TCRAP_Public/090109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, January 9, 2009, Vol. 12, No. 6

                            Headlines

A U S T R A L I A

A.C.N 085 628 502: Commences Liquidation Proceedings
AMARAY INVESTMENTS: Declares Dividend
AUSTRALIAN EXECUTOR: Fitch Affirms 'BB+' Rating on Class D Notes
CENTRA FURNITURE: Placed Under Voluntary Liquidation
CHATEAU DEVELOPMENTS: Placed Under Voluntary Liquidation

CHATEAU DU VIN: Court Enters Wind-Up Order
DAVID COLLEY: Members and Creditors Hear Wind-Up Report
DCC ENTERPRISES: Members and Creditors Hear Wind-Up Report
JK ENTERTAINMENT: Inability to Pay Debts Prompts Wind-Up
PEGASUS (QLD) ET AL: Placed Under Voluntary Liquidation

POLDING HOLDINGS: Members Receive Wind-Up Report
PROTECTIVE COATINGS: Appoints Kugel and Warner as Liquidators
SEVEN NETWORK: Members Receive Wind-Up Report
TILEFORCE CONCEPTS: Members and Creditors Hear Wind-Up Report
TISHMAN SPEYER: Risks Covenant Breach as Asset Value Declines

VIPS (NSW): Members and Creditors Hear Wind-Up Report


C H I N A

BANK OF CHINA: Billionaire Li Ka-shing Sells 2 Billion Shares
CHINA CONSTRUCTION: BofA Sells 13% Stake in Bank for US$2.8 Bil.
CHINA EASTERN: To Reduce Executive Salaries Between 10% to 30%
LENOVO GROUP: To Cut 2,500 Jobs; Sees Quarterly Loss
PANTHEON CHINA: Has Until Sept. 30 to Realize Business Combination


H O N G  K O N G

FAMEAST LIMITED: Court to Hear Wind-Up Petition on Feb. 4
GOGOBUS.COM ET AL: Court Enters Wind-Up Order
GOLDEN CITY: Appoints Wai and Fun as Liquidators
GOLDEN CROWN: Court to Hear Wind-Up Petition on January 21
GOLDEN HARVEST: To Declare Dividend

PARKSON RETAIL: S&P Keeps 'BB' Rating on Bond Issues
SRE GROUP: S&P Cuts Rating on US$200MM Sr. Unsec. Notes to 'B+'
THEMATIC ADVERTISING: Court to Hear Wind-Up Petition on January 21
WAI KEE: Court to Hear Wind-Up Petition on January 21
WIDE TECH: Court Hears Wind-Up Petition

XINHUA FINANCE: S&P Downgrades Corporate Credit Rating to 'B-'


I N D I A

SATYAM COMPUTER: Chairman Raju Confesses to False Reports, Resigns
SATYAM COMPUTER: Hunton & Williams Offers Advisory Services
SATYAM COMPUTER: Izard Nobel Seeks Class Action Status in NY Court
SATYAM COMPUTER: Probes Potential Claims Against Firm
SATYAM COMPUTER: Vianale Represents ADR Purchasers in Lawsuit

* INDIA: Employee Strike Hits State Oil Companies' Production


I N D O N E S I A

INFOASIA TEKNOLOGI: Moody's Downgrades Ratings to 'Ca' from 'Caa1'
SARIJAYA PERMANA: Under Bapepam Probe on IDR240 Bil. Lost Funds
* Moody's Gives 'Ba3' Rating on Indonesia on Moderate Economy


J A P A N

AEON CO: May Post First Annual Net Loss in Seven Years
MITSUBISHI MOTORS: To Cut More Than 2,000 Temporary Jobs in Japan
TDK CORPORATION: To Slash Add'l 8,000 Jobs; Expects to be in Red


N E W  Z E A L A N D

ALL WORKS: Court Hears Wind-Up Petition
AIR NEW ZEALAND: Files Court-Based Judicial Review
CONSOLIDATED TECHNOLOGIES: Court Hears Wind-Up Petition
ERUERUITI INVESTMENTD: Court Hears Wind-Up Petition
EXOTIC CONTRACTING: Court Hears Wind-Up Petition

EXOTIC POOLS: Court Hears Wind-Up Petition
FLOORBOYZ LTD: Court Hears Wind-Up Petition
GHCC DEVELOPMENT: Appoints Montgomerie as Liquidator
GLENSIDE SERVICES: Appoints Robert Laurie Merlo as Liquidator
NBO NZ: Court Hears Wind-Up Petition

OCEANS HOTEL: May be Sold in Few Weeks, Receiver Says
PAYNTER INVESTMENTS: Court Hears Wind-Up Petition
SIMPLY TWO: Appoints Robert Laurie Merlo as Liquidator
SPITFIRE DEVONPORT: Court Hears Wind-Up Petition
SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition

U T SERVICES ET AL: Appoint Robert Laurie Merlo as Liquidator
WALKER & WALKER: Creditors' Proofs of Debt Due on January 30


P H I L I P P I N E S

ALLIED BANK: Merger with PNB Faces Opposition from Government
* Moody's Gives Country's Foreign Currency B1 w/ Positive Outlook


S I N G A P O R E

ALL BUILDING: Creditors' Meeting Set for January 21
ARMADA SINGAPORE: Files for Chapter 15 in New York
ARMADA SINGAPORE: Voluntary Chapter 15 Case Summary
BIO-E RESOURCES: Court Enters Wind-Up Order
HARPER DIAMOND: Court Enters Wind-Up Order

KENZONE LOGISTICS: Court to Hear Wind-Up Petition on January 16
TAT SENG: Court to Hear Wind-Up Petition on January 16


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N 085 628 502: Commences Liquidation Proceedings
----------------------------------------------------
During a general meeting held on October 17, 2008, the members of
A.C.N 085 628 502 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Michael Benson
          William Buck, Chartered Accountants
          66 Goulburn Street, Level 29
          Sydney, NSW, 2000


AMARAY INVESTMENTS: Declares Dividend
-------------------------------------
Amaray Investments Pty Ltd declared dividend on November 26, 2008.

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

Steven Nicols is the company's deed administrator.


AUSTRALIAN EXECUTOR: Fitch Affirms 'BB+' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Negative
(RWN) the four classes of notes issued by Australian Executor
Trustees Limited as trustee of the Seiza Augustus Series 2007-1
Trust.

  -- AUD122.6 million Class A (AU3FN0002440) affirmed at 'AAA',
     Outlook Stable;

  -- AUD20.22 million Class B (AU3FN0002457) affirmed at 'AA',
     Outlook Stable;

  -- AUD21.85 millin Class C (AU3FN0002465) affirmed at 'A',
     Outlook Negative; and

  -- AUD19,02 million Class D (AU3FN0002463) affirmed 'BB+',
     Outlook Negative.

Fitch placed these four classes of notes on RWN on September 24,
2008, following the voluntary administration of Seiza Management
Pty Limited.  Seiza Management Pty Limited performed the role of
Trust Manager and Special Servicing as delegate of AMAL Asset
Management Limited.  Due to the uncertainty at the time on how
these functions would be performed, the classes were placed on
RWN.

The delegation of the Trust Manager and Special Servicer roles to
Pepper Australia Pty Limited became effective on October 14, 2008,
(on an interim basis); following a meeting of noteholders, it was
resolved that the Trustee agree to a delegation of these roles to
Pepper for a total term of three years.

Following the finalization of the delegation and there no longer
being any uncertainty surrounding these roles, all Notes have been
removed from Rating Watch Negative.  Negative Outlooks remain for
Classes C and D as previously assigned on August 19, 2008.  This
is in light of the uncertainty surrounding the economic conditions
and the effect they are having on the class of borrowers within
this trust.  In its forward looking analysis, Fitch assumed a base
loss given default rate of 30%.

Seiza Augustus Series 2007-1 Trust was originally issued in April
2007 and is collateralized by a pool of small balance commercial
and residential mortgages originated by Seiza Mortgage Company Pty
Limited.  The transaction has been paid down from initial
liabilities of AUD404.1 million to current liabilities of
approximately AUD200.5 million.  To date, principal receipts have
paid down the class A notes to approximately 38% of their initial
amount.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors there
is a reasonable probability of a rating change, rating Outlooks
provide forward-looking information to the market and indicate the
likely direction of any rating change over a one-to-two-year
period.


CENTRA FURNITURE: Placed Under Voluntary Liquidation
----------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Centra Furniture Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          99 Elizabeth Street, Level 5
          Sydney NSW 2000


CHATEAU DEVELOPMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Chateau Developments Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          David Ian Mansfield
          Moore Stephens
          460 Church Street, Level 6
          Parramatta NSW 2150


CHATEAU DU VIN: Court Enters Wind-Up Order
------------------------------------------
On October 14, 2008, the Supreme Court of New South Wales entered
an order to have Chateau Du Vin Wines (Australia) Pty Limited's
operations wound up.

The company's liquidator is:

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


DAVID COLLEY: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of David Colley & Associates Pty Limited
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 Mcdonald
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


DCC ENTERPRISES: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of DCC Enterprises Pty Limited 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 Mcdonald
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


JK ENTERTAINMENT: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
The members of JK Entertainment Pty Limited met on October 14,
2008, and resolved to voluntarily liquidate the company's business
due to its inability to pay debts when it fall due.

The company's liquidator is:

          Steven Gladman
          c/o Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


PEGASUS (QLD) ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on October 14, 2008, the
members of Pegasus (Qld) Holdings Pty Limited and Pegasus
Queensland Acquisition Pty Limited resolved to voluntarily
liquidate the company's business.

The companies' liquidators are:

          Philip Campbell-Wilson
          Keiran William Hutchison
          Ernst & Young
          680 George Street, Level 37
          Sydney NSW 2000


POLDING HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Polding Holdings Pty Ltd met on November 25, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony M. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


PROTECTIVE COATINGS: Appoints Kugel and Warner as Liquidators
-------------------------------------------------------------
During a general meeting held on October 16, 2008, the members of
Protective Coatings Pty Limited appointed Steven Kugel and Anthony
Warner as the company's liquidators.

The Liquidators can be reached at:

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


SEVEN NETWORK: Members Receive Wind-Up Report
---------------------------------------------
The members of Seven Network Superannuation Pty Limited 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:

          John Raymond Gibbons
          Ernst & Young
          680 George Street
          Sydney NSW 2000
          Telephone:(02) 8295 6856


TILEFORCE CONCEPTS: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Tileforce Concepts Australia Pty
Limited met on December 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


TISHMAN SPEYER: Risks Covenant Breach as Asset Value Declines
-------------------------------------------------------------
Tishman Speyer Australia Limited as responsible entity for the
Tishman Speyer Office Fund (ASX: TSO) disclosed independent
valuations of all 18 properties in which TSO holds an ownership
interest.

In a disclosure to the Australian Securities Exchange, Tishman
Speyer said the properties, which are currently carried at a book
value of US$2.22 billion (TSO interest) have been revalued to
US$2.00 billion (TSO interest), reflecting a decrease of
approximately 10% or US$222 million.

The decrease in property valuations and the corresponding
reduction in the performance fee are expected to reduce net asset
backing to approximately US$2.00 to US$2.20 per unit from US$2.70
at June 30. 2008.  At the current exchange rate this equates to
AU$2.85 to AU$3.14.  TSO's reported market gearing4 is expected to
increase to approximately 57% from 49.6% at June 30, 2008.

Since June 30, 2008, TSO's subsidiary, Tishman Speyer US Office,
Inc. (US REIT) has drawn down US$68.5 million under its revolving
credit facility.  This revolving credit facility matures in May
2012 subject to the exercise of two one year extension options.
Of this amount, US$23.5 million was used to fund the August 2008
unitholder distribution and the remainder was drawn to preserve
access to the capital projected to be necessary to meet TSO's
obligations - which includes the cost of the 550 Terry Francois
Boulevard parking structure and projected leasing expenditures -
through November 30, 2009.  TSO also has an indirect interest in
an affiliate, Empire Hawkeye, which has drawn US$4.50 million (TSO
share) on its mezzanine loan facility.

The US REIT revolving credit facility is subject to, among other
things, these two loan covenants:

  1. US REIT debt to gross asset value must remain under 65%.

  2. US REIT is required to have a minimum tangible net worth
     of US$747 million.  Tangible net worth is calculated by
     subtracting outstanding debt and accrued interest and
     amortization from the current appraised value of the
     properties.

The reduction in property valuations, along with an increase in
borrowings, has reduced US REIT's tangible net worth to
approximately US$758 million which has constrained TSO's ability
to meaningfully access the full capacity of its credit facilities.
Through a combination of borrowings and retention of capital, US
REIT has built up a significantly higher cash balance than it
typically holds.  The manager anticipates that cash flows
generated by the portfolio combined with the cash on hand should
be adequate to meet TSO's obligations through November 30, 2009.
Cash does not factor into the net worth covenant, either as an
asset or reducing debt, so the use of the cash on hand will not
have an impact on US REIT's net worth.

Summary of the approximate impact of the current valuations on the
US REIT covenants:

                June 30, 2008  Following recent     Percentage
               carrying values   valuations     increase/decrease
               --------------- ---------------  -----------------

Asset values   US$2.22 billion   US$2.00 billion        -10.0%
(TSO Interest)

Debt to GAV    51.6%             58.2%                   12.8%

Net Worth      US$1.03 billion   US$758 million         -26.3%
               --------------------------------------------------

The Empire Hawkeye loan (TSO's share of which is presently $149.2
million), which matures on December 1, 2009, is not affected by
property valuations as it does not include a net worth or leverage
covenant and is operating above its minimum 1.4x DSCR covenant
requirement.

TSO said it also has a gearing covenant affecting some of its
foreign exchange contracts.  This covenant requires that TSO's
gearing, when adjusted for all payables, remains under 65%.  It is
expected that this gearing level will increase to approximately
63% from 59% at June 30, 2008.

Florence Chong at The Australian relates GSJBW's property analyst
David Lloyd wrote that TSO's gearing could be expected to rise to
about 63 per cent from 59 per cent at June 30, 2008.

Mr. Lloyd, the Australian says, wrote that while a decline in
portfolio book values had already been anticipated, the surprising
aspect was just how close the trust was to breaching current debt
covenants.  "With asset values likely to decline in the short
term, or at best hold flat, its options to avoid a covenant breach
are fast running out."

According to the Australian, Mr. Lloyd suggested that the only
viable option to avoid a covenant breach was for debt covenants to
be extended by financiers, as selling assets at below book values
would only push it closer to a covenant breach.

                       About Tishman Speyer

Tishman Speyer Office Fund (ASX: TSO) -- http://www.tsof.com.au--
is principally engaged in investment in a portfolio of office
properties in the United States.  It has an interest in 18
commercial office complexes in the United States.  TSO owns an
interest in three properties in the New York Metropolitan area:
300 Park Avenue and CitySpire in Midtown Manhattan and Greenwich
American Centre in Fairfield County, Connecticut.  TSO owns an
interest in Bala Plaza (a three-building office complex together
with a Saks Fifth Avenue retail store), located in the Bala Cynwyd
submarket of Suburban Philadelphia.  It owns an interest in Maple
Plaza, 407 North Maple Drive and Beverly Mercedes Place, which are
located in Beverly Hills, California.  In May 2007, TSO's United
States subsidiary completed the acquisition of an interest in The
Beverly Hills Portfolio.  In October 2007, Archstone-Smith Trust
was acquired by a partnership sponsored by affiliates of Tishman
Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings
Inc.


VIPS (NSW): Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Vips (NSW) Pty Limited met on
December 1, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000



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

BANK OF CHINA: Billionaire Li Ka-shing Sells 2 Billion Shares
-------------------------------------------------------------
Hong Kong billionaire Li Ka-shing is selling as much as HK$4.06
billion (US$524 million) of Bank of China Ltd shares, Bei Hu at
the Shanghai Daily reports citing a stock sale document.

According to the document obtained by Bloomberg News, as cited by
the report, Li's Magnitico Holdings Ltd is offering 2 billion
shares in the Beijing-based bank to institutions at HK$1.98 to
HK$2.03 each.  Merrill Lynch & Co is managing the sale.

The sale, Shanghai Daily notes, comes after UBS sold shares in the
bank to raise funds as the global financial crisis erodes its
balance sheet.

Shanghai Daily discloses that Magnitico was part of a group of
investors led by Royal Bank of Scotland Group that bought 20.9
billion shares in the Bank of China in 2005, before the lender
went public.

Magnitico owned 24 percent of the group, giving it about 5 billion
shares of the Bank of China, the report adds citing Bloomberg
calculations based on the mainland bank's 2006 Hong Kong initial
share sale prospectus.

                       About Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn-- provides corporate banking, retail banking
and investment banking.  Other activities include provision of
corporate deposits, corporate loans, foreign exchange business,
savings deposits, consumer credit and bankcards.  It has 12,967
domestic branches and 559 overseas branches.  The bank received a
US$22.5 billion capital injection from the Government in 2003 to
restructure state-owned banks.  The state-owned lender has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D-' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


CHINA CONSTRUCTION: BofA Sells 13% Stake in Bank for US$2.8 Bil.
----------------------------------------------------------------
Bloomberg News reports Bank of America Corp. sold US$2.8 billion
of China Construction Bank Corp. shares to boost capital.

Bank of America offered 5.62 billion shares or 13 percent of its
stake in China's second-largest lender at HK$3.92 apiece,
according to a sales document obtained by Bloomberg News.

The report says Chinese banks fell in Hong Kong trading as the
transaction fueled concern other foreign investors will use their
holdings to shore up balance sheets battered by the global credit-
market contraction.

"Investors expect more sales to come," Bloomberg News quoted James
Liu, a Shanghai-based analyst at SinoPac Financial Holdings Co, as
saying.  "Bank of America and some other foreign strategic
investors are just having too many issues on their home turf, and
they have to find a quick way to raise cash."

According to the report, Bank of America is trying to take
advantage of almost US$14 billion of paper profits from its China
Construction stake after paying about US$33 billion to take over
Merrill Lynch & Co., the biggest financial-services acquisition
announced in 2008.

China Construction meanwhile has been notified of the transaction
and understands that Bank of America sold the shares because of
"its financial situation," the Chinese firm said in a statement
obtained by Bloomberg News.  The companies will continue their
strategic partnership and cooperate in all business areas, China
Construction said in the statement.

                  About China Construction Bank

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong
Kong.

                         *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


CHINA EASTERN: To Reduce Executive Salaries Between 10% to 30%
--------------------------------------------------------------
China Eastern Airlines plans to reduce executive salaries but
details have not been finalized, Winny Wang at Shanghai Daily
reports citing an official with the carrier.

A source quoted by the National Business Daily, the report
relates, said the reductions may range between 10 percent and 30
percent and will last for one year.

China Eastern, Shanghai Daily says, is also encouraging staff to
take holidays.

As reported in the Troubled Company Reporter-Asia Pacific on
January 7, 2009, Reuters said China Eastern would receive a
capital injection from the Chinese government totaling CNY7
billion (US$1.02 billion), more than double its previous plan.

In exchange for the capital, Reuters noted, China Eastern would
issue 1.44 billion new Shanghai-listed A shares to its state-owned
parent group at CNY3.87 each, as well as 1.44 billion Hong Kong-
listed H shares at CNY1.00.

The funds, Reuters related, will be used to improve the airline's
balance sheet and strengthen its ability to continue operations.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com principal
activity is operation of domestic and international commercial air
transportation.  The Group also is involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and linking
to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


LENOVO GROUP: To Cut 2,500 Jobs; Sees Quarterly Loss
----------------------------------------------------
Lenovo Group Limited said it would reduce the number of its
worldwide employees by approximately 2,500, which represents
approximately 11% of the Group's total workforce.

In a regulatory filing with the Hong Kong Stock Exchange, Lenovo
said the Group is likely to incur a material loss for the three
months ended December 31, 2008.

Lenovo said that such potential loss is incurred mainly due to the
unprecedented global economic challenges facing the world
resulting in a reducing demand of personal computer and related
products.  The Group's sales revenue and gross profit decreased
significantly year-on-year due to its relatively high proportion
of sales in the commercial segment, which has experienced reduced
demand worldwide, and the slowing down in the Chinese economy,
which has also affected what has historically been a major market
for the Group.

Further, Lenovo stated the resource redeployment plan would help
realize annual savings of approximately US$300 million (or about
HK$2,340 million) in the financial year ending March 31, 2010.

Such redeployment plan, according to Lenovo, includes the
reduction of employees (including management and executive
positions) and expenses in support and staff functions; reduction
of executive compensation including merit pay and long-term
incentives, as well as any performance payment for the coming
year; consolidation of China and Asia Pacific organizations into a
new business unit Asia Pacific and Russia (APR); and the
relocation of its call centre operations from Toronto, Canada to
Morrisville, North Carolina.

The plan would also result in a pre-tax restructuring charge of
approximately US$150 million (or about HK$1,170 million) for the
financial year 2008/09 which charge will largely be reflected in
the fourth quarter of the financial year ending March 31, 2009,
Lenovo added.

Mark Lee at Bloomberg News reports that Lenovo's shares slid 17
percent to HK$2.15 as of 10:00 a.m. yesterday, January 8, the
biggest decline since April 5, 2000.  Hong Kong's benchmark Hang
Seng Index fell 1.8 percent.

Lenovo Group Limited -- http://www.lenovo.com-- develops,
manufactures and markets technology products and services
worldwide.  The company, through its subsidiaries is engaged in
manufacturing and distribution of information technology (IT)
products and provision of IT services, property holding and
property management, procurement agency, group treasury, supply
chain management, intellectual property rights management, and
provision of repair services for computer hardware and software
systems.  Lenovo has major research centers in Yamato, Japan;
Beijing, Shanghai and Shenzhen, China, and Raleigh, North
Carolina. The Company's geographical segments include Americas;
Europe, Middle East and Africa (EMEA); Asia Pacific (excluding
Greater China), and Greater China.  The company's product
portfolio includes desktop and personal computer notebook.  The
disposal of mobile handset business was completed in March 2008.


PANTHEON CHINA: Has Until Sept. 30 to Realize Business Combination
------------------------------------------------------------------
On December 14, 2008, Pantheon China Acquisition Corp. held a
special meeting of its stockholders to approve amending its
Certificate of Incorporation to extend the deadline by which a
business combination must be approved or Pantheon would be
obligated to liquidate from December 14, 2008, to September 30,
2009, and provide conversion rights to the holders of up to 20% of
its public shares in connection with such vote to approve the
amendment of its certificate of incorporation.  At the special
meeting, the holders of a total of 4,857,699 shares voted in favor
of the amendment to its charter and the granting of those
conversion rights and the holders of less than 20% of Pantheon's
public shares perfected their conversion rights in connection
therewith.  Accordingly, on December 14, 2008, Pantheon filed an
amendment to its certificate of incorporation with the Secretary
of State of the State of Delaware effecting the amendment approved
by its stockholders.

In a regulatory filing dated November 14, 2008, Mark D. Chen,
chairman, chief executive officer and president, and Jennifer J.
Weng, chief financial officer, of Pantheon China Acquisition Corp.
disclosed that there is substantial doubt about the company's
ability to continue as a going concern.

"We have US$662 of cash at September 30, 2008, excluding
investments held in trust, deferred underwriter discounts and
commissions, and deferred interest.  For the three months ended
September 30, 2008, we had a net loss of US$166,362 derived from
dividend and interest income of US$153,482 offset by US$15,392 of
net unrealized losses on short-term and long-term investments,
US$6,389 for travel expenses, US$247,319 for professional fees,
US$22,500 for administrative management fees, US$11,001 for other
operating expenses, US$7,580 for director and officer liability
insurance, and US$9,663 for franchise taxes."

As of September 30, 2008, the company's balance sheet showed total
assets of US$34,395,228, total liabilities of US$906,416, common
stock subject to possible conversion of 1,149,425 shares at
conversion value of US$6,546,225, and total stockholders' equity
of US$26,942,587

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?379c

                      About Pantheon China

Pantheon China Acquisition Corp. is a blank check company
organized as a corporation under the laws of the State of Delaware
on April 10, 2006. It was formed to effect a business combination
with an unidentified operating business having its operations in
People's Republic of China.



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

FAMEAST LIMITED: Court to Hear Wind-Up Petition on Feb. 4
---------------------------------------------------------
A petition to have Fameast Limited's operations wound up will be
heard before the High Court of Hong Kong on February 4, 2009, at
9:30 a.m.

Chau Nam Wing filed the petition against the company on Dec. 3,
2008.


GOGOBUS.COM ET AL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:

   -- Gogobus.com Limited on August 14, 2008;
   -- Kougibo (Hong Kong) Limited on November 20, 2008;
   -- Golden Genius Enterprises Management Limited on Nov. 28,
      2008; and
   -- Wells Electrical (Hong Kong) Limited on Dec. 8, 2008.

Wing Sun Keung and Tsui Yuk Janice are the companies' liquidators.


GOLDEN CITY: Appoints Wai and Fun as Liquidators
------------------------------------------------
Li Man Wai and Tsang Lai Fun were appointed as liquidators of
Golden City Toys Company Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co. CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8833


GOLDEN CROWN: Court to Hear Wind-Up Petition on January 21
----------------------------------------------------------
A petition to have Golden Crown Optical Limited's operations wound
up will be heard before the High Court of Hong Kong on Jan. 21,
2009, at 9:30 a.m.

Tao Po Wing filed the petition against the company on Nov. 19,
2008.


GOLDEN HARVEST: To Declare Dividend
-----------------------------------
Golden Harvest Film Productions Limited will declare dividend.

Only creditors who were able to file their proofs of debt by
January 2, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Jacky Muk
          Edward Middleton
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


PARKSON RETAIL: S&P Keeps 'BB' Rating on Bond Issues
----------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Parkson Retail Group Ltd. to stable from positive and
affirmed its 'BB' long-term corporate credit rating on the
company.  At the same time, Standard & Poor's affirmed the 'BB'
issue rating on Parkson's outstanding bond issues.

The outlook revision follows Parkson's announcement on Jan. 6,
2009 that it estimates its same-store-sales growth of the fourth
quarter of 2008 at 7% to 8%.

"This estimate is much weaker than historical growth levels, and
S&P expects the weak sales trend to persist in 2009.  As a result,
despite a satisfactory performance in the first nine months of
2008, S&P expects Parkson's full-year 2008 results to be below
S&P's threshold for a rating upgrade.  Despite slower-than-
expected growth momentum, Parkson should continue to show
satisfactory profit in 2008," said Standard & Poor's credit
analyst Bei Fu.

The rating affirmation reflects the growth potential of the
Chinese retail sector, despite the current downturn; Parkson's
favorable concessionaire model, which should continue for the next
three to five years; and the company's good operating margins,
improving market position, and geographic diversification.  These
strengths are offset by ongoing execution risk associated with
Parkson's rapid expansion plan and the fact that it is operating
in a fragmented and increasingly competitive market.  In addition,
the company is part of a larger group, Lion Group (not rated),
with a weaker credit profile.

Despite the slowdown in the global and Chinese economies in recent
months, retail sales in China exceeded Chinese renminbi
10 trillion for the first time in 2008.  S&P expects growth in the
retail sector to remain healthy, at 21% for full-year 2008, but
believe sales growth is likely to slow down in 2009.  S&P believes
the sector remains one of the more defensive in China, due to the
government's drive to boost internal consumption to counter the
severe challenges for exporters.


SRE GROUP: S&P Cuts Rating on US$200MM Sr. Unsec. Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on SRE Group Ltd. to negative from stable.  The long-term
corporate credit rating 'B+' was affirmed.  At the same time, the
issue rating on its US$200 million senior unsecured notes due 2013
was lowered to 'B' from 'B+'.

"The outlook revision reflects SRE's disappointing property sales
in 2008 and a likely further weakening of sales in 2009.  SRE
secured Chinese renminbi 2.5 billion in property sales in 2008,
compared with S&P's expectation of RMB3.5 billion.  The issue
rating was lowered because of SRE's sustained high level of
priority debt," said Standard & Poor's credit analyst Christopher
Lee.

The negative outlook means that there is a one-in-three chance
that the rating on SRE will be lowered over the next 12 months.

In S&P's view, the priority debt level as a percentage of total
assets is likely to remain above 15% for at least the next 18
months because the company will mainly borrow on-shore to fund the
construction of its property projects.

Property sales momentum decelerated in mid-2008, with presales up
to the end of August of RMB1.5 billion.  The company's plan to
maintain its sales performance in the second half of 2008 by
launching a larger number of projects was affected by a
deterioration in buyer's sentiment and increased competition.

SRE continued to have an aggressive growth appetite despite a
weakened industry outlook.  The company bought two pieces of land
in the second half of 2008: in Haikou in August for RMB1.1 billion
and in Shenyang in December for RMB129 million.  The land
acquisitions will increase the pressure on liquidity just as
property sales are weakening.  The company expects to pay at least
RMB500 million in land premiums in 2009, and incur additional
construction costs to develop phase one of the Haikou project for
presale in the first half of 2009 (presales have already been
delayed by six months).

Given the combination of weaker-than-expected sales and
higher-than-expected land acquisition and construction costs,
SRE's credit metrics may not improve in 2008, as S&P had
previously expected, and could deteriorate in 2009.  A sale of the
company's commercial and hotel properties could improve its
liquidity, but the prospects for this are uncertain given the
current market conditions.  In addition, the central government's
measures regarding property purchases could take time to improve
buyers' cautious sentiment, prolonging a recovery in property
sales.


THEMATIC ADVERTISING: Court to Hear Wind-Up Petition on January 21
------------------------------------------------------------------
A petition to have Thematic Advertising Limited's operations wound
up will be heard before the High Court of Hong Kong on Jan. 21,
2009, at 9:30 a.m.

Cheng Ting Hei filed the petition against the company on Nov. 24,
2008.


WAI KEE: Court to Hear Wind-Up Petition on January 21
-----------------------------------------------------
A petition to have Wai Kee (Lee's) Engineering Limited's
operations wound up will be heard before the High Court of Hong
Kong on Jan. 21, 2009, at 9:30 a.m.

So Tin Loi filed the petition against the company on Nov. 19,
2008.


WIDE TECH: Court Hears Wind-Up Petition
---------------------------------------
On January 7, 2009, the High Court of Hong Kong heard a petition
to have Wide Tech Shipping Limited's operations wound up.

Chan Wai Kwong filed the petition against the company on Nov. 3,
2008.


XINHUA FINANCE: S&P Downgrades Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Xinhua Finance Ltd. to 'B-'
from 'B'.  The outlook is negative.  At the same time, Standard &
Poor's lowered its issue rating on Xinhua Finance's US$100 million
senior unsecured notes due 2011, of which US$49 million has been
redeemed, to 'B-' from 'B'.

"We lowered the rating on Xinhua Finance to reflect the company's
substantially changed business profile and weakened earnings and
cash flow generation ability.  This deterioration is attributable
to ongoing business restructuring, including the planned disposal
of the company's remaining subsidiaries in the U.S. and a change
in its control of Xinhua Finance Media," said Standard & Poor's
credit analyst Bei Fu.

"Xinhua Finance's financial metrics should remain very weak in
2009, despite debt redemption.  Its results for full-year 2008 are
likely to show negative EBITDA and a large net loss position,
partially as a result of the costs and impairment charges
associated with the disposal of its U.S. assets.  S&P expects this
weakness to continue in 2009 until the company's new businesses
start to make a material contribution to cash flow and profit,"
said Ms. Fu.

Given the challenging global economic conditions, Standard &
Poor's doesn't expect a meaningful turnaround for Xinhua Finance
in 2009 as the majority of its remaining businesses are either in
the early stage of development or in highly competitive markets.

Xinhua Finance's business restructuring has included the disposal
of established U.S. assets, such as Mergent Inc., and the
substantial reduction of financial news and investor relationship
services.  Xinhua Finance has also reduced its voting rights at
Xinhua Finance Media to 32% from 82% by converting its class-B
common shares (which provide 10 voting rights per share) into
class-A common shares (which have one voting right per share).
Consequently, Xinhua Finance will no longer consolidate Xinhua
Finance Media in its financial reporting from 2009 onwards.
Despite the change, Xinhua Finance remains the largest
shareholder.  After the transaction, Xinhua Finance will focus on
index, rating, and financial solutions.  During the first three
quarters of 2008, more than 90% of Xinhua Finance's revenue came
from discontinued businesses and Xinhua Finance Media which will
not be consolidated in the future.

Xinhua Finance expects to redeem the majority of its remaining
bond later this month by using the net sale proceeds of Glass
Lewis, which was sold in 2007.  Its bank loan of about
US$16 million (excluding Xinhua Finance Media) as of the end of
September of 2008, is fully pledged by bank deposits.  As Xinhua
Finance Media is no longer a subsidiary of Xinhua Finance, the
recently incurred US$80 million convertible debt at Xinhua Finance
Media is not consolidated.  As a result, the debt will have little
impact on the structural subordination for Xinhua Finance's
remaining bond.



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

SATYAM COMPUTER: Chairman Raju Confesses to False Reports, Resigns
------------------------------------------------------------------
Satyam Computer Services Ltd. Chairman Ramalinga Raju resigned
after saying he falsified earnings and assets of the company,
Bloomberg News reports.

Rama Raju, the outgoing chairman's younger brother and Satyam's
managing director, also resigned, the report relates.

According to a statement by law firm of Izard Nobel LLP, Chairman
Raju on January 7, 2009, sent a letter to the Satyam Board of
Directors and the Securities & Exchange Board of India
acknowledging a "multi-year" fraud in which Satyam's financial
accounts and disclosures were systematically falsified.

In his letter, Chairman Raju admitted to having inflated the
amount of cash on the company's balance sheet by nearly US$1
billion, incurring liability of US$253 million on funds arranged
by him personally, and overstating Satyam's September 2008
quarterly revenues by 76% and profits by 97%.

The letter also stated that the gap in the balance sheet has
arisen purely on account of inflated profits over the past several
years.

The news sent Satyam's American depositary receipts down by
US$8.42, or 90 percent, to 93 cents at 9:14 a.m. in early New York
trading on January 7, Bloomberg News notes.

Bloomberg News discloses that Chairman Raju's confession prompted
these actions
from different agencies:

   -- Goldman Sachs Group Inc., Citigroup Inc.,
      HSBC Holdings Plc, and Credit Suisse Group AG
      suspended coverage of Satyam's shares;

   -- The National Stock Exchange removed Satyam from
      its main Nifty index;

   -- The company's American depositary receipts
      were halted by the New York Stock Exchange,
      which said it is evaluating the news;

   -- Prem Chand Gupta, minister for company affairs,
      said the government is investigating the incident;

   -- The Securities & Exchange Board of India ordered
      a probe into trading in Satyam shares;

   -- Bombay Stock Exchange spokesman Kalyan Bose said
      the bourse will examine whether to remove
      Satyam from the Sensitive Index; and

   -- DSP Merrill Lynch Ltd. said it ended its contract
      with Satyam.  The software provider had on
      Dec. 27 named Merrill as an adviser for helping
      it on strategic "options" including a possible
      stake sale.

                     Failed Acquisition Plan

Bloomberg News recalls Chairman Raju scrapped the planned
acquisition of Maytas Properties Ltd. and Maytas Infra Ltd. last
month, less than 12 hours after announcing it, after the company's
ADRs plunged.

In his January 7 letter, Chairman Raju said "The aborted Maytas
acquisition deal was the last attempt to fill the fictitious
assets with real ones."

However, Bloomberg News says, a shareholder revolt blocked the
asset purchases, a World Bank ban kept Satyam from bidding for
orders and four directors quit.

The World Bank, on Dec. 23, declared Satyam ineligible for
contracts for eight years from September, alleging "improper"
benefits were given to the bank's employees, Bloomberg News
states.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SATYAM COMPUTER: Hunton & Williams Offers Advisory Services
-----------------------------------------------------------
As the world reacts to the revelations regarding allegedly
falsified financial statements from India's Satyam Computer
Services, Ltd., attorneys from Hunton & Williams LLP's Global
Technology and Outsourcing Practice are available as sources for
comment.

Hunton & Williams is ranked as the #1 outsourcing law firm in the
world by Black Book of Outsourcing and the #1 privacy law firm in
the world by Computerworld and serves as counsel to many Global
2000 companies regarding their outsourcing arrangements with key
providers in India and elsewhere.

Practice co-chairs James A. Harvey and Randall S. Parks are
available for immediate comment, as well as partner Peter
Brudenall of the firm's London office. Lisa J. Sotto, partner and
head of the Privacy and Information Management Practice at Hunton
& Williams, is also available to comment on privacy issues raised
by this situation.  They offer the following initial thoughts on
the implications of the Satyam matter:

Not a Death-Knell for Indian Outsourcing: "While the recent
revelations raise questions regarding corporate governance at
Satyam, they do not suggest that any other outsourcing vendor,
whether in India or elsewhere, has similar problems. As we saw
with Enron, the bad accounting practices of one company don't
necessarily taint the entire industry.  Regardless, it is likely
that the Indian government will react to shore up confidence in
one of its leading industries with stricter corporate governance
controls, as was the case following the Enron collapse."

Satyam May Survive, Though Perhaps in a Different Form: "For
years, Satyam was a highly-respected industry participant and is a
valued partner for many of the largest companies in the world.
There is tremendous value in those client relationships and in the
accumulated knowledge of the operating units of the company. If
Satyam is unable to survive on its own, there will be no lack of
potential acquirers."

Companies Must Assess Risks and Options under their Satyam
Contracts: "Companies should immediately evaluate their exposure
to Satyam and their options under their Satyam agreements and
develop appropriate responses.  Depending on the business
criticality of the functions performed by Satyam, the responses
may range from termination, to requests for additional contractual
assurances, to 'watchful waiting.'  In any case, companies should
be making contingency plans."

Contract Termination is Not Easy: "If a customer does decide to
switch outsourcing vendors, the process is not simple or fast.
Companies should be sure that switching vendors is the best move.
Given the risks involved, many customers may opt to stay with
Satyam, albeit with a more watchful eye on how it operates."

Data Security and Business Continuity: "Companies that want to sit
tight with Satyam should monitor the situation carefully and think
about protecting key data, software and other assets and
developing contingency plans for likely scenarios."

                   About Hunton & Williams LLP

Hunton & Williams LLP provides legal services to corporations,
financial institutions, governments and individuals, as well as to
a broad array of other entities. Since our establishment more than
a century ago, Hunton & Williams has grown to more than 1,000
attorneys serving clients in 100 countries from 19 offices around
the world. While our practice has a strong industry focus on
energy, financial services and life sciences, the depth and
breadth of our experience extends to more than 100 separate
practice areas, including bankruptcy and creditors rights,
commercial litigation, corporate transactions and securities law,
intellectual property, international and government relations,
regulatory law, products liability, and privacy and information
management. For additional information visit our website at
www.hunton.com.


SATYAM COMPUTER: Izard Nobel Seeks Class Action Status in NY Court
------------------------------------------------------------------
The law firm of Izard Nobel LLP has filed a lawsuit seeking class
action status with the United States District Court for the
Southern District of New York on behalf of those who purchased the
American Depository Receipts ("ADRs") of Satyam Computer Services
Ltd. between January 6, 2004 and January 6, 2009, inclusive.

The complaint charges that Satyam and certain of its executives
violated federal securities laws by issuing materially false and
misleading statements.

Izard Nobel disclosed in a statement that on January 7, 2009, the
company's CEO B. Ramalinga Raju sent a letter to the Satyam Board
of Directors and the Securities & Exchange Board of India
acknowledging a "multi-year" fraud in which Satyam's financial
accounts and disclosures were systematically falsified.

According to the letter, Mr. Raju admitted to having inflated the
amount of cash on the company's balance sheet by nearly US$1
billion, incurring liability of US$253 million on funds arranged
by him personally, and overstating Satyam's September 2008
quarterly revenues by 76% and profits by 97%.  As a result of this
disclosure, the company's ADRs fell US$8.42, or 90%, prior to the
opening of the New York Stock Exchange, which has suspended
trading in Satyam's ADRs.

Izard Nobel said members of the class may, no later than March 9,
2009, request that the Court appoint them as lead plaintiff of the
class.  A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation.

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SATYAM COMPUTER: Probes Potential Claims Against Firm
-----------------------------------------------------
The Law Offices of Howard G. Smith said it is investigating
potential claims against Satyam Computer Services Limited for
possible securities violations.

The investigation focuses on a January 7, 2009 letter of
resignation from Satyam's Chairman Ramalinga Raju to the company's
Board of Directors, with copies to the Bombay Stock Exchange.

According to the Letter, as of September 30, 2008, the company's
balance sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees ($1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Moreover, the Letter states that the gap in the balance sheet has
arisen purely on account of inflated profits over the past several
years.

For more information, contact

          Law Offices of Howard G. Smith
          Attn: Howard G. Smith, Esquire
          3070 Bristol Pike, Suite 112
          Bensalem, Pennsylvania 19020
          (215) 638 4847
          (888) 638 4847

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SATYAM COMPUTER: Vianale Represents ADR Purchasers in Lawsuit
-------------------------------------------------------------
The law firm of Vianale & Vianale LLP has filed a class action
lawsuit on January 7, 2009 on behalf of purchasers of the American
Depository Shares of Satyam Computer Services Ltd during the
period January 6, 2004 through January 6, 2009. The action is
pending in Manhattan federal court, Case No. 09-CV-00093.

In its complaint, Vianale & Vianale alleges that the company and
its top executives violated the Section 10(b) and 20(a) of the
Securities Exchange Act of 1934 by issuing false and misleading
financial statements.

On January 7, 2009, the company's CEO B. Ramalinga Raju sent a
letter to the Satyam Board of Directors and the Securities &
Exchange Board of India acknowledging a "multi-year" fraud in
which Satyam's financial accounts and disclosures were
systematically falsified.

According to the letter, Mr. Raju admitted to having inflated the
amount of cash on the company's balance sheet by nearly US$1
billion, incurring liability of US$253 million on funds arranged
by him personally, and overstating Satyam's September 2008
quarterly revenues by 76% and profits by 97%.  As a result of this
disclosure pre-market activity in the stock indicates a loss of
roughly 90% of its value.

For more information, contanct:

     Vianale & Vianale LLP
     Attn: Kenneth J. Vianale, Esq.
           Ismael Aviles
     2499 Glades Road, Suite 112
     Boca Raton, FL 33431
     888-657-9960 (Toll Free)
     (561-392-4750)
     www.vianalelaw.com

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


* INDIA: Employee Strike Hits State Oil Companies' Production
-------------------------------------------------------------
Bloomberg News reports Oil & Natural Gas Corp. ("ONGC") and Indian
Oil Corp. suffered a loss of production after officers of state
oil companies went on strike to demand higher pay.

Oil Secretary R.S. Pandey, as cited by the report, said ONGC's gas
output fell by 66 percent, while its crude oil production declined
to 270,000 barrels a day from 350,000 barrels.  Production at
Indian Oil, the nation's biggest refiner, dropped by about 30
percent, he said.

According to Bloomberg News, more than 50,000 employees of state-
run oil companies started a strike for higher wages on Jan. 7,
joining a nationwide truckers' walkoff.

More than 4 million truckers who haul a majority of India's goods
started a similar protest on Jan. 5, demanding that the government
reduce fuel prices and waive toll charges for six months, the
report relates.

"The government hasn't met our demands," Sanjay Varshney, vice
president of the Oil Sector Officers' Association told Bloomberg
News.  "We are willing to talk with the government.  We have close
to 55,000 officers who have stayed away from work across 14 oil
companies."

Secretary Pandey, according to Bloomberg News, sees "some impact
on industrial production" but "haven't estimated any losses yet."
State refiners hold at least two weeks of product stockpiles,
including jet fuel, which is available at all airports in the
country, he said, noting that the government is in talks with
private refiners Reliance Industries Ltd. and Essar Oil Ltd. to
supply fuel as a backup.

Oil & Natural Gas Corporation Limited (BOM:500312) --
http://www.ongcindia.com/--
is mainly engaged in the oil exploration and production
activities.  ONGC Videsh Limited (OVL) is a wholly owned
subsidiary of the Company.  ONGC has established 6.42 billion tons
of in-place hydrocarbon reserves with more than 300 discoveries of
oil and gas.  Out of these In-place hydrocarbons in domestic
acreages, Ultimate Reserves are 2.29 Billion Metric tons (BMT) of
Oil Plus Oil Equivalent Gas (O+OEG). It produces 762.3 Million
Metric Tons (MMT) of crude and 440.7 Billion Cubic Meters (BCM) of
Natural Gas, from 115 fields.  OVL's projects are spread out in
Vietnam, Russia, Sudan, Iraq, Iran, Libya, Myanmar, Syria, Qatar,
Egypt, Cuba, Nigeria Sao Tome Principe, Brazil, Nigeria and
Columbia.  OVL has participation in 29 E&P Projects in 15
Countries. Out of the existing 29 Projects, OVL is operator in 14
projects and joint operator in two projects in nine countries.

Indian Oil Corporation Limited (BOM:530965) --
http://www.iocl.com/-- is engaged in petroleum refining,
pipelines-crude oil and petroleum products, petroleum products
marketing, and research and development.  The Company's products
include XTRAPREMIUM petrol, XTRAMILE diesel, SERVOXPRESS, Indane,
autogas, IndianOil Aviaton, Xtra Care and Swagat.  During the
fiscal year ended March 31, 2008, the Company had 17,574
petrol/diesel stations (retail outlets), including 2,125 Kisan
Seva Kendra outlets for rural customers.  It also opened 352 new
consumer pumps.



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

INFOASIA TEKNOLOGI: Moody's Downgrades Ratings to 'Ca' from 'Caa1'
------------------------------------------------------------------
PT Moody's Indonesia has downgraded PT Infoasia Teknologi Global
Tbk's national scale corporate family and bond ratings to Ca.id
from Caa1.id.  The ratings outlook is negative.

"The ratings downgrade follows Infoasia's failure to make the
payment on its Series-B bond of IDR10 billion maturing on December
23, 2008, along with the 16th bond coupon interest amounting to
IDR2.6 billion," says Joko Widodo, Moody's lead analyst for the
company.

"According to its bond trustee agreement, the company was given 14
days to remedy the payments, but it was unable to make the payment
during the remedial period ended January 7, 2009," adds Widodo.

The company is now proposing a debt restructuring to its
bondholders, including for its IDR 65 billion Series-C bonds due
on December 23, 2009.

The negative outlook reflects the company's poor liquidity and the
uncertainty regarding its debt restructuring proposal.  The last
rating action for Infoasia was taken on September 23, 2008, when
the ratings were downgraded to Caa1.id with a negative outlook.

Infoasia started life as a distributor for IBM Computer Hardware
in 1996 under the name of PT Sejahtera Mandiri.  It is now a
telecommunications company, providing network services and system
integration, network provider/internet services, as well as
telecommunications services and voice/data traffic wholesaling
from one country to another.

As at September 30, 2008, Infoasia was owned by PT Infoasia Inti
(51.39%), Eurochina Capital Pte Ltd (15%), Soony Widjaja Wong
(0.28%) and the public (33.3%).


SARIJAYA PERMANA: Under Bapepam Probe on IDR240 Bil. Lost Funds
---------------------------------------------------------------
PT Sarijaya Permana Sekuritas (SPS), a securities company, is
currently under Capital Market and Financial Supervisory Agency
(Bapepam)'s investigation after it embezzled some IDR240 billion
(US$22.32 million) in investors' funds, The Jakarta Post reports.

Jakarta Post quoted Bapepam chief Fuad Rahmany as saying "The
company stole IDR240 billion.  Relatively, it's not that much ...
but SPS has thousands of customers so we regard this as serious."

The Indonesian Stock Exchange, the Post says, has suspended SPS
from trading in the market.  SPS chief commissioner Herman Ramli
has been detained since Dec. 24, 2008, the Post adds.

Meanwhile, the Jakarta Globe relates that Trisnadi Yulrisman, the
director of the Indonesian Central Securities Depository, or KSEI,
said the depository had frozen all accounts and sub-accounts
belonging to Sarijaya and its clients on Tuesday, January 6, as
ordered by Bapepam.

The Indonesian Stock Market Clearing House, or KPEI, the Globe
notes, had also frozen all Sarijaya assets, other than transaction
settlements that had already been completed.

Established in 1990, PT Sarijaya Permana Sekuritas (SPS), the
Globe says, boasts institutional clients in various sectors,
including 30 pension funds, 11 insurance firms, two financial
firms and two large foundations.  The company has about 48
branches around the country.


* Moody's Gives 'Ba3' Rating on Indonesia on Moderate Economy
-------------------------------------------------------------
Moody's Investors Service says, in its annual report on Indonesia,
that Indonesia's Ba3 government bond rating is supported by the
country's moderate economic strength -- which includes the
economy's substantial size, diversity and increasing dynamism --
and low, though improving, institutional strength.

"However, the rating also reflects the country's low per-capita
income, and shortcomings in the rule of law," says Mr. Aninda
Mitra, a Moody's VP/Senior Analyst and the report's author.
"Amidst a deep downturn in commodity prices and in the global
economy, Indonesia's overall economic resiliency is underpinned by
its relatively low openness to global trade and an investment
cycle that is not heavily dependent on external capital inflows,"
says Mr. Mitra.

"While capacity constraints and vulnerability to supply side
shocks remain present, trend improvements in economic resiliency
are likely to ensure a relatively shallow reduction in GDP growth
to 4 -- 5% in 2009 from 6% in 2008," says Mr. Mitra.

"Such resiliency is further supported by improvements in the
functioning of its federal framework, the government's anti-
corruption efforts, and better tax administration," says Mr.
Mitra.

The report notes that Indonesia has maintained its fiscal deficit
at just 1% of GDP in the past four years, and that sound fiscal
policy management could help further reduce the general government
debt to below 30% of GDP in the year ahead.  Prudent debt
management has also reduced the country's gross funding needs.

On the other hand, Indonesia's overall financial strength --
another important driver of the sovereign rating -- is constrained
by the government's dependence on external financing and the
external payment position's vulnerability to the global credit
crunch and to portfolio investment deleveraging.  Exchange rate
risks may also, over time, heighten external financing
requirements sizably, and test the government's resource
mobilization capacity.

"These factors limit overall fiscal flexibility," says Mr. Mitra.
"Moreover, subsidies and interest payments, which are expected at
25-30% of total government revenues in 2009, also limit fiscal
space."

Indonesian authorities are currently making progress in securing a
$5-6 billion standby loan arrangement with and credit enhancement
facilities from multilateral sources; and tapping capital markets
whenever possible.  "Along with recent improvements in tax
administration, the success of such efforts could offset the
downturn in commodity tax revenues and may provide room for
limited counter-cyclical fiscal measures," says Mr. Mitra.

The susceptibility of the ratings to event risks is moderate,
according to Mr. Mitra.  Reform policies are expected to continue
through the election cycle, which at this time seems likely to
return to power the government headed by President Yudhoyono.

However, such policy continuity is by no means assured, cautions
Mr. Mitra, adding, "Poor corporate governance and the lingering
influence of powerful vested business interests from within the
political system could either slow structural reforms or hurt
policy implementation and credibility in the run-up to, or shortly
after, the presidential elections of July 2009."  At the same
time, however, political risks from other factors, ranging from
conservative Islamic political activism to Jemaah Islamiyah
terrorism, have been contained.

Furthermore, financial risks from the un-hedged foreign currency
debt of the corporate sector or currency mismatches in the banking
sector's assets and liabilities were low and the quality of
supervision and enforcement of regulations had improved.

"As a result, amidst the ongoing global financial volatility,
Indonesia's banking and corporate sectors are much less vulnerable
to confidence shocks than during the 1997 crisis," says Mr. Mitra.

The report notes that the stable outlook on the Ba3 government
bond rating is premised on the authorities' ability to manage the
country's vulnerability to the global financial market crisis and
recession, while avoiding a deep and sustained deterioration in
relative credit metrics.



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

AEON CO: May Post First Annual Net Loss in Seven Years
------------------------------------------------------
Aeon Co Limited has revised downward its group earnings forecast
for the 2008 fiscal year and warned it may fall into the red for
the first time in seven years, The Japan Times reported citing
Kyodo News.

The retailer, Japan Times relates, said it now expects between a
net loss of JPY2.5 billion and a net profit of JPY2.5 billion for
the fiscal year through Feb. 28 this year, compared with its
earlier projection of a net profit of JPY11 billion to JPY15
billion.

According to the report, Aeon also said it incurred a group net
loss of JPY29.45 billion for the nine months ending November,
compared with a net profit of JPY31.92 billion reported in 2007.

The company, Japan Times says, reported an operating profit of
JPY65.92 billion, down 18.3 percent, on sales of JPY3.88 trillion,
up 2.7 percent.

As reported in the Troubled Company Reporter-Asia Pacific on
October 14, 2008, Reuters said Aeon' first half profit dropped 13%
to JPY16 billion (US$158 million) for the six months ended in
August, down from a net profit of JPY23.8 billion a year earlier,
after writing down the value of stores and other assets as it
faces weak consumer spending and a slowing economy.

That report related that the company, which operates Jusco stores
and owns a majority stake in struggling U.S. apparel chain Talbots
Inc, was pushed into the red by JPY40.2 billion worth of
extraordinary losses to write down assets and close unprofitable
stores, and a change in the way it accounts for tax credits also
ate into its profit by about JPY15 billion.

Reuters noted that the company's main general merchandising stores
continued to suffer sharp falls in sales of non-grocery items,
mainly clothing, but food sales were solid as it expanded its
range of private-label goods, a cheaper alternative to national
brands.  A slump in clothing sales has been especially telling on
Aeon and its rivals since clothes carry a far bigger profit margin
than other merchandise, the same report said.

The firm, Reuters added, was also hurt by a dismal performance at
Talbots and other apparel chains.

                        About Aeon Co.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


MITSUBISHI MOTORS: To Cut More Than 2,000 Temporary Jobs in Japan
-----------------------------------------------------------------
Mitsubishi Motors Corp. will slash more than 2,000 temporary jobs
in Japan by the end of March, The Associated Press says, citing
media reports.

The AP recalls Mitsubishi announced last year it would cut 1,100
temporary jobs by the end of March 2009.  But faced with a plunge
in global demand, the Japanese automaker will slash another 900
temporary jobs, bringing the total number of job losses to over
2,000, the report states citing Sankei newspaper.

The AP cited an NHK report as saying Mitsubishi will trim an
additional 900 jobs by the end of March at the company's auto
plant in Okayama, western Japan.

Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-
motors.co.jp/ -- is a Japan-based automobile manufacturer.  The
Company, along with its subsidiaries and associated companies, is
engaged in the development, production, purchase, sale, import and
export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.  As of March 31, 2008, the Company had 54 subsidiaries
and 21 associated companies located in both domestic and overseas
markets.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
23, 2008, Moody's Investors Service changed to negative from
positive the outlook for its Ba2 long-term debt ratings of
Mitsubishi Motors Corporation and its supported subsidiaries,
Mitsubishi Motors Credit of America, Inc., and MMC International
Finance (Netherlands) B.V.

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


TDK CORPORATION: To Slash Add'l 8,000 Jobs; Expects to be in Red
----------------------------------------------------------------
TDK Corporation has revised its full-year profit forecast to a
loss and said it will cut additional 8,000 jobs due to declining
demand and rising restructuring costs, The Japan Times reports
citing Bloomberg News.

According to the median of 15 analyst estimates compiled by
Bloomberg, TDK may post JPY28 billion net loss in the year to
March 31, compares with the JPY25 billion net income it projected
in October.

TDK, Japan Times relates, said the revised projection was partly
due to declining demand amid the global economic slump and JPY20.3
billion in reorganization costs, including cutting additional jobs
overseas, shutting production plants and discontinuing
unprofitable products.

In October, the report notes, TDK said it will reduce its 50,000
China workforce by up to 34 percent due to rising labor costs.

In addition, the report recalls, Chief Executive Officer Hajime
Sawabe said at the time the company will reduce its temporary
workers in Japan by 15,000 within six months to a year through
voluntary retirement, natural attrition and contract expiration.
Mr. Sawabe said TDK will also cut as many as 2,000 administrative
employees.

TDK Corporation (TDK) -- http://www.tdk.co.jp/--is a manufacturer
of recording media, ferrite products and recording device
products, and a producer of inductor, ceramic capacitor, magnet,
hard disk drive (HDD) head and other components.  TDK operates in
two segments: electronic materials and components, and recording
media, which accounted for 94.4% and 5.6% of net sales,
respectively, for the fiscal year ended March 31, 2008 (fiscal
2008).  Electronic materials and components products include
ferrite cores, rare-earth magnets, multilayer ceramic chip
capacitors, inductors (coils, transformers), switching power
supplies, HDD heads and rechargeable batteries.  Recording media
products include audio tapes, video tapes, compact disk recorders
(CD-Rs), digital versatile discs (DVDs) and tape-based data
storage media for computers.  On August 1, 2007, it transferred
all assets relating to TDK branded world wide recording media
business and use of the TDK brand name for recording media
products to Imation Corp.



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

ALL WORKS: Court Hears Wind-Up Petition
---------------------------------------
On December 15, 2008, the High Court at Wellington heard a
petition to have All Works Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 13, 2008.


AIR NEW ZEALAND: Files Court-Based Judicial Review
--------------------------------------------------
Air New Zealand Ltd has filed a judicial review over Christchurch
International Airport's NZ$208 million terminal redevelopment
plans, Alan Wood at The Press reports.

The Press relates that the airline has booked a court-based
judicial review in the week beginning February 9, claiming the
airport has not conducted adequate consultation over the costly
domestic terminal revamp.

Christchurch International Airport chief executive Rene Bakx, as
cited by the report, said the judicial review filed by Air New
Zealand would be heard in the High Court in Christchurch, "if it
proceeds".

"It is considered by both companies to be a backstop measure only,
and that both companies hope to reach a conclusion which avoids
the need for the review," the Press quoted Mr. Bakx as saying.

The terminal "must proceed without further delay if it is to be
built in time for the 2011 Rugby World Cup".  The airport company
had worked constructively with airlines, including Air New
Zealand.

However, the Press relates, Air New Zealand deputy chief executive
Norm Thompson said the airline was hoping for an out-of-court
resolution after progress during recent talks.

Mr. Thompson said the airline wanted a terminal "at a cost that's
acceptable to us."

According to the report, several airlines, including Air New
Zealand, are believed to be worried that after the terminal is
finished in late 2011, terminal-use fees will rise substantially.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


CONSOLIDATED TECHNOLOGIES: Court Hears Wind-Up Petition
-------------------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Consolidated Technologies Development (NZ) Ltd.'s
operations wound up.

Dempsey & Wood Civil Contractors Limited filed the petition
against the company on October 13, 2008.


ERUERUITI INVESTMENTD: Court Hears Wind-Up Petition
---------------------------------------------------
On December 15, 2008, the High Court at Christchurch heard a
petition to have Erueruiti Investmentd Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 19, 2008.


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

The Commissioner of Inland Revenue filed the petition against the
company on September 25, 2008.


EXOTIC POOLS: Court Hears Wind-Up Petition
------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Exotic Pools Ltd.'s operations wound up.

Spiral Drillers Limited filed the petition against the company on
October 29, 2008.


FLOORBOYZ LTD: Court Hears Wind-Up Petition
-------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Floorboyz Ltd.'s operations wound up.

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


GHCC DEVELOPMENT: Appoints Montgomerie as Liquidator
----------------------------------------------------
On November 19, 2008, the High Court at Auckland appointed
Bernard Spencer Montgomerie as the company's liquidator.

Only creditors who were able to file their proofs of debt by
December 24, 2008, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Bernard Spencer Montgomerie
          Montgomerie & Associates
          Insolvency Practitioners
          PO Box 65, Auckland 1140
          Telephone:(09) 368 7672
          e-mail: bsm@montgomerie.co.nz


GLENSIDE SERVICES: Appoints Robert Laurie Merlo as Liquidator
-------------------------------------------------------------
On November 28, 2008, Robert Laurie Merlo was appointed as
liquidator of Glenside Services Ltd.

Only creditors who were able to file their proofs of debt by
December 29, 2008, will be included in the company's dividend
distribution.


NBO NZ: Court Hears Wind-Up Petition
------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have NBO NZ Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 4, 2008.


OCEANS HOTEL: May be Sold in Few Weeks, Receiver Says
-----------------------------------------------------
The receiver of Oceans Hotel and Apartments, which is owned by
Tutukaka Holdings Ltd, reveals that the luxury tourist hotel and
apartment complex could be sold within the next few weeks, Mike
Dinsdale at The Northern Advocate reports.

According to the report, Russell Churchill of
PricewaterhouseCoopers said several parties were doing due
diligence on the hotel complex, but at this stage no agreements
had been signed.

However, the Advocate relates, Mr. Churchill admitted the sale
price was likely less than NZ$20 million it cost to build.

Tutukaka Holdings Ltd, the report recalls, went into receivership
in early August.  It had been in default of mortgage repayments
for some time prior and had been trying to sell the hotel to meet
its debts before the receivers were called in.


PAYNTER INVESTMENTS: Court Hears Wind-Up Petition
-------------------------------------------------
On December 15, 2008, the High Court at Christchurch heard a
petition to have Paynter Investments Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 23, 2008.


SIMPLY TWO: Appoints Robert Laurie Merlo as Liquidator
------------------------------------------------------
Robert Laurie Merlo was appointed as liquidator of Simply Two St.
Lukes Ltd. On November 28, 2008.

Only creditors who were able to file their proofs of debt by
December 29, 2008, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Robert Laurie Merlo
          Merlo Burgess & Co Limited
          132 Symonds Street
          Eden Terrace, Auckland 1010


SPITFIRE DEVONPORT: Court Hears Wind-Up Petition
------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Spitfire Devonport Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 22, 2008.


SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition
------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No.9) Ltd.'s operations wound up.

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


U T SERVICES ET AL: Appoint Robert Laurie Merlo as Liquidator
-------------------------------------------------------------
On November 21, 2008, Vivien Judith Madsen-Ries and Barry Phillip
Jordan were appointed as liquidators of:

   -- U T Services Limited; and
   -- United Builders Limited.

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          Barry Phillip Jordan
          PO Box 33, Shortland Street
          Auckland 1140
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


WALKER & WALKER: Creditors' Proofs of Debt Due on January 30
------------------------------------------------------------
The creditors of Walker & Walker Ltd. are required to file their
proofs of debt by January 30, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI



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

ALLIED BANK: Merger with PNB Faces Opposition from Government
-------------------------------------------------------------
BusinessWorld reports that according to the Philippine National
Bank ("PNB"), the Office of the Solicitor General has sought a
stay order from the Sandiganbayan against the bank's merger deal
with Allied Banking Corp.

The report relates PNB said the Solicitor General alleged in its
filing with the anti-graft court that the merger would make it
difficult for the Presidential Commission on Good Government
("PCGG") to "track the whereabouts of the questioned Allied Bank
shares."

The PNB, the report discloses, added the government also argued
that the deal could be adverse to the Sandiganbayan's
determination on whether the shares are ill-gotten or not.

According to BusinessWorld, the merger deal has been stalled since
2007 by a PCGG order calling for the sequestration of tycoon Lucio
Tan's shares in Allied Bank, as well as in Fortune Tobacco and
Foremost Farms and Shareholdings Inc.

Merger moves resumed after the Supreme Court nullified the PCGG
order in December 2007 and stockholders of both banks ratified the
plan in June last year, the report recalls.

Mr. Tan's Group, who owns the PNB, however, claimed otherwise, the
report says.

"Even if the merger proceeds, contrary to the fears of the PCGG,
the questioned Allied Bank shares can be identified at the share
swap rate provided in the Plan of Merger of PNB and Allied Bank,"
PNB said in a disclosure obtained by BusinessWorld.

The report notes that under the merger plan, PNB, which will be
the surviving entity, will issue 457 million news shares at Php55
per share to purchase all of Allied Bank's common and preferred
shares.

                     About Philippine National

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

                      About Allied Banking

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

                          *     *     *

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

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

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

These ratings of ABC were unaffected:

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

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


* Moody's Gives Country's Foreign Currency B1 w/ Positive Outlook
-----------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of B1 with a positive outlook to the government of the
Philippines' forthcoming global bond issuance.

The change in the rating outlook to positive from stable was
originally taken in January 2008, and was prompted by the progress
the government had made in stabilizing public finances, thereby
placing the Philippines' key debt ratios on an improving trend.
In addition, the country's fortified external payments position --
as reflected in the build-up in official foreign exchange
reserves -- is helping the country's economy weather the global
financial crisis.

Moody's outlooks attempt to signal possible rating changes over a
12-18-month horizon.

The outlook change was also influenced by the ability of the
country's central bank to anchor inflationary expectations under
its formal inflation targeting framework.

And although such past success was overwhelmed by the surge in
commodity prices through mid-2008, the recent decline in oil and
food prices was reflected in a fairly sharp deceleration in
inflation to 8.0% in December 2008.

"Low inflation and a stable exchange rate are crucial for the
government's debt affordability," says Tom Byrne, a Moody's Senior
Vice President and Regional Credit Officer.

"Nevertheless, despite improving debt trends, the B1 rating on the
government's foreign and local currency bonds also reflects the
country's large public-sector debt overhang, which leaves
government finances vulnerable to shocks," notes Mr. Byrne.  "In
addition, if overseas worker remittances decline due to a global
recession, the buffer to external financial market pressures, as
provided by the current account surplus, could be eliminated."
"In the current environment, the challenge for the authorities is
to attempt to minimize the damage from the global credit
contraction and recession," says Mr. Byrne.

"Accordingly, although economic growth will be adversely affected
by global conditions and fiscal performance may inevitably slip, a
commitment to public-sector fiscal reform and consolidation would
bode well for the country's long-term macroeconomic prospects and
credit fundamentals," concludes Mr. Byrne.

The last rating action on Philippines was taken on 25 January
2008, when Moody's changed the outlook on Government of
Philippines' B1 rating to positive, from stable.



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

ALL BUILDING: Creditors' Meeting Set for January 21
---------------------------------------------------
The creditors of All Building Supply Pte Ltd will meet on Jan. 21,
2009, at 3:00 p.m., at 10 Anson Road, in #29-15 International
Plaza, Singapore 079903.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up
      proceedings and property disposal;
   -- approve the remuneration of the liquidators; and
   -- discuss other matters.

The company's liquidator is:

          Mick Aw
          c/o 10 Anson Road
          #29-15 International Plaza
          Singapore 079903


ARMADA SINGAPORE: Files for Chapter 15 in New York
--------------------------------------------------
Armada (Singapore) Pte filed a Chapter 15 petition with the
United States Courts for the Southern District of New York,
seeking recognition of its bankruptcy proceedings in Singapore and
imposition of the automatic stay to protect its assets while it
restructures.

Armada announced January 6 that it has been granted leave to
convene a creditors' meeting to vote on a proposed Scheme of
Arrangement pursuant to Section 210 of the Companies Act of the
Republic of Singapore that will protect its assets and maximize
funds available to creditors as it restructures its business
operations.

ASPL, a privately owned holding company incorporated and based in
Singapore, is one of the world's leading dry bulk shipping
companies. It provides ocean transportation services to a
variety of major raw material and commodity shippers and consumers
located throughout the globe.

"We have achieved the best possible solution during this global
economic crisis to guarantee our return to financial health," said
Tommy Jensen Rathleff, Managing Director of Armada (Singapore).
"We expect to create a viable and sensible plan that will provide
a fundamentally sound groundwork for our business activities on a
long-term basis."

"Equally important, the plan will identify concrete steps for
maximizing returns to ASPL's creditors," said Rathleff.  "To be
sure, justifying the confidence of our creditors is top priority
for ASPL as we identify and implement solutions to the challenges
that now face our industry."

Armada filed for protection from its creditors on January 6 in
Singapore following a series of collapses of dry bulk ship
operators in the third quarter last year, the Financial Times
reports.

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.


ARMADA SINGAPORE: Voluntary Chapter 15 Case Summary
---------------------------------------------------
Chapter 15 Debtor: Armada (Singapore) Pte. Ltd.
                  1 Harbour Front Avenue #07-07/08
                  Keppel Bay Tower, Singapore 098632

Chapter 15 Case No.: 09-10105

Type of Business: The Debtor operates a shipping company.

                 See: http://www.armadagroup.com/

Chapter 15 Petition Date: January 7, 2009

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Chapter 15 Petitioner's Counsel: Barbra R. Parlin
                                barbra.parlin@hklaw.com
                                Holland & Knight, LLP
                                195 Broadway
                                New York, NY 10007-3189
                                Tel: (212) 513-3210
                                Fax: (212) 385-9010

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million


BIO-E RESOURCES: Court Enters Wind-Up Order
------------------------------------------
On December 12, 2008, the High Court of Singapore entered an order
to have Bio-E Resources Pte Ltd's operations wound up.

Tiko SA filed the petition against the company.

Bio-E Resources' liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


HARPER DIAMOND: Court Enters Wind-Up Order
------------------------------------------
On December 26, 2008, the High Court of Singapore entered an order
to have Harper Diamond Industries Pte. Ltd.'s operations wound up.

Diasqua S'pore Pte. Ltd. filed the petition against the company.

Harper Diamond's liquidator is:

          Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road, #05-11 & #06-11
          Singapore 069118


KENZONE LOGISTICS: Court to Hear Wind-Up Petition on January 16
---------------------------------------------------------------
A petition to have Kenzone Logistics Pte Ltd's operations wound up
will be heard before the High Court of Singapore on January 16,
2009, at 10:00 a.m.

Orix Leasing Singapore Limited filed the petition against the
company on December 22, 2008.

Orix Leasing's solicitors are:

          M/s Gurbani & Co
          78 Shenton Way, #31-02
          Singapore 079120


TAT SENG: Court to Hear Wind-Up Petition on January 16
------------------------------------------------------
A petition to have Tat Seng Machine Movers Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
January 16, 2009, at 10:00 a.m.

Orix Leasing Singapore Limited filed the petition against the
company on December 22, 2008.

Orix Leasing's solicitors are:

          M/s Gurbani & Co
          78 Shenton Way, #31-02
          Singapore 079120



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

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

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


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
BISALLOY STEEL-N          BISN     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ETW CORP LTD                ETW     83708786.34     -58673955.65
FORTESCUE METALS            FMG    4953350503.44  -1568972639.88
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

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


HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      68020910.20     -3496877.02

PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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



                         *********

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

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

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


                            *********


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

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

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

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

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





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