TCRAP_Public/090108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, January 8, 2009, Vol. 12, No. 5

                            Headlines

A U S T R A L I A

A.C.N. 075 617 373 PTY: Members Receive Wind-Up Report
BABCOCK & BROWN: In Substantial Negative Net Asset Position
BUCKIINGUY PTY: Members Receive Wind-Up Report
DYNAMIC GROUP: Placed Under Voluntary Liquidation
ELAN CREATIVE: Members and Creditors Receive Wind-Up Report

ERWG PTY: Placed Under Voluntary Liquidation
FAMWIC PTY: Members Receive Wind-Up Report
FIGGINS HOLDINGS: To Close 43 Stores, 220 Jobs Affected
FIRST CHARLTON: Court Enters Wind-Up Order
FLESSAS PTY: Appoints Steven Kugel as Liquidator

GRENVILLE DUCE ET AL: Members Receive Wind-Up Report
LEIGHTON HOLDINGS: Profit to Fall 60% after AU$200 Mil. Writedown
SOTO CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
SUPERBOWL ON SUSSEX: Members Receive Wind-Up Report
THAI INTRA: Placed Under Voluntary Liquidation

TORCELLO ENTERPRISES: Court Enters Wind-Up Order
UNITOWN PTY: Members Receive Wind-Up Report
WINNABRI PTY: Members Receive Wind-Up Report


C H I N A

SHANGHAI PUDONG: Net Earnings Up 127% in 2008
VISTEON CORPORATION: Board Elects President and CEO as Chairman
VISTEON CORPORATION: Withdraws Full-year 2008 Financial Guidance


H O N G  K O N G

FLUIDMASTER/BEMIS: Placed Under Voluntary Liquidation
GATEWAY TECHNOLOGY: Placed Under Voluntary Liquidation
HANRICH COMPANY: Creditors' Proofs of Debt Due on January 20
IDS LIMITED: Creditors Hold Meeting
KIN YUEN: Creditors' Proofs of Debt Due on January 9

LIK HANG: Appoints Lo Kwok Hung, John as Liquidator
NXTV INC: ORIX to Hold Public Auction of Collateral on Jan. 13
NXTV INC: Vogen to Hold Public Auction of Collateral on Jan. 13
STYLATRADE COMPANY ET AL: Creditors Hold Meetings
SUPER MISSION: Members' and Creditors' Meeting Set for January 22

TSANYUEN INVESTMENTS: Court Hears Wind-Up Petition
WIN YAT: Court Hears Wind-Up Petition
* HONG KONG: Building Units Sales Drop 22% in 2008, Registry Says


I N D I A

AKM ENTERPRISES: CRISIL Puts 'BB+' Rating on Term Loan Facility
BRIGHT ENTERPRISES: CRISIL Rates Term Loan Facility at 'BB'
BIMALDEEP STEEL: CRISIL Assigns 'D' Bank Loan Ratings
NEW HORIZONS: Exposure to Risks Cues CRISIL's 'P4' Ratings
RA TEXTILES: CRISIL Rates Rs.13.50 Mil. Cash Credit Limits at 'C'


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Expects 10% Lower Revenue Growth in 2009


J A P A N

JAC JAPAN: To Offer Early-Retirement Program to Regular Staff
NSK LTD: Plans to Slash 80% of its Temporary Workers
SAIZERIYA CO: Expects to Post JPY5.8 Bil. Net Loss
SANYO ELECTRIC: Mulls Up To 1,000 Job Cuts


K O R E A

UTSTARCOM INC: To Wind Down Korea BU and Cut 10% of Workforce
* KOREA: Automobile Production Declines 6.4% in 2008


M A L A Y S I A

TENGGARA OIL: Fails to Pay MYR22.57MM Debt as of Dec. 31, 2008
WONDERFUL WIRE: High Court Serves Judgment in Default


N E W  Z E A L A N D

BAVARIAN MOTORS: Court Hears Wind-Up Order
BETTER FLOORS: Court Hears Wind-Up Order
CAPITAL LANGUAGE ET AL: Appoint Shephard & Dunphy as Liquidators
CHURT – FARM: Court Hears Wind-Up Order
DETROIT CAPITAL: Court Hears Wind-Up Order

FLAT BUSH: Appoints Mayo-Smith and Adams as Liquidators
FOUNDATION FIRST: Court Hears Wind-Up Order
HARVEST SYSTEMS: Court Hears Wind-Up Order
IJ DRAINLAYING ET AL: Commence Liquidation Proceedings
NEWMARKET HOSPITALITY: Court Hears Wind-Up Order

P5 HOLDINGS: Court Hears Wind-Up Order
SMOOTH SYNERGY: Court to Hear Wind-Up Petition on January 28
SOLWAY SERVICE: Creditors' Proofs of Debt Due on January 26
SYDNEY PRODUCTIONS: Court Hears Wind-Up Order
SYDNEY PRODUCTIONS (No.6): Court Hears Wind-Up Order

S I N G A P O R E

ARMADA (SINGAPORE): Seeks Protection from Creditors


T A I W A N

BLOCKBUSTER INC: Bank Loan Sells at 41% Discount
* TAIWAN: Mulls NT$200 Bil. Lifeline for Large Companies


X X X X X X X X

* Toyota to Halt Production in 12 Domestic Plants for 11 Days


                         - - - - -



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

A.C.N. 075 617 373 PTY: Members Receive Wind-Up Report
------------------------------------------------------
The members of A.C.N. 075 617 373 Pty Limited met on Dec. 2, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          D. I. Mansfield
          Moore Stephens
          460 Church Street, Level 6
          Parramatta NSW 2150


BABCOCK & BROWN: In Substantial Negative Net Asset Position
-----------------------------------------------------------
Babcock & Brown Limited said the company will be in a substantial
negative net asset position as of the end of last year.

In a filing with the Australian Securities Exchange, Babcock
disclosed that following progress on the asset impairment review
process for its 2008 full year accounts, it now believes that
asset impairment charges will be such that the company will be in
a substantial negative net asset position at December 31, 2008.

Babcock said this position encompasses the reclassification of
'non-core' assets on the balance sheet as 'available for sale'.
The impairment process is subject to finalization and audit review
which will not be completed until closer to the scheduled release
of the company's results currently expected on February 26, 2009.

Babcock reiterated it is in discussion with its banking syndicate
regarding a debt for equity swap or equivalent restructuring to
stabilize the long term capital structure of the Group.  Any debt
for equity swap or similar arrangement will be designed to allow
Babcock & Brown to continue operating its business and sell assets
with a view to reducing its overall levels of debt.  Any such
capital restructure is expected to significantly dilute existing
shareholders, negatively impacting the value of equity.

                      About Babcock & Brown

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


BUCKIINGUY PTY: Members Receive Wind-Up Report
----------------------------------------------
The members of Buckiinguy 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 Debus
          Bridgeway Accountants & Advisers
          64 Talbragar Street, Level 1
          Dubbo NSW 2830


DYNAMIC GROUP: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 17, 2008, the members of
Dynamic Group Developments Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


ELAN CREATIVE: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Elan Creative Pty Limited met on
December 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


ERWG PTY: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on October 17, 2008, the members of
ERWG Pty Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


FAMWIC PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Famwic Pty. Limited met on November 26, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.


FIGGINS HOLDINGS: To Close 43 Stores, 220 Jobs Affected
-------------------------------------------------------
Ben Butler at the Herald Sun reports that Melbourne-based shoe
giant Figgins Holdings plans to shut down 43 stores across
Australia, including shoe chain Shoobiz.  There are about 220
workers affected with the closure.

In a statement cited by the report, Figgins said the closures were
due to "the change in consumer behavior and increasing costs."

The Sun relates that Figgins plans to close 26 stores by February
20, with another 17 to close over the next three months.  However,
the report says, Figgins would try to find Shoobiz workers other
jobs within the group.

Figgins Holdings owns the Midas, Mollini, Shoobiz, Scooter,
Florsheim, Emporio and Evelyn Miles brands.  It operates 15
Shoobiz stores in Victoria.


FIRST CHARLTON: Court Enters Wind-Up Order
------------------------------------------
On October 13, 2008, the Supreme Court of New South Wales entered
an order to have First Charlton Communications Pty Ltd's
operations wound up.

The company's liquidator is:

          Steven Nicols
          c/o Nicols + Brien
          350 Kent Street, Level 2
          Sydney NSW 2000
          Telephone:(02) 9299 2289
          Facsimile:(02) 9299 2239
          Website: http://www.bankrupt.com.au


FLESSAS PTY: Appoints Steven Kugel as Liquidator
------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Flessas Pty Limited appointed Steven Kugel as the company's
liquidator.

The Liquidator can be reached at:

          Steven Kugel
          Telephone:(02) 8243 5200
          Website: http://www.liquidationdirect.com.au


GRENVILLE DUCE ET AL: Members Receive Wind-Up Report
----------------------------------------------------
On December 1, 2008, John Eric Ellis presented the companies'
wind-up report and property disposal to the members of:

   -- Grenville Duce & Associates Pty Limited;
   -- Eastern Petroleum Services Pty Limited; and
   -- Passimore Pty Limited.

The Liquidator can be reached at:

          John Eric Ellis
          Ellis, Norton & Co., Chartered Accountants
          60 Pitt Street, 8th Floor
          Sydney


LEIGHTON HOLDINGS: Profit to Fall 60% after AU$200 Mil. Writedown
-----------------------------------------------------------------
The Financial Times reported that Leighton Holdings Limited has
warned first-half profits will fall by about 60 per cent after the
value of its listed investment declined by a further AU$200
million (US$143 million) in the last three months of 2008.

The company's results for this financial year will be impacted by
the values of investments in Connect East, RiverCity Motorway,
BrisConnections, Devine and Macmahon, Leighton said in a
statement.

At December 31, 2008, the value of listed investments had fallen
by a further AU$200 million since September 30, 2008.  The total
asset write downs for the six months will reduce the half year
result by AU$170 million after tax.

CEO, Mr. Wal King, said that the performance of the Group
operating companies continues to be strong, with the exception of
Leighton Properties.

The operating result for the six months to December 31, prior to
the impact of investment values, is expected to be approximately
AU$270 million which is an increase of 8% on the previous year.

For the full year, the company expects to report an operating
result after tax of approximately AU$650 million, up 8% compared
to last year's operating result of AU$608 million.  The Group
reported profit will be affected by the write down of investment
values.

According to Leighton, work in hand has increased to approximately
AU$37 billion at the end of December compared to AU$35.3 billion
at September 30, 2008.

Leighton said it expects to maintain both its interim and full
year dividend per share at the same level as last year.

The group's shares, FT relates, dropped 12 per cent to AU$25 on
the warning.

Leighton Holdings Limited (ASX:LEI) -- http://www.leighton.com.au/
-- is an Australia-based company. The Company, along with its
subsidiaries, operates in the infrastructure, resources and
property markets. Principal activities of the Company within these
markets are construction, contract mining, property development
and other services (including environmental, telecommunications,
and operations and maintenance). Australia/Pacific involves
operations throughout Australia, New Zealand and the Pacific
region in all business segments. Asia involves operations
predominantly in Hong Kong and Macau, Indonesia, Malaysia, India,
the Gulf and the Philippines. The principal activities undertaken
in this region are construction, contract mining, property
development and other services (including environmental,
telecommunications and operations and maintenance).


SOTO CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Soto Constructions Pty Limited met on
December 5, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


SUPERBOWL ON SUSSEX: Members Receive Wind-Up Report
---------------------------------------------------
The members of Superbowl on Sussex Pty Ltd met on December 6,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

B. Li is the company's liquidator.


THAI INTRA: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 17, 2008, the members of
Thai Intra Restaurant - Crows Nest Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


TORCELLO ENTERPRISES: Court Enters Wind-Up Order
------------------------------------------------
On October 14, 2008, the Supreme Court of New South Wales entered
an order to have Torcello Enterprises Pty Ltd's operations wound
up.

The company's liquidator is:

          Steven Nicols
          c/o Nicols + Brien
          350 Kent Street, Level 2
          Sydney NSW 2000
          Telephone:(02) 9299 2289
          Facsimile:(02) 9299 2239
          Website: http://www.bankrupt.com.au


UNITOWN PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Unitown Pty Ltd met on November 28, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Geoffrey Trent Hancock
          BDO Kendalls Business Recovery & Insolvency
          (NSW-VIC) Pty Limited
          2 Market Street, Level 19
          Sydney NSW 2000


WINNABRI PTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Winnabri 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 Debus
          Bridgeway Accountants & Advisers
          64 Talbragar Street, Level 1
          Dubbo NSW 2830



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

SHANGHAI PUDONG: Net Earnings Up 127% in 2008
---------------------------------------------
Shanghai Pudong Development Bank Co. said that its net earnings
increased 127 percent to CNY12.5 billion in 2008 due to higher
interest income and lower taxes, Bi Xiaoning at the China Daily
reports.

The bank's revenue, China Daily says, increased 33 percent to
CNY34.4 billion.

China Knowledge relates that according a statement filed with
Shanghai Stock Exchange (SSE), the bank said its operating income
amounted to CNY34.41 billion last year, up 32.99% year on year.
Earnings per share (EPS) stood at CNY2.21.

However, China Daily notes, the banks earnings growth in the
fourth quarter of 2008 fell sharply amid the prolonged global
financial crisis.

The bank is scheduled to release audited earnings results for 2008
on Feb. 28 this year, China Daily adds.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2008, Fitch Ratings affirmed the Individual and Support
ratings of Shanghai Pudong Development Bank as SPDB: Individual
'D' and Support '3'.

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


VISTEON CORPORATION: Board Elects President and CEO as Chairman
---------------------------------------------------------------
The board of directors of Visteon Corporation has elected
president and CEO Donald J. Stebbins to the additional position of
chairman of the board, effective Dec. 1, 2008.  Mr. Stebbins
succeeds Michael F. Johnston, who will retire as executive
chairman November 30 after eight years in senior leadership
positions with the global automotive supplier.

Mr. Stebbins joined Visteon in 2005 as president and chief
operating officer, and was elevated to CEO by the board on June 1,
2008.  He has more than 20 years of leadership experience in
global operations and finance, including 13 years in senior
leadership positions with Lear Corporation before joining Visteon.
His election as chairman is aligned with Visteon's long-term
executive succession planning process.

"[Mr.] Stebbins has the experience, drive and foresight to lead
through tough economic times and steer Visteon into the future,"
Mr. Johnston said.  "[Mr. Stebbins] has done an excellent job
leading the organization and spearheading the execution of our
restructuring plan.  His commitment to operational excellence has
helped improve Visteon's cost structure, expand our capabilities
in growth markets such as Asia Pacific, and enhance performance in
areas ranging from product quality to employee safety."

"I look forward to continuing Visteon's transformation, and
capitalizing on our talented workforce and global capabilities to
deliver on our commitments to customers, shareholders and
employees," Mr.Stebbins said.

Mr. Johnston joined Visteon in September 2000 as chief operating
officer and president, and was elected CEO in June 2004.  He
became chairman and CEO in June 2005.  He has served as executive
chairman since June 1, when Mr. Stebbins was elected CEO as part
of a planned transition.  Mr. Johnston is credited with guiding
Visteon from a North America-focused components supplier that was
heavily dependent on one automaker, to a worldwide engineering and
manufacturing company with a focused product portfolio and a
diversified customer base.  He has served on Visteon's board of
directors since April 2002 and will leave the board upon his
retirement.

"The board expresses its appreciation and gratitude to [Mr.]
Johnston for his leadership and steadfast commitment to
positioning Visteon for success in an increasingly competitive
global market," William H. Gray III, chairman of the corporate
governance and nominating committee of Visteon's board of
directors, said.  "Visteon took a number of strategic steps under
Mike's leadership that have provided a critical foundation for the
company's long-term future."

Mr. Stebbins joined Visteon from Lear Corporation, where he was
president and chief operating officer of operations in Europe,
Asia and Africa.  Before that, he was president and chief
operating officer of Lear's operations in the Americas.  He joined
Lear in 1992 as vice president and treasurer, and held various
financial positions of increasing responsibility, including senior
vice president and chief financial officer.  He held positions at
Bankers Trust Co. and Citibank.

Mr. Stebbins has a bachelor's degree from Miami University in
Oxford, Ohio, where he is a member of the Business Advisory
Council. He holds a master's degree in business administration
from the University of Michigan.  He has served on Visteon's board
of directors since December 2006.  He is a member of the board of
directors of WABCO Holdings Inc. and the board of trustees of
Detroit Country Day School.

                    About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

As reported in the Troubled Company Reporter on Nov. 4, 2008,
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company reported a net loss of US$188 million on total sales
of US$2.11 billion.  For third quarter 2007, Visteon reported a
net loss of US$109 million on sales of US$2.55 billion.

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.

                          *     *     *

TCR reported on Nov. 27, 2008, that Moody's Investors Service
lowered Visteon Corporation's corporate family and probability of
default ratings to Caa2, and Caa1, respectively.  In a related
action, Moody's also lowered the ratings of Visteon's senior
secured term loan to B3 from Ba3, unguaranteed senior unsecured
notes to Caa3 from Caa2, and guaranteed senior unsecured notes to
Caa2 from Caa1.  Visteon's Speculative Grade Liquidity remains
SGL-3.  The outlook is negative.


VISTEON CORPORATION: Withdraws Full-year 2008 Financial Guidance
----------------------------------------------------------------
Visteon Corporation disclosed in a filing with the Securities and
Exchange Commission that it has withdrawn its full-year 2008
financial guidance in light of the larger-than-anticipated
declines in worldwide vehicle production and overall industry
uncertainty.

"Given that ongoing economic pressures have continued to
significantly reduce our customers' production schedules across
the world, Visteon is withdrawing its issued 2008 financial
guidance," Donald J. Stebbins, chairman and chief executive
officer, said.  "We have taken aggressive actions over the past
three years to restructure and improve our business," Mr. Stebbins
said, "and we continue to take the actions necessary to align our
manufacturing capacity and cost structure with the rapidly
changing economic and market environment."

In a separate filing, Visteon disclosed that it has received a
notification from the New York Stock Exchange that it had fallen
below a continued listing standard that requires the company's
average total market capitalization over a consecutive 30 trading-
day period to equal or exceed US$75 million and, at the same time,
total reported stockholders' equity to equal or exceed
US$75 million.

Under NYSE rules, Visteon has 45 days from receipt of this notice
to submit a plan to the NYSE to demonstrate its ability to achieve
compliance with the continued listing requirements within
18 months.  Visteon intends to submit such a plan.  If the NYSE
accepts Visteon's plan, Visteon's common stock will continue to be
listed on the NYSE during the cure period, subject to ongoing
monitoring and the company's compliance with other NYSE continued
listing requirements.

Visteon's business operations, SEC reporting requirements, credit
agreements and other debt obligations are not otherwise affected
by this notification.

On Nov. 20, 2008, Visteon also received notification from the NYSE
that the company had fallen below its continued listing standard,
which requires a minimum average closing price of US$1.00 per
share
over 30 consecutive trading days.

Visteon plans to notify the NYSE that it intends to cure the
deficiency.  The company has a period of six months to bring its
average share price back above US$1.00.  Under NYSE rules,
Visteon's
common stock will continue to be listed on the NYSE during the
cure period, subject to the company's compliance with other NYSE
continued listing requirements.

                     About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

As reported in the Troubled Company Reporter on Nov. 4, 2008,
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company reported a net loss of US$188 million on total sales
of US$2.11 billion.  For third quarter 2007, Visteon reported a
net loss of US$109 million on sales of US$2.55 billion.

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.

                          *     *     *

TCR reported on Nov. 27, 2008, that Moody's Investors Service
lowered Visteon Corporation's corporate family and probability of
default ratings to Caa2, and Caa1, respectively.  In a related
action, Moody's also lowered the ratings of Visteon's senior
secured term loan to B3 from Ba3, unguaranteed senior unsecured
notes to Caa3 from Caa2, and guaranteed senior unsecured notes to
Caa2 from Caa1.  Visteon's Speculative Grade Liquidity remains
SGL-3.  The outlook is negative.



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

FLUIDMASTER/BEMIS: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 10, 2008, the sole member of Fluidmaster/Bemis Asia
Pacific Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


GATEWAY TECHNOLOGY: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on December 8, 2008, the
members of Gateway Technology Services Limited resolved to
voluntarily liquidate the company's business.


HANRICH COMPANY: Creditors' Proofs of Debt Due on January 20
------------------------------------------------------------
The creditors of Hanrich Company Limited are required to file
their proofs of debt by January 20, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre, Tower 1
         18 Harcourt Road
         Hong Kong


IDS LIMITED: Creditors Hold Meeting
-----------------------------------
The creditors of IDS Limited met on December 29, 2008, and
discussed matters relevant to the creditors' voluntary wind-up.


KIN YUEN: Creditors' Proofs of Debt Due on January 9
----------------------------------------------------
The creditors of Kin Yuen Construction Company Limited are
required to file their proofs of debt by January 9, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Chiang Ping Kwan
          Wu Wai Man
          Telephone: 2834 6556
          Facsimile: 2834 8386


LIK HANG: Appoints Lo Kwok Hung, John as Liquidator
---------------------------------------------------
On December 5, 2008, Lo Kwok Hung, John was appointed as
liquidator of Lik Hang Electronic Components Limited.

The Liquidator can be reached at:

          Lo Kwok Hung, John
          Pacific Plaza, Room 1102
          418 Des Voeux Road West
          Hong Kong


NXTV INC: ORIX to Hold Public Auction of Collateral on Jan. 13
--------------------------------------------------------------
ORIX Venture Finance LLC will conduct a public sale on Jan. 13,
2009, at the offices or Richards Kibbe & Orbe LLP, One World
Financial Center, 29th Floor, in New York, without reserve of all
right, title and interest of NxTV, Inc., in and to certain
accounts, inventory, equipment, general intangibles (including
intellectual property and deposit accounts), Investment property
and other property held by ORIX as collateral in connection with
outstanding indebtedness owed to it by NxTV, Inc., in the
principal amount of not less than US$4,401,253.

The sale of the Collateral is subject to certain bidding
procedures and any prospective bidder must enter into a
confidentiality agreement with the Lender in order to be eligible
to receive any due diligence materials or to participate and bid
at the sale.

The Lender makes no representation as to the Collateral.  All
sales will be without recourse or warranty.  The Collateral may be
sold in bulk or in separate lots.

The Lender reserves the right to bid for and purchase the
Collateral and to credit the purchase price therefrom against the
respective debts owing to the Lender and any costs of the sale.
The Lender also reserves the right to amend, adjourn, postpone or
cancel the sale with respect to all or part of the Collateral
without notice.

All questions and inquiries concerning the sale should be
addressed to:

         Larry G. Halperin, Esq.
         Richards Kibbe & Orbe, LLP
         One World Financial Center
         29th Floor, New York
         New York 10281
         Tel: (212) 530-1800

Based in Los Angeles, NxTV, Inc., is a provider of digital in-room
entertainment, voice and data services to the worldwide luxury
hotel market.  The company serves many of the most prestigious
hospitality brands in the world including Four Seasons, Peninsula,
W Hotels, St. Regis, Le Meridien, Omni, Raffles, JW Marriott,
Harrah's and Kerzner International.  NxTV has international
offices in Hong Kong and London.


NXTV INC: Vogen to Hold Public Auction of Collateral on Jan. 13
---------------------------------------------------------------
Vogen Funding, L.P., a Delaware limited partnership, will conduct
on Jan. 13, 2009, at the offices or Richards Kibbe & Orbe LLP, One
World Financial Center, 29th Floor, in New York, a public sale
without reserve of all right, title and interest of NxTV, Inc., in
and to certain equipment, accounts, general intangibles and other
property held by Vogen as collateral in connection with
outstanding indebtedness owed to it by NxTV, Inc., in the
principal amount of not less than US$6,100,000.

The sale of the Collateral is subject to certain bidding
procedures and any prospective bidder must enter into a
confidentiality agreement with Vogen in order to be eligible to
receive any due diligence materials or to participate and bid at
the sale.

Vogen makes no representation as to the Collateral.  All sales
will be without recourse or warranty.  The Collateral may be sold
in bulk or in separate lots.

Vogen reserves the right to bid for and purchase the Collateral
and to credit the purchase price therefrom against the respective
debts owing to the Lender and any costs of the sale.  The Lender
also reserves the right to amend, adjourn, postpone or cancel the
sale with respect to all or part of the Collateral without notice.

All questions and inquiries concerning the sale should be
addressed to:

         Scott A. Josephson, Esq.
         Horwood Marcus & Berk Chartered
         280 North LaSalle Street, Suite 3700
         Chicago, Illinois 60601
         Tel: (312) 606-3200

Based in Los Angeles, NxTV, Inc. is a provider of digital in-room
entertainment, voice and data services to the worldwide luxury
hotel market.  The company serves many of the most prestigious
hospitality brands in the world including Four Seasons, Peninsula,
W Hotels, St. Regis, Le Meridien, Omni, Raffles, JW Marriott,
Harrah's and Kerzner International.  NxTV has international
offices in Hong Kong and London.


STYLATRADE COMPANY ET AL: Creditors Hold Meetings
-------------------------------------------------
Meetings were held for the creditors of:

   -- Stylatrade Company Limited on January 7;
   -- Keywin Limited on January 7;
   -- Easter Trading Limited on January 8;
   -- Century Mutual Limited on January 8;
   -- Elite Regent Limited on January 8; and
   -- Sunex Trading Limited January 9.


SUPER MISSION: Members' and Creditors' Meeting Set for January 22
-----------------------------------------------------------------
The members and creditors of Super Mission Development Limited
will hold their final meetings on January 22, 2009, at 10:00 a.m.
and 10:30 a.m., respectively at Room 2109 of China Resources
Building, 26 Harbour Road, in Wanchai, Hong Kong.

At the meeting, Chui Chu Yun, Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TSANYUEN INVESTMENTS: Court Hears Wind-Up Petition
--------------------------------------------------
On December 31, 2008, the High Court of Hong Kong heard a petition
to have Tanyuen Investments Limited's operation wound up.

Tom Chou Ming filed the petition against the company on Aug. 25,
2008.


WIN YAT: Court Hears Wind-Up Petition
-------------------------------------
On January 7, 2009, the High Court of Hong Kong heard a petition
to have Win Yat Construction (H.K) Company Limited's operation
wound up.

World Challenge Limited filed the petition against the company on
Dec. 16, 2008.


* HONG KONG: Building Units Sales Drop 22% in 2008, Registry Says
-----------------------------------------------------------------
The Hong Kong Land Registry disclosed that it received 113,298
sale and purchase agreements for all types of building units
received for registration in 2008, a decrease of 22.2% compared
with 2007 but was 14.3% higher than in 2006.

The total consideration involved in these agreements was HK$413.11
billion.  This was down 21.4% compared with 2007 but 31.1% higher
than in 2006.

During 2008, 162,912 assignments of building units were lodged for
registration.  This was an increase of 2.9% compared with the
158,287 recorded during 2007 and 29.3% higher compared with the
125,983 recorded in 2006.

The total consideration involved, amounting to HK$543.47 billion,
was 15.3% higher than 2007 and 64.9% higher than 2006.

The registry said searches of land records made by members of the
public during 2008 totalled 4,684,327.  This was 1.6% lower than
2007 but 18.3% higher than 2006.



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

AKM ENTERPRISES: CRISIL Puts 'BB+' Rating on Term Loan Facility
---------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Positive' to the
various bank facilities of AKM Enterprises Pvt Ltd (AKM).

   Rs.1200 Million Term Loan Facility*   BB+/Positive (Assigned)

   *Includes non fund based limit of Rs.100 million

The ratings reflect low construction risks, as AKM's projects are
nearing completion; and revenue visibility, because of the
company's fixed rental model for mall operations.  These rating
strengths are, however, partially offset by AKM's limited
experience in mall management and dependence on financial support
from promoters/group companies to repay debt obligations maturing
in the current financial year (2008-09).

Outlook: Positive

CRISIL positive outlook on AKM's rating reflects expectation of
timely completion of its projects, thus leading to sustained cash
flows to service its debt repayment obligations.  The outlook may
be revised to 'Stable' in case of delays in completion of projects
or delays in equity infusion from promoters to service debt
maturing prior to the completion of the projects.  Financial
support extended by AKM to other group companies, particularly in
the initial years, may also adversely impact the company's credit
outlook.

                           About AKM

AKM is part of the Malhotra Book Depot (MBD) group, headed by Mr.
A K Malhotra, which is one of India's leading publishing houses.
The group has diversified into various industries, including paper
manufacturing, hospitality, real estate, and mall development and
management; it also runs a web-based online interactive academy.
The group has successfully established itself in the hospitality
industry through its maiden venture, The Radisson MBD Hotel, at
Noida, in the National Capital Region.  For this property, the MBD
group has entered into a franchise agreement with Radisson Hotels
& Resorts, a group company of Carlson Hotels Worldwide. The group
has identified real estate development and the hospitality
industry as key growth drivers.  The group, through AKM, is
currently undertaking two projects – one in Ludhiana, comprising a
100-room five-star hotel and shopping mall, and the other in
Jalandhar, comprising a shopping mall – with a total investment
outlay of Rs.1.99 billion.


BRIGHT ENTERPRISES: CRISIL Rates Term Loan Facility at 'BB'
-----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Bright Enterprises Pvt Ltd (BEPL).

   Rs.5070 Million Term Loan Facility    BB/Stable (Assigned)

The rating reflects the risk faced by the company, as its
Bangalore project is in an early stage of construction and may
face delays in completion, and BEPL's limited track record in
project execution.  These weaknesses are mitigated by the
project's low financial risk, with financial closure having
already been attained.

Outlook: Stable

CRISIL expects BEPL's Bangalore project to remain in the
implementation phase over the next three years.  The outlook may
be revised to 'Positive' in case of early completion of the
project, leading to earlier-than-expected cash flows.  Conversely,
the outlook may be revised to 'Negative' in case of delays in
completion of construction, or cost overruns, impairing the
project's debt servicing ability.  Any significant debt-funded
capital expenditure in the company's existing hotel, or in other
real estate development projects undertaken by BEPL, may also lead
to a 'Negative' outlook.

                            About BEPL

BEPL is part of the MBD group, headed by Mr. A K Malhotra. The
group is one of India's leading publishing houses.  It has
diversified into various industries, including paper
manufacturing, hospitality, real estate, and mall development; it
is also into management education, and runs a web-based online
interactive academy.  BEPL owns and manages the Radisson MBD Hotel
in Noida, in the National Capital Region.  BEPL has entered into a
franchise agreement with Radisson Hotels International, a group
company of Carlson Hotels worldwide.

BEPL is undertaking a mixed-use development project in Bangalore
comprising a 288-room 5-star luxury hotel and a super luxury mall.
The project is expected to have a completion period of 37 months
and will entail an investment of around Rs.7.73 billion.


BIMALDEEP STEEL: CRISIL Assigns 'D' Bank Loan Ratings
-----------------------------------------------------
CRISIL has assigned its bank loan ratings of 'D/P5' to the various
bank facilities of Bimaldeep Steel Pvt Ltd (BSPL).

   Rs.380 Million Cash Credit Limits*    D(Assigned)

   Rs.292.5 Million Term Loan            D(Assigned)

   Rs.125 Million Proposed Short Term    P5(Assigned)
          Bank Loan Facility  

   *Includes proposed limit of Rs 300 million

The ratings reflect the delays in repayment of interest
obligations on the company's term loan with Allahabad Bank for
their ongoing projects.

                           About BSPL

The company was promoted in 1994 as Vee-AR Investment Pvt Ltd, an
investment company, by Mr. Ajay Murarka.  The name was changed to
BSPL in 1997. In 2004, the company began manufacturing sponge iron
at its 30,000 tonnes per annum facility in the Aditya Industrial
Area in Jamshedpur.

BSPL purchases coal from Central Coalfields Ltd, and procures iron
ore from its group company, Bimaldeep Minerals Pvt Ltd.

The products are used in induction furnaces and BSPL's main
customers are local induction furnaces, traders and agents in the
Jamshedpur area.

For 2007-08 (refers to financial year, April 1 to March 31), BSPL
reported a profit before tax (PBT) of Rs.9.5 million on a turnover
of Rs.208 million as against a PBT of Rs.6.1 million on a turnover
of Rs.169 million in the previous financial year.


NEW HORIZONS: Exposure to Risks Cues CRISIL's 'P4' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of New Horizons Ltd (New Horizons).

   Rs.80 Million Packing Credit Limits*        P4(Assigned)
   Rs.95 Million Bills Discounting Limits*     P4(Assigned)
   Rs.30 Million Letter of Credit              P4(Assigned)

   *Rs.5 million is interchangeable

The ratings reflect New Horizons' exposure to risks relating to
highly working capital intensive business, small scale of
operations, and pressure on margins on account of intense
competition.  These weaknesses are, however, partially offset by
the long-standing experience of New Horizons' promoters in the
leather and leather products business.

Outlook: Stable

CRISIL believes that New Horizons will continue to benefit from
the long-standing experience of the promoters in the leather and
leather products business. The outlook may be revised to
'Positive' in the event of substantial improvement in the
company's revenues and profitability. Conversely, the outlook may
be revised to 'Negative' if the capital structure deteriorates
significantly owing to debt-funded capital expenditure or
increased working capital requirements.

                       About New Horizons
New Horizons, set up in 1976 as a leather exporting house in
Kolkata, currently has four manufacturing facilities, including
two tanneries.  The company is managed by Mr. C K Basu.  New
Horizons' product profile comprises leather garments for
industrial use. Leather gloves contribute around 75 per cent of
its revenues. For 2007-08(refers to financial year, April 1 to
March 31), New Horizons reported a profit after tax (PAT) of
Rs.12.5 million on net sales of Rs.580 million, as against a PAT
of Rs.12.3 million on net sales of Rs.604 million for 2006-07.


RA TEXTILES: CRISIL Rates Rs.13.50 Mil. Cash Credit Limits at 'C'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of RA Textiles Process (Pvt) Ltd (RA Textiles).

   Rs.13.50 Million Cash Credit Limits        C (Assigned)
   Rs.33.00 Million Packing Credit Limits     P4 (Assigned)
   Rs.20.00 Million FDBP/FBEP Limits          P4 (Assigned)
   Rs.0.50 Million Discount Bill Purchase     P4 (Assigned)
       Limits
   Rs.5.00 Bank Guarantee Limits              P4 (Assigned)

The ratings are constrained by RA Textiles' stretched liquidity
position, reflected in the frequent over drawings in its working
capital limits, and past delays in repayment of term loan
obligations; the company has recently rescheduled its term loan
repayments.

                        About RA Textiles

RA Textiles, formed in 2002, manufactures hosiery garments for
men, women, and children. It also sells fabric. The company
exports around 65 per cent of its goods to the US and Europe. In
the domestic market, the company supplies to export houses located
mainly at Tirupur (Tamil Nadu). It has an integrated manufacturing
facility, with stitching, printing, and embroidery capabilities.
For 2007-08 (refers to financial year, April 1 to March 31), RA
Textiles reported a profit after tax (PAT) of Rs.4.1 million on
net sales of Rs.100.5 million, as against a PAT of Rs.3.7 million
on net sales of Rs.133.6 million in the previous year.


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

TELEKOMUNIKASI INDONESIA: Expects 10% Lower Revenue Growth in 2009
------------------------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) expects 2009 revenue to grow
by lower than 10 percent, emulating this year's trend, in part due
to the tighter competition, The Jakarta Post reports.

"The price competition has been so tight.  It's difficult for us
to make further rate cuts this year...so, we predict our revenue
will increase by only a single digit this year," Telkom President
Director Rinaldi Firmansyah was quoted by The Post as saying.

Mr. Rinaldi adds that telecommunication operators (in Indonesia)
have cut their rates by an average of 70 percent since last year
to attract more customers, the report relates.

During the January-September period last year, the company booked
IDR44.6 trillion (US$4.04 billion) in revenue, up by 2.18 percent
from IDR43.64 trillion in the previous year, The Post notes.

                   About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                           *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.

The TCR–AP also reported on October 17, 2008, that Standard &
Poor's Ratings Services affirmed the 'BB+' long-term corporate
credit rating on PT Telekomunikasi Indonesia Tbk. (Telkom) with a
stable outlook before withdrawing the rating at the company's
request.



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

JAC JAPAN: To Offer Early-Retirement Program to Regular Staff
-------------------------------------------------------------
The Japan Times reported that JAC Japan Co., a job placement firm
listed on the Jasdaq Securities Exchange, plans to slash some 300
regular employees by the end of February.  The company currently
employs 818 regular workers.

JAC Japan, Reuters relates, has decided to offer an early-
retirement program to its regular employees.  The early-retirement
program, which is offered during the period from January 13 to 26
offers average special retirement allowance of JPY1.5 million,
Japan Times says.

According to Japan Times, JAC Japan said it will book some JPY650
million in extra losses on the workforce reduction program and
shutdown of an office in Tokyo for calendar 2008.

Headquartered in Tokyo, Japan, JAC Japan Co., Ltd. --
http://www.jacjapan.co.jp-- engages in the provision of
recruiting and staffing services.  The company operates in two
business segments.  The Recruiting segment is engaged in the
recruitment and registration of job seekers, the provision of
consultation services to the job seekers, the selection of the
candidates for appropriate job openings, the provision of support
services to the candidates before and after joining companies, and
others.  This segment also offers recruiting services for overseas
job seekers to join companies in Japan, as well as for domestic
candidate to join overseas companies.  The Staffing Services
segment is involved in the recruitment and registration of job
seekers who are looking for temporary positions, the selection of
the candidates and the dispatching of temporary workers, among
others.


NSK LTD: Plans to Slash 80% of its Temporary Workers
----------------------------------------------------
NSK Ltd. plans to dismiss about 2,000 temporary workers at the
group's domestic plants by March, the Japan Times reports citing
Kyodo News.  The said number of workers represents about 80
percent of its temporary staff.

According to the report, company sources said these job reductions
will center on major plants for automotive bearings in Shiga,
Kanagawa and Gunma prefectures.

NSK also plans to cut some 1,000 regular jobs at its U.S. and
other overseas plants by June.

Japan Times relates sources said the company is forced to cut
production substantially due to declining bearing demand from
automakers and computer chip manufacturers.

Based in Japan, NSK Ltd. is engaged in four business segments.
The Industrial Machinery Bearings segment offers standard ball
bearings and general industrial bearings.  The Automobile-related
Products segment manufactures and sells hub units, needle
bearings, steering systems, electric steering systems and
automatic transmission parts.  The Precision Equipment-related
Products segment offers ball screws, linear guides, XY tables,
mega-torque motors and exposure apparatus for liquid crystal color
filter manufacturing, among others.  The Others segment is engaged
in the manufacture and sale of machinery facilities and steel
balls. NSK has 93 subsidiaries and 17 associated companies.


SAIZERIYA CO: Expects to Post JPY5.8 Bil. Net Loss
--------------------------------------------------
Saizeriya Co. Ltd. said it expects to report a JPY5.8 billion
group net loss for the year ending August 2009, The Japan Times
reports citing Kyodo News.  The company earlier projected a JPY4.2
billion profit.

According to the report, the revised earnings forecast comes after
the company reported JPY15.31 billion in losses from the
cancellation of derivatives transactions in December 2008.

For the first half of the year, Japan Times relates, Saizeriya
said it will incur a group net loss of JPY8.8 billion instead of
an earlier estimated profit of JPY1.3 billion.

Saizeriya Co. Ltd. is a Japan-based company primarily involved in
the restaurant business.  The company is engaged in the operation
of Italian wine and cafe restaurants under the name Saizeriya, as
well as fast food restaurants under the names Eat Run and
Saizeriya EXPRESS.  As of August 31, 2008, it had 769 Saizeriya
restaurants and six fast food restaurants in Japan, as well as 20
restaurants in Shanghai, China.  Additionally, the company is also
involved in the processing of food ingredients and the logistics
business.  The company has six subsidiaries.


SANYO ELECTRIC: Mulls Up To 1,000 Job Cuts
------------------------------------------
Sanyo Electric Co. Ltd. is planning to cut up to 1,000 jobs in the
next few months, as it scales back unprofitable businesses ahead
of an expected buyout by Panasonic Corp, Japan Today reports
citing Nikkei business newspaper.

According to Japan Today, the business daily said Sanyo is
considering cutting 500 regular workers from its workforce of
20,000 in Japan by the end of the fiscal year in March.

The company also plans to shred another 500 contract and temporary
workers, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
December 22, 2008, the Wall Street Journal said Sanyo's three
major shareholders agreed to sell their stakes in the company to
Panasonic Corp.

According to WSJ's sources, Panasonic will buy 70% stake in Sanyo
from Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp. and
Daiwa Securities SMBC Co. for JPY131 (US$1.48) a share, one yen
more than its previous offer.

The deal, WSJ related, values Sanyo at about JPY800 billion
(US$9.01 billion), bringing the value of stakes held by Sanyo's
three largest shareholders to more than JPY560 billion.

                          About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.



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

UTSTARCOM INC: To Wind Down Korea BU and Cut 10% of Workforce
-------------------------------------------------------------
UTStarcom, Inc., disclosed a series of corporate initiatives that
are expected to reduce its annualized operating expenses by more
than 25% or greater than US$100 million.  The majority of these
measures will have been initiated by the end of January 2009 and a
significant portion of the savings will be recognized in the first
half of 2009.

The actions disclosed represent a continuation of the strategic
plan UTStarcom outlined in September of 2007.  Since the beginning
of 2008, the company has divested a number of non-core business
units and increased its net cash position by US$150 million.

"Over the past twelve months, we have achieved a year-over-year
OPEX reduction of 20% and streamlined our business to improve our
competitive and financial position," said Peter Blackmore,
UTStarcom's CEO and president.  "These additional measures will
reduce our annualized expense base by another 25% or US$100
million.
Importantly, these actions will advance our strategic goals by
increasing our focus on our IP-based portfolio targeting the
developing regions of the world."

             Rationalization of Non-Core Businesses

On Dec. 16, 2008, UTStarcom initiated actions to wind down its
Korea-based handset manufacturing operation whose principal
activity is supplying handsets to Personal Communications Devises
LLC.  This wind down will occur over the next six months to enable
the company to meet current customer commitments in North America
and the process will be complete by July 2009.

The company's Handset segment will continue to supply handsets to
the China market.

Additionally, the company has initiated actions to disband its
Custom Solutions Business Unit by the end of the first quarter
2009.

  Additional 10% Savings Through Headcount and SG&A Reductions

In the fourth quarter 2008 and first quarter 2009 the company will
reduce its worldwide employee base by approximately 10%.  This
reduction is in addition to the employees impacted by the
identified non-core business rationalizations.

In addition, the company also disclosed that the non-executive
members of the board have agreed to a reduction in their board
retainers for a period of one year.  Furthermore, Peter Blackmore,
UTStarcom's CEO and president, and other executive officers have
voluntarily agreed to decline their cash bonuses for 2008.

Although each geographic region and business will be affected,
management's plan will protect the most strategically important
R&D investments, customer relationships and product areas.

         Consolidation of Back Office Functions in China

Over the past twelve months the company has implemented a number
of IT systems and operational enhancements.  With the improved
operational capability, the company is now able to eliminate
functional duplication and consolidate a number of back office
functions into our China operations.  This process will start in
the first quarter of 2009 and be executed over the first three
quarters of 2009.

                       Restructuring Charge

In connection with the wind down of the Korea-based handset
manufacturing business the company expects to incur a
restructuring charge of approximately US$10 million, consisting of
write-downs of assets and one-time severance benefits.  This
charge is expected to be taken in the fourth quarter of 2008.

The company also expects to incur a restructuring charge in
connection with the worldwide reduction in workforce not related
to the wind down of the Korea-based handset manufacturing of
approximately US$8 million comprised of one-time severance
benefits.

This charge is also expected to be taken in the fourth quarter of
2008.

                     About UTStarcom Inc.

Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company develops, manufactures and markets its broadband,
wireless, and terminal solutions to network operators in both
emerging and established telecommunications markets worldwide.
UTStarcom was founded in 1991 and is headquartered in Alameda,
California.  The company has research and development centers in
the USA, Canada, China, Korea and India.

The net loss for the third quarter of 2008 was US$55.9 million as
compared to a net loss of US$55.3 million in the third quarter of
2007.

Net cash and cash equivalents as of Sept. 30, 2008, was
US$331.0 million compared to US$180.0 million on Dec. 31, 2007.
The increase reflects proceeds from the sale of PCD and certain
short term investments partially offset by operating usage of
cash.

At Sept. 30, 2008, the company's balance sheet showed total assets
of US$1.4 billion, total liabilities of US$902.1 million and
stockholders' equity of US$539.0 million.

                      Going Concern Doubt

PricewaterhouseCoopers LLP, in San Jose, California, expressed
substantial doubt about UTStarcom Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring net losses, negative cash flows
from operations and significant debt obligations.


* KOREA: Automobile Production Declines 6.4% in 2008
----------------------------------------------------
South Korea's production of cars, trucks and buses fell to
3,826,682 units in 2008, the first annual decline in seven years,
Yonhap News Agency reports citing the Korea Automobile
Manufacturers' Association.

The country's automobile production, the report says, declined 6.4
percent last year from a year earlier as the global economic
downturn and fragile domestic consumption weakened demand for new
vehicles.



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

TENGGARA OIL: Fails to Pay MYR22.57MM Debt as of Dec. 31, 2008
--------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn Bhd, have been unable to pay the amount of principal and
interest in respect of its credit facilities as at Dec. 31,
2008.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,444,510.23
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,346,083.25
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               14,778,916.63
                                              ----------------
                                              MYR22,569,510.11

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


WONDERFUL WIRE: High Court Serves Judgment in Default
-----------------------------------------------------
Wonderful Wire & Cable Berhad and its wholly owned subsidiary,
WOG, have been served with a judgment in default by the High Court
of Malaya in Kuala Lumpur in favor of the claimant, CIMB
Factorlease Bhd, for the sum of MYR316,082.74 together with
interest at the rate of 21% per annum on the said sum from July 1,
2008, until the date of full settlement and cost of MYR240.00.

In a disclosure, WWC said that without prejudice to the right of
the company and WOG to dispute or challenge the claim and/or set
aside the judgment in default, the claim/ judgment in default has
been taken into account as part of the company's debt under a
restructuring exercise and/or regularization plan being / to be
undertaken by the company to regularize its financial condition
that was announced through its Requisite Announcement on
December 15, 2008 and submitted to the Securities Commission on
the even date.

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

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



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

BAVARIAN MOTORS: Court Hears Wind-Up Order
------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Bavarian Motors Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 21, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213 or DX CP 24063
          Auckland


BETTER FLOORS: Court Hears Wind-Up Order
----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Better Floors Evans Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 14, 2008.

The CIR's solicitor is:

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


CAPITAL LANGUAGE ET AL: Appoint Shephard & Dunphy as Liquidators
----------------------------------------------------------------
On November 24, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of:

   -- Capital Language Academy of New Zealand Limited;
   -- Fast Lane Tyres Limited;
   -- Marine Plant Hire Limited; and
   -- Thistle Holdings Limited.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


CHURT – FARM: Court Hears Wind-Up Order
---------------------------------------
On December 15, 2008, the High Court at Christchurch heard a
petition to have Churt - Farm Holdings Ltd.'s operations wound up.

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

The CIR's solicitor is:

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


DETROIT CAPITAL: Court Hears Wind-Up Order
------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Detroit Capital Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 28, 2008.

The CIR's solicitor is:

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


FLAT BUSH: Appoints Mayo-Smith and Adams as Liquidators
-------------------------------------------------------
On November 27, 2008, the shareholders of Flat Bush Construction
Ltd. appointed Brian Mayo-Smith and Shaun Neil Adams as the
company's liquidators.

Only creditors who were able to file their proofs of debt by
December 18, 2008, will be included in the company's dividend
distribution.


FOUNDATION FIRST: Court Hears Wind-Up Order
-------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Foundation First Steel Fixing Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 21, 2008.

The CIR's solicitor is:

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213 or DX CP 24063)
          Auckland


HARVEST SYSTEMS: Court Hears Wind-Up Order
------------------------------------------
On December 17, 2008, the High Court at Invercargill heard a
petition to have Harvest Systems Ltd.'s operations wound up.

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

The CIR's solicitor is:

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


IJ DRAINLAYING ET AL: Commence Liquidation Proceedings
------------------------------------------------------
The official assignee advises the liquidations of:

   -- United Recyclers NZ Limited on November 20, 2008;
   -- IJ Drainlaying Limited on November 24; and
   -- Tant Limited on November 24.

The company's liquidator is:

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


NEWMARKET HOSPITALITY: Court Hears Wind-Up Order
------------------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have Newmarket Hospitality Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on August 18, 2008.

The CIR's solicitor is:

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


P5 HOLDINGS: Court Hears Wind-Up Order
--------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have P5 Holdings Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 14, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213 or DX CP 24063)
          Auckland


SMOOTH SYNERGY: Court to Hear Wind-Up Petition on January 28
------------------------------------------------------------
A petition to have Smooth Synergy (NZ) Ltd.'s operations wound up
will be heard before the High Court at Tauranga on Jan. 28, 2009,
at 10:45 a.m.

Manawatu Standard filed the petition against the company on
October 10, 2008.

Manawatu Standard's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          3-9 Church Street, Level 3
          PO Box 213 or DX SX 10069, Wellington
          Telephone:(04) 470 5972


SOLWAY SERVICE: Creditors' Proofs of Debt Due on January 26
-----------------------------------------------------------
The creditors of Solway Service Station (2000) Ltd. are required
to file their proofs of debt by January 26, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


SYDNEY PRODUCTIONS: Court Hears Wind-Up Order
---------------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No.4) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on August 11, 2008.

The CIR's solicitor is:

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


SYDNEY PRODUCTIONS (No.6): Court Hears Wind-Up Order
----------------------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No.6) Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on August 11, 2008.

The CIR's solicitor is:

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



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

ARMADA (SINGAPORE): Seeks Protection from Creditors
---------------------------------------------------
Armada (Singapore) Pte filed for protection from its creditors on
January 6 following a series of collapses of dry bulk ship
operators in the third quarter last year, the Financial Times
reports.

Marcus Hand at Lloyd's List relates Armada has also filed a
Chapter 15 petition in New York courts to prevent creditors taking
action against it there while it restructures.

The company has hired KPMG as its adviser, Armada Managing
Director Tommy Jensen Rathleff told Bloomberg News in a phone
interview.

Bloomberg News relates Armada said it owes at least US$500 million
to creditors including Kawasaki Kisen Kaisha Ltd which is owed
about US$95.5 million.

Armada has eight weeks to come up with a restructuring plan that
could pay creditors 30 cents on the dollar, compared with 5 cents
on the dollar at most if the company is liquidated, Bloomberg News
discloses.

According to Bloomberg News, Armada's top five creditors, based on
a filing with Singapore's High Court, are:

  Transfield                         US$113,019,121
  Kawasaki Kisen                     US$ 95,460,877
  Pacific Bulk                       US$ 73,065,615
  Rizzo-Bottiglieri                  US$ 70,382,250
  Deiulemar                          US$ 64,369,775

Armada Armada (Singapore) Pte -- http://www.armadagroup.com/-- is
a Singapore-based ship operator.



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

BLOCKBUSTER INC: Bank Loan Sells at 41% Discount
------------------------------------------------
Participations in a syndicated loan under which BlockBuster is a
borrower traded in the secondary market at 58.80 cents-on-the-
dollar during the week ended January 2, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 1.30 percentage points
from the previous week, the Journal relates.  BlockBuster pays
interest at 375 points above LIBOR.  The bank loan matures on
August 20, 2011.  The bank loan carries Moody's B1 rating and
Standard & Poor's B rating.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a provider of in-home
movie and game entertainment, with over 7,800 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, and
Australia.

                         *     *     *

In August 2008, Moody's Investors Service downgraded Blockbuster
Inc.'s probability of default rating to Caa1 from B3.  The
company's Caa1 corporate family rating, Caa2 senior subordinated
note rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's secured
bank facilities to B1 from B3.  Moody's said that the outlook
remains negative.

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s long-
term Issuer Default Rating at 'CCC' and the senior subordinated
notes at 'CC/RR6'.  Fitch said that the rating outlook is stable.


* TAIWAN: Mulls NT$200 Bil. Lifeline for Large Companies
--------------------------------------------------------
Taiwan plans to provide NT$200 billion (US$6 billion) in financial
aid for struggling large companies, Alex Pevzner at DowJones
Newswires reports.

According to the report, Vice Minister of Economic Affairs Shih
Yeh-Shiang said
the legislature has approved half of the budget and is still
reviewing the proposal for the other half.

Taiwan's export-dependent economy is feeling the sharp slowdown in
global trade, and the island's producers of dynamic random access
memory chips are facing the sector's worst downturn, Mr. Pevzner
states in his report.

Mr. Pevzner says after DRAM makers lost money for at least four
consecutive quarters because they overestimated demand in recent
years, hopes for a recovery have been dashed by the global crisis.

The report meanwhile says memory-chip maker Nanya Technology Corp.
is aiming to submit a proposal to the government for assistance as
soon as this week.

The report relates that according to a Nanya spokesman, the
company has discussed its proposal for government assistance with
U.S. strategic partner Micron Technology Inc. but hasn't decided
on the amount it will seek from the government,

Nanya, the report discloses, is the second Taiwanese memory-chip
maker to seek state help following a similar move by Powerchip
Semiconductor Corp., which last month submitted a proposal for
assistance along with its Japanese partner Elpida Memory Inc.

Powerchip's proposal however "fell short of expectations" and
needs revision, the report notes, citing Vice Minister Shih.

Powerchip spokesman Eric Tang said the company is in talks with
Elpida on a revised proposal and hopes to submit it as soon as
possible, the report says.



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

* Toyota to Halt Production in 12 Domestic Plants for 11 Days
-------------------------------------------------------------
The Financial Times reports Toyota Motor Corporation said it was
cutting 18 shifts over 11 days, or the equivalent of nine days
worth of production at all 12 of its domestic facilities in
February and March.

According to the FT, the company said the cutbacks will affect
most of Toyota's models made in Japan, excluding those outsourced
to subcontractors.

The Wall Street Journal relates Toyota had already decided to halt
production for three days at 11 of its domestic plants in January,
exempting a parts plant.

The Japanese carmaker, the FT says, is forecasting its first
operating loss in 71 years, of JPY150 billion (US$1.6 billion),
compared with an earlier estimate of JPY600 billion in operating
profits.

                        Auto Sales Plummet

Sales of new cars, trucks and buses in Japan slid to 3.212 million
vehicles last year, down 6.5% from 2007, marking the fifth
straight year of decline, Kenneth Maxwell at DowJones Newswires
reports citing the Japan Automobile Dealers' Association.

The figure, DowJones relates, is the country's lowest level since
the recorded sale of 3.133 million vehicles in 1974.

December sales fell to 183,549 vehicles, down 22.3% from a year
earlier, while
in November, auto makers registered 27% fewer new vehicles,
DowJones says.

Meanwhile, Bloomberg News reports Toyota's U.S. deliveries
plummeted to 141,949 in December from 224,399, as it failed to get
a boost from no-interest loans offered on most models since Oct.
2.

According to Bloomberg News, sales of Toyota's Prius hybrid, the
best-selling gasoline-electric car in the U.S., fell 45 percent,
while sales of its Tundra full-size pickup and Lexus luxury brand
dropped 52 percent and 32 percent respectively.

For all of 2008, Toyota accounted for 16.7 percent of U.S. new-
vehicle sales,
however, the company's market share in the country slid 0.3 point
to 15.8 percent last month, Bloomberg News says citing figures
from Autodata.

                    Delayed Mississippi Plant

Toyota will pay debt-service costs for state and local borrowers
in Mississippi after delaying a plant opening, Darrell Preston at
Bloomberg News reports citing a statement by Governor Haley
Barbour.

Gov. Barbour, as cited by the report, said the automaker also
agreed to help suppliers make promised payments and to pay US$5
million a year for local education near the plant.

The report recalls Toyota said Dec. 15 it would indefinitely
postpone the opening of the plant under construction in Blue
Springs.

According to the report, Mississippi approved US$293.9 million in
debt for the plant.  So far, Dan Turner, Gov. Barbour's spokesman,
said the state has borrowed US$140 million, and it may need US$60
million more to finish the plant, the report relates.

The company's first US$10 million share of debt is due in April
2010, the report notes.

                          About Toyota

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.



                         *********

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.





                 *** End of Transmission ***