TCRAP_Public/090105.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

             Monday, January 5, 2009, Vol. 12, No. 2

                            Headlines

A N G O L A

TAAG: Blames US$5 Million Monthly Losses on EU Ban


A U S T R A L I A

AGRIBUSINESS INSURANCE ET AL: Members Opt to Liquidate Businesses
AUGUSTE DEVELOPMENTS: Members Receive Wind-Up Report
AUSTRALIAN ZIRCON: Gets Debt Repayment Extension
BAY VIEW: Placed Under Voluntary Liquidation
CRANE TRUCKS: Placed Under Voluntary Liquidation

COASTLINE PLASTERING: Declares Dividend
DIESEL DOCTOR: Declares First and Final Dividend
EXAIRTEC CORPORATION: Commences Liquidation Proceedings
FMRA PTY: Inability to Pay Debts Prompts Wind-Up
LAKE MACLEOD: Members Receive Wind-Up Report

MACARTHURCOOK LTD: Unit Sells Two Shopping Centers to Pay Debts
MCCURRY HOLDINGS: Commences Liquidation Proceedings
NORTHWEST PROPERTY: Declares First and Final Dividend
RADIOCOM AUST: Members Receive Wind-Up Report
RIVER HOLIDAYS: Members Hear Wind-Up Report

THE YO: Members and Creditors Hear Wind-Up Report
WEST AUSTRALIAN: Placed Under Voluntary Liquidation
WESTRALIA PROPERTY: Members Receive Wind-Up Report


C H I N A

LAS VEGAS SANDS: Bank Loan Sells at Substantial Discount
SANLU GROUP: Inks Asset Rental Agreement With Beijing Sanyuan
UBS AG: Sells 3.4 Billion Shares in Bank of China


I N D I A

CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt
CHERUKATTU: CRISIL Rates Rs.50.00MM Packing Credit Limits at 'P4'
CITIGROUP INC: Completes US$512 Mil. Sale of CGSL to TCS
EPITOME COMPONENTS: CRISIL Rates Rs.43.0MM Cash Credit at 'BB+'

GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
M. S. DYEING: CRISIL Rates Rs.70.84 Mil. Long Term Loan at 'B'
VIMAL DAIRY: CRISIL Rates Rs 120.0MM Cash Credit at 'B+'
WELSET PLAST: CRISIL Puts 'BB' Rating on Various Bank Facilities


J A P A N

NATIXIS SA: To Cut Workforce in Japan by 85%


N E W  Z E A L A N D

NATHANS FINANCE: Receivers to Pursue Identified Claims
* NEW ZEALAND: Electronic Card Spending Fell 2.8% in November 2008


O M A N

* OMAN: Sees US$2.1 Bil. Budget Deficit on Low Oil Prices


                         - - - - -

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A N G O L A
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TAAG: Blames US$5 Million Monthly Losses on EU Ban
--------------------------------------------------
TAAG spokesman Rui Carreira said the airline is losing US$5
million a month because the European Union banned it from flying
in its airspace, Bloomberg News reported citing the Angola Press
Agency.

According to Bloomberg News, the Luanda-based news agency said on
its Web site the EU banned TAAG in July 2007, citing safety
concerns.

The Angolan government has given the airline one year to regain
its certification to fly to Europe, Angola Press Agency said in
the report cited by Bloomberg News.

TAAG is Angola's state-owned airline.


=================
A U S T R A L I A
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AGRIBUSINESS INSURANCE ET AL: Members Opt to Liquidate Businesses
-----------------------------------------------------------------
On November 21, 2008, the members resolve to voluntarily liquidate
the businesses of:

   -- Agribusiness Insurance Brokers Pty Ltd;
   -- Costilla Pty Ltd;
   -- Elders Distribution Company Pty Ltd; and
   -- V.P. Services Pty Ltd.

The company's liquidators are:

          Sam Davies
          Thea Eszenyi
          McGrathNicol
          99 Gawler Place, Level 13
          Adelaide SA 5000
          Telephone +61 8 8468 3700
          Website: http://www.mcgrathnicol.com


AUGUSTE DEVELOPMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Auguste Developments Pty Ltd met on Nov. 17, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K. A. Strickland
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


AUSTRALIAN ZIRCON: Gets Debt Repayment Extension
------------------------------------------------
Australian Zircon NL has received extensions on its debt repayment
from the Commonwealth Bank (CBA), The Australian reports.

The Australian relates that CBA agreed to extend the repayment
date of the company's AU$5 million temporary overdraft facility to
June 30, 2009, from December 30, 2008.

Under the agreement with the bank, the report says, CBA will have
priority over shareholders and other creditors.

Australian Zircon, the Australian notes, will also begin repaying
AU$47 million advanced by CBA from September 30, and make earlier
repayments from June 30 if the company's cash flow is higher than
that set out in the term sheet agreed with the bank.

The report says the deal with CBA comes as the company attempts to
survive by agreeing to a AU$40 million debt for equity swap with
Austrian commodity trading giant DCM DECOmetal GmbH, signed in
November.

The company's agreement with DCM still is conditional on
government and shareholder approval, the report adds.

                    About Australian Zircon

Australian Zircon NL (ASX:AZC) -- http://www.auzircon.com.au/
-- is engaged in construction and commissioning of its Mindarie
Zircon mine in the South Australian sector of the Murray Basin.
In addition, the company has continued exploration for zircon and
titanium minerals on its tenements in South Australia.  The
company has exploration regions in both Western Australia and New
South Wales.

                          *     *     *

Australian Zircon NL reported three consecutive net losses of
AU$15.83 million, AU$2.61 million and AU$1.96 million for the
years ended June 30, 2008, 2007 and 2006, respectively.


BAY VIEW: Placed Under Voluntary Liquidation
--------------------------------------------
The members of Bay View Investments Pty Ltd met on September 28,
2008, and resolved to voluntarily liquidate the company's
business.

G.A. Lopez and E.R. Verge are the company's liquidators.


CRANE TRUCKS: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on October 8, 2008, the members of
Crane Trucks Tasmania Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Barry Hamilton
          B K Hamilton & Associates Chartered Accountant
          Macquarie Street, Level 2/171
          Hobart Tas 7000


COASTLINE PLASTERING: Declares Dividend
---------------------------------------
Coastline Plastering Services Pty Ltd, which is in liquidation,
declared dividend on November 25, 2008.

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


DIESEL DOCTOR: Declares First and Final Dividend
------------------------------------------------
Diesel Doctor (Tas) Pty Ltd, which is in liquidation, declared the
first and final ordinary dividend on November 24, 2008.

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

The company's liquidator is:

          Johnathan Murrell
          105 Macquarie Street
          Hobart TAS 7000
          Telephone:(03) 6223 2555
          Facsimile:(03) 6223 2556
          e-mail: info@pjc.com.au


EXAIRTEC CORPORATION: Commences Liquidation Proceedings
-------------------------------------------------------
During a general meeting held on October 1, 2008, the members of
Exairtec Corporation (Asia) Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Sam Davies
          McGrathNicol
          99 Gawler Place, Level 13
          Adelaide SA 5000
          Telephone: +61 8 846 3700
          Website: http://www.mcgrathnicol.com


FMRA PTY: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
The members of FMRA Pty Ltd met on October 10, 2008, and resolved
to voluntarily liquidate the company's business due to its
inability to pay debts when it fall due.

The company's liquidators are:

          Timothy James Clifton
          Mark Christopher Hall
          Chartered Accountants
          26 Flinders Street, Level 10
          Adelaide SA


LAKE MACLEOD: Members Receive Wind-Up Report
--------------------------------------------
The members of Lake Macleod Salt Company Pty Ltd met on Dec. 1,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.


MACARTHURCOOK LTD: Unit Sells Two Shopping Centers to Pay Debts
---------------------------------------------------------------
MacarthurCook Funds Management Limited, an unlisted property fund
managed by MacarthurCook Limited, may avoid losing its entire
investment in the fund after the sale of its two shopping centers,
The Australian reports.

In September, the Australian relates, MacarthurCook Funds warned
that investors in the MacarthurCook Retail Property Trust might
lose the capital invested in the fund.

According to the report, MacarthurCook's head of property, Russell
Bullen, blamed contraction in asset value to the current state of
the property market.

The Australian notes that MacarthurCook Funds' shopping centers
were valued at AU$77.9 million at the start of the last financial
year, but that had fallen to AU$60.4 million by the end.

As a result, the report relates, the trust's loan to value ratio
(LVR) blew out to 94.5 per cent, from 69 per cent at the beginning
of the 2008 financial year.

MacarthurCook Retail, according industry sources cited by the
report, also suffered from increased competition when new shopping
centres popped up within their catchment areas.

Mr. Bullen told the Australian that after discussions with its
lender, Westpac Bank, it was decided to call for tenders to sell
the shopping centres in Nunawading (Melbourne) and Kogarah
(Sydney).  Proceeds from the sale would be used to repay its debt
to the bank.

Mr. Bullen, the report says, would not disclose the offer price,
except to reiterate the possibility that investors might not get
their money back.

However, the Australian notes, investors may avoid losing their
entire investment after the sale of two shopping centers is
finalized in coming weeks.

Based in Melbourne, Australia, MacarthurCook Limited (ASX:MCK) --
http://www.macarthurcook.com.au-- is engaged in real estate
investment management.  The company is engaged in the investment
management of direct property, real estate securities and
mortgages.  The company operates in Australia, Singapore and New
Zealand and is an investment advisor to funds listed in the United
States.  Its subsidiaries include MacarthurCook Investment
Managers Limited, Arc Funds Management Limited, MacarthurCook Fund
Management Limited, MacarthurCook Investment Managers (Asia) Ltd,
MacarthurCook Property Management Pte Ltd, MacarthurCook Property
Investment Pte Ltd and MacarthurCook Real Estate Capital Limited.
On February 1, 2008, the company acquired 33% interest in a New
Zealand-based property funds management group Kinloch Funds
Management Limited.


MCCURRY HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
The members of Mccurry Holdings Pty Ltd met on September 19, 2008,
and resolved to voluntarily liquidate the company's business.

G.A. Lopez and E.R. Verge are the company's liquidators.


NORTHWEST PROPERTY: Declares First and Final Dividend
-----------------------------------------------------
Northwest Property Pty Ltd, which is in liquidation, declared the
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:

          C. M. Williamson
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


RADIOCOM AUST: Members Receive Wind-Up Report
---------------------------------------------
The members of Radiocom Aust Pty Ltd met on Nov. 26, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Tarquin Koch
          Anthony Matthews & Associates Chartered Accountants
          46 Fullarton Road
          Norwood SA 5067
          Telephone:(08) 8363 9505
          Facsimile:(08) 8363 9506
          e-mail: info@matthewsassociates.com.au


RIVER HOLIDAYS: Members Hear Wind-Up Report
-------------------------------------------
The members of River Holidays (Holdings) Pty. Limited met on
November 21, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.


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

The company's liquidator is:

          M. O. Basedow
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063
          Telephone:(08) 8179 2800
          Facsimile:(08) 8179 2885


WEST AUSTRALIAN: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 8, 2008, the members of
West Australian Olive Company Pty Ltd resolved to voluntarily
liquidate the company's business.

David Macdonald Johnston is the company's liquidator.


WESTRALIA PROPERTY: Members Receive Wind-Up Report
--------------------------------------------------
The members of Westralia Property Group Pty Ltd met on Nov. 18,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

Kim Wallman is the company's liquidator.


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C H I N A
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LAS VEGAS SANDS: Bank Loan Sells at Substantial Discount
--------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
is a borrower traded in the secondary market at 42.05 cents-on-
the-dollar during the week ended December 26, 2008, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 3.64 percentage
points from the previous week, the Journal relates.  Las Vegas
Sands pays interest at 175 basis points above LIBOR.  The
syndicated loan matures on May 1, 2014.  The bank loan carries
Moody's B2 rating and Standard & Poor's B+ rating.

                    About Las Vegas Sands

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As of Sept. 30, 2008, the company has US$14.7 billion in total
assets, and US$12.4 billion in total liabilities.  Unrestricted
cash balances as of September 30, stood at US$1.28 billion while
restricted cash balances were US$239.1 million.  Of the restricted
cash balances, US$199.6 million is restricted for Macao-related
construction and US$32.3 million is restricted for construction of
Marina Bay Sands in Singapore.  As of Sept. 30, total debt
outstanding, including the current portion, was US$10.35 billion.

                         *     *     *

As reported by the Troubled company Reporter on November 14, 2008,
Moody's Investors Service lowered the ratings of Las Vegas Sands,
Corp. and its subsidiaries, including Venetian Casino Resort, LLC
and Venetian Macao Limited.  The ratings Moody's re also placed on
review for possible further downgrade.  The two-notch downgrade
reflects Las Vegas Sands' considerable leverage, the continuation
of significant negative trends in Las Vegas, and expectation that
these trends will continue in the foreseeable future.  The
downgrade also considers recent visitation restrictions in Macao,
China that will likely slow Las Vegas Sands' rate of growth in
that market, at least until the Chinese government decides to
relax these travel restrictions.

Las Vegas Sands, Corp. ratings lowered and placed on review for
possible downgrade:

-- Corporate family rating to B2 from Ba3
-- Probability of default rating to B2 from Ba3
-- US$250 million 6.375% senior notes to B2 from Ba3

Venetian Casino Resort, LLC (and its co-issuer Las Vegas Sands,
LLC) ratings lowered and placed on review for possible downgrade:

-- US$1 billion revolver expiring 2012 to B2 from Ba3
-- US$3 billion term loan due 2014 to B2 from Ba3
-- US$600 million delay draw term loan due 2014 to B2 from Ba3
-- US$400 million delay draw term loan due 2013 to B2 from Ba3

Venetian Macao Limited ratings lowered and placed on review for
possible downgrade:

-- US$700 million revolver expiring 2011 to B2 from B1
-- US$1.8 billion term loan due 2013 to B2 from B1
-- US$100 million term loan due 2011 to B2 from B1
-- US$700 million delay draw term loan due 2012 to B2 from B1


SANLU GROUP: Inks Asset Rental Agreement With Beijing Sanyuan
-------------------------------------------------------------
Jin Jing at Shanghai Daily reports that Beijing Sanyuan Foods Co
has agreed to rent some assets from Sanlu Group Co.

A subsidiary of Sanyuan, the Daily says, will be allowed to use
manufacturing assets in six key plants of Sanlu to produce dairy
products.

According to the report, Shijiazhuang government spokesman said
the move aims to prevent Sanlu's assets from devaluation as the
company is undergoing bankruptcy proceedings.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, various reports said Sanlu Group Co was declared
bankrupt by a Chinese court.

According to People's Daily Online, Wang Jianguo, spokesman for
the city government of Hebei provincial capital Shijiazhuang, said
the Intermediate People's Court of Shijiazhuang City has accepted
the petition made by the Heipingxi Road branch of Shijiazhuang
City Commercial Bank - a creditor of Sanlu.

Citing a spokesman, the Daily Online noted that as of Oct. 31, the
group's total assets were worth CNY1.56 billion while its total
debts were CNY1.76 billion.

Sanlu, Daily Online said, stopped production on Sept. 12.  As of
Oct. 31, the group recalled more than 10,000 tonnes of baby
formula products worth nearly CNY1 billion.

Shanghai Daily reported that Fonterra, which has a 43 percent
stake in Sanlu, said Sanlu will be managed by a court-appointed
receiver to monitor the orderly sale of the company's assets and
payment of creditors within six months.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

The Wall Street Journal related Fonterra said the events prompted
it to book a NZ$139 million impairment charge against the carrying
value of its investment in Sanlu, leaving a residual value of
NZ$62 million in the Chinese company.

WSJ cited Fonterra Chief Executive Officer Andrew Ferrier as
saying the Sanlu brand was probably beyond repair.  "Sanlu has
been damaged very badly.  It's hard to say how Sanlu could be
reconstructed," he said.

                        About Sanlu Group

Sanlu Group is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.


UBS AG: Sells 3.4 Billion Shares in Bank of China
-------------------------------------------------
UBS AG has sold its investment of approximately 3.4 billion Bank
of China Limited H-shares through a placing to institutional
investors, the bank said in a December 31 statement.

UBS acquired the approximately 3.4 billion Bank of China H-shares
stake in 2005 in preparation for Bank of China's IPO to the
international market.

UBS said it remains committed to its business relationship with
Bank of China and to its businesses in China as a whole, where UBS
will continue to develop its already strong client franchise.

The Financial Times reports that UBS, the first overseas investor
to offload its holding in a major Chinese bank, raised US$835
million from the sale.

According to the FT, dealmakers believe the move will herald
similar divestments by foreign banks.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 1,
2008, Moody's Investors Service downgraded its ratings of one
credit default swap entered into by UBS AG, London branch.

Rating action:

UBS AG, London Branch - Credit Default Swap (BLB1):

GBP153,727,000 Credit Default Swap with scheduled termination date
on October 2014

  -- Current Rating: B2
  -- Prior Rating: A3
  -- Prior Rating Action Date: June 30, 2006

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on Sept. 25,
2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase, Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on Sept. 8, 2008 and
one Icelandic bank, specifically Kaupthing Bank hf.


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CHEROKEE INT'L: Completes US$62.3MM Merger w/ Lineage Power's Unit
------------------------------------------------------------------
Cherokee International Corporation disclosed in a filing with the
Securities and Exchange Commission that Lineage Power Corporation
has completed the acquisition of the company.  Cherokee is now a
subsidiary of Lineage Power Holdings, Inc.

On Sept. 24, 2008, Cherokee entered into an Agreement and Plan of
Merger with Lineage Power Holdings, Inc., a portfolio company of
The Gores Group, LLC, and Birdie Merger Sub, Inc., a subsidiary of
Lineage Power Holdings, Inc.

Cherokee entered into a US$67,500,000 Credit Agreement with Wells
Fargo Foothill, LLC, as lender and agent, Lineage Power Holdings,
Inc., and Lineage Power Corporation.  The proceeds from the Credit
Agreement were used by Cherokee, among other ways, in connection
with the consummation of the Merger, and for general corporate
purposes.

Cherokee's stockholders, at a special meeting held on Nov. 18,
voted for the adoption and approval of the merger agreement, dated
Sept. 24, 2008, with Lineage Power Holdings, Inc. and Birdie
Merger Sub, Inc., and the transactions contemplated therein,
including the merger of the company with Birdie Merger Sub, Inc.

Pursuant to the terms of the Merger Agreement, at the Effective
Time:

  1) each share of common stock of Cherokee, other than shares
     owned by Cherokee, Lineage Power Holdings, Inc., Birdie
     Merger Sub, Inc. or any subsidiary of Cherokee, Lineage
     Power Holdings, Inc. or Birdie Merger Sub, Inc., par value
     US$0.001 per share, was canceled and automatically converted
     into the right to receive US$3.20, without interest;

  2) each unexercised Cherokee stock option that was outstanding
     at the Effective Time of the Merger (whether or not then
     vested) was canceled and converted into the right to
     receive an amount in cash (subject to applicable
     withholding taxes) equal to (x) the excess, if any, of
     US$3.20 per share over the per share exercise or purchase
     price of such outstanding Cherokee stock option, multiplied
     by (y) the number of shares of Cherokee common stock
     underlying such Cherokee stock option; and

  3) shares of Cherokee common stock purchased under Cherokee's
     Employee Stock Purchase Program were canceled and converted
     into the right to receive US$3.20 per share.

As a result of the Merger, Cherokee no longer fulfills the
numerical listing requirements of the Nasdaq Global Market.
Accordingly, after completion of the Merger, Cherokee requested
that Nasdaq (i) suspend trading in Cherokee's common stock
starting Nov. 21, 2008, and (ii) file with the Securities and
Exchange Commission an application on Form 25 to report that the
Shares are no longer listed on Nasdaq.  As a result, the Shares
will no longer be listed on Nasdaq.  Cherokee also intends to file
with the SEC a certification on Form 15 under the Securities
Exchange Act of 1934, as amended, requesting that the Shares be
deregistered and that Cherokee's reporting obligations under
Sections 13 and 15(d) of the Exchange Act be suspended.

The aggregate consideration paid in respect of the Shares was
approximately US$62,322,854.  The aggregate consideration was
funded by Lineage Power Holdings, Inc. and proceeds from the
Credit Agreement.

Pursuant to the terms of the Merger Agreement, the directors of
Birdie Merger Sub, Inc. immediately prior to the Effective Time
became the directors of Cherokee, the surviving corporation in the
Merger.  Accordingly, upon consummation of the Merger, each of
Andrew P. Freedman, Timothy P. Meyer, Mark R. Stone, Frank
Stefanik, Ryan D. Wald, Craig A. Witsoe and Steven C. Yager became
members of the board of directors of Cherokee.  As of the
Effective Time, these individuals ceased to be members of the
board:  Raymond Meyer, Jeffrey M. Frank, John Michal Conaway,
Clark Michael Crawford, Larry Schwerin, Edward Philip Smoot, and
David H. Robbins.  Moreover, effective as of the Effective Time,
each of these resigned as an officer of Cherokee:  Mr. Frank,
Linster W. Fox, Mukesh Patel, Alex Patel, Howard Ribaudo and
Michael Wagner.

In connection with the consummation of the Merger, Cherokee's
certificate of incorporation was amended, effective as of the
Effective Time.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was US$431,000
compared to a net loss of US$4.9 million for the nine months ended
Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable.  The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


CHEROKEE INTERNATIONAL: Pays US$46.6MM of 5.25% Senior Notes Debt
-----------------------------------------------------------------
Cherokee International Corporation anticipates that the
outstanding amounts due and payable under the 5.25% Senior Notes,
together with default interest on overdue principal, will be paid
after the closing of the merger with Birdie Merger Sub, Inc., a
subsidiary of Lineage Power Holdings, Inc.

The company related that the senior notes will remain an
obligation of the company even after the merger transaction.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the 5.25% Senior Notes of Cherokee became due
and payable.  The company did not have sufficient cash available
to repay this indebtedness.  The company made the interest payment
due on November 1 but was unable to pay the principal amount
outstanding at maturity and a payment default occurred.

As a result of the payment default, in addition to the aggregate
principal amount outstanding under the Senior Notes, the company
is required to pay interest on overdue principal at the default
rate of 6.25% per annum.

               About Cherokee International Corp.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

Net income for the third quarter of 2008 was US$126,000 compared
to a net loss of US$1,309,000 for the third quarter a year ago.

Net loss for the nine months ended Sept. 28, 2008, was US$431,000
compared to a net loss of US$4.9 million for the nine months ended
Sept. 30, 2007.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$94.4 million, total liabilities of US$82.7 million and
stockholders' equity of about US$11.7 million.

As of Sept. 28, 2008, the company has cash and cash equivalents of
US$15.3 million and negative working capital of US$2.8 million due
to the US$46.6 million of senior notes in payment default as of
Nov. 1, 2008, being classified to current liabilities.  The
company's revolving line of credit with General Electric Capital
Corporation matured on Aug. 25, 2008.  The company does not have
an existing line of credit for its US domestic company.

                        Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of
Dec. 30, 2007, and Dec. 31, 2006.  The company's management
anticipates that there will be insufficient cash balances
available to repay the outstanding debt at its maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


CHERUKATTU: CRISIL Rates Rs.50.00MM Packing Credit Limits at 'P4'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Cherukattu Industries (Cherukattu).

   Rs.50.00 Million Packing Credit Limits     P4(Assigned)
   Rs.100.00 Million FDBP/FUBP (LC) Limits    P4(Assigned)

The rating reflects the susceptibility of Cherukattu's margins to
fluctuations in foreign exchange rates, and its exposure to risks
inherent to the seafood industry which is more pronounced on the
supply side as sea food is a depleting commodity and its
availability is also impacted due to climatic changes.  These
weaknesses are, however, partially mitigated by Cherukattu's
average financial risk profile and healthy operating efficiencies.

                        About Cherukattu

Cherukattu was set up by Mr C M Ahammedkutty; the firm was
registered in 1995. Mr. C A Nazer, the eldest son of Mr.
Ahammedkutty, is the current managing partner of the firm.  The
firm is an exporter of seafood, which includes shrimps,
cuttlefish, squid, tuna and octopus.  All products are exported,
mainly to Japan and Europe.

Cherukattu reported a profit after tax (PAT) of Rs. 25.60 million
on net sales of Rs. 662.07 million in 2007-08 (refers to financial
year, April 1 to March 31) as against a PAT of Rs. 51.08 million
on net sales of Rs. 804.29 million in 2006-07.


CITIGROUP INC: Completes US$512 Mil. Sale of CGSL to TCS
--------------------------------------------------------
Citigroup Inc. has successfully completed the sale of Citigroup
Global Services Limited (CGSL), the India-based captive business
processing outsourcing business, to Tata Consultancy Services for
all cash consideration of US$512 million.

In addition to the sale, Citigroup has signed an agreement for TCS
to provide through CGSL, process outsourcing services to Citigroup
and its affiliates over a period of 9.5 years.  The agreement
builds upon the existing relationship between Citigroup and TCS
whereby TCS provides application development, infrastructure
support, help desk and other process outsourcing services to
Citigroup.

The transaction is expected to help reduce operating expenses
related to business processing and will allow Citigroup to focus
on its core financial services competencies.  Further, it will
reduce Citigroup's total headcount by more than 12,000 employees,
all of whom are located in India.

                        About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had $2.0 trillion in total
assets on $1.9 trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately US$306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


EPITOME COMPONENTS: CRISIL Rates Rs.43.0MM Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable/P4' to the various
bank facilities of Epitome Components Ltd (Epitome).

   Rs.43.0 Million Cash Credit            BB+/Stable(Assigned)
   Rs.25.0 Million Proposed Cash Credit   BB+/Stable(Assigned)
   Rs.87.9 Million Existing Term Loan     BB+/Stable(Assigned)
   Rs.137.2 Million Proposed Term Loan    BB+/Stable(Assigned)

   Rs.100.0 Million Letter of Credit      P4(Assigned)
            and Bank Guarantee  

   Rs.30.0 Million Proposed Letter of     P4(Assigned)
           Credit and Bank Guarantee

The rating reflects Epitome's high leverage, its exposure to risks
relating to project execution, intense competition in the single-
sided printed circuit board (PCB) industry, small scale of
operations, and limited earnings diversity.  These weaknesses are,
however, partially offset by Epitome's established presence in the
single-sided PCB segment, good prospects for the end-user
industry, and strong profile of its customers.

Outlook: Stable

CRISIL believes that Epitome will maintain and enhance its market
position with the implementation of its capacity expansion
project.  The outlook may be revised to 'Positive' if the
company's business risk profile improves considerably, or its debt
levels reduce.  Conversely, the outlook may be revised to
'Negative' if the debt levels increase beyond current
expectations.

                         About Epitome

Promoted by Mr. Shrigopal Dhoot, Epitome manufactures single-sided
PCBs. The company has two plants located at Ahmednagar
(Maharashtra), with a combined installed capacity of 1.2 million
square metres per annum.  PCBs are used in computer monitors and
keyboards, telecom products, home appliances, set top boxes, and
lighting products.  As part of its growth strategy, Epitome is
currently implementing a project to manufacture double-sided and
multi-layered PCBs.

For 2007-08 (refers to financial year, April 1 to March 31),
Epitome reported a profit after tax (PAT) of Rs.13.7 million on
net sales of Rs.460 million, as against a PAT of Rs.8.3 million on
net sales of Rs.395 million for 2006-07.

For the six months ended September 30, 2008, Epitome had a PAT of
around Rs.3.7 million on net sales of Rs.258 million.


GENERAL MOTORS: Gets US$4 Billion in Low-Interest Loans From Gov't
------------------------------------------------------------------
Jeff Bennett at The Wall Street Journal reports that General
Motors Corp. said it received US$4 billion in low-interest loans
from the federal government on Wednesday, the first installment of
US$9.4 billion in loans that the company would receive through
January.

According to WSJ, GM secured loan guarantees earlier in December
2008 after President George W. Bush gave automakers permission to
use the US$700 billion bank bailout passed by Congress in
September.

The report says that the loans will last for three years and will
be called by the government if the companies haven't proven their
viability by March 31, 2009.

WSJ relates that GM will use the money to fund its continuing
operations.  The company will receive another US$4 billion loan in
February, says the report.

GM said in a statement, "We appreciate the administration
extending a financial bridge to GM at this critical time for the
U.S. auto industry.  We are committed to successfully executing
the viability plan we submitted on Dec. 2 and remain confident in
the future of GM."

                   New Reduced Rate Financing

GM disclosed a new reduced rate financing as low as 0% APR for up
to 60 months on select new cars and trucks.  The reduced rate
financing is available to qualified buyers through Jan. 5, 2009 on
many 2008 and select 2009MY vehicles.  Of note, many of the GM
vehicles have stackable bonus cash and/or dealer cash ranging from
US$500 to US$4,250.

"We're very excited to offer this reduced rate financing through
GMAC to encourage our customers to get back into the game," said
Mark LaNeve, vice president, GM North America Vehicle Sales,
Service and Marketing.  "This enables even more qualified
customers to finance through GMAC at their local GM dealership,
and provides additional financing capacity with conventional and
reduced rate APRs for our dealers to make sales.  With GM's
Financing That Fits, and the Red Tag Sale now underway that offers
supplier pricing, customers have an opportunity to get a variety
of extremely attractive offers through the end of the year."

2008MY vehicles and offers for qualified buyers:

    -- 0% APR for up to 60 months on '08 Chevrolet TrailBlazer;
       GMC Envoy; and Saab 9-3, 9-5, 9-7X;

    -- 0.9% APR for up to 60 months on '08 Buick Lucerne;

    -- 1.9% APR for up to 60 months on '08 GMC Yukon and Yukon
       XL; Chevrolet Tahoe, Suburban and Avalanche; Cadillac
       CTS, SRX, Escalade, DTS, STS and XLR;

    -- 2.9% APR for up to 60 months on '08 Buick Lacrosse;
       HUMMER H2 and H3;

    -- 3.9% APR for up to 60 months on '08 Chevrolet Equinox,
       Colorado Ext and Crew cab and Light Duty Silverado;
       Pontiac Torrent; GMC Canyon Ext and Crew cab, and Light
       Duty Sierra; and

    -- 4.9% APR for up to 60 months on '08 Saturn Astra and Sky;
       Pontiac Solstice; Chevrolet Corvette and Heavy Duty
       Silverado; and Heavy Duty GMC Sierra

2009MY vehicles and offers for qualified buyers:

    -- 3.9% APR for up to 60 months on '09 Chevrolet Cobalt;
       Pontiac G5; and Cadillac CTS;

    -- 4.9% APR for up to 60 months on '09 Pontiac G6; Chevrolet
       Malibu, Light Duty Silverado and HHR; Saturn Aura; and
       Light Duty GMC Sierra; and

    -- 5.9% APR for up to 60 months on '09 Chevrolet Avalanche
       and Heavy Duty Silverado; and Heavy Duty GMC Sierra.

             Seeks Ways to Eliminate Dealerships

GM wants to eliminate dealerships, WXYZ.com reports.  The report
says that a glut of dealers are limiting profits and crimping
spending on marketing, facilities, and vehicles.

According to WXYZ.com, GM wants to close about 1,750 showrooms,
about 27% of its total dealership ranks.  The report states that
GM is negotiating dealership closures on a market by market basis,
offering cash payments as incentives.

                      About General Motors

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

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

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

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

                        *     *     *

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

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

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

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


M. S. DYEING: CRISIL Rates Rs.70.84 Mil. Long Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of M. S. Dyeing Company (MS Dyeing).

   Rs.70.84 Million Long Term Loan         B/Stable (Assigned)
   Rs.2.50 Million Overdraft Limit         B/Stable (Assigned)
   Rs.3.86 Million Bank Guarantee Limits   P4(Assigned)

The ratings reflect MS Dyeing's exposure to risks relating to
concentration of revenues, and small scale of operations.  These
weaknesses are, however, partially mitigated by MS Dyeing's
established presence in the dyeing industry and moderate financial
risk profile underpinned by low gearing and comfortable debt
protection measures.

Outlook: Stable

CRISIL expects MS Dyeing to maintain its current business and
financial risk profiles over the medium term backed by its
established presence in Tirupur textile market.  The outlook may
be revised to 'Positive' if the company significantly scales up
and diversifies its operations and customer profile, leading to
better than expected cash accruals and significant improvement in
financial and business risk profiles.  Conversely, the outlook may
be revised to 'Negative' if the company undertakes greater-than-
expected debt-funded capex, which will affect its capital
structure, or if there is substantial decline in volumes or
margins, resulting in a weaker financial risk profile.

                        About MS Dyeing

MS Dyeing was established in 1983 by Mr. Shanmugasundharam in
Tirupur, Tamil Nadu.  It is into dyeing of cotton and polyester
fabrics.  It has a dyeing capacity of around 6-8 tons of fabric
per day.  For 2007-08 (refers to financial year, April 1 to March
31), MS Dyeing reported a profit after tax (PAT) of Rs.7.9 million
on net sales of Rs.88.4 million as against a PAT of Rs.5.1 million
on net sales of Rs.75.1 million for 2006-07.


VIMAL DAIRY: CRISIL Rates Rs 120.0MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Vimal Dairy Ltd (Vimal Dairy).

   Rs 120.0 Million Cash Credit       B+/Stable (Assigned)
   Rs.22.5 Million Long Term Loans    B+/Stable (Assigned)
   Rs.1.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect limited geographical diversity in Vimal
Dairy's revenues, its weak financial risk profile, and the
moderate level of regulatory control in the dairy industry in
India.  These rating weaknesses are mitigated by the strategic
location of Vimal Dairy's plant, and the company's moderate level
of product diversity and healthy industry prospects.

Outlook: Stable

CRISIL expects Vimal Dairy to maintain its average business risk
profile over the medium term.  The company's financial risk
profile too will remain weak during this period.  The outlook
could be revised to 'Positive' in case of a significant
improvement in the company's credit profile, through reduction in
debt or through guarantees from group company Vimal Oil and Foods
Ltd (rated 'BB+/Stable/P4' by CRISIL).  Conversely, the outlook
could be revised to 'Negative' if the company incurs more debt-
funded capital expenditure, adversely affecting its credit risk
profile.

                       About Vimal Dairy

Vimal Dairy is part of the Gujarat-based Vimal group.  The group
has varied interests including edible oils, dairy and dairy
products, cables and winding wires, capacitors and transformers,
submersible pumps, resins and paints, and micronised mineral
powder.  Vimal Dairy is an established player in dairy and dairy
products in Gujarat.  The company has 115 distributors, largely in
Gujarat.  Vimal Dairy also sells through wholesale traders and
supplies to organised retail players. The company has a fully-
integrated plant at Mehsana for processing milk and milk products.

For 2007-08 (refers to financial year, April 1 to March 31), Vimal
Dairy reported a profit after tax (PAT) of Rs.3.1 million (Rs.3.6
million in the previous year) on net revenues of Rs.585.0 million
(Rs.460.6 million).  For the six months ended September 30, 2008,
the company reported a profit before tax (PBT) of Rs 3.5 million
on net revenues of Rs.425.6 million.


WELSET PLAST: CRISIL Puts 'BB' Rating on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Welset Plast Extrusions Pvt Ltd (Welset).

   Rs.110.0 Million Cash Credit       BB/Negative(Assigned)

   Rs.25.3 Million Term Loan          BB/Negative(Assigned)

   Rs.114.7 Million Proposed Long     BB/Negative(Assigned)
            Term Facilities  

   Rs.30.0 Million Letter of Credit   P4(Assigned)

   Rs.5.0 Million Bank Guarantee      P4(Assigned)

   Rs.15.0 Million Proposed Short     P4(Assigned)
           Term Facilities  

The ratings reflect Welset's exposure to risks relating to low
bargaining power with customers, and its moderate financial risk
profile marked by low net worth, high working capital requirements
and weak debt protection measures.  These weaknesses are, however,
partially mitigated by Welset's established presence in the
business and longstanding relationships with customers.

Outlook: Negative

CRISIL believes that Welset Plast Extrusions Pvt Ltd's (Welset's)
financial risk profile is likely to remain weak marked by low net
worth and weak debt protection measures.  The rating may be
revised downwards if further deterioration in the company's
financial risk profile led by losses on high inventory levels
results in liquidity pressures, and impacts its debt-servicing
ability.  The outlook could be revised to 'Stable' if there is
improvement in the company's financial risk profile led by
sustained improvement in profitability, better working capital
management and equity infusion.

                           About Welset

Welset, promoted by Mr. Arvind Mehta and family, is a manufacturer
of colour masterbatches, medical grade poly vinyl chloride (PVC)
compounds and thermoplastic elastomers.  The company caters to
diverse customer segments and also exports to a number of
countries.  The company's manufacturing facilities are located at
Silvassa in Gujarat.

Welset recorded a profit after tax (PAT) of Rs.9.9 million on net
revenues of Rs.516 million in 2007-08 (refers to financial year
ending March 31) as against a PAT of Rs.10 million on net revenues
of Rs.396 million for 2006-07.


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


NATIXIS SA: To Cut Workforce in Japan by 85%
--------------------------------------------
Natixis SA plans to slash 85 per cent of jobs at its Tokyo branch,
Japan Today reports citing a bank spokeswoman.

The spokeswoman, Japan Today relates, however denied that the bank
was planning to close down its Tokyo offices altogether as
reported in the French economy daily La Tribune.

Japan Today quoted the spokeswoman as saying "We will not close
our Tokyo operations but we explained on Dec. 18 that we would end
our activity in complex markets."

"We will remain active on the shares markets in Japan, which
requires a local presence," the spokeswoman said.

Japan Today recalls Natixis announced earlier this month that it
stood to lose up to EUR450 million (US$605 million) in "indirect
exposure" to the scandal surrounding New York investment manager
Bernard Madoff.

Natixis SA -- http://www.natixis.com/-- formerly Natexis Banques
Populaires, is a France-based bank listed on the Euronext Paris
Stock Exchange.  The Bank is involved in the banking sector and
offers five main types of services: financing and investment
banking, asset management, services, receivables management,
private equity and private banking.  Natixis also consolidates a
proportion of the earnings of the retail banking activities of the
Caisse d'Epargne Group and the Banque Populaire Group, its main
shareholders.  The Bank clientele comprises large corporations,
medium-sized companies, institutions and the Banque Populaire
retail-banking network.  The Bank operates in 68 countries located
in France, Europe, the Americas, Africa, Asia and Oceania.


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


NATHANS FINANCE: Receivers to Pursue Identified Claims
------------------------------------------------------
Receivers of Nathans Finance NZ Ltd said they have identified
potential claims that can be made against various parties
associated with Nathans and its parent VTL Group Limited.

In an update to investors, Colin McCloy and John Waller of
PriceWaterHouseCoopers said legal action on the claims is to be
commenced shortly.

The receivers have also notified the U.S. Securities and Exchange
Commission ("SEC") with respect to matters of concern relating to
dealings in the US.

The receivers said they will continue to investigate the affairs
of both Nathans and VTL and assist various Government agencies
with their investigations.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, the Securities Commission laid charges against
Nathans Finance Ltd's directors for allegedly making false
statements in company prospectuses.

In a news release, the Securities Commission said it laid criminal
charges and issued civil proceedings against Nathans Finance
directors John Hotchin, Donald Young and Kenneth Moses.

Criminal charges and civil proceedings have also been filed
against a fourth director believed to be resident in Australia.

In addition, The New Zealand Press Association (NZPA) reported
that the Serious Fraud Office (SFO) confirmed it is investigating
Nathans Finance.

According to the report, SFO director Grant Liddell said the
investigation followed a complaint made by the receivers,
PricewaterhouseCoopers.

                  About Nathans Finance and VTL

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


* NEW ZEALAND: Electronic Card Spending Fell 2.8% in November 2008
------------------------------------------------------------------
The seasonally adjusted value of the total Electronic Card
Transaction (ECT) series decreased 2.8 percent in November 2008
compared with October 2008, Statistics New Zealand said today.

This was the largest monthly drop since the series began in
October 2002.  The main contributor to the drop was a substantial
decrease in the value of fuel sales, while fuel prices continued
to decline.

The rate of growth in the total ECT trend series has eased since
August 2008 and is now almost flat.

After adjusting for seasonal effects, the value of the retail ECT
series was down 2.3 percent in November 2008 compared with October
2008, led by the drop in fuel sales.  Smaller falls in the
hospitality and durables industries were offset by a rise in the
consumables industry.

The seasonally adjusted core retail ECT series (which excludes the
motor vehicle-related industries) decreased 0.5 percent in
November 2008, following an increase of 0.9 percent in October.

There were 88 million electronic transactions in November 2008
with a value of NZ$4.8 billion.


=======
O M A N
=======


* OMAN: Sees US$2.1 Bil. Budget Deficit on Low Oil Prices
---------------------------------------------------------
Oman will record a budget deficit of OMR810 million (US$2.1
billion) this year as oil prices decline, Bloomberg News reported
citing state-run Oman News Agency.

According to the report, Oman News Agency said the sultanate's
budget for 2009 is based on an average oil price of US$45 a
barrel, with revenue seen at OMR5.614 billion and expenditure at
OMR6.424 billion.

Bloomberg News relates oil prices have tumbled 70 percent from a
record US$147.27 on July 11, 2008, while futures declined 54
percent last year.



                         *********

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.


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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
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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