TCRAP_Public/090102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, January 2, 2009, Vol. 12, No. 1

                            Headlines

A U S T R A L I A

A.C.N. 117 491 540: Declares Dividend for Priority Creditors
ADROIT CONTRACTORS: Declares Second and Final Dividend
ALL DATA: Declares First and Final Dividend
BALE HOMES: Commences Liquidation Proceedings
CONTRAPAC PTY: Declares Second and Final Dividend

COPPERCO LIMITED: Attracts Potential Buyers
DASCAM PTY: Declares First and Final Dividend
DEBRAS DEPARTMENT: Members and Creditors Hear Wind-up Report
DELTHURST PTY: Members and Creditors Hear Wind-up Report
GLENNMAC PTY ET AL: Members and Creditors Hear Wind-up Report

GOLFING HOLIDAYS: Members and Creditors Hear Wind-up Report
J.T.F. REINFORCING: Declares First Dividend
JIMRO PTY: Declares Dividend for Unsecured Creditors
MATRIX METALS: Queensland Assets Get Buyers' Interest
OZ MINERALS: Gets Two-Month Debt Refinancing Extension

RACE CONTRACTING: Members and Creditors Hear Wind-up Report
SEXSY PTY: Placed Under Voluntary Liquidation
TALROBE PTY: Appoints Worrell and Lane as Liquidators
TARRANTS PTY: Members Receive Wind-Up Report
THE MERMAID: Members and Creditors Hear Wind-Up Report

TRIMBLE ENTERPRISES: Declares Dividend
WILLIAMS ENTERPRISES: Members and Creditors Hear Wind-up Report


C H I N A

CHINA LOGISTICS: Files Second Amendment to 2007 Annual Report
TEKNI-PLEX: Noteholders Relax Covenants Under 2012 & 2013 Notes
TEKNI-PLEX: Mesterharm Steps Down as Restructuring Officer


C O T E  D' I V O I R E

SEA CONTAINERS: Sells Interests in Societe Bananiere


G U I N E A

RIO TINTO: Mulls Revision of Mining Contracts With Guinea


I N D I A

BAJRANG WIRE: CRISIL Rates Rs.60.0MM Term Loan at 'BB+'
GLASSTECH: CRISIL Rates Rs.200.00MM Long Term Loan at 'BB+'
JET AIRWAYS: Cuts Fares on Domestic Flights by 40%
NARMADA EXTRUSIONS: CRISIL Rates Rs.110.3MM Term Loan at 'BB'
SHRADDHA AGENCIES: CRISIL Rates Cash Credit Facility at 'B+'

SIKKA PAPER: CARE Puts 'CARE BB+' Rating on Long-term Facilities


J A P A N

ARSENAL ASSET: Moody's Downgrades Ratings on Three Specified Loans
COSMO SECURITIES: JCR Lowers Senior Debts Rating to 'BB'
FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm
FUJI HEAVY: To Slash Additional 300 Contractual Jobs in January
GODO KAISHA: Moody's Lowers Ratings on Class D1 and D2 to 'Ba2'

HARVEST TRUST: Moody's Changes Low-B Ratings on Class F and G
UDMAC-J1 TRUST: Fitch Affirms Low-B Ratings on Two Trust Classes
WAKACHIKU CONSTRUCTION: JCR Cuts Rating on Senior Debts to 'BB+'
YOSHINOYA HOLDINGS: Incurs JPY839 Mil. Loss in 3 Qtrs. Ending Nov.


M A L A Y S I A

LIQUA HEALTH: Bursa Suspends Securities Trading


P H I L I P P I N E S

ALLIED BANK: PNB Merger Deal Expected to be Complete by Mid-2009


T A I W A N

SINOPAC GROUP: Inter-Group Merger Won't Affect Moody's 'D+' BFSR


V I E T N A M

ORION-HANEL: Files For Bankruptcy Protection


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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


A.C.N. 117 491 540: Declares Dividend for Priority Creditors
------------------------------------------------------------
A.C.N. 117 491 540 Pty Ltd, which is in liquidation, declared
dividend for its priority creditors on November 28, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Justin P. Sheldrake
         c/o J P Sheldrake CPA
         PO Box 533
         Cairns QLD 4870
         Telephone:(07) 4056 8252
         Facsimile:(07) 4027 9209


ADROIT CONTRACTORS: Declares Second and Final Dividend
------------------------------------------------------
Adroit Contractors Pty Ltd declared the second and final dividend
on November 19, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 5, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

         Lachlan Mcintosh
         KordaMentha (Qld)
         22 Market Street
         Brisbane QLD 4000
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


ALL DATA: Declares First and Final Dividend
-------------------------------------------
All Data & Electrical Pty Ltd, which is in liquidation, declared
first and final dividend on November 26, 2008.

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

The company's liquidator is:

         Gerald Collins
         PKF
         AMP Place, Level 6
         10 Eagle Street
         Brisbane QLD 4000


BALE HOMES: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 25, 2008,
the members of Bale Homes Queensland Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

         Glenn Miller
         Ian Jessup
         Jessup & Partners
         488 Mulgrave Road, 1st Floor
         Earlville QLD 4870
         Telephone:(07) 4033 1349


CONTRAPAC PTY: Declares Second and Final Dividend
-------------------------------------------------
Contrapac Pty Ltd declared the second and final dividend on
November 19, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 5, 2008, were included in the company's dividend
distribution.

The company's deed administrator is:

         Lachlan Mcintosh
         KordaMentha (Qld)
         22 Market Street
         Brisbane QLD 4000
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


COPPERCO LIMITED: Attracts Potential Buyers
-------------------------------------------
CopperCo Limited, which entered voluntary administration on
Nov. 27, attracted potential buyers, Reuters reports citing
unnamed sources.

According to the report, receivers Ferrier Hodgson expect to start
the sales process for the company's assets early in 2009.

CopperCo, Reuters relates, suffered losses by selling copper at
the prevailing London Metal Exchange cash settlement price, paid
up front as the copper left the mine.

But under what's called provisional pricing, the report says the
actual price was adjusted weeks later when the product was
delivered, by which point copper prices had tanked, reducing sales
revenue.

Reuters notes that in April, copper prices were as high as $4.00 a
pound in April, but have since slumped to about $1.30 a pound as
demand for industrial materials plummeted in the wake of the
global credit crisis.

Based in Australia, CopperCo Limited engages in the exploration,
evaluation and development and production of mineral deposits.
The company has developed the Lady Annie Operations located 137
kilometer north of Mount Isa in Queensland.  Its other projects
include Lady Annie Regional, Mount Kelly Project, Buckley River,
Anthill Prospect and Mount Isa Regional Projects.  Its other
Australian interests include Toby Creek Joint Venture and Laverton
Downs gold-nickel project (97%).  The main prospects identified in
the Mount Kelly Project area are the Mount Clarke oxide copper
deposit; the Flying Horse and Mount Kelly Workings oxide copper
exploration targets, and the MK475 copper-gold sulfide deposit.
As of September 1, 2008, CopperCo held approximately 94.70% of
Mineral Securities Ltd.


DASCAM PTY: Declares First and Final Dividend
---------------------------------------------
Dascam Pty Ltd, which is in liquidation, declared first and final
dividend on December 19, 2008.

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

The company's liquidator is:

         Grant Sparks
         PPB
         167 Eagle Street, Level 3
         Brisbane QLD 4000


DEBRAS DEPARTMENT: Members and Creditors Hear Wind-up Report
-----------------------------------------------------------
The members and creditors of Debras Department Store Pty Ltd met
on October 31, 2008, and received the liquidator's report on the
company's wind—up proceedings and property disposal.

The company's liquidator is:

         Susan Carter
         Worrells Solvency & Forensic Accountants
         50 Cavill Avenue, Level 6
         Surfers Paradise QLD 4217
         Telephone:(07) 5553 3407
         Facsimile:(07) 5570 1884


DELTHURST PTY: Members and Creditors Hear Wind-up Report
--------------------------------------------------------
The members and creditors of Delthurst Pty Ltd met on November 24,
2008, and received the liquidator's report on the company's wind—
up proceedings and property disposal.

The company's liquidator is:

         Peter A. Lucas
         P. A. Lucas & Co. Chartered Accountants
         ING Building, Level 8
         100 Edward Street
         Brisbane Qld 4000


GLENNMAC PTY ET AL: Members and Creditors Hear Wind-up Report
-------------------------------------------------------------
On November 27, D. J. Hambleton presented the wind-up and property
disposal for the members and creditors of:

   -- Glennmac Pty Ltd;
   -- Hughwick Pty Ltd; and
   -- GWMC Pty Ltd.


GOLFING HOLIDAYS: Members and Creditors Hear Wind-up Report
-----------------------------------------------------------
The members and creditors of Golfing Holidays Abroad Pty Ltd met
on November 24, 2008, and received the liquidator's report on the
company's wind—up proceedings and property disposal.

The company's liquidator is:

         Andrew Fielding
         BDO Kendalls (QLD)
         Business Recovery and Insolvency
         300 Queen Street, Level 18
         Brisbane QLD 4000
         Telephone:(07) 3237 5999
         Facsimile:(07) 3221 9227


J.T.F. REINFORCING: Declares First Dividend
-------------------------------------------
J.T.F. Reinforcing Pty Ltd declared first dividend on December 3,
2008.

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

The company's liquidator is:

         John Park
         KordaMentha (Qld)
         Corporate Centre One, Level 4
         2 Corporate Court
         Bundall QLD 4217


JIMRO PTY: Declares Dividend for Unsecured Creditors
----------------------------------------------------
Jimro Pty Ltd, which is in liquidation, declared dividend for its
unsecured creditors on November 26, 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:

         Susan Carter
         Worrells Solvency & Forensic Accountants
         50 Cavill Avenue, Level 6
         Surfers Paradise QLD 4217
         Telephone:(07) 5553 3444
         Facsimile:(07) 5570 1884


MATRIX METALS: Queensland Assets Get Buyers' Interest
-----------------------------------------------------
Sarah-Jane Tasker at The Australian reports that more than 30
potential buyers expressed interest in Matrix Metals Limited's
Queensland assets.

Receivers Gary Doran and John Greig from Deloitte, according to
the Australian, said that they had received strong interest from
parties wanting to acquire all or part of the company's assets, or
participate in a reorganization of the company.

"To date, more than 30 firm expressions of interest have been
received, with the closing date for indicative offers on 12
January 2009," the Australian quoted Mr. Doran as saying.

Matrix, the Australian recounts, went into administration after
encountering problems over a provisional pricing agreement with
Glencore International.

According to Reuters, commodities trader Glencore, an unsecured
creditor and exclusive buyer of Matrix's copper, appointed
accounting firm Deloitte to sort out Matrix's finances after it
filed for voluntary administration on Nov. 11.

Matrix Metals Limited (ASX:MRX) -- http://www.matrixmetals.com.au
-- is an Australia-based company engaged in the production of
copper cathode from the company's Leichhardt copper cathode
processing plant in North West Queensland.  In addition, the
company is engaged in the exploration for minerals at the
company's Leichhardt and Cloncurry tenement areas, both within the
Mt Isa Inlier base metal province of North West Queensland.


OZ MINERALS: Gets Two-Month Debt Refinancing Extension
------------------------------------------------------
OZ Minerals Limited said it has negotiated an extension to
refinance financing facilities until February 27, 2009, and has
made further progress towards achieving selected asset sales.

                        Facilities A and B

In a regulatory filing with the stock exchange, OZ Minerals said
it has successfully negotiated with its lenders for new extension
of the refinancing date to February 27, 2009, subject to
compliance with certain conditions which are confidential.

OZ Minerals also said it has been negotiating with its current
lenders about bridging facilities to cover expected cash
shortfalls at its Golden Grove, Prominent Hill and Martabe mines
between now and February 27.  The lenders under Facility A have
agreed to seek internal approvals to provide necessary bridge
facilities on terms to be agreed, and have been requested to
formally respond by January 9, 2009.

According to OZ Minerals, while the lenders to Facilities A and B
have agreed to extend the refinancing date on those facilities,
there is necessarily some uncertainty as to whether refinancing
can be achieved by this date.

Accordingly, the company said it is pursuing asset sales and other
measures to raise additional funds to repay or reduce the
facilities by February 27, 2009.  The basis for extension includes
provisions relating to the company's asset sale initiatives,
including the sale of up to 100% of Prominent Hill.  There is also
an obligation on the company not to pay or declare any dividends
or make any other distribution to its shareholders during this
period.

                           Facility C

OZ Minerals said it has also been negotiating with Societe
Generale in relation to the company's loan with it.  While
reserving its rights in relation to the alleged breach, Societe
Generale has also agreed to extend the repayment date of Facility
C to February 27.

The basis for the extension of Facility C includes requirements
that Societe Generale will be granted security over the assets of
the former Zinifex group of companies (including the former
Allegiance group of companies) by January 9, 2009 in relation to
the Australian assets, and January 16, 2009, in relation to the
overseas assets, and to agree by January 16, 2009, upon the manner
in which the proceeds of asset sales will be distributed among the
lenders.

                            Facility D

The company made a scheduled repayment of US$12.6 million by
December 31, 2008.

                           Cash Advance

As at December 23, OZ Minerals' cash balance was AU$169.2 million.

                            Asset Sales

The company has received a number of expressions of interest for
selected assets of the company, including for a majority stake in
Prominent Hill.  Some of the expressions of interest received
include non-binding indications of price in respect of some
assets.  The company expects material progress in the asset sale
initiatives in January 2009.

OZ Minerals' Managing Director and CEO, Mr. Andrew Michelmore,
said "We remain very focused on achieving a refinancing of our
facilities by early 2009 and have made considerable progress in
negotiations with the company's lenders.  However, we have still a
lot of work to do to achieve the refinancing."

"The company's board and management remain entirely focused on
exploring all options in order to deliver tangible results from
the perspective of operational improvements and asset sales, as
these will be important steps leading to a successful
refinancing."

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by The Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded Oz Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


RACE CONTRACTING: Members and Creditors Hear Wind-up Report
-----------------------------------------------------------
The members and creditors of Race Contracting Pty Ltd met on
November 24, 2008, and received the liquidator's report on the
company's wind—up proceedings and property disposal.

The company's liquidator is:

         Peter A. Lucas
         P. A. Lucas & Co. Chartered Accountants
         ING Building, Level 8
         100 Edward Street
         Brisbane Qld 4000


SEXSY PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 9, 2008, the members of
Sexsy Pty Ltd agreed to voluntarily liquidate the company's
business.

Jonathan Paul McLeod of McLeod & Partners is the company's
liquidator.


TALROBE PTY: Appoints Worrell and Lane as Liquidators
-----------------------------------------------------
During a general meeting held on October 9, 2008, the members of
Talrobe Pty Ltd appointed Ivor Worrell and Morgan Lane as the
company's liquidators.

The Liquidators can be reached at:

         Ivor Worrell
         Morgan Lane
         Worrells Solvency & Forensic Accountants
         102 Adelaide Street, 8th Floor
         Brisbane QLD 4000
         Telephone:(07) 3225 4383
         Facsimile:(07) 3225 4311
         Website: http://www.worrells.net.au


TARRANTS PTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Tarrants Pty Limited met on November 17, 2008, and
received the liquidator's report on the company's wind—up
proceedings and property disposal.

The company's liquidator is:

         Catherine G. Lethbridge
         98 Bazaar Street
         Maryborough QLD 4650


THE MERMAID: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of The Mermaid Group Pty Ltd met on
November 14, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

Susan Carter is the company's liquidator.


TRIMBLE ENTERPRISES: Declares Dividend
--------------------------------------
Trimble Enterprises Pty Ltd declared the second and final dividend
on November 12, 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 Nogueira
         Worrells Solvency & Forensic Accountants
         Ocean Central, Suite 4
         2 - 4 Ocean Street
         Maroochydore QLD 4558
         Telephone:(07) 5443 8988
         Facsimile:(07) 5443 8066
         Website: http://www.worrells.net.au


WILLIAMS ENTERPRISES: Members and Creditors Hear Wind-up Report
---------------------------------------------------------------
The members and creditors of Williams Enterprises Pty Limited met
on November 20, 2008, and received the liquidator's report on the
company's wind—up proceedings and property disposal.

The company's liquidator is:

         Richard William Buckby
         KordaMentha (NQ)
         150 Walker Street, Level 1
         Townsville QLD 4810
         Telephone:(07) 4724 5455
         Facsimile:(07) 4724 5405


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


CHINA LOGISTICS: Files Second Amendment to 2007 Annual Report
-------------------------------------------------------------
China Logistics Group, Inc., has filed a second amendment to its
Annual Report for the year ended December 31, 2007, to correct the
accounting treatment previously accorded certain transactions and
to restate its consolidated balance sheet at December 31, 2007,
and its consolidated statement of operations, consolidated
statements of stockholders' deficit and consolidated statements of
cash flows for the year ended December 31, 2007.

China Logistics' December 31, 2007 restated balance sheet showed
total assets of US$5,329,009 total current liabilities of
US$8,569,728, and minority interest of US$670,510, resulting in
total stockholders' deficit of US$3,911,229.

For the year ended December 31, 2007, the company earned
US$347,948 compared with a net loss of US$1,476,7000 a year
earlier.

A full-text copy of the company's amended annual report is
available for free at http://researcharchives.com/t/s?36e6

The company also filed its quarterly report for the period ended
September 30, 2008.  As of September 30, the company's balance
sheet showed total assets of US$8,928,721, total current
liabilities of US$4,620,996, minority interest of US$1,326,510 and
total stockholders' equity of US$2,981,215.

For the three months ended September 30, 2008, the company posted
a net loss of US$188,586.

Wei Chen, chief executive officer, principal financial and
accounting officer, relates that the company had generated minimal
revenue since its inception until we acquired of a 51% interest in
Shandong Jiajia in December 2007.  "It should be noted that while
our operations reflect profit for the nine month period ended
September 30, 2008, the entire amount of profit resulted from one-
time transactions including US$764,220 for the forgiveness of debt
and approximately US$400,000 in recovery of bad debts previously
recognized as uncollectable.  Additionally, we have a minimal
level of working capital totaling US$4,257,135 at September 30,
2008, and cash used in operations totaling approximately
US$895,000 during the nine months ended September 30, 2008. Our
ability to continue as a going concern is dependent upon our
ability to obtain the necessary financing to meet our obligations
and repay our liabilities arising from normal business operations
when they become due, to fund possible acquisitions, and to
generate profitable operations in the future.  These matters,
among others, raise substantial doubt about our ability to
continue as a going concern."

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?36e7

                     About China Logistics

China Logistics Group, Inc., is a Florida corporation and was
incorporated on March 19, 1999, under the name of ValuSALES.com,
Inc. It changed its name twice before becoming China Logistics
Group, Inc., on February 14, 2008.

Historically, since 2003, the company provided products and
services in the home entertainment media-on-demand marketplace to
produce and distribute interactive consumer electronics equipment
to provide streaming digital media and video on demand services.

On December 31, 2007, the company acquired a 51% interest in
Shandong Jiajia, which is an agent for international freight and
shipping companies.  It sells cargo space and arranges land,
maritime, and air international transportation for clients seeking
primarily to export goods from China.


TEKNI-PLEX: Noteholders Relax Covenants Under 2012 & 2013 Notes
---------------------------------------------------------------
Tekni-Plex, Inc., completed on December 5, 2008, consent
solicitations related to its outstanding 10.875% Senior Secured
Notes due 2012 and its 8.75% Senior Secured Notes due 2013.  The
company was soliciting consents to waive and amend certain
covenants in (i) the Indenture, dated as of June 10, 2005, by and
among the company, each of the guarantors party and HSBC Bank USA,
National Association, as trustee, pursuant to which the 2012 Notes
were issued; and (ii) the Indenture, dated as of November 21,
2003, by and among the company, the Guarantors and the Trustee,
pursuant to which the 2013 Notes were issued.

The Consent Solicitations expired at 5:00 p.m. New York City time
on December 2, 2008, and at that time the company had received
consents to the Waivers, Supplemental Indentures and Amended and
Restated Intercreditor Agreement from the holders of a majority in
aggregate principal amount of the 2012 Notes and the 2013 Notes
(other than Notes disregarded in accordance with the terms of the
Indentures governing the Notes).  The company paid a US$1,317,710
consent fee, pro-rata, to those holders of Notes who delivered
valid unrevoked consents in the Consent Solicitations.

On the same day, the company, the Guarantors and the Trustee
entered into waivers under the 2012 and 2013 Indentures.  The
Waivers provide for:

  (i) a waiver of the company's failure to comply with the
      Indentures which require the company to file an Annual
      Report on Form 10-K for the fiscal year ended June 27,
      2008, and a Quarterly Report on Form 10-Q for the fiscal
      period ended September 26, 2008, with the Securities and
      Exchange Commission; and

(ii) a waiver of the company's failure to comply with the
      Indentures which require the company to deliver an
      Officers' Certificate to the Trustee in connection with
      its fiscal year ended June 27, 2008 stating that, among
      other things, the company is not in default in the
      performance or observance of any of the terms, provisions
      and conditions of the Indentures or the Security Documents.

The company, the Guarantors and the Trustee also entered into
Supplemental Indentures under the 2012 Indenture and the 2013
Indentures.  The Supplemental Indentures provide for a suspension
through December 30, 2009, of the company's obligations under each
of the Indentures to file Quarterly and Annual Reports on Forms
10-Q and 10-K, respectively, and Current Reports on Form 8-K with
the SEC.

During the Filing Suspension Period, the company will use its
reasonable efforts to provide the Trustee and the holders of the
Notes with certain unaudited quarterly and annual financial
information.

The company, the Guarantors, the lender-parties and the Trustee
also entered into an amendment to the Access, Use and
Intercreditor Agreement, dated as of June 10, 2005, to reflect the
incurrence by the company of a new US$15,000,000 term loan secured
by the Collateral in favor of Citicorp USA, Inc. and the lender-
parties.

                         2009 Liquidity

As reported by the Troubled Company Reporter, Tekni-Plex has
entered into a series of agreements in November that management
believes will provide the company with sufficient liquidity to
execute its business plan for the fiscal year 2009:

  -- The company entered into a second amendment and restatement
     of its Credit Agreement, dated as of June 10, 2005, among
     the company, the lenders and issuers party thereto,
     Citicorp USA, Inc., as Administrative Agent, and General
     Electric Capital Corporation, as Syndication Agent.  The
     Second Amended and Restated Credit Agreement is an asset
     based, revolving credit facility in the maximum amount of
     US$110 million.  Among others, the amendment extends the
     scheduled maturity date by two years to February 2012;

  -- The company entered into a Junior Lien Credit Agreement
     with OCM Tekni-Plex Holdings II, L.P., an affiliate of
     OCM Tekni-Plex Holdings, L.P., the largest holder of the
     company's common stock.  The Junior Lien Credit Agreement
     provides for a five-year term loan in the amount of
     US$15,000,000, which is guaranteed by the company's domestic
     subsidiaries and secured, on a junior basis, by the
     collateral pledged in connection with the Second Amended
     and Restated Credit Agreement; and

  -- Tekni-Plex Europe NV, an indirect subsidiary of the
     company incorporated under the laws of Belgium, entered
     into a Term Loan Agreement with OCM Luxembourg Tekni-Plex
     Holdings S.a.r.l.  The TPE Loan Agreement provides for a
     five-year unsecured term loan in the amount of
     EUR26,361,347.18 repayable at maturity.

Tekni-Plex has informed the Securities and Exchange Commission
that it won't be able to file its financial report for period
ended Sept. 26, 2008, by the prescribed due date because its board
is still in the process of conducting their internal investigation
on the company's financial records.

             Accounting Errors and Irregularities

In June 2008, the company disclosed that its board of directors
initiated an internal investigation into allegations by a current
employee that, for the fiscal years ending 2000 to 2006, the
company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics company, a division
of the company.  The board subsequently expanded the scope of the
investigation beyond the Colorite division to determine whether
any improper accounting practices occurred in other divisions of
the company.  Information gathered to date in the course of the
investigation indicates that the company's issued financial
statements for the fiscal years ending 2000-2007 contain certain
accounting errors and irregularities.  Although not all relevant
facts are known at this time and the investigation is continuing,
and although the company cannot estimate at this time when the
investigation will conclude, after reviewing the information
gathered in the investigation to date, the board determined on
Nov. 10, 2008, that the financial statements issued or filed by
the company relating to the mentioned prior fiscal periods, and
relating to the fiscal periods ending on Sept. 28, 2007, Dec. 28,
2007, and March 28, 2008, to the extent they rely on financial
statements for prior periods, must not be relied upon.  The board
has discussed these matters with BDO Seidman, LLP, the company's
independent registered public accounting firm.

                   About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.


TEKNI-PLEX: Mesterharm Steps Down as Restructuring Officer
----------------------------------------------------------
On December 5, 2008, James A. Mesterharm notified Tekni-Plex,
Inc., that effective as of December 1, 2008, he resigned his
position as Chief Restructuring Officer of the company.  Mr.
Mesterharm has agreed to continue to provide services to the
company as a restructuring advisor in accordance with the terms of
that certain engagement letter dated as of December 17, 2007,
between AP Services, LLC, a Delaware limited liability company and
the company.

On the same day, the company's Board of Directors appointed Edward
Goldberg to serve as the company's Chief Operating Officer.  Mr.
Goldberg, 59, began serving as Chief Operating Officer of the
company commencing December 5, 2008.  Mr. Goldberg's employment as
an officer of the company does not have a fixed term and will
continue until terminated by either Mr. Goldberg or the company.

There is no family relationship between Mr. Goldberg and any
director, executive officer, or person nominated or chosen by the
company to become a director or executive officer.

Prior to his appointment as Chief Operating Officer, Mr. Goldberg
was a Senior Vice President of the company, in charge of the
Colorite business line.  Prior to August, 2008, Mr. Goldberg
managed the company's packaging business.  He joined the company
in 2001 and served as a director of the company from 2005 until
May 30, 2008. Prior to joining the company he worked for Procter &
Gamble and The Scott Paper company. He received his BS and MS
degrees in Chemical Engineering from Rensselaer Polytechnic
Institute in 1971.

There have been no transactions since the beginning of the
company's last fiscal year, nor are any transactions currently
proposed, in which the company was or is to be a participant and
the amount involved exceeds US$120,000, and in which Mr. Goldberg
had or will have a direct or indirect material interest.

             Accounting Errors and Irregularities

In June 2008, the company disclosed that its board of directors
initiated an internal investigation into allegations by a current
employee that, for the fiscal years ending 2000 to 2006, the
company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics company, a division
of the company.  The board subsequently expanded the scope of the
investigation beyond the Colorite division to determine whether
any improper accounting practices occurred in other divisions of
the company.  Information gathered to date in the course of the
investigation indicates that the company's issued financial
statements for the fiscal years ending 2000-2007 contain certain
accounting errors and irregularities.  Although not all relevant
facts are known at this time and the investigation is continuing,
and although the company cannot estimate at this time when the
investigation will conclude, after reviewing the information
gathered in the investigation to date, the board determined on
Nov. 10, 2008, that the financial statements issued or filed by
the company relating to the mentioned prior fiscal periods, and
relating to the fiscal periods ending on Sept. 28, 2007, Dec. 28,
2007, and March 28, 2008, to the extent they rely on financial
statements for prior periods, must not be relied upon.  The board
has discussed these matters with BDO Seidman, LLP, the company's
independent registered public accounting firm.

                   About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.


=======================
C O T E  D' I V O I R E
=======================


SEA CONTAINERS: Sells Interests in Societe Bananiere
----------------------------------------------------
Sea Containers Ltd. obtained authority from the U.S. Bankruptcy
Court for the District of Delaware to:

(a) sell its majority share interest in Societe Bananiere de
     Motobe, S.A., to SBM's minority shareholder, S.A. SIPEF
     N.V.; and

(b) assign to SIPEF certain intercompany receivables owed by
     SBM to SCL, pursuant to the terms of a sale agreement.

Prior to the Petition Date, SCL acquired interests in several
non-core business ventures, including a 70% equity interest in
SBM, a banana plantation in the Ivory Coast.  Subsequently, the
Debtors decided to return their operational focus to their core
marine container leasing business.

Under the terms of the Sale Agreement, SCL would convey to SIPEF
its 70% equity interest in SBM, and SIPEF would be substituted
for SCL with respect to all claims and obligations between SCL
and SBM, including SCL's right to collect certain SBM
receivables.

In exchange, SIPEF will assume any potential liabilities SCL may
have in respect of SBM, and SCL will receive approximately
US$500,000 in cash.  After accounting for SCL's share of closing
costs and professional fees, the proposed transaction will yield
a net recovery of around US$400,000 in cash upon closing of the
sale.

The Debtors said they have obtained an offer to purchase SCL's
interests in SBM that the Court should approve as reasonable in
maximizing the value of the bankruptcy estates.  The Debtors
further submitted that the sale will allow SCL to immediately
realize substantial value in exchange for its debt and equity
interests in SBM.

                   About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. are represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 58;
Bankruptcy  Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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


RIO TINTO: Mulls Revision of Mining Contracts With Guinea
---------------------------------------------------------
Antony Sguazzin of Bloomberg News reported that Rio Tinto Group
wants to revise its mining contracts with Guinea after a military
junta, which took control of the country on Dec. 23 following the
death of President Lansana Conte, planned to cancel mining
agreements with the company.

According to the report, Rio Tinto is considering the construction
of a US$6 billion iron-ore project in Guinea.

"We will initiate good-faith contact with the new authorities in
order to answer any questions," Jordan Feilders, a spokesman for
Rio in Conakry, the Guinean capital, said in an e-mailed statement
obtained by Bloomberg News.

The report relates Sebastian Spio-Garbrah, an analyst at New York-
based political research firm Eurasia Group, said in e-mailed note
to clients that mining companies "are likely to face severe
pressure over the coming days and weeks to accede to all manner of
extortionary requests by the new military regime."

                   Simandou Mine Relinquishment

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
15, 2008,
Bloomberg News said the government of Guinea ordered Rio Tinto
Group to hand over half of the country's Simandou deposit to a
company controlled by Israeli diamond
investor Beny Steinmetz.

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

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

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

                      Debt Reduction Plan

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

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

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

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

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

                          About Rio Tinto

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

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


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


BAJRANG WIRE: CRISIL Rates Rs.60.0MM Term Loan at 'BB+'
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Bajrang Wire Products (India) Pvt. Ltd (BWPL).

   Rs.220.0 Million Cash Credit *      BB+/Stable(Assigned)
   Rs.60.0 Million Term Loan           BB+/Stable(Assigned)
   Rs.1.0 Million Letter of Credit     P4(Assigned)
   Rs.35.0 Million Bank Guarantee      P4(Assigned)

   * Including proposed limit of Rs.50 million

The ratings reflect BWPL's exposure to risks relating to large
project implementation, intense competition, and small scale of
operations.  These weaknesses are, however, partially offset by
the promoters' established track record, BWPL's moderate financial
risk profile, and its diversified product portfolio.

Outlook: Stable

CRISIL believes that BWPL will maintain a healthy market position
and comfortable financial profile.  The outlook may be revised to
'Positive' if improved demand from the end-user industry leads to
more than expected sales growth and higher profit margins.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection indicators deteriorate on account of
undertaking significant, debt-funded, capital expenditure.

                           About BWPL

Incorporated in 1993, BWPL manufactures wire products including
steel wires, alloy steel, carbon and aluminium wires, aluminium
conductor steel reinforced (ASCR) core wire, pre-stressed concrete
(PC) wire, automobile spoke wire etc.

For 2007-08 (refers to financial year, April 1 to March 31), BWPL
reported a profit after tax (PAT) of Rs.26.97 million on net sales
of Rs.1344.92 million, as against a PAT of Rs.23.23 million on net
sales of Rs.815.83 million for 2006-07.


GLASSTECH: CRISIL Rates Rs.200.00MM Long Term Loan at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Glasstech Industries (India) Pvt Ltd
(Glasstech).

   Rs.200.00 Million Long Term Loan      BB+/Stable (Assigned)
   Rs.70.00 Million Cash Credit Limit    BB+/Stable (Assigned)
   Rs.5.00 Million Bank Guarantee        P4(Assigned)

The ratings reflect Glasstech's exposure to risks relating to
weakening financial risk profile, and downturn in the real estate
and construction sectors.  These weaknesses are, however,
partially offset by Glasstech's established presence in the glass
industry.

Outlook: Stable

CRISIL believes that Glasstech's financial risk profile will
weaken over the short to medium term due to its large debt-funded
capital expenditure (capex) programme.  The outlook may be revised
to 'Negative' if the company undertakes any higher-than-expected
debt-funded capital expenditure.  Conversely, the outlook may be
revised to 'Positive' if the company sustains its growth rate and
operating margins.

                         About Glasstech

Set up in 1997, Glasstech processes glass, especially for the
construction and real estate sectors.  The company began
operations as a distributor of Asahi Glass in India, before
transforming its business model into glass processing.  The
company is currently expanding its capacity to broaden its product
portfolio to include products such as ceramic fit, laminated
glass, frosted glass, and double-glazed glass.  For 2007-08
(refers to financial year, April 1 to March 31), Glasstech
reported a profit after tax (PAT) of Rs.26.7 million on net sales
of Rs.326.3 million, as against a loss of Rs.5.3 million on net
sales of Rs.128.4 million for 2006-07.


JET AIRWAYS: Cuts Fares on Domestic Flights by 40%
--------------------------------------------------
Jet Airways (India) Ltd has cut basic fares on economy class on
all its domestic flights by 40 per cent, various reports said.

The fare cut, the reports said, would be applicable on the
airline's domestic network of 45 destination.  The usual taxes and
surcharge would be applicable.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007.  Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.

The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected.  For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.


NARMADA EXTRUSIONS: CRISIL Rates Rs.110.3MM Term Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the bank
facilities of Narmada Extrusions Ltd (Narmada Extrusions).

   Rs.36.0 Million Cash Credit          BB/Stable (Assigned)

   Rs.144.0 Million Working Capital     BB/Stable (Assigned)
            Demand Loan  

   Rs.110.3 Million Term Loan           BB/Stable (Assigned)

   Rs.10.0 Million Bills Discounting    P4(Assigned)

   Rs.45.0 Million Bank Guarantee       P4(Assigned)

The rating reflects Narmada Extrusions' limited financial
flexibility due to high gearing, working capital intensive
operations, and exposure to risks relating to small scale of
operations in the fragmented poly bags industry.  These weaknesses
are, however, partially mitigated by Narmada Extrusions' long
track record in the business, with established customer
relationships.

Outlook: Stable

CRISIL believes that Narmada Extrusions will maintain a stable
business risk profile, backed by long experience and satisfactory
customer profile.  The outlook may be revised to 'Positive' if
Narmada Extrusions' financial risk profile improves substantially
on the back of capital infusions and steady improvement in profit
margins.  Conversely, the outlook may be revised to 'Negative' if
the financial profile weakens on account of large, debt-funded
capital expenditure.

                  About Narmada Extrusions

Incorporated in 1985 as a private limited company, Narmada
Extrusions is promoted by Mr. Mahesh Mittal and his family.  It
converted to a public limited company in 1998.  It manufactures
high density poly ethylene (HDPE) bags and poly propylene (PP)
bags. Narmada Extrusions also has a trading division, which
distributes GAIL (India) Ltd's polymer products.

Narmada Extrusions reported a profit after tax (PAT) of Rs.18
million on net revenues of Rs.830 million in 2007-08 (refers to
financial year, April 1 to March 31), up from a PAT of Rs.7
million on net revenues of Rs.684 million in 2006-07.


SHRADDHA AGENCIES: CRISIL Rates Cash Credit Facility at 'B+'
------------------------------------------------------------
CRISIL has assigned its bank loan rating of 'B+/Stable' to the
cash credit facility of Shraddha Agencies Pvt Ltd (Shraddha
Agencies).

   Rs.150 Million Cash Credit Limits*     B+/Stable (Assigned)

   *Includes proposed limit of Rs 30 Million.

The rating reflects Shraddha Agencies' weak financial risk
profile, and large, debt-funded working capital requirements.
These weaknesses are, however, partially offset by the benefits
that Shraddha Agencies derives from its promoters' vast
experience, and its wide distribution reach.

Outlook: Stable

CRISIL believes that Shraddha Agencies will continue to benefit
from the experience of its promoters, and its wide market reach.
The outlook may be revised to 'Positive' if the company's revenues
and profitability improve considerably from current levels, or if
equity infusions enhance its net worth.  Conversely, the outlook
may be revised to 'Negative' if Shraddha Agencies' profit margins
are lower than expected, or if it undertakes significant, debt-
funded capital expenditure.

                   About Shraddha Agencies

Shraddha Agencies began operations as a proprietorship firm in
1974 by trading in cigarettes; it converted to a private limited
company in 1995.  The company is a distributor for a wide range of
products including matches, cigarettes, fast-moving consumer
goods, and mobile phones.  The company is currently managed by Mr.
Rajeev Arora and son, Mr. Ankit Arora.

For 2007-08, Shraddha Agencies reported a profit after tax (PAT)
of Rs.1.3 million on net sales of Rs.75.5 million, as against a
PAT of Rs.0.8 million on net sales of Rs.40 million for 2006-07.


SIKKA PAPER: CARE Puts 'CARE BB+' Rating on Long-term Facilities
----------------------------------------------------------------
Credit Analysis & Research Ltd. (CARE) assigned 'CARE BB+' (Double
B Plus) rating to the long-term facilities of Sikka Papers Limited
(SPL).  The rating is applicable for facilities having tenure of
over one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations
and carry high credit risk.

The rating reflects relatively medium size of operations,
relatively low profitability margins, high overall gearing and
high working-capital utilization, impacting liquidity and
financial risk profile.  The rating also takes into account
exposure to risk regarding timely stabilization of the recent
modernization-cum-expansion project set up by SPL.

The constraints are partially offset by factors like experienced
management, established market network in Northern India, its
recent foray into upgraded product and improvement in cost
efficiency.  Going forward, the company's ability to sustain
revenue growth, profitability and its ability to manage liquidity
& working-capital requirements effectively would remain key rating
sensitivities.

SPL was incorporated in September 1984 as a private limited
company.  The company was promoted by Mr. R. K. Bansal and by Mr.
V. K Bansal.  SPL is a closely-held company.  The day-to-day
affairs of the company are looked after by promoter directors
who have experience in the paper industry for the past two
decades. The company is into manufacturing of writing & printing
papers, newsprint and kraft papers.  At present, the company has
an installed capacity of 40,000 MTPA which is envisaged to go up
to 60,000 MTPA from November 2008 after the completion of the
ongoing expansion plans.  The company, on an average is operating
at 85% capacity utilization and newsprints production forms around
70% of its total production.  The main raw material used for
manufacturing is waste paper and agro waste like baggasse and
wheat straw.  Imported waste paper is also used for manufacturing
of value-added products.  Raw material is easily available to SPL
because of several sugar mills in the nearby area and long
established relationship of the company with waste paper
suppliers.

SPL's total power requirement is 5 MW which is primarily met
through captive co-generation plants and UPPCL.  The company's
water requirements are met through ground water which is
adequately available in the Shamli belt.

As regards pollution control, the company has installed LRP
system, Clarifiers (Primary & Secondary), Aeration Tanks and
Effluent Treatment Plant.  The permits and approvals required from
the UP Pollution Control Board required are in place.

SPL has established marketing network and presence in Northern
India especially in U.P. and Delhi.  The main customers of the
company for newsprint are H.T.Media, Sahara India Mass
Communication, Hari Bhumi Hindi Daily, Aaj Hindi Daily, Director
of Ptg. Maharashtra Govt., Charming Printing and Graphics Pvt.
Ltd., Delhi Banglore Paper Store, Packers Provider, Faridabad,
etc.

SPL has been registering consistent growth in income since the
last few years.  Increased volume sold, coupled with rise in
realizations helped the company achieve growth in
revenue in FY08.  The company achieved total operating income of
Rs 133 cr with PBILDT and PAT of Rs 12cr and Rs 2 cr respectively,
in FY08. The profitability margins of SPL have remained relatively
low.

SPL enjoys working capital facilities from a consortium of 3 banks
led by IOB.  The average utilization for the 12 months ended
August 2008 is 100%.  SPL generally buys its agro based raw
materials from suppliers in cash and receives payments from its
customers mainly government agencies on extended credit period.
This long working capital cycle coupled with on going expansions
have resulted in high over all gearing and stretched liquidity
position for the company.


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


ARSENAL ASSET: Moody's Downgrades Ratings on Three Specified Loans
------------------------------------------------------------------
Moody's Investors Service has downgraded Specified Loan B and
Specified Bonds 1 and 2 issued by Arsenal Asset TMK.  The final
maturity will take place in August 2013.

  -- Specified Loan B, downgraded to Ba2; Baa2 had been placed
     under review for possible downgrade on November 12, 2008

  -- Specified Bond 1, downgraded to B2; Ba2 had been placed under
     review for possible downgrade on November 12, 2008

  -- Specified Bond 2, downgraded to Caa2; B2 had been placed
     under review for possible downgrade on November 12, 2008

Arsenal Asset TMK, effected in August 2006, represents a
liquidating securitization of 65 commercial real estate
properties. The Lead Manager of the deal is Mizuho Securities Co.,
Ltd. Eight of the 65 properties have been disposed of since the
closing of the deal.

The rating actions of November 12 reflected the need to reconsider
the initial assumptions about collateral recovery, due to growing
uncertainty regarding the progress of disposition and the
declining value of the real estate remaining in the portfolio, as
well as the slower than initially expected disposition of the
properties.

Moody's has downgraded the ratings of these classes in light of
it's the agency's updated assumptions about collateral recovery --
potential difficulties in property disposal and value decline of
the collateral properties - based on an interview with the deal's
asset manager after the ratings review and on a detailed analysis
of property portfolio cash flows.


COSMO SECURITIES: JCR Lowers Senior Debts Rating to 'BB'
--------------------------------------------------------
JCR has also downgraded the rating on senior debts and CP program
of Cosmo Securities from BBB- and J-2 to BB and J-3, respectively,
continuing placing each of them under Credit Monitor with Negative
direction (#BB/Negative and #J-3/Negative, respectively). "#"
placed before rating symbol indicates that the rating is placed
under Credit Monitor.

Japan Credit Rating Agency, Ltd. (JCR) has downgraded the ratings
on both senior debts and each of the outstanding bonds of CSK
Holdings from BBB+ to BBB-, continuing placing them under Credit
Monitor with Negative direction (#BBB-/Negative), and has placed
the J-2 rating on CP program under Credit Monitor anew with
Negative direction (#J-2/Negative).

Issuer: Cosmo Securities Co., Ltd.
Senior debts: #BB/Negative
CP: #J-3/Negative
Maximum: JPY10 billion
Backup Line: 0%

Issuer: CSK Holdings Corporation
Senior debts: #BBB-/Negative

Issues Amount(bn) Issue Date  Due Date     Coupon     Rating

euroyen convertible
bonds Y23      Sept. 4, 2003 Sept. 2, 2011 0.00% #BBB-/Negative

callable convertible
bonds no.7 Y35 July 27, 2006 Sept. 30, 2013 0.25% #BBB-/Negative
CP: #J-2/Negative

Maximum: JPY20 billion
Backup Line: 0%

JCR placed the ratings on CSK Holdings (the Company) and its
subsidiary Cosmo Securities Co. under Credit Monitor, following
the announcement of downward revision of the earnings forecasts
for FY2008 ending March 31, 2009 made on September 25, 2008.
Facing drastic changes in business environment surrounding the
financial services related business centered on real estate
securitization business, the company has been focusing on sale of
held properties.  However, it has difficulty in selling such
properties at the initially assumed price.  As a result, risk of
decline in sale value and investment asset impairment risk have
been increasing.

JCR downgraded the rating on the company owing to the increased
concerns above.  There also remains concern about a possibility
that the expected deterioration in financial structure associated
with liquidation of this business will influence its profit and
fund raising significantly depending on the degree of the
deterioration.  Therefore, JCR continues placing the rating under
Credit Monitor (with Negative direction).  However, the core IT
services business will underpin the creditworthiness of the
company over the medium to long term, although it will be weakened
in short run.

Concerning rating on Cosmo Securities, JCR also downgraded and
continues placing it under Credit Monitor, taking into
consideration unity as a group.  Given the weakening stock market,
its profit is expected to suffer.


FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm
--------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that Kirk
Kerkorian has sold his remaining 6.1% stake in Ford Motor Co.

Mr. Kerkorian's Tracinda Corp. no longer owns any shares in Ford
Motor, WSJ relates, citing Tracinda spokesperson Winnie Lerner.
Tracinda had 133.5 million shares left in Ford Motor, WSJ states.

Earlier this year, Tracinda purchased a 6.5% stake in Ford Motor,
WSJ states.  Mr. Kerkorian said in April that he had acquired 100
million shares in Ford Motor, and increased it in June, according
to WSJ.

WSJ relates that Tracinda said that it was considering a "possible
infusion of additional capital" into Ford Motor to give the
company "more flexibility in implementing its turnaround process,"
but no investment occurred and Mr. Kerkorian started to cut his
stake amid slowing automotive sales and his own financial
pressures.

Tracinda sold about 7.3 million shares of Ford Motor common stock
in October and had said it might continue selling its holdings
through the end of 2008, WSJ reports.  Jeff Green at Bloomberg
News relates that Mr. Kerkorian said that he would focus his
investments on energy, gambling, and hotels.  Mr. Kerkorian,
according to WSJ, said that he had started selling the shares and
most recently reported holdings on Oct. 28, when he said his stake
had dropped below 5%.

                     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-'.


FUJI HEAVY: To Slash Additional 300 Contractual Jobs in January
---------------------------------------------------------------
Japan Today reported that Fuji Heavy Industries Ltd said will cut
an additional 300 contract workers at four plants in Gunma
Prefecture by January 2009, bringing the total non-regular job
cuts in December and January to some 1,100.

The plan, Japan Today says, is aimed at reducing the company's
Subaru-brand car production by an additional 10,000 units from the
planned level for fiscal 2008 ending next March.

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

                          *     *     *

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


GODO KAISHA: Moody's Lowers Ratings on Class D1 and D2 to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class C1
through D2 Notes issued by Godo Kaisha JLOC37.  The notes will
mature in January 2015.

  -- Class C1 and Class C2, A2 placed under review for possible
     downgrade; A2 assigned on July 11, 2007

  -- Class D1 and Class D2, downgraded to Ba2 and placed under
     review for possible downgrade; Baa2 had been placed under
     review for possible downgrade on October 8, 2008

The October 8 rating actions reflected the need to reconsider the
initial assumptions about collateral recovery, since a refinancing
loan had been accelerated, according to the Servicer's report.

They also reflected the need to review the required credit
enhancement of the liquidating loans, due to the possibility that
the pace of property disposition would fall below the levels
assumed in the initial analysis.  In its review, Moody's examined
the asset manager's liquidation plans and disposition activities
as well as the property portfolio.

These rating actions reflected Moody's reconsideration of the
initial assumptions about collateral recovery from residential
properties.  They also reflected the change the rating agency made
to its base case scenario for the disposition of the liquidating
loans, after interviewing the asset manager and examining its
liquidation plans and disposition of the portfolio properties.
Moody's has decided to downgrade and to keep under review for
possible further downgrade the ratings of the Class D1 and D2
Notes.  Additionally, Moody's has decided to review the ratings of
the Class C1 and C2 Notes for possible downgrade.

These actions reflect concerns about the collateral recovery of a
loan that backs the hotel properties and matures in March 2009.
Moody's will additionally monitor the collection process of a loan
and the collateral recovery that matures in March 2009, to decide
whether the rating agency will confirm or downgrade the subject
ratings.

JLOC37, effected in July 2007, represents the securitization of
ten non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.  Three of the non-recourse loans have been
paid in full, and the transaction is currently secured by seven
non-recourse loans backed by 44 properties.


HARVEST TRUST: Moody's Changes Low-B Ratings on Class F and G
-------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class F
through G Trust Certificates issued by Harvest Trust. The final
maturity of the trust certificates will take place in October
2012.

  -- Class F, Ba2 placed under review for possible downgrade; Ba2
     assigned on September 28, 2007

  -- Class G, downgraded to B3 and placed under review for
     possible downgrade; Ba3 had been placed under review for
     possible downgrade October 3, 2008

Harvest Trust, effected in September 2007, represents the
securitization of eight non-recourse loans and three specified
bonds.  Two of the non-recourse loans and one specified bond have
been paid in full, and one non-recourse loan has been partially
repaid on the maturity date.  The transaction is currently secured
by six non-recourse loans (one non-recourse loan has been placed
under special servicing) and two specified bonds backed by 15
properties.

The rating actions on October 3 reflected the need to reconsider
initial assumptions about collateral recovery, due to the loan
default by one non-recourse loan on the maturity date.  Since
then, one of the collateral properties was disposed; however,
there is a potential difficulty with regard to the disposition of
the remaining property.  This rating action reflects growing
concerns about collateral recovery.

Moody's has decided to downgrade and to keep under review for
possible downgrade the ratings of the Class G Trust Certificates.
Additionally, Moody's has decided to review the ratings of the
Class F Trust Certificates for possible downgrade. Moody's will
closely monitor the collateral recovery of the loan to decide
whether the rating agency will confirm or downgrade the subject
ratings.


UDMAC-J1 TRUST: Fitch Affirms Low-B Ratings on Two Trust Classes
----------------------------------------------------------------
Fitch Ratings has affirmed all ratings of UDMAC-J1 Trust's trust
beneficiary interests due 2013 June, assigned Negative Outlooks to
Class E, F and G, and Stable Outlooks to all other classes:

  -- JPY25.8 billion Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY4.4 billion Class B TBIs affirmed at 'AA'; Outlook
     Stable;

  -- JPY4.4 billion Class C TBIs affirmed at 'A'; Outlook
     Stable;

  -- JPY4.5 billion Class D TBIs affirmed at 'BBB'; Outlook
     Stable;

  -- JPY1.5 billion Class E TBIs affirmed at 'BBB-' (BBB minus);
     Outlook Negative;

  -- JPY1.4 billion Class F TBIs affirmed at 'BB+'; Outlook
     Negative; and

  -- JPY0.34 billion Class G TBIs affirmed at 'BB'; Outlook
     Negative.

  * as of December 25, 2008

The rating affirmations are based on a periodical review of the
transaction, including analysis of the underlying loans and the
collateral properties.  The performances of the underlying
properties have generally been within Fitch's expectations.  The
Negative Outlooks assigned to the Class F, E and G TBIs reflect
the agency's concern over the current condition of the real estate
market and the general financing environment, in light of the
approaching maturities of the underlying loans.  The underlying
loans include those to a Japanese Real Estate Investment Trust.
Fitch will continue to monitor the real estate market and the
financial state of this J-REIT.

This transaction, issued in September 2007, is a securitisation of
17 underlying assets, secured by 40 properties and beneficial
interests in their respective trusts.  No underlying asset has
been fully paid and no collateral property has been disposed of to
date.


WAKACHIKU CONSTRUCTION: JCR Cuts Rating on Senior Debts to 'BB+'
----------------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has downgraded the rating
on senior debts of Wakachiku Construction Co., Ltd. from BBB- to
BB+, revising the rating outlook from Negative to Stable.

The company is expected to post a significant amount of net loss
resulting from extraordinary losses including loss on sale of
fixed assets and an increase in credit reserves and a decrease in
deferred tax assets in FY 2008 ending March 31, 2009.  Although
its interest bearing liabilities have decreased, its net assets
are at a half level from the peak.  And an increase in the net
assets is an issue of the company.

The downgrade reflects the view of JCR that it will take time to
recover its profitability, with its external environment
deteriorating further, although the company expects a cost
reduction by the review of the number of staff members and its
internal systems.

The stable outlook reflects the view that it is unlikely that its
earnings will decrease significantly because of lowered credit
risks as a result of the company's policy to withdraw from private
apartment houses projects and accept orders selectively.

Wakachiku Construction is a construction company whose main
business is marine civil engineering works.  The company is
carrying out its medium term business plan, of which underlying
policies include focusing its management resources on civil
engineering works business and significant contraction of its
construction business.


YOSHINOYA HOLDINGS: Incurs JPY839 Mil. Loss in 3 Qtrs. Ending Nov.
------------------------------------------------------------------
Yoshinoya Holdings Co. Ltd. posted a JPY839 million loss during
the first three quarters ended November 2008, Japan Today reports.
The restaurant chain operator posted a JPY1.55 billion profit in
2007.

Yoshinoya, Japan Today relates, attributed three quarter loss
largely on extraordinary losses resulting from the closure of 23
restaurants operated by its subsidiary Kyotaru Co.

As reported by the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Yoshinoya Holdings' U.S. subsidiary Yoshinoya
New York Inc. decided to file for Chapter 11 protection.

Yoshinoya New York opted for the step to facilitate its
negotiations on the cancellation of a rent contract following
restaurant closure in November 2006, according to the parent
firm.  The negotiations have hit a snag, it said.

The unit's liabilities totaled $1.41 million as of the end of
December last year.

Yoshinoya New York will continue operating its gyudon restaurant
in Times Square, the sole outlet for the firm now.

Besides the New York restaurant, the Yoshinoya group has 83
outlets in the United States, most of which are on the West
Coast.

                    About Yoshinoya Holdings

Yoshinoya Holdings Co. Ltd., formerly Yoshinoya D&C Co. Ltd., is a
Japan-based restaurant chain operator.  It has five business
segments.  The Beef Bowl-related segment operates a nationwide
restaurant chain, which offers beef bowls, pork bowls, set meals
and other dishes.  This segment also offers food materials such as
meat, rice and sauce, as well as food packing materials, such as
lunch boxes, and other related fixtures.  The Sushi-related
segment operates sushi outlets and conveyor-belt type sushi
restaurants.  The Snack-related segment operates Japanese-style
fast-food outlets that serve mainly takoyaki (octopus ball) and
okonomiyaki (Japanese-style pancake).  This segment is also
manufactures and sells Japanese confectioneries.  The Others Food
Business segment offers curry rice, noodles and take-out prepared
dishes at food counters, as well as delivery services for western
and Chinese food.  The Others provides facilities construction
work and real estate leasing services.

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


LIQUA HEALTH: Bursa Suspends Securities Trading
-----------------------------------------------
Bursa Malaysia Securities Berhad suspended the trading of Liqua
Health Corporation Berhad's securities on Wednesday, Dec. 31,
2008, after it failed to submit its regularization plan to the
Securities Commission and other relevant authorities.

In addition to the trading suspension, the bourse had also decided
to commenced delisting procedures against Liqua Health.

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company's subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company's consolidated shareholders' fund has dropped to
approximately MYR5.9 million which is below the 25% of the paid-up
share capital which stands at MYR144.3 million and the minimum
issued and paid up capital of MYR60 million required under
paragraph 8.16A(1) of the Listing Requirements.


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


ALLIED BANK: PNB Merger Deal Expected to be Complete by Mid-2009
----------------------------------------------------------------
The Daily Tribune reported that the merger of Allied Banking Corp.
(ABC) with Philippine National Bank (PNB) is now expected to be
completed by the middle of this year.

Citing a PNB press statement, the report said that there is a need
to comply with US banking regulations requiring ABC to divest its
28 percent equity share in California-based Oceanic Bank prior to
the merger.

According to the Tribune, organizational changes in the Board and
management of ABC and PNB will be implemented beginning Jan. 1,
2009, in support of the merger.

The Tribune said organizational changes include:

  -- Director Domingo Chua has resigned as Director of PNB
     and has been elected as Chairman of the Board of ABC;

  -- lawyer Estelito Mendoza has been elected as Director
     of PNB, filling the vacancy left by Director Chua;

  -- Ms. Gloria Tan-Climaco has been elected Director of
     PNB taking the place of Director Macario Te who will
     retire effective Dec. 31, 2008; and

  -- PNB executive vice president for Global Operations
     Anthony Chua will be seconded to ABC as chief
     operations officer.

PNB president Omar Byron Mier, the report related, remains
confident that the merger will be completed expeditiously once the
approval of the US banking regulators is obtained.

                     About Philippine National

Philippine National Bank (PNB) is a Philippines-based commercial
bank.  PNB provides a range of banking and financial services to
corporate, middle market, small-medium enterprises (SMEs) and
retail customers, including Overseas Filipino Workers (OFWs), as
well as to the national government (NG), national government
agencies (NGAs), local government units (LGUs) and government-
owned and controlled corporations (GOCCs) in the Philippines.  The
company's principal commercial banking activities include deposit
taking, lending, trade financing, bills discounting, fund
transfers/remittance servicing, treasury operations, and trust and
retail banking services.  PNB's banking activities are undertaken
through the business sectors within the Bank, which include Retail
Banking Sector, International Banking and Overseas Remittance
Sector, Business Development Sector, Consumer Finance Sector,
Treasury Sector, Trust Banking Group, Remedial Management Sector
and Asset Management Sector.

                      About Allied Banking

Headquartered in Makati, Philippines, Allied Banking Corporation
(PSE:ABC) -- http://www.alliedbank.com.ph/-- is a universal bank.
The company and its subsidiaries are engaged in all aspects of
banking, financing and leasing to personal, commercial, corporate
and institutional clients through a network of 312 local and
international branches and offices.  The company's products and
services include deposit taking, lending and related services,
domestic and foreign fund transfers, treasury, foreign exchange
and trust services.  Its major subsidiaries and affiliates include
Allied Savings Bank, which is engaged in lending to the
countryside development projects in the Cavite, Laguna, Batangas,
Rizal area and neighboring provinces; Allied Bank Philippines (UK)
Plc, which services the banking requirements of the United
Kingdom-Filipino population and promotes foreign investment to the
Philippines, and Allied Commercial Bank, which engages in foreign
currency transaction involving foreign business organizations in
China, and offices of foreign organizations.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2008, Moody's Investors Service placed Allied Banking
Corporation's (ABC) local-currency subordinated debt on review for
possible upgrade.  The rating action follows shareholder approval
of ABC's merger with Philippine National Bank (B1/Not-Prime/E+).

This rating of ABC was placed on review for possible upgrade:

   * ABC's local-currency subordinated debt rating of Ba3.

These ratings of ABC were unaffected:

   * Foreign currency deposit ratings of B1/Not-prime
   * BFSR of E+

The outlook on its long-term foreign currency deposit rating is
positive, while the outlook on its short-term foreign currency
deposit rating and BFSR is stable.


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


SINOPAC GROUP: Inter-Group Merger Won't Affect Moody's 'D+' BFSR
----------------------------------------------------------------
Moody's Investors Service says that SinoPac Group's announcement
of an intra-group merger between Bank SinoPac (the surviving
entity) and SinoPac Card Services (the deceasing entity) by
March 30, 2009, both subsidiaries of SinoPac Financial Holding
Company, has no rating impact on the group.

The ratings for the group include the review for a possible
downgrade of SPH's Baa2 issuer rating, BSP's Baa1/P-2 global local
and foreign currency deposit ratings with a negative outlook and
its D+ bank financial strength rating with a stable outlook, and
SinoPac Card Services' issuer ratings of A3.Tw/TW-2 with a stable
outlook.  SinoPac Card's issuer rating will remain until the
completion of the merger.

The group ratings are unaffected by the planned merger because
SinoPac Card's assets represent an insignificant portion, or 1%+
of BSP's or SPH's total assets.  The merger will only decrease
BSP's tier 1 ratio by around 0.20 percentage point to 8.8% and
enhance SPH's double leverage ratio to 97.8% from 102.5%, based on
3Q2008 figures.

The planned intra-group merger reflects the increasing challenges
faced by the monoline credit card subsidiary in light of the
shrinking nature of the credit card market generally and
tightening in credit across the banking sector -- against the
backdrop of an economic recession -- and hence rising funding
costs.

In particular, SinoPac Card faces a threat from Fubon Group's
acquisition of ING Taiwan Life, which will inevitably and
gradually challenge SinoPac Card's competitive niche.  SinoPac
Card's co-brand card program with ING Taiwan Life contributed a
moderately higher portion of earnings to the former.

The merger should help alleviate SinoPac Card's rising liquidity
strains, funding cost disadvantages and less-than-satisfactory
efficiency due to a lack of economies of scale.

In the meantime, the deposit ratings of BSP remain with a negative
outlook, reflecting its management transition risk and changing
risk positioning which exposes it to potentially greater credit
losses in an increasingly difficult operating environment.  Its
poor profitability, decreasing stability in core earnings and less
generous capitalization could shift its BFSR towards the lower-end
of the D+ resulting in a downgrade in the bank's deposit ratings.
SPH's issuer rating remains on review for downgrade in line with
the negative outlook on BSP's deposit rating and concerns over its
ability to continue servicing its debt.  Net losses at its two
main operating subsidiaries, BSP and SinoPac Securities, has
reduced the operating cash flow available for debt repayments,
while adverse market conditions will make it increasingly
difficult for the SPH to borrow from the markets to finance its
debt obligations.

The last rating action for BSP and SPH was on December 22, 2008,
when the rating outlook for BSP's local and foreign currency
deposit ratings of Baa1/P-2 was changed to negative from stable.
BSP's D+ BFSR remains unchanged with stable outlook.  At the same
time, Moody placed SPH's Baa2 issuer rating on review for possible
downgrade. The last rating action for SinoPac Card Services
(formerly Anshin Card Services) was on October 04, 2006, when
Moody's Taiwan Corporation affirmed its A3.tw long-term and TW-2
short-term National Scale Ratings.

Full details of the rating list remain unchanged and are:

SinoPac Card Services:

  -- Stable outlook on its issuer ratings of A3.tw/TW-2

Bank SinoPac:

  -- stable outlook on its BFSR of D+ and negative outlook on its
     local and foreign currency deposit ratings of Baa1/Prime-2

SinoPac Holdings:

  -- review for possible downgrade on its Baa2 issuer rating

Established in 1992, Bank SinoPac is among the 16 new private
banks permitted after deregulation of the Taiwan banking sector.
With its emphasis on retail banking, the bank aims to become a
full service bank operating throughout the Pacific Rim. In May
2002, it formally merged into SinoPac Holdings.

SinoPac Card Services, established in 1999, is a mono-line credit
card company which offers credit card issuance and related
services.  It had total managed assets of NT$23 billion
(approximately US$752 million) as of June 30, 2008.  It is a 100%-
owned subsidiary of SinoPac Holdings.

SinoPac Holdings is headquartered in Taiwan and listed on the
Taiwan Stock Exchange.  It had total assets of NT$1.1 trillion
(US$35 billion) as of June 30, 2008.

All three are headquartered in Taipei.


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


ORION-HANEL: Files For Bankruptcy Protection
--------------------------------------------
TV CRT display (cathode ray tube) producer, Orion Hanel Picture
Tube Co. Ltd., has filed for bankruptcy, becoming the second
foreign-invested electronics firm to cease production in Viet Nam
after Sony, Viet Nam News reports.

The city authorities had received the bankruptcy application, the
report says citing Nguyen Huy Tuong, Deputy Chairman of the Ha Noi
People's Committee, the governing body of Ha Noi Electronics
Company (Hanel), the Vietnamese partner in the Orion-Hanel joint
venture.

According to Viet Nam News, Orion-Hanel had a total debt of $47
million, of which $34 million are bank debts, $1.9 million
laborers salary, and $620,000 taxes.

In April, the report says, the company ceased producing liquid
crystal display and plasma TVs due to fierce competition.

Separately, Vietnam News adds, Sony Viet Nam, which produced
mostly CRT TVs, stopped production in September to focus on trade
activities blaming consumers preference on LCD and plasma TV's
over CRT TVs.

Orion Hanel Picture Tube Co. Ltd., set up in 1993, is a US$178
million joint venture between Orion and Viet Nam's Ha Noi
Electronics Co., with the South Korean partner holding a 70 per
cent stake, Viet Nam News says.

The company has two factories producing tubes for the production
of CRT televisions with 2,500 workers in Ha Noi.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
BISALLOY STEEL-N          BISN     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ETW CORP LTD                ETW     83708786.34     -58673955.65
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      40075709.67     -8003394.15
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

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


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      25241048.66     -5730603.97
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
NEW CITY CHINA             456      113178595.41     -9932226.54
OCEAN GRAND CHEM          2882       12274432.29    -46252280.18
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
TAKSON HLDGS               918       11351347.49     -2111248.10
WAH SANG GAS              8035       69765797.42   -113697025.42
WAI CHUN GROUP L          1013       12375426.81    -14214914.84


INDIA

APPLE FINANCE              APL       62427496.69    -11798341.63
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.80   -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SEN PET INDIA LT           SPEN      13797591.24    -25632664.31
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      50709685.69    -10143185.11
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      52273507.78    -12661480.98
NEXUS                      2799      25436623.18    -18579366.04
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.90


KOREA

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


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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


                         *********

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

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

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


                            *********


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

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

Copyright 2009.  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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