this time.

                       Timing of Returns to
                    Secured Debenture Investors

As advised previously, cash in-flows are dependent upon the
refinance or sale of properties.  This combined with the current
status of the property and finance markets makes it extremely
difficult to assess the timing of realizations.

Further, the Inland Revenue Department is currently undertaking an
audit into the affairs of the companies and this may result in the
identification of preferential claims against the companies.  Any
preferential claims are required to be paid in full prior to any
distribution to secured debenture investors.

The receivers said that they are hopeful that they will be in a
position to make an interim distribution to secured debenture
investors by the end of March 2009.

Their forecast for the period to March 31, 2009, indicates that
any interim distribution is likely to be less than 5 cents in the
dollar.  This distribution will be dependent upon loan recoveries
occurring as forecast and confirmation of the IRD's final claims
in the receivership.

                          Investigations

The receivers continue to provide extensive assistance and
information to various Government authorities in respect of their
investigations.  The receivers have engaged an internal auditor on
a full time basis to thoroughly investigate specific transactions
and the activities and conduct of the companies, the officers of
the companies, and third parties leading up to the appointment of
receivers.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specialising in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

On April 10, 2008, Lombard Finance was placed into receivership
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


QUALITY PEST: Court Hears Wind-Up Petition
------------------------------------------
On December 8, 2008, the High Court at Dunedin heard a petition to
have Quality Pest Control Ltd.'s operations wound up.

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


SF2 HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On November 7, 2008, SF2 Holdings Ltd. commenced liquidation
proceedings.

The company's liquidator is:

         Barry White
         PO Box 37315, Parnell
         Auckland 1151
         Mobile:(021) 521 4737
         e-mail: barrywhite@xtra.co.nz


SHARP CIVIL ET AL: Appoint Grant Bruce Reynolds as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds was appointed as liquidator of:

   -- Sharp Civil Limited; and
   -- Tolley Brothers Limited; and
   -- Mediastore Limited.

Only creditors who were able to file their proofs of debt by
Dec. 20, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Grant Bruce Reynolds
         Reynolds and Associates Limited
         PO Box 259059, Greenmount
         Auckland
         Telephone:(09) 526 0743
         Facsimile:(09) 526 0748


SWAN WORKFORCE: Court Hears Wind-Up Petition
--------------------------------------------
On December 12, 2008, the High Court at Auckland heard a petition
to have Swan Workforce Pty Ltd.'s operations wound up.

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


WILSON OVEN: Court Hears Wind-Up Petition
-----------------------------------------
On December 11, 2008, the High Court at Auckland heard a petition
to have Wilson Oven Cleaning Services (NZ) Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 6, 2008.


* NEW ZEALAND: Current Account Deficit Rises to 8.6% of GDP
-----------------------------------------------------------
For the year ended September 2008, the current account deficit was
NZ$15.5 billion (8.6 percent of GDP), Statistics New Zealand said.
This annual deficit compares with a deficit of NZ$15.0 billion for
the year ended June 2008 (8.4 percent of GDP).  The main driver of
the increase in the September year deficit was an increase in the
value of imports of goods, mainly due to higher prices for
petroleum and petroleum products.

The current account deficit for the September 2008 quarter, after
adjustment for seasonal factors, was NZ$4,079 million.  This
deficit was NZ$571 million smaller than the June 2008 quarter
deficit.  The smaller September quarter deficit was mainly due to
a reduction in the investment income deficit, and increased
exports of goods.  In turn, the reduction in the investment income
deficit was mainly due to a fall in income earned by foreign
direct and portfolio investors from their shareholdings in New
Zealand companies.  The rise in the value of goods exports came
mainly from increases in the value of dairy and forestry products.

The current account deficit in the September 2008 quarter was
funded by a NZ$5.4 billion net inflow of financial capital from
abroad.  The inflow consisted of a NZ$4.7 billion withdrawal of
New Zealand investment from abroad, coupled with NZ$753 million of
foreign investment into New Zealand.  The key feature of the
withdrawal of New Zealand investment from abroad was divestment of
foreign reserve assets by the official sector (Reserve Bank of New
Zealand and the New Zealand Treasury).

At September 30, 2008, New Zealand's international assets totaled
NZ$131.2 billion, and international liabilities were NZ$297.1
billion, making the country's net debtor position NZ$165.9
billion.  This was NZ$7.4 billion (4.7 percent) larger compared
with the position at June 30, 2008.  The rise was due to the
NZ$5.4 billion net inflow of financial capital, and NZ$2.0 billion
from the effects of changes in the valuation of New Zealand's
international assets and liabilities.  These valuation effects
reflect the volatility in world financial markets over the
quarter.  The volatility saw significant falls in the value of
shares, both in New Zealand and overseas, changes in the value of
financial derivative contracts, and the depreciation of the New
Zealand dollar against most of the major currencies.


=============
N I G E R I A
=============


DIAMOND BANK: Fitch Affirms Currency Issuer Default Ratings to 'B'
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Nigeria-based Diamond
Bank Plc at Long-term foreign currency Issuer Default 'B' with a
Stable Outlook, Short-term foreign currency IDR 'B', Individual
'D', Support '4' and Support Rating Floor 'B'.  Fitch also
affirmed the bank's National ratings at Long-term 'A-(minus)(nga)'
and Short-term 'F2(nga)'.

The ratings reflect Diamond's rapid credit growth, loan book
concentration and Nigeria's difficult operating environment.  The
ratings also take into account Diamond's strong earnings growth,
an expanding retail footprint and adequate capital.

Operating profit improved 113.2% to NGN16.2bn in FY ended
April 30, 2008, on the back of strong growth in net interest and
non-interest income.  The trend of strong earnings growth
continued into H109.  With economic growth in Nigeria forecast to
slow, Fitch expects Diamond to report slower earnings growth
during FY09 and FY10.

Strong levels of loan growth (126.2%) and write-offs caused
Diamond's non-performing loan ratio to improve to 4% at FYE08
(FYE07: 6.75%).  On an absolute basis, Fitch notes that Diamond's
NPLs increased by a rapid 166% yoy in FY08 after discounting the
impact of write-offs.  Management indicated that write-offs in
FY08 consisted of a combination of legacy loans relating to the
acquisition of Lion Bank in 2005 and other NPLs.  The agency
considers the bank's coverage ratio of 91.1% at FYE08 (FYE07:
86.1%) to be low since a significant proportion of loans is
unseasoned.  Fitch anticipates that the recent trend of rapid
credit growth could lead to deteriorating asset quality
indicators, especially in light of Diamond's core focus in the
riskier commercial/SME and retail sectors.

The strong levels of credit growth have caused liquidity
indicators to tighten.  Diamond raised US$500 million of new
capital through a Global Depository Receipts Offering in FY08.
However, rapid growth in risk-weighted assets in FY08 mostly
offset the growth in the capital base.  Diamond reported a Tier 1
capital ratio of 20.5% at FYE08 (FYE07: 18.6%).  Fitch considered
Diamond's levels of Tier 1 capital to be adequate.

Diamond is a mid-sized Nigerian bank.  The bank began operations
in 1991 and provides universal banking services primarily to the
retail, SME and second-tier corporate markets.


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


REPUBLIC OF PAKISTAN: S&P Raises Sovereign Rating to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term foreign-currency sovereign credit rating on the Islamic
Republic of Pakistan to 'CCC+' from 'CCC', and affirmed the 'CCC+'
long-term local-currency rating.  The outlook on the long-term
rating is developing.

Standard & Poor's affirmed its 'CCC+' issue rating on Pakistan's
senior unsecured local-currency debt and the 'B-' transfer and
convertibility rating on Pakistan.

S&P raised the issue rating on the sovereign's senior unsecured
foreign-currency debt to 'CCC+' from 'CCC'.  Likewise, S&P lifted
the foreign-currency issue rating on Pakistan International Sukuk
Co. to 'CCC+' from 'CCC'.

The upgrade of Pakistan incorporates the disbursal of the first
tranche (US$3.1 billion) of the US$7.6 billion International
Monetary Fund loan facility in November 2008.

"The disbursal appears to have stabilized the sovereign's foreign
reserve position, substantially alleviating the prospects of near-
term debt service stress.  Moreover, S&P take comfort from the
explicit recognition of all debt service needs in a Letter of
Intent to the IMF," said Standard & Poor's credit analyst Agost
Benard.

In addition, the upgrade takes into account positive expectations
on improving macroeconomic stability and external liquidity in
light of the comprehensive set of stabilization policies to which
Pakistan has committed itself under the IMF's Stand By Arrangement
loan facility.  By providing a robust policy framework for
achieving fiscal and external sustainability, the program should
unlock additional material support from various multilateral and
bilateral sources, which in turn further moderate prospects of
external payment distress.

The current sovereign credit rating level of 'CCC+', however,
takes into account the considerable risks to implementation, given
Pakistan's fluid domestic political situation, where an unstable
coalition is confronted with numerous domestic political and
security challenges.  Against this background and a highly
politicized and partisan environment, policy making and
implementation may become derailed.  This could lead to missed
program targets, as has happened in the past under previous IMF
programs.

The ratings could be raised on evidence that Pakistan is able to
adhere to key targets set out in the letter of intent, and thereby
securing additional donor support.  Conversely, the rating come
under downward pressure should there be shortfalls in meeting key
fiscal and monetary benchmarks.


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


UNITED COCONUT: Gets Php4 Bil. Cash Infusion from Gov't.
--------------------------------------------------------
United Coconut Planters Bank received a Php4 billion from the
Philippine government last week as part of its Php30-billion
rehabilitation plan, the Manila Standard Today reports citing
National Treasurer Roberto Tan.

According to Manila Standard, Mr. Tan said the Treasury opened a
window for the bank on Dec. 18 so it could take out PHP2 billion
in cash.

The Manila Standard relates that UCPB is expected to get another
capital infusion by Dec. 24 to get its rehabilitation rolling.

As reported by the Troubled Company Reporter-Asia Pacific on
July 31, 2008, the Philippine Daily Inquirer said that the
Philippine government signed an agreement providing United Coconut
Planters Bank (UCBP) a Php30-billion cash infusion under UCPB's
ten year state-assisted rehabilitation program.

The Inquirer said under a framework previously approved by the
Monetary Board, the government will get Php30 billion of its
deposits with the central bank and transfer these deposits to
UCPB, which in turn will invest the proceeds in government
securities.  The funds will thus revert to the government, which
will afterward place the money with the central bank.

According to the Inquirer, Mr. Tan said that the cash infusion is
intended to help UCPB survive a tougher banking environment.

                            About UCPB

United Coconut Planters Bank -- http://www.ucpb.com/--
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 4, 2008, UCPB incurred financial difficulties due to
its inability to raise new capital and its sequestered status.
In June 2007, UCPB reported a non-performing loans ratio of 29.8
percent and a negative 36.3 percent return on equity.
Accordingly, Manila Standard related, the bank disposed of
Php8.68 billion in bad assets in November 2007, which reduced
the level of its bad assets by 42 percent to Php12.11 billion.

The TCR-AP reported on August 7, 2008, that Moody's Investors
Service said the announced recapitalization agreement between
United Coconut Planters Bank (UCPB) and three government agencies
should help stabilize the bank's financial condition.

Moody's currently assigns to UCPB a bank financial strength
rating of E and foreign currency deposit ratings of B1/Not-
Prime.  The outlook for the ratings is stable.


* PHILIPPINES: BSP Completes Receivership Moves on Group of Banks
-----------------------------------------------------------------
The Bangko Sentral ng Pilipinas on December 19, placed under
receivership of the Philippine Deposit Insurance Corporation four
more banks established to have insufficient assets to cover their
liabilities, suffering from severe liquidity problems, and
performing unsafe and unsound banking practices.

The receivership paves the way for the PDIC to take over the
banks' assets to protect the interest of their depositors and to
start processing deposit insurance claims.

The banks are:

   1. Nation Bank based in Bacolod City which declared
      a bank holiday December 12, 2008;

   2. Rural Bank of DARBCI based in General Santos City
      which declared a bank holiday December 17, 2008;

   3. Bicol Development Bank based in Legaspi City; and

   4. Rural Bank of Carmen based in Carmen, Cebu.

With this, the BSP has placed under PDIC receivership all the 10
banks which filed for Temporary Restraining Orders against BSP,
plus three others linked with them.  The TROs stopped BSP's
submission to the Monetary Board of  2007 Reports of Examination
covering their respective banks and prevented the MB to act on
such Reports.  It will be recalled that a TRO against the BSP and
the MB was issued by Regional Trial Court of Manila on June 4,
2008, which was affirmed by the  Court of Appeals Sept. 30, 2008.
On motion of the BSP, this was  reversed by the Supreme Court
which issued a TRO to restrain the implementation of the decisions
of the Regional Trial Court and the Court of Appeals.

The Supreme Court decision paved the way for the BSP and the
Monetary Board to act on the 2007 findings on these banks which
were validated by new examinations in October to December.  These
banks were already being closely monitored and engaged by the BSP
in accordance with rigorous due process requirements mandated by
law since 2005, long before the global financial turmoil, for
potentially unsafe and unsound banking practices that could pose a
danger to their customers.

Depositors of these banks may call the PDIC's Deposit Assistance
Group at 841-4630 for their deposit insurance claims.

The nine other banks earlier placed by BSP under PDIC receivership
are:

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

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

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

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

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

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

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

   8. Dynamic Bank (RB of Calatagan) based in Batangas; and
                   (on December 16, 2008)

   9. San Pablo City Development Bank based in Laguna
                   (on December 16, 2008)

According to BSP, these banks placed under PDIC receivership
represent a tiny fraction of the banking system.  The BSP
reiterates that the Philippine banking system (remains stable,
highly-capitalized, and highly liquid.  As of end October 2008,
the banking system had 38 universal banks and commercial banks, 78
thrift banks, 672 rural banks, and 45 cooperative banks.


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


UNITED TEST: S&P Downgrades Rating to 'B' From 'B+'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on United
Test and Assembly Center Ltd. to 'B' from 'B+' and removed it from
CreditWatch Negative.  The outlook was negative.  Following that,
Standard & Poor's withdrew the rating on Utac.

At the same time, Standard & Poor's assigned its 'B' corporate
credit rating to Global A&T Electronics Ltd., which was formed in
October 2007 by TPG Capital and Affinity Equity Partners for the
sole purpose of acquiring and financing Utac.  The outlook is
negative.

The existing ratings on Gate's US$625 million senior secured
facility and US$150 million revolving credit facility were lowered
to 'B+' from 'BB-' and removed from CreditWatch with negative
implications.  The recovery ratings of '2' were maintained for
both facilities.  Utac is now a wholly owned subsidiary of Gate.

"The rating on Gate reflects the weaker-than-expected financial
performance for the nine months ended September 2008 amid a
challenging environment of higher input cost, margin erosion,
slowdown of the memory business, and slackened demand conditions
in its key markets," said Standard & Poor's credit analyst Wee
Khim Loy.

Historically, in weaker industry cycles, outsourcing activities
also fall.  "Hence, Gate's performance for fiscal year 2008 is
likely to fall short of S&P's earlier expectations set out in the
rating on Utac.  Even if Gate defers its capital expenditure
program, the weakening trend in its financial parameters will
continue into 2009," Ms. Loy said.

Gate's nine-month results (to September 2008) saw a pretax loss of
US$37.7 million, largely due to continued weakness in the memory
segment, significant interest expense of US$71 million, offset by
slight improvement in the mixed-signal business.  Its EBITDA
margin declined to 31% for the period, compared with 34.3% for
fiscal 2007 and 41.2% for fiscal 2006.

Total debt at Sept. 30, 2008 was US$1.1 billion.  With the
declining margins and slowing demand weighing on Gate's operating
cash flow, S&P expects Gate's debt to EBITDA in the short to
medium term to exceed 4x (annualized using results for the nine
months to September 2008).

The negative outlook on the rating on Gate reflects the bleak
macroeconomic factors that have affected demand for the company's
products and S&P's expectation of continued weakness in the
higher-margin memory business in the short to medium term.


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


ORIENTAL SECURITIES: Fitch Affirms 'C/D' Individual Rating
----------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Oriental Securities
Corporation's Long-term foreign currency Issuer Default Rating at
'BBB-' (BBB minus), Short-term foreign currency IDR at 'F3',
National Long-term rating at 'A(twn)', National Short-term rating
at 'F1(twn)', Individual rating at 'C/D' and Support rating at
'5'.  The Outlook is Stable.

OSC's ratings are based on its strong capitalization and good
liquidity and also take into account its less diversified business
profile and high earnings variability.  Fitch notes that the
company continues to maintain a high level of liquidity and a
strong capital cushion, as market risks remain elevated with high
volatility in equity and fixed-income instruments.

OSC reported a net loss of TWD1.1 billion (or -10% of equity) in
the first nine months of 2008, owing primarily to proprietary
trading losses as a result of the sharp decline in Taiwan's stock
market.  OSC's weak results reflect the company's sizable exposure
to stock holdings.  Nonetheless, Fitch expects OSC to maintain
balance-sheet strength even in the case of a prolonged bear
market.

OSC's equity/asset and capital adequacy ratios remained high at
70% and 732%, respectively, at end-Q308.  The company has a strong
liquidity position as well.  Its shareholders' equity could
comfortably cover more than 3x its less liquid assets at end-Q308.
Basically, OSC has no debt outstanding other than a moderate level
of repurchase agreements.

Established in 1979, OSC is the 15th-largest fully licensed
securities company in terms of equity.  The Taiwan-based Far
Eastern Group owned 99% of OSC's shares at end-Q308.


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


* Fitch Withdraws Ratings on Various Asian Financial Institutions
-----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of a number of Asian
financial institutions.  Fitch will no longer provide analytical
coverage on these institutions.  At the time of withdrawal, the
ratings of these institutions are affirmed:

  -- Philippine Bank of Communications: Individual Rating at 'D/E'
     and Support Rating at '4';

  -- Public Bank (Hong Kong) Ltd: Individual Rating at 'C',
     Support Rating at '2';

  -- Chiyu Banking Corporation Ltd: Individual Rating at 'C',
     Support Rating at '2';

  -- Wing Lung Bank Limited: Individual Rating at 'B/C' and
     Support Rating at '3';

  -- Bank of East Asia: Long-term Foreign Currency Issuer Default
     Rating (IDR) at 'A-' (A minus)/Negative Outlook, Short-term
     IDR at 'F2', Individual Rating at 'B/C', Support Rating at
     '3' and Support Rating Floor at 'BB+'.

  -- VID Public Bank: Individual Rating at 'D' and Support Rating
     at '5'; and

  -- Daewoo Capital Co. Ltd: Long-term Foreign Currency IDR at
     'BB+'/Negative Outlook, Individual Rating at 'C/D' and
     Support Rating at '5'.


* S&P Puts Junk Ratings on 13 Tranches of Asia-Pacific CDOs
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
ratings on 64 tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations.

The synthetic rated overcollateralization levels for these
tranches fell below 100% at their current rating levels during the
SROC analysis for December.  This indicates that the available
credit enhancement for the tranche is lower than the level
required to maintain the current ratings.  Where the SROC is less
than 100%, scenarios are run that project the current portfolio 90
days into the future, assuming no asset rating migration.  Where
this projection indicates that the SROC would return to a level
above 100%, the rating is maintained, but placed on CreditWatch
with negative implications.  If the projection indicates that the
SROC would remain below 100%, the rating is immediately lowered.

The rating actions taken on the affected transactions are:

  Name                    Rating To           Rating From
  ----                    ---------           -----------
  Alpha Financial
   Products Ltd.
   Series 1               B+pNRi/Watch Neg    BB+pNRi/Watch Neg

  Aphex Pacific Capital
   Ltd. Series 5
   DESIGN 2006            BB                  BB+/Watch Neg

  ARLO Limited Series
   2005 (SKL CDO
   Series 6)              BB+pNRi             BBB+pNRi/Watch Neg

  ARLO Ltd. Series
   2006 (OCL-1)           CCC+                BB-/Watch Neg

  ARLO Ltd. Series
   2006 (SKL CDO
   Series 11)             BBBpNRi             A-pNRi/Watch Neg

  Athenee CDO PLC
   Series 2007-11         AA/Watch Neg        AA+/Watch Neg

  Athenee CDO PLC
   Series 2007-12         A                   AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-14         A/Watch Neg         AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-15         AA                  AA+/Watch Neg

  Athenee CDO PLC
   Series 2007-2          AA/Watch Neg        AA+/Watch Neg

  Athenee CDO PLC
   Series 2007-3          AA                  AA+/Watch Neg

  Athenee CDO PLC
   Series 2007-4          A/Watch Neg         AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-5          A                   AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-6          A/Watch Neg         AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-7          A/Watch Neg         AA-/Watch Neg

  Athenee CDO PLC
   Series 2007-8          AA                  AA+/Watch Neg

  Athenee CDO PLC
   Series 2007-9          AA/Watch Neg        AA+/Watch Neg

  Beryl Finance Ltd.
   Series 2008-14         BB-pNRi/Watch Neg   BBpNRi/Watch Neg

  Beryl Finance Ltd.
   Series 2008-6          BpNRi/Watch Neg     BBpNRi/Watch Neg

  Castle Finance I Ltd.
   Series 2               BB+                 BBB/Watch Neg

  Castlereagh Trust
   Series 1               CCC+                B-/Watch Neg

  Castlereagh Trust
   Series 2               CCC                 CCC+/Watch Neg

  Corsair (Jersey)
   No.2 Ltd. Series 68    BB/Watch Neg        BBB/Watch Neg

  Corsair (Jersey)
   No.2 Ltd. Series 69    CCC-/Watch Neg      CCC/Watch Neg

  Corsair (Jersey)
   No.2 Ltd. Series 88    CCC-                CCC/Watch Neg

  Corsair (Jersey)
   No.2 Ltd. Series 90    CCC-                CCC+/Watch Neg

  Dragon A (CDS BNP)      A-srp/Watch Neg     AAAsrp/Watch Neg

  Echo Funding Pty Ltd.
   Series 16              B/Watch Neg         BB+/Watch Neg

  Echo Funding Pty Ltd.
   Series 18              BBB-                BBB/Watch Neg

  Echo Funding Pty Ltd.
   Series 19              BB-                 BB/Watch Neg

  Echo Funding Pty Ltd.
   Series 20              BB                  BBB-/Watch Neg

  Echo Funding Pty Ltd.
   Series 21              BBB-                BBB/Watch Neg

  Hercules Global CDO
   Trust I                BB/Watch Neg        A-/Watch Neg

  Jacaranda Trust
   Series 2               AA-/Watch Neg       AA+/Watch Neg

  Magnolia Finance I
   PLC Series 2006-21     BBB-                BBB/Watch Neg

  Magnolia Finance I
   PLC Series 2006-22     BBB-                BBB/Watch Neg

  Mahogany Capital Ltd.
   Series II              BpNRi/Watch Neg     B+pNRi/Watch Neg

  Morgan Stanley ACES
   SPC 2007-21 Class I    BB                  BB+/Watch Neg

  Morgan Stanley ACES
   SPC 2007-38 Class I    BBB                 A-/Watch Neg

  Morgan Stanley ACES
   SPC 2007-9 Class III
   (Interest)             Bi/Watch Neg        BB-i/Watch Neg

  Morgan Stanley ACES
   SPC Series 2006-31     BBB                 BBB+/Watch Neg

  Morgan Stanley Managed
   ACES SPC Series
   2006-12 Class IA       B                   BB-/Watch Neg

  Morgan Stanley Managed
   ACES SPC Series
   2006-12 Class IIA      CCC+                B-/Watch Neg

  Morgan Stanley Managed
   ACES SPC Series
   2006-12 Class IIIA     CCC                 CCC+/Watch Neg

  Morgan Stanley Managed
   ACES SPC Series
   2006-7 Class IA        B+                  BB/Watch Neg

  Obelisk Trust
   2005-3 Mica            BBB-                BBB+/Watch Neg

  Obelisk Trust
   2006-1 Eden            CCC+                BB/Watch Neg

  Obelisk Trust
   2006-2 Eden            BB-/Watch Neg       BBB-/Watch Neg

  Obelisk Trust
   2006-3 Eden            B+                  BB+/Watch Neg

  Queenstown CDO
   2007-3                 CCC-                CCC/Watch Neg

  Saphir Finance PLC
   Series 2006-5          BpNRi/Watch Neg     B+pNRi/Watch Neg

  Sceptre Capital B.V.
   Series 2007-2          BB-                 BB/Watch Neg

  Sceptre Capital B.V.
   Series 2005-3          BBB-                AA/Watch Neg

  SELECT ACCESS New
   Zealand Series 2004-3  AA+/Watch Neg       AAA/Watch Neg

  Signum Platinum I
   Ltd. Series 2006-1     CCC+                B/Watch Neg

  Signum Platinum II
   Ltd. Series 2006-1     CCC-                CCC+/Watch Neg

  Signum Platinum III
   Ltd. Series 2007-1     CCC+                B-/Watch Neg

  STARTS (Cayman) Ltd.
   Series 2007-35         B+/Watch Neg        BB-/Watch Neg

  Thunderbird
   Investments PLC
   Series 20              BBB-/Watch Neg      AA-/Watch Neg

  XELO PLC Series 2006
   (Spinnaker III Asia
   Mezz) Tranche A        BBB-/Watch Neg      BBB/Watch Neg

  XELO PLC Series 2007
   (Spinnaker III Asia
  Mezz 2) Tranche C       BB+                 BBB/Watch Neg

   XELO PLC Series 2007
   (Spinnaker III Asia
  Mezz 3)                 B                   BB/Watch Neg

  Zenesis SPC
   Series 2005-3          AA                  AAA/Watch Neg

  Zenesis SPC
   Series 2006-1          BBB+                AA-/Watch Neg

Notes:

The rating action on Mahogany Capital Ltd. Series II follows that
of Series 2006-5 credit-linked notes issued by Saphir Finance Plc.
(Saphir Finance PLC Series 2006-5).  The Saphir Finance PLC Series
2006-5 CLNs represent the authorized investments in the Mahogany
Capital Ltd. Series II transaction.


* BOND PRICING: For the Week December 15 to December 21, 2008
-------------------------------------------------------------

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

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

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

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

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

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

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

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

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

   NEW ZEALAND
   -----------

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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

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

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

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





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