TCRAP_Public/090113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 13, 2009, Vol. 12, No. 8

                            Headlines

A U S T R A L I A

A.D. SADLER: Placed Under Voluntary Liquidation
A & M DOUEIHI: Placed Under Voluntary Liquidation
ACN 065 640 342: Inability to Pay Debts Prompts Wind-Up
AUSTRALIAN INTEGRATED ET AL: Supreme Court Enters Wind-Up Order
BABCOCK & BROWN INFRASTRACTURE: May Consider Selling PD Ports

BABCOCK & BROWN POWER: To Sell Alinta Assets for AU$15 Million
BABCOCK & BROWN LIMITED: Still in Talks with Lenders
CALIFORNIA DREAM: Inability to Pay Debts Prompts Wind-Up
CYPRESSTREE SYNTHETIC: Fitch Downgrades Note Rating to 'BB-'
CMFT PTY: Inability to Pay Debts Prompts Wind-Up

DJS CATERING: Enters Wind-Up Proceedings
EVODIA PTY: Members and Creditors Hear Wind-Up Report
EXECUTIVE RISK: Declares First and Final Dividend
JLM FINANCIAL: Members and Creditors Hear Wind-Up Report
RESOURCE MINING: Court Orders Injunction on Sale of Argyle Project

SIGNATURE BEVERAGES: Declares First and Final Dividend
SYDNEY DESIGNS: Inability to Pay Debts Prompts Wind-Up
TOMACE PTY: Members Receive Wind-Up Report
TRI STAR: Placed Under Voluntary Liquidation
VR SERVICES: Inability to Pay Debts Prompts Wind-Up

* AUSTRALIA: Bankruptcies Up 6.3% in Dec. 2008 Qtr, ITSA Says


C H I N A

BANK OF CHINA: RBS May Sell Stake in Bank
CHINA EASTERN: Eyes CNY6.2 Bil. Loss on Hedging Contracts
CHINA SHOE: Posts US$2.5 Mil. Net Loss in Quarter Ended Sept. 30
CHINA TRACTOR: Reports US$147,462 Net Income in Qtr. Ended Sept.
INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding


H O N G  K O N G

ATLAS COMMUNICATIONS: Creditors' Proofs of Debt Due on Feb. 2
CHASE MANHATTAN: Derek and Haughey Cease to Act as Liquidators
EUGENE ENTERPRISES: Placed Under Voluntary Liquidation
FIDELITY TRADING: Creditors' Proofs of Debt Due on January 29
KING STAR: Creditors' Proofs of Debt Due on January 29

MCDATA HONG KONG: Placed Under Voluntary Liquidation
SUITABLE INVESTMENTS: Placed Under Voluntary Liquidation
XM HONG KONG: Commences Liquidation Proceedings


I N D I A

PITAMBER CREATION: CRISIL Rates Rs.96.5MM Long Term Loan at 'BB'
SATYAM COMPUTER: Pomerantz Haudek Investigating Claims
* PBGC Worries on Detroit 3's Pension Fund


J A P A N

CREED CORPORATION: Files for Corporate Reorganization
NISSAN MOTOR: To Cut 1,200 Jobs at U.K. Plant
SANYO ELECTRIC: Forecasts Near Zero Net Profit


K U W A I T

GLOBAL INVESTMENT: Loan Non-Payment Prompts Fitch's 'D' Rating


N E W  Z E A L A N D

AMAZING CONCRETE: Court Hears Wind-Up Petition
ESTUARY ESTATES: Court Hears Wind-Up Petition
GENEVA FINANCE: Posts NZ$7.7 Mil. Loss For 6 Months Ended Sept. 30
GOODVES SERVICES: Court Hears Wind-Up Petition
STAFFORD HOUSE: Court Hears Wind-Up Petition

SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition
THE PC: Court Hears Wind-Up Petition
WATLING STREET: Court Hears Wind-Up Petition


S I N G A P O R E

ARMADA SINGAPORE: Sees US$375 Mil. Loss on Forward Freight Deals
MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors


X X X X X X X X

* KMPG Survey Says More Auto Companies to Go Out Business
* BOND PRICING: For the Week January 12 to January 16, 2009


                         - - - - -


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

A.D. SADLER: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on October 10, 2008, the members of
A.D. Sadler Holdings Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          John Vouris
          Lawler Partners
          Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


A & M DOUEIHI: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on October 15, 2008, the
members of A & M Doueihi Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          1 Castlereagh Street, Level 13
          Sydney NSW 2000


ACN 065 640 342: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
The members of ACN 065 640 342 Pty Limited met on October 16,
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:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


AUSTRALIAN INTEGRATED ET AL: Supreme Court Enters Wind-Up Order
---------------------------------------------------------------
On October 13, 2008, the Supreme Court of New South Wales entered
an order to wind up the operations of:

   -- Australian Integrated Finance Pty Ltd;
   -- Capricorn Asset Management Pty Ltd;
   -- Capricorn Capital Pty Ltd;
   -- Edge Fund Ltd;
   -- Elderslie Investment Management Pty Ltd
   -- Elderslie Managers Pty Ltd
   -- Elderslie Property Investments Pty Ltd
   -- Elderslie Securities Pty Ltd;
   -- General Trading House Pty Ltd; and
   -- Strategic Software Australia Pty Ltd.

The companies' liquidator is:

          Nicholas Crouch
          Crouch Amirbeaggi
          31 Market Street, Level 28
          Sydney NSW 2000
          Telephone: (02) 8262 9333
          Facsimile: (02) 8262 9300


BABCOCK & BROWN INFRASTRACTURE: May Consider Selling PD Ports
-------------------------------------------------------------
Ambereen Choudhury and Angela Macdonald-Smith at Bloomberg News
report that Babcock & Brown Infrastructure Group (BBI) said it may
consider a sale of PD Ports Plc, operator of Britain's third-
biggest container dock.

According to Bloomberg News, BBI spokeswoman Helen Liossis said
the company doesn't plan to hold an auction but will consider a
sale should it receive offers.

"If an interested party approached us with a great price we may
choose to discuss that with them, though only if the offer is
sufficiently attractive," Bloomberg News quoted Ms. Liossis as
saying in a telephone interview.  "It is one of our core assets
and there's a lot of growth in there. It would have to be a very,
very good offer."

Babcock, according to two bankers familiar with the business who
declined to be identified, may seek at least $1 billion for PD,
after buying it for $941.5 million in 2005.

Mr. Liossis, Bloomberg News relates, said Babcock's main focus is
to sell stakes in its Euroports business.  The fund, Ms. Liossis
told Bloomberg News, is also in discussions about the sale of a
stake in WestNet Rail of Western Australia.

In addition, Ms. Liossis said, Babcock Infrastructure is still in
the "price discovery" process and should have an update for
shareholders in early February for its Dalrymple Bay Coal
Terminal.

                          About PD Port

PD Ports plc owns and operates the Ports of Tees and Hartlepool on
the north east coast of England, and acts as its statutory harbor
authority.  In addition, the company owns and operates a series of
smaller ports on the Rivers Humber, Trent and Ouse, as well as at
Wharves on the south coast of England, and provides stevedoring
and other maritime services.  PD Ports also manages a property
portfolio that is comprised of both operational property, used for
its own docks activities or leased to third parties, and non-
operational property, which provides sales and development
opportunities.  The company's future property development
opportunity is the Victoria Harbor Project.  In addition, PD
Ports' other businesses include PD Logistics, a logistics
division, which offers a range of warehousing, distribution and
freight forwarding services, and PD Truck and Van, a truck and van
business, which is an approved Mercedes-Benz truck and van
dealership in the United Kingdom.

PD Ports is owned by Babcock & Brown Infrastructure Limited.

              About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group (BBI)
specialist infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Babcock & Brown Infrastructure Group to B1 from
Ba2.  At the same time, the senior secured rating has been
downgraded to B2 from Ba3.  Both ratings are on review with
direction uncertain.

"The ratings downgrade reflects the strained liquidity position of
BBI and Moody's concerns that asset sale plans may not be
completed in time to alleviate the high liquidity challenges
facing BBI," says Ian ChanChong, Vice President and Senior
Analyst.


BABCOCK & BROWN POWER: To Sell Alinta Assets for AU$15 Million
--------------------------------------------------------------
Babcock & Brown Power (BBP) has signed a binding agreement for the
sale of all assets of Alinta EATM Pty Limited to Aurora Energy
(Tamar Valley) Pty Ltd.

The sale will realize proceeds of approximately AU$15 million,
subject to certain conditions precedent with completion expected
within first quarter of calendar year 2009.

In addition to the purchase price, BBP said it expects to receive
a working capital adjustment of approximately AU$10 million,
depending on the timing of financial close, and the release of a
AU$10 million cash backed letter of credit.

Alinta AEATM was a participant in the wholesale gas market which
sources gas principally from the Gippsland Basin in Victoria to
supply a range of wholesale energy market participants on the
eastern seaboard.

            Update on Repayment of BBPH Debt Facility

BBP expects to complete the sale of its interests in the Kwinana
and Neerabup power stations during 1Q CY09, once the remaining
conditions precedent are satisfied.  Partial completion of the
sale of interests in the Kwinana power station and internal funds
have been used to repay AU$71 million of the AU$118 million BBPH
facility to date.  The remaining AU$47 million outstanding is
expected to be repaid from internal funds and proceeds to be
received on final completion of the asset sales.

                   About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --  is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.

                          *     *     *

Babcock & Brown Power Fund said it will not make a distribution
for the six month period ending June 30, 2008, amongst a range
of capital initiatives it is investigating to strengthen its
balance sheet, which include refinancing of BBP Holdings Pty
Ltd's corporate facility of up to AU$360 million.


BABCOCK & BROWN LIMITED: Still in Talks with Lenders
----------------------------------------------------
Babcock & Brown Limited said it has not yet received a final
response from its lenders on its submitted proposal.  The company
has also requested for a voluntary suspension of its shares from
yesterday, January 12, 2009.

The Heraldsun reports that there was no indication of how long the
suspension might last or when the company's banks would respond to
the business plan.

According to the Heraldsun, Babcock shares have been in a trading
halt since Thursday, January 7, after it submitted its revised
business plan to the 25-bank syndicate of financiers.

Heraldsun relates that under a complex deal negotiated over the
weekend, Babcock would be able to continue trading as a going
concern with the banks taking on equity in the company.

Five Australian banks - NAB, Westpac, Suncorp, ANZ and
Commonwealth -  have lent about $700 million to B&B, while 20
foreign banks including the Royal Bank of Scotland collectively
have $2 billion at risk, the Heraldsun notes.

As reported by Troubled Company Reporter-Asia Pacific on Jan. 8,
2009, Babcock & Brown disclosed that following progress on the
asset impairment review process for its 2008 full year accounts,
the company believed asset impairment charges will be such that it
will be in a substantial negative net asset position at Dec. 31,
2008.

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

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

                      About Babcock & Brown

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


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

The company's liquidator is:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


CYPRESSTREE SYNTHETIC: Fitch Downgrades Note Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by CypressTree
Synthetic CDO Limited and assigned Negative Outlook:

  -- AUD40m credit-linked notes due December 2010 (ISIN:
     AU300CTSL015): downgraded to 'BB-' from 'A-' (A minus);
     Outlook Negative.

The transaction is a fully funded synthetic corporate CDO
referencing a portfolio of primarily U.S. non-investment grade
corporate obligations, managed by Boston, Massachusetts-based
CypressTree Investment Management Company Limited.

The downgrade rating action reflects the significant deterioration
in the credit quality of the current reference portfolio, which
has a weighted average rating of 'B/B+' compared with 'BB-' (BB
minus) when last reviewed in July 2008.  In aggregate, 35 entities
have been downgraded resulting in an aggregate 72-notch downgrade,
while only four entities were upgraded resulting in an aggregate
15-notch upgrade during the same period.  Most significantly, the
percentage of the portfolio rated in the 'CCC' and below
categories has more than doubled to 24.62% from 11.03%.  The
coverage provided by the current available credit enhancement
level of 17.27% against the default of such lowly rated assets and
a further 21.54% in the 'B' category is therefore significantly
reduced.  Furthermore, a credit event on Lyondell Chemical Co.
(downgraded to 'D' on January 8, 2009) is expected to be called,
and will likely result in the erosion of the available credit
enhancement.  Other reference entities that have suffered multi-
notch downgrades include General Motors Corp. (rated 'C'), GMAC
LLC (rated 'RD', Rating Watch Positive), Ford Motor Credit Company
(rated 'CCC', Outlook Negative) and American Axle & Manufacturing
Holdings, Inc. (rated 'B-' (B minus), Rating Watch Negative).

The assignment of Negative Outlook reflects the risk of further
portfolio deterioration with 12.56% of the portfolio currently on
Rating Watch Negative, and 30.51% with a Negative Outlook.
At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralize CDS between the issuer
and Calyon ('AA-' (AA minus)/'F1+').  The charged asset in this
transaction comprises an AUD40m guaranteed investment contract
between the issuer and Calyon.

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.


CMFT PTY: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
The members of CMFT Pty Limited met on October 13, 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:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


DJS CATERING: Enters Wind-Up Proceedings
----------------------------------------
The members of DJS Catering Pty Limited met on October 16, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Ozem Kassem
          Bruno A Secatore
          Cor Cordis Chartered Accountants
          76-80 Clarence Street, Level 10
          Sydney NSW 2000
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


EVODIA PTY: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Evodia Pty Ltd met on Dec. 1, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          R. W. Whitton
          Lawler Partners
          Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney NSW 2000


EXECUTIVE RISK: Declares First and Final Dividend
-------------------------------------------------
Executive Risk International Pty Ltd, which is in liquidation,
declared first and final dividend on December 19, 2008.

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

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland & Co
          Chartered Accountants
          PO Box 573
          Wollongong NSW 2500


JLM FINANCIAL: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of JLM Financial Services Pty Ltd met on
December 8, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Leigh
          PPB
          75-77 Clarence Street, Level 2
          Port Macquarie NSW 2444
          Telephone: (02) 6580 0400


RESOURCE MINING: Court Orders Injunction on Sale of Argyle Project
------------------------------------------------------------------
The Age reports that Resource Mining Corporation Ltd's 75 per cent
owned subsidiary, Argyle Iron Ore Pty Ltd, said the courts have
granted an interim injunction temporarily blocking the sale of the
Argyle Iron Ore Project in Western Australia.

According to the report, the company said that Iron Ore Resources
Pty Ltd and Royalty Administration Company Pty Ltd had commenced
proceedings in the Supreme Court of Western Australia on Friday,
January 9, to permanently restrain the completion of the sale of
the project.

The Age relates that they had sought an interim injunction until
the substantive case is heard on Wednesday, January 14.

In December, the report recounts, Resource Mining announced that
private firm Kimberley Metals Group Pty Ltd would buy the project
for $3.9 million.  Sale proceeds will be used to fund the miner's
Wowo Gap nickel project in Papua New Guinea, the Age says.

Resource Mining Corporation Limited (ASX:RMI) --
http://www.resmin.com.au/-- is engaged in mineral exploration in
Papua New Guinea and Australia.  The company has two controlled
entities: Argyle Iron Ore Ltd (75%) and Resource Exploration
Limited (100%).  As of June 30, 2008, RMI was focused on the
development of its Wowo Gap Nickel Laterite Project in Papua New
Guinea.  The Wowo Gap Project is located about 200 kilometers east
of Port Moresby.  The Wowo Gap nickel-cobalt laterite deposit is
held under EL1165.  The company's other active projects include
Argyle Iron Ore Project, Blackstone Range/Michael Hills Projects
and Three Rivers Project.  The Argyle Iron Ore Project is situated
in Western Australia, and comprises two iron deposits that are
contained within E80/2389.  RMI's tenements in the
Blackstone/Michael Hills farm-in deed project include E69/2106,
E69/2107, E69/2108 and EL69/2109.  The Three Rivers Project is
located in the Greenvale district in North Queensland, and
consists of EPM11223, EPM10680 and EPM10866.

                         *     *     *

Resource Mining reported three consecutive net losses of AU$1.11
million, AU$5.51 million, and AU$1.74 million for the years ended
June 30, 2008, 2007 and 2006, respectively.


SIGNATURE BEVERAGES: Declares First and Final Dividend
------------------------------------------------------
Signature Beverages Pty Limited, which is in liquidation, declared
the first and final dividend on December 28, 2008.

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

The company's liquidator is:

          Martin J. Green
          Ferrier Green Krejci Silvia
          1 Castlereagh Street, Level 13
          Sydney NSW 2000


SYDNEY DESIGNS: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
The members of Sydney Designs Pty Limited met on October 13, 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:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


TOMACE PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Tomace Pty Ltd met on November 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Brian Mccleary
          Brian McCleary & Co Accountants
          126 End Street
          Deniliquin NSW 2710


TRI STAR: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on October 17, 2008, the members of
Tri Star Poultry & Packaging Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          PO Box 573
          Wollongong NSW 2500
          Telephone: (02) 4225 2545
          Facsimile: (02) 4225 2546
          e-mail: reception@jswollongong.com.au


VR SERVICES: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
The members of VR Services 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:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000
          Telephone: (02) 9262 1944
          Facsimile: (02) 9262 1933


* AUSTRALIA: Bankruptcies Up 6.3% in Dec. 2008 Qtr, ITSA Says
-------------------------------------------------------------
The Insolvency and Trustee Service Australia (ITSA) disclosed its
provisional personal insolvency statistics for the December 2008
quarter.  

ITSA revealed that the total personal insolvency activity has
increased by 11.69% to 8,702 against the same period in 2007-08
(7,791): a decrease of 3.39% on the September 2008 quarter
(9,007).

ITSA data also revealed 6,649 new bankruptcies during the December
quarter of 2008, an increase of 6.03 per cent against the December
2007 quarter (6,271) and a decrease of 0.66% on the September 2008
quarter (6,693).

There were also 1,991 new debt agreements in the December 2008
quarter, an increase of 37.12% against the December 2007 quarter
(1,452) and a decrease of 9.58% on the September 2008 quarter
(2,202).

New personal insolvency agreements in the December 2008 quarter
also reaches 62, an 8.82% decrease against the December 2007
quarter (68) and a 44.64% decrease on the September 2008 quarter
(112).



=========
C H I N A
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BANK OF CHINA: RBS May Sell Stake in Bank
-----------------------------------------
Royal Bank of Scotland (RBS) said it is considering selling its
4.3 percent stake in Bank of China Ltd as part of a review of its
international assets, China Daily reports.

"RBS is currently examining all of its investments as part of the
strategic review launched in the final quarter of 2008.  This
includes our investment in Bank of China," the bank said in a
statement cited by China Daily.

Bloomberg News relates that RBS Chief Executive Officer Stephen
Hester may seek to use a US$1.2 billion gain on the Bank of China
stake to help repair a balance sheet crippled by more than GBP7
billion (US$11 billion) of writedowns in 2008.

According to China Daily, the likelihood that RBS will sell the
US$4 billion stake increased after the UK government took a 57
percent stake in the bank following a bailout last October.

Mr. Hester, China Daily discloses, is due to complete the
company's international asset review by the end of June.

As reported in the Troubled Company Reporter-Asia Pacific on
January 9, 2009, Shanghai Daily said Hong Kong billionaire Li Ka-
shing sold as much as HK$4.06 billion (US$524 million) of Bank of
China shares.

According to a document obtained by Bloomberg News and cited by
Shanghai Daily, Li's Magnitico Holdings Ltd offered 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 noted, came after UBS AG sold shares in
the bank to raise funds as the global financial crisis erodes its
balance sheet.

Shanghai Daily disclosed 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.

                       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 EASTERN: Eyes CNY6.2 Bil. Loss on Hedging Contracts
---------------------------------------------------------
China Eastern Airlines Corp. warned it will post a "significant"
loss for 2008 due to fuel hedging contracts and fewer passengers,
various reports said.  The carrier estimated a loss of around
CNY6.2 billion (US$906 million) on fuel hedging contracts.

In a Hong Kong stock exchange statement cited by Shanghai Daily,
China Eastern's fair-value hedging losses totaled US$14.2 million
in December alone.

"A pronounced global economic recession since the second half of
2008 led to a drastic decrease in air transportation demand.  As a
result, the Shanghai-based company said "the civil aviation
industry is facing a crisis."

Meanwhile, China View relates that China Eastern's board secretary
Luo Zhuping confirmed the carrier has been formulating an array of
256 measures to stem further losses during the global economic
recession.

According to China View, board secretary Luo said that the
efficiency-oriented policies include cutting salaries across the
executive suite, urging employees to take unpaid vacations and
making other operating adjustments.

Board secretary Luo, according to China View, said the pay cuts
won't reach low-level employees.  Management teams will see a 10
to 30 percent salary reduction, depending on their posts.

In addition, Luo said, some unprofitable flights (mostly
international) will be closed down.

Citing China Eastern's third-quarter report, China View says, the
Shanghai-based airline posted a loss of CNY2.334 billion, with a
98.49 percent debt-to-equity ratio.  Its passenger numbers fell
5.4 percent to 37.1 million throughout 2008.

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.

                       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.


CHINA SHOE: Posts US$2.5 Mil. Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
China Shoe Holdings, Inc., posted a net loss of US$2,565,275 for
the three months ended September 30, 2008, compared with a net
income of US$263,758 for the same period a year earlier.

For the nine months ended September 30, 2008, the company incurred
a net loss of US$1,642,954 and generated a negative cash flow of
US$686,907 from operating activities. At September 30, 2008, the
company had an accumulated deficit of US$399,815. "The company is
experiencing difficulty in generating sufficient cash flow to meet
its obligations and sustain its operations, which raises
substantial doubt about its ability to continue as a going
concern," President and CEO Gu Xianzhong disclosed in a regulatory
filing dated November 19, 2008.

"In order to improve the company's liquidity, the company is
actively pursing additional equity and or debt financing through
discussions with investment bankers and private investors. There
can be no assurance the company will be successful in its effort
to secure additional equity and or debt financing."

As of September 30, 2008, the company's balance sheet showed total
assets of US$3,702,474, total liabilities of US$1,060,056, and
total stockholders' equity of US$2,642,418.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37d7

                         Share Exchange

On December 26, 2008, China Shoe Holdings entered into an
Agreement for Share Exchange, dated December 22, 2008, by and
among the company, Chinaone Investment, LTD, a Republic of
Seychelles corporation, and the shareholders of Chinaone.  The ASE
provides that upon closing the Chinaone shareholders will exchange
their shares for 1,699,254,200 shares, or approximately 94%, of
the issued and outstanding shares of the company and the present
officers and director of the company will resign and be replaced
by the designees of Chinaone.  Chinaone is the 95% shareholder of
Fuzhou Cangyuan Herbal Health Drinks Co., Ltd., a Sino-foreign JV
registered in China which is engaged in growing herbal ingredients
and developing and marketing herbal beverages in China which
include various ingredients, including golden honeysuckle.  Fuzhou
has operated profitably in each of the last three years.

The closing under the ASE is subject to various conditions,
including, but not limited to, the satisfactory completion of each
party's due diligence and various other requirements.  Among other
requirements, the company must dispose of its present shoe
manufacturing and marketing operations and increase authorized
shares of common stock to permit the issuance of the company's
shares to the Chinaone shareholders.

Management believes that the transaction, which will result in the
acquisition of a 95% interest in Fuzhou is in the best interests
of the company and its shareholders.  The company's shoe
manufacturing business has suffered severe adverse effects
relating to general economic conditions and conditions relating to
the business climate in China.  Management has determined that the
business can not operate profitably under present conditions and
has suspended production at the company's factory.  Management
believes that the acquisition of Fuzhou gives the company and its
shareholders an opportunity to participate in a profitable and
growing business.  The holders of a majority of the company's
issued and outstanding shares have consented to the disposition
and acquisition of assets represented by the consummation of the
transactions contemplated by the ASE and the company has begun
filling its legal conditions to closing.  The company has
initiated the process of disposing of its shoe manufacturing
operations.

On December 30, 2008, the company filed a Certificate of Change
with the Nevada Secretary of State to increase the number of
shares of common stock which it is authorized to issue from
300,000,000 shares par value US$0.001 to 2,000,000,000 shares, par
value US$0.001.  The certificate of change was approved by the
company's sole director and the holders of 62,555,133 shares of
the company's 119,445,571 outstanding shares of common stock.  The
increase in the company's authorized common shares is a condition
to closing under the ASE.

                            Departures

On December 26, 2008, the company received letters of resignation
from each of Kon Ki Lo, a director, and Angus Cheung Ming, the
company's chief financial officer.  The resignation letters stated
that their resignations were "the result of disagreement with the
company on the matter relating to its operation and practices."

                         About China Shoe

China Shoe Holdings, Inc., through its subsidiaries, is engaged in
the manufacturing of ladies fashion footwear for shoe retailers in
Japan and China. Meanwhile, the company also produces various
types of shoe soles for the domestic market in the People's
Republic of China.


CHINA TRACTOR: Reports US$147,462 Net Income in Qtr. Ended Sept.
----------------------------------------------------------------
China Tractor Holdings, Inc., reported net income of US$147,462 in
the third quarter of 2008, compared to a net loss of US$243,692 in
the same quarter in 2007.  The company said it was able to achieve
profitability due to an increase in production and sales volume of
the small and medium tractors and improvement on gross margins of
products sales.

In a regulatory filing dated November 18, 2008, Chief Executive
Officer Lau San disclosed that the company suffered accumulated
deficit of US$1,521,857 as of September 30, 2008, and US$2,122,955
as of December 31, 2007.  "The company has relied upon cash from
its financing activities to fund its ongoing operations as it has
not been able to generate sufficient cash from its operating
activities in the past.  We have begun to achieve profitability in
2008, but there is no assurance that it will continue to be able
to do so in the future.  If we fail to maintain profitability, we
cannot predict how long we can incur losses or whether we will
become profitable again, or if the company's business will
improve.  These factors raise substantial doubt as to our ability
to continue as a going concern.  Our ability to continue as a
going concern depends on the success of our plan to seek funding
sources and the success of our future operations."

"However, our working capital was positive US$5,343,120. In
addition, our wholly owned subsidiary, Densen Machinery is a
recipient of subsidies and tax incentives from the Chinese
government as part of their plan to promote the development of the
agriculture industry in the northeast regions of China.  We expect
that these subsidies and tax incentives to continue in the near
future and improve our liquidity, although the current world-wide
economic crisis may cause the Chinese government to discontinue
these incentives and subsidies.  Further, demand for agricultural
machines continues to be robust in China, including the provinces
of Jilin, Liaoning, Heilongjiang and Shangdong, areas that are
major markets for our products."

As of September 30, 2008, the company's balance sheet showed total
assets of US$37,529,531, total liabilities of US$5,669,080,
minority interests of US$15,618,821, and total stockholders'
equity of US$16,241,630.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37d6

                       About China Tractor

China Tractor Holdings, Inc.'s business is solely comprised of the
business of its wholly owned subsidiary, Densen Machinery. Densen
Machinery invested US$15,180,000 to establish Changchun Densen
Agricultural Machinery Equipment Co., Ltd. on September 2005.
Changchun Densen is engaged in the research and development and
production of low-speed vehicles, tractors and construction
machinery. In November 2007, Changchun Densen and State-owned
Assets Supervision and Administration Commission of Changchun
entered into a joint venture to establish Chang Tuo Agricultural
Machinery Equipment Group Co., Ltd. to put itself in a better
position in the marketplace. Densen Machinery is a recipient of
subsidies and tax incentives from the Chinese government as part
of their plan to promote the development of the agriculture
industry in the northeast regions of China. The major markets for
its products are located mainly in the provinces of Jilin,
Liaoning, Heilongjiang and Shangdong.


INTERNATIONAL TEXTILE: Obtains US$30 Million Additional Funding
---------------------------------------------------------------
International Textile Group, Inc., reported that on December 29,
2008, three investment funds that are affiliated with Wilbur L.
Ross, Jr., the chairman of the board of directors of the company,
provided additional funding to the company in the aggregate
principal amount of US$30 million.

The company intends to use this funding for general corporate
purposes in support of its apparel business, including providing
additional funding to certain of its international greenfield
initiatives.  This funding is evidenced by subordinated promissory
notes issued to each of WLR IV Parallel ESC, L.P., WLR Recovery
Fund III, L.P. and WLR Recovery Fund IV, L.P. in the principal
amounts of US$90,000, US$2,730,000 and US$27,180,000,
respectively.

Mr. Ross and his affiliates own approximately 82% of the company's
common stock, and approximately 87% of the company's outstanding
voting power.

The 2008 Subordinated Promissory Notes bear interest at a rate of
18.0% per annum.  Interest on the 2008 Subordinated Promissory
Notes is payable semi-annually on March 31 and September 30 of
each year, and is payable-in-kind through the conversion of
interest to additional principal amounts.  The 2008 Subordinated
Promissory Notes mature on June 6, 2012, and may be prepaid in
whole or part at any time prior thereto without penalty.

                   Lenders Waive Non-Compliance

On December 24, 2008, International Textile Group and the holders
of the company's US$80 million senior subordinated notes due
June 6, 2011, entered into Amendment No. 2 to the Senior
Subordinated Note Purchase Agreement.  Pursuant to the Amended
Note Purchase Agreement, the holders of the Notes waived the
company's non-compliance with an international greenfield
indebtedness limitation contained in the Note Purchase Agreement.
The Amended Note Purchase Agreement also modified that
international greenfield indebtedness limitation to provide for an
aggregate basket of US$165 million, and includes an Excess U.S.
Collateral Coverage Ratio to which the company is subject.

Also on December 24, 2008, the company and certain of its U.S.
subsidiaries, General Electric Capital Corporation and the other
signatories thereto entered into the Consent and Amendment No. 14
to that certain Credit Agreement, dated as of December 29, 2006.
The Amended Credit Agreement, among other things, permits the
granting of the subordinated liens to the holders of the Notes.

                          Re-Alignment

International Textile Group, on November 26, 2008, disclosed that
it is realigning its apparel fabric divisions to create a single
apparel fabrics division.  The consolidated division will include
the Cone Denim and Burlington WorldWide divisions and their
associated product brands.  The company is in the process of
developing the new organizational structure.  In addition, the
company is making further reductions in connection with the
previously-announced closure of a facility in Hildesheim, Germany,
which is a part of the company's automotive safety products
division.  The division consolidation, related reductions and the
Hildesheim facility closure are expected to result in annual
compensation savings of approximately US$8 million to US$9
million.  The company expects to incur employee severance costs,
estimated to be in a range of US$5.2 million to US$5.7 million
that would be recognized as a charge to earnings in the fourth
quarter of fiscal 2008.

                       3rd Quarter Results

For the three months ended September 30, 2008, the company posted
a net loss of US$62,748,000 compared with a net loss of
US$16,181,000 for the same period a year earlier.

Willis C. Moore, III, executive vice president and chief financial
officer, disclosed in a regulatory filing dated November 14, 2008,
that the company has incurred significant operating losses and
negative cash flows from operating activities, and has a
significant amount of outstanding debt, which is scheduled to
mature at various times in 2009, which raises substantial doubt
about the company's ability to continue as a going concern.  "As
the company's current cash flows are not sufficient to service its
working capital and capital expenditure needs as well as the debt
that is scheduled to mature over the next twelve months, the
company's ability to continue as a going concern is dependent upon
(i) its ability to refinance its existing debt maturing at various
times during 2009, (ii) remain in compliance with the covenant
requirements of our existing debt, (iii) obtain additional equity
contributions or debt financing, (iv) reduce expenditures and
attain further operating efficiencies, and, (v) ultimately, to
generate greater revenue and gross profit.  Given the current
economic and credit environment as well as the company's financial
performance year-to-date, there can be no assurance as to the
availability of any necessary financing and, if available, that
any potential source of funds would be available on terms and
conditions acceptable to us, or that we will be able to achieve
profitable operations and positive cash flows."

As of September 30, 2008, the company's balance sheet showed total
assets of US$944,410,000, total liabilities of US$720,658,000,
minority interest of US$13,286,000, and total stockholders' equity
of US$210,466,000.

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37bc

                  About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with operations principally in the United States, China, Germany,
Poland, Nicaragua, Mexico and Vietnam. The company produces
automotive safety (including airbag fabric and airbag cushions),
apparel, government uniform, technical and specialty textile
products.



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

ATLAS COMMUNICATIONS: Creditors' Proofs of Debt Due on Feb. 2
-------------------------------------------------------------
The creditors of Atlas Communications HK Limited are required to
file their proofs of debt by February 2, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 19, 2008.

The company's liquidator is:

          Lin Lai Har Wendy
          1301 Eton Tower
          8 Hysan Avenue
          Causeway Bay
          Hong Kong


CHASE MANHATTAN: Derek and Haughey Cease to Act as Liquidators
--------------------------------------------------------------
On December 17, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of:

   -- Chase Manhattan Investment Services (Hong Kong) Limited;
   -- Hayama Limited; and
   -- Seascale Limited.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


EUGENE ENTERPRISES: Placed Under Voluntary Liquidation
------------------------------------------------------
The shareholders of Eugene Enterprises Company Limited met on
December 19, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Pang Hui Yi, Irene
          Malaysia Building
          Unit 1602, 16th Floor
          50 Gloucester Road
          Wanchai, Hong Kong


FIDELITY TRADING: Creditors' Proofs of Debt Due on January 29
-------------------------------------------------------------
The creditors of Fidelity Trading Limited are required to file
their proofs of debt by January 29, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 15, 2008.

The company's liquidator is:

          Chong Cho Mei
          Unit 2706, 113 Argyle Street
          Mongkok, Kowloon
          Hong Kong


KING STAR: Creditors' Proofs of Debt Due on January 29
------------------------------------------------------
The creditors of King Star Enterprise Limited are required to file
their proofs of debt by January 29, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chong Cho Mei
          Unit 2706, 113 Argyle Street
          Mongkok, Kowloon


MCDATA HONG KONG: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
members of McData Hong Kong Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


SUITABLE INVESTMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on December 12, 2008, the
members of Suitable Investments Hong Kong Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Fong Ting Hoi
          Lai Wai Building
          Room B, 10th Floor
          654 Nathan Road, Mongkok
          Kowloon, Hong Kong


XM HONG KONG: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on December 19, 2008, the
members of XM Hong Kong Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Wan Yiu Chung, Paul
          Lin Lai Har, Wendy
          1301 Eton Tower
          8 Hysan Avenue, Causeway Bay
          Hong Kong



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

PITAMBER CREATION: CRISIL Rates Rs.96.5MM Long Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Pitamber Creation (India) Pvt Ltd (Pitamber).

   Rs.96.5 Million Long Term Loan         BB/Stable (Assigned)
   Rs.195.0 Million Cash Credit Limits    BB/Stable (Assigned)
   Rs.5.5 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect Pitamber's stretched financial risk profile
marked by high gearing and moderate debt protection indicators;
and exposure to risks relating to working capital intensive nature
of operations.  These weaknesses are, however, partially offset by
Pitamber's established presence in the garments business, with an
established brand and strong retail customer base.

Outlook: Stable

CRISIL believes that Pitamber will maintain its current business
and financial risk profile over the medium term, backed by the
stable demand for its products.  The outlook may be revised to
'Positive' if the company successfully scales up its operations
and it's gearing and debt protection measures improve
substantially.  Conversely, the outlook may be revised to
'Negative' if Pitamber's financial risk profile weakens on account
of reduced margins, or intake of large debt for funding.

                         About Pitamber

Promoted by Mr. Rajendra Goenka in 2005, Pitamber manufactures
readymade garments under the brand, Alan Paine, for men, and
trades in garments and accessories for women and children. Its
manufacturing facility has capacity to produce around 10,000
pieces per day. Its distribution network consists of 39 showrooms.

For 2007-08 (refers to financial year, April 1 to March 31),
Pitamber reported a profit after tax (PAT) of Rs.24.46 million on
net sales of Rs.462.46 million, as against a PAT of Rs.11.89
million on net sales of Rs.179.50 million for 2006-07.


SATYAM COMPUTER: Pomerantz Haudek Investigating Claims
------------------------------------------------------
Pomerantz Haudek Block Grossman & Gross LLP has commenced an
investigation of the scandal involving Satyam Computer Services
Ltd on behalf of investor clients, and is exploring the possible
claims that can be raised, including under the federal securities
laws and focusing on identification of possible defendants in
addition to the Raju brothers, such as outside auditors, and on
the location of assets in this country.

Any investors in Satyam's ADRs who have questions or concerns can
contact Shaheen Rushd Esq. at Pomerantz Haudek Block Grossman &
Gross LLP at 888-476-6529 or 212-661-1100 or srushd@pomlaw.com .

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 9, 2009, Bloomberg News said Satyam Computer' Chairman
Ramalinga Raju resigned after saying he falsified earnings and
assets of the company.

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

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 noted.

                       About Pomerantz

The Pomerantz Law firm has prosecuted securities fraud claims for
over 70 years, and is regarded as one of the country's premier
class action firms.  The firm has offices in New York City,
Chicago, Washington, D.C., San Francisco and Columbus, Ohio. Among
other accomplishments, the Firm argued the landmark StoneRidge
case before the U.S. Supreme Court, which established the contours
of third party liability to defrauded investors.  It has also
served as lead counsel in cases that have recovered hundreds of
millions for investors, including cases involving stock market
analyst Jack Grubman, Charter Communications, and others.  It is
presently lead counsel in one of the most egregious stock option
backdating cases involving Comverse Technology.

                      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.


* PBGC Worries on Detroit 3's Pension Fund
------------------------------------------
John D. Stoll at The Wall Street Journal reports that U.S. Pension
Benefit Guaranty Corp. Director Charles E. F. Millard said that
about 1.3 million workers and retirees could see their pensions
slashed if one or more of the automakers were to collapse.

WSJ relates that the PBGC's current deficit would double, as would
the number of people receive pensions from the agency, if General
Motors Corp., Ford Motor Co., and Chrysler LLC were to terminate
their pension plans.  According to WSJ, Mr. Millard said that the
pension funds of GM, Ford Motor, and Chrysler would be underfunded
by as much as US$41 billion.

Mr. Millard, WSJ reports, said that the three automakers have well
funded pensions according to the standard accounting rules applied
by the Securities and Exchange Commission.

"An awful lot of people seem to think these plans are well funded
or overfunded.  Each of these plans is significantly underfunded
[and] in three years I don't want people coming back and saying,
'How come the PBGC never told us that?'" WSJ quoted Mr. Millard as
saying.

The pension funds of GM, Ford Motor, and Chrysler can cover 76% of
the pension obligations they have made, if they terminate the
pension plans, WSJ states, citing Mr. Millard.  PBGC, according to
the report, said that GM's plan is estimated to be about
$20 billion, or about 20% underfunded, while Chrysler's plan is
34% underfunded, resulting in a $9 billion-plus shortfall.  The
report states that Ford Motor's pension plans likely have a $12
billion deficit.

Citing PBGC spokesperson Jeffrey Speicher, WSJ relates that the
agency will cover about US$13 billion of the estimated US$41
billion shortfall.



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

CREED CORPORATION: Files for Corporate Reorganization
-----------------------------------------------------
Creed Corporation said Friday it has filed a petition for
corporate reorganization with the Tokyo District Court with
liabilities of approximately JPY65 billion.

"Since the subprime mortgage crisis in 2007, we have taken
initiatives in response to the declining market conditions,
ranging from decreasing our debts by over JPY20 billion by asset
disposal to divesting our J-REIT business and rationalizing our
cost structure by headcount cut.  Unfortunately, however, we have
come to the point where we have payment problems as the scale and
rate of the market deterioration has surpassed our expectations
and effort; we have been unable to repay the debt which are due
late December 2008 or afterwards and have few prospects of
repaying them in the near future," the real estate investment
company said in a statement.

The company posted JPY2.77 billion net profit for the year ended
May 2008, compared with a JPY4.6 billion net profit in the prior
year.

Based in Japan, Creed Corporation mainly engages in the real
estate business.  The company operates in three business segments.
The Real Estate Operation segment is engaged in the planning,
reporting, fund management, property sourcing, valuation and asset
management of real estate investment fund, including private funds
and public funds such as Japan real estate investment trust (J-
REIT).  The Real Estate Investment segment is engaged in the real
estate and real estate-related investments, based on the company's
assessments of the market.  The Others segment is involved in the
due diligence, real estate advisory, credit investment and hotel
businesses, among others.  The company has 34 subsidiaries.  The
company sold a Tokyo-based subsidiary on December 12, 2008.


NISSAN MOTOR: To Cut 1,200 Jobs at U.K. Plant
---------------------------------------------
Nissan Motor Manufacturing (UK) Ltd, Nissan Motor Co.'s British
manufacturing operation, announced Thursday it will cut around
1,200 jobs due to "extremely challenging" conditions in the
British car market, The Japan Times reports citing Kyodo News.

In a statement, Nissan Motor Manufacturing (UK) Ltd said "Towards
the end of 2008 the dramatic decline in customer demand affecting
all car makers led Sunderland Plant to implement measures to
adjust volume in line with the market.  These included reductions
in line speed, operating an existing volume flexibility
arrangement with staff, and implementing non-production training
days."

To safeguard the plant's long term sustainability, Nissan said the
company will implement these measures:

   -- To ensure Sunderland Plant does not over-supply a
      weakening market, one shift from both production
      lines will be trimmed during the FY 08 Quarter 4
      period (January - March 2009).  This will result
      in 'Line 1' operating on two shifts, and 'Line 2'
      operating on one shift during this period.

   -- From April 2009 onwards the plant will reinstate a
      shift on 'Line 2' ('Line 1' will remain on two shifts).

   -- As a result of this new working pattern, and to match
      forecast volume requirements throughout 2009, Nissan
      has notified the Local Works Council and the 'Unite'
      union of its intention to reduce overall production
      headcount by around 1,200.  This figure includes 400
      staff on temporary contracts, and it is intended these
      will not be renewed beyond January.  The statutory
      consultation period will determine how best to adjust
      permanent headcount, but it is hoped that this can be
      managed on a voluntary basis.

Nissan Senior Vice President for Manufacturing, Europe,
Trevor Mann, commented: "Like all manufacturers, Sunderland Plant
is currently operating in extraordinary circumstances not of our
making.  It is essential we take the right action now to ensure we
are in a strong and viable position once business conditions
return to normal.

"Unavoidably, this means we have had to make some very tough
decisions in recent weeks.  However by doing so, we are helping to
safeguard our long term future which I believe is extremely
positive.

"We will begin preparations to launch another new model in 2010,
which will be our sixth in seven years.  This level of new model
introduction is unparalleled in plants across Europe and
demonstrates the confidence Nissan's top management has in the
Sunderland workforce.

"The long term future of the plant must remain our over-riding
priority.  However, as always, Nissan will continue to make every
effort to minimize the impact on its employees and their families.

Nissan, Japan Times relates, will become the first Japanese
carmaker operating in Britain to cut jobs during the current
economic downturn.  The cuts represent about a quarter of Nissan's
workforce at its plant in Sunderland, northeast England.

                        About Nissan Motor

Nissan Motor Co., Ltd. -- http://www.nissan.co.jp/-- is a Japan-
based automobile manufacturer. The company has two business
segments.  The Automobile segment is engaged in the planning,
development, manufacture and sale of passenger vehicles, trucks,
buses, marine vehicles, forklifts and related parts, the import
and export of automobiles, as well as the transportation of
vehicles to overseas markets.  The Sales Finance segment is
engaged in the provision of credit card and leasing services, as
well as non-life insurance and financing businesses.  The company
has 194 consolidated subsidiaries and 16 associated companies in
Japan, France, Holland, the United Kingdom, Italia, Spain, the
United States, Canada, Mexico, Australia, South Africa, China,
Thailand and United Arab Emirates.


SANYO ELECTRIC: Forecasts Near Zero Net Profit
----------------------------------------------
Sanyo Electric Co. Ltd. may cut its group net profit forecast for
the year ending March 31 to almost zero due to stronger yen and
sluggish sales, The Japan Times reported citing Kyodo News.  The
company had earlier projected a JPY35 billion net profit.

According to Japan Times, Sanyo may also revise downward its
operating profit forecast for the year to March 31 to JPY30
billion from the initially projected JPY50 billion.

For the first time in nine years, the report relates, Sanyo's
group sales are likely to fall below JPY2 trillion, compared with
an initially anticipated JPY2.02 trillion.

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

                          *     *     *

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



===========
K U W A I T
===========

GLOBAL INVESTMENT: Loan Non-Payment Prompts Fitch's 'D' Rating
--------------------------------------------------------------
Fitch Ratings has downgraded Kuwait-based Global Investment
House's Long-term Issuer Default Rating to 'D' from 'C', Short-
term IDR to 'D' from 'C', and Individual rating to 'F' from 'E'.
Global's Support rating is affirmed at '5' and the Support Rating
Floor is affirmed at 'No Floor'.  The Long- and Short-term IDRs
and Individual rating are removed from Rating Watch Negative.

The rating action follows an announcement by Global that its
inability to meet the principal payment on an US$200 million
international syndicated loan obligation due in mid-December has
triggered cross default provisions on other obligations.  As a
result the company is now in default on the majority of its
financial obligations, although Fitch understands that interest
and coupon payments are being serviced.

In addition to the rating action taken above, Fitch has downgraded
Global's Long-term local currency IDR to 'D' from 'C' and removed
it from RWN.  The expected 'CC'/'RR4' rating on Global's KWD50
million fixed/floating bond remains on RWN.

Fitch has affirmed Global's US$2 billion EMTN programme at Long-
term 'CC'/'RR4' and Short-term 'C'/'RR4' and removed the ratings
from RWN.  The programme's ratings have been simultaneously
withdrawn as there has been no issuance to date under the
programme.



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

AMAZING CONCRETE: Court Hears Wind-Up Petition
---------------------------------------------
On December 15, 2008, the High Court at Christchurch heard a
petition to have Amazing Concrete Services Ltd.'s operations wound
up.

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


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

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


GENEVA FINANCE: Posts NZ$7.7 Mil. Loss For 6 Months Ended Sept. 30
------------------------------------------------------------------
Geneva Finance Limited disclosed in a regulatory filing with NZX
its financial result for the first half ended September 30, 2008.
The company reported a NZ$7.7 million loss for the six months
ended September 30, 2008, compared with a NZ$100,000 loss in 2007.

On a pretax basis, the company posted a NZ$7.2 million loss,
compared with NZ$200,000 loss in 2007.  Geneva said the loss was
primarily attributable to additional provisioning of NZ$9.4
million in respect of the old ledger.

                  Restructuring and Rebuilding

Geneva Finance said that during the last six months the company's
focus has been on bedding down the new procedures and systems as
well as making ongoing improvements to its business model.
Further reductions in head count have been achieved and the
business has now lowered annual overhead costs by approximately
NZ$15.0 million per annum as against the equivalent period last
year.

                     Capital Reconstruction

Since approval of the Capital Reconstruction in May 2008, the
company said it has met all its obligations under that proposal
including the repayment of NZ$33.0 million principal to
stockholders together with interest in full at each month end.

"We are experiencing 'once in a life time' changes to financial
markets on both the global stage and within New Zealand," Geneva
Finance said in a statement.

"It is difficult to know the extent to which the current recession
will impact the company's performance, both in terms of collecting
receivables (particularly the "old ledger") and sourcing of new
lending."

                      About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on November 5, 2007.  The outlook on the
rating is negative.


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

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


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

Roger Gordon Donnell filed the petition against the company on
September 29, 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.10) Ltd.'s operations wound up.

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


THE PC: Court Hears Wind-Up Petition
------------------------------------
On December 15, 2008, the High Court at Wellington heard a
petition to have The PC Workshop Ltd.'s operations wound up.

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


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

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



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

ARMADA SINGAPORE: Sees US$375 Mil. Loss on Forward Freight Deals
----------------------------------------------------------------
Bloomberg News reports Armada (Singapore) Pte said in a U.S. court
filing it has a potential US$375 million loss on forward freight
agreements assuming rates won't recover before the contracts
mature.  The contracts cover future hire rates for vessels
carrying coal, iron ore and other dry bulk commodities through
2020, the report says.

The figures are "projected losses if the market stays the way it
is now," Singapore-based Managing Director Tommy Jensen Rathleff
told Bloomberg News.  They represent a "conservative estimate," he
said.

According to the report, Armada's biggest negative position is for
rates for panamaxes, the largest vessels to fit through the locks
on the Panama Canal.

Based on the court filing, Bloomberg News relates the forward
freight agreements are US$238 million out of the money, while for
capesize vessels and for handymaxes, the derivatives are showing a
loss of US$64 million and US$84 million respectively.

As reported in the Troubled Company Reporter on Jan. 8, 2009,
Armada 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.

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
reported.

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

According to Bloomberg News, Armada said it owes at least US$500
million to creditors.  The news agency disclosed 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 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
said.

Armada's Chapter 15 counsel is Barbra R. Parlin at Holland &
Knight LLP in New York City.

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


MERISANT WORLDWIDE: Financial Woes Cue Chapter 11 Bankruptcy
------------------------------------------------------------
Merisant Worldwide Inc. together with five of its affiliates filed
a voluntary petition under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware, various sources report.

The company posted US$331,077,041 in total assets and
US$560,742,486 in total debts in its filing.  The company owes
US$362,128,760 in note debts to Wells Fargo Bank Minnesota
National Association; 2,521,483 to ACH Food Companies, distributor
and customer; and US$500,000 in contract to Sergio Miguel Chase,
among others.

"This is a financial restructuring of our balance sheet,
not an operational restructuring of our business,"  Bloomberg
quoted Paul Block, the company chief executive officer, as saying
"We've already taken aggressive steps to cut costs and make
Merisant more efficient."

According to Mr. Block, the company anticipates converting a
significant amount of our debt to equity, which will be positive
for Merisant, our customers and employees.  The restructuring will
free up more cash to invest in our business, Bloomberg relates.

The company told Tribune Co. that the current turmoil in the
credit markets made bank financing unavailable to it to refinance
its near-term maturities and interest payments.

Troubled Company Reporter said on Jan. 9, 2009, the company has a
US$35 million revolving credit and a US$7.4 million term loan that
mature on Jan. 11, 2009.

In its Form 10-Q submitted to the Securities and Exchange
Commission in November 2008, the company acknowledged that it
is highly leveraged.  At Sept. 30, 2008, the company and its
subsidiaries, including Merisant Company, had US$553,557,000 of
long-term debt outstanding, consisting of US$135,136 aggregate
principal amount of the company's 121/4% senior subordinated
discount notes due 2014, US$225,000,000 aggregate principal amount
of Merisant's 91/2% senior subordinated notes due 2013, and
US$193,421,000 aggregate principal amount outstanding under
Merisant's senior credit agreement, excluding capital lease
obligations of US$89 and unused commitments on the revolving
portion of the Senior Credit Agreement of US$21,000,000.

At September 30, 2008, borrowings under the Senior Credit
Agreement included US$7,416,000 (Term A) aggregate principal
amount of term loans bearing annual interest of 8.35%,
US$174,005,000 (Term B) aggregate principal amount of term loans
bearing annual interest of 6.40% and US$12,000,000 aggregate
principal amount in revolver commitments, bearing annual interest
of 5.97%.  The Term A loans are euro-denominated and are
translated into U.S. Dollars at the spot rate as of September 30,
2008.

The Term A loans and the revolver commitment are scheduled to
terminate in January 2009 and all amounts thereunder are scheduled
to be repaid.  Most of the Term B loans (US$171,803,000) are due
at its final maturity in January 2010.  Additionally, interest on
the Discount Notes will become payable in cash commencing on
May 15, 2009.  Semiannual interest payments of US$8.6 million are
required.

The indenture governing the Notes limits Merisant's ability to pay
dividends or loan cash to the Company, which has no operations of
its own.

As of November 13, 2008, borrowings under Merisant's revolving
credit facility were US$28,000,000.  In aggregate, during the
twelve months ending September 30, 2009, the company and Merisant
are scheduled to pay US$78,300,000 of principal and interest under
the Company and Merisant's primary debt obligations.

"Given the disruptions in the credit and financial markets in
recent months, uncertainty exists as to whether we will be able to
generate results from operations or consummate transactions
sufficient to enable us to make all of these payments," Merisant
said in their third quarter 2008 report.

Merisant said it is engaged in discussions with certain of its
secured lenders and debt security holders as well as potential
financing sources with regard to refinancing or restructuring all
or a portion of its debt obligations.  "However, there can be no
assurance that we will be able to refinance, replace or amend our
outstanding debt obligations on terms favorable to us, or at all,
particularly given current financial conditions."

                     About Merisant Worldwide

Headquartered in Chicago, Merisant Worldwide, Inc. is a leading
global producer and marketing of low-calorie and zero calorie
tabletop sweeteners, including Equal(R) and PureVia(TM).  Equal(R)
is sweetened with aspartame.  Sales were approximately
US$277 million for the twelve months ended September 30, 2008.

                           *     *     *

As reported by the Jan. 7, 2009 issue of the Troubled Company
Reporter, Moody's Investors Service lowered the ratings of
Merisant Worldwide, Inc., including the company's probability of
default and corporate family ratings to Ca from Caa3.  The ratings
agency said the company's weak credit metrics severely limit its
financial flexibility, especially in the current credit market.

Global competition from well capitalized Splenda(R)(produced by a
subsidiary of Johnson & Johnson) has eroded sales and market share
over the past several years.  Leverage also increased in 2003 to
fund an equity distribution.  For the twelve months ended
September 30, 2008 debt to EBITDA was unsustainable at
approximately 25 times.  The company's weak credit metrics
severely limit its financial flexibility, especially in the
current credit market.

As reported by the TCR on Dec. 19, 2008, Standard & Poor's Ratings
Services said that it lowered its ratings on Chicago, Illinois-
based Merisant Worldwide Inc. and operating company Merisant Co.,
including its corporate credit rating, to 'CC' from 'CCC'.


MERISANT WORLDWIDE: Case Summary & 29 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Merisant Worldwide, Inc., Debtor
        33 North Dearborn Street, Suite 200
        Chicago, IL 60602

Bankruptcy Case No.: 09-10059

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Merisant Company                                   09-10060
Merisant Foreign Holdings I, Inc.                  09-10061
Merisant US, Inc.                                  09-10062
Whole Earth Sweetener Company, LLC.                09-10063
Whole Earth Foreign Holdings, LLC                  09-10064

Related Information: The Debtors sells low-calorie tabletop
                     sweetener.  The Debtors' brands are Equal(R)
                     and Canderel(R).  The Debtors' headquarter is
                     located in Chicago, Illinois, and have
                     principal regional offices in Mexico City,
                     Mexico; Neuchatel, Switzerland; Paris,
                     France; and Singapore.   In addition, the
                     Debtors own and operate manufacturing
                     facilities in Manteno, Illinois, and Zarate,
                     Argentina, and own processing lines that are
                     operated exclusively for the Debtors at
                     plants located in Bergisch and Stendal,
                     Germany and Bangkrason, Thailand.

                     As of March 28, 2008, the Debtors have 20
                     active direct and indirect subsidiaries,
                     including five subsidiaries in the United
                     States, six subsidiaries in Europe, five
                     subsidiaries in Mexico, Central America and
                     South America, and three subsidiaries in the
                     Asia Pacific region, including Australia and
                     India.  Furthermore, the Debtors' Swiss
                     subsidiary holds a 50% interest in a joint
                     venture in the Philippines.

                     Merisant Worldwide holds 100% interest in
                     Merisant Company.

                     See: http://www.merisant.com/

Chapter 11 Petition Date: January 9, 2009

Court: District of Delaware (Delaware)

Judge: Peter J. Walsh

Debtor Bankruptcy Counsel: Sidley Austin LLP
                           One South Dearborn
                           Chicago, Illinois 60603

Debtors' Delaware Counsel: Robert S. Brady, Esq.
                           bankfilings@ycst.com
                           Young, Conaway, Stargatt & Taylor LLP
                           The Brandywine Bldg.
                           1000 West Street, 17th Floor
                           P.O. Box 391
                           Wilmington, DE 19899-0391
                           Tel: (302) 571-6600
                           Fax: (302) 571-1253

Financial Advisor: Blackstone Advisory Services LLP
                   345 Park Avenue
                   New York, New York 10154

Claims Agent: Epiq Bankruptcy Solutions LLC
              757 Third Avenue, 3rd Floor
              New York, New York 10017

The Debtors' financial condition as of November 30, 2008:

Total Assets: US$331,077,041

Total Debts:  US$560,742,486

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Wells Fargo Bank Minnesota     note debts        US$362,128,760
National Association
c/o Wells Fargo Corporate
Trust Services
MAC N9303-110
Sixth and Marquette Avenue
Minneapolis, MN 55479
Attn: Debra McNamee
Tel: (613) 667-6245
Fax: (612) 667-9825

ACH Food Companies             distributor/      US$2,521,483
7171 Goodlett Farms Pkwy       customer
Memphis, TN 38106
Attn: General Counsel
Fax: (901) 381-2906

Sergio Miguel Chase            contract          US$500,000
Imperio Guarania SA
Canada del Carmen 3069
2069 Luque, Paraguay
Tel: +595 (21) 681558
Fax: +595 (981) 402137

Kuehne & Nagel Corp.           shipping          US$453,141

Corn Products International    trade debt        US$338,926

McDonnel Boehnen Hulbert       services          US$223,893

Heartland Sweeteners LLC       trade debt        US$223,123

The Royal Group                trade debt        US$204,922

Kirkwood Communications        marketing         US$146,749

Roc-Tenn Company               trade debt        US$146,111

Brand Architecture             trade debt        US$129,842
International

Coating Place Inc.             trade debt        US$127,689

Kankakee County Treasurer      tax               US$123,000

Ladas & Parry                  trade debt        US$114,885

Advantages Sales & Marketing   distributor       US$104,318

Jen-Coat Incorporated          trade debt        US$103,366

DSC Logistics                  shipping          US$92,500

FedEx Freight East Inc.        shipping          US$75,000

Key West Metal Industries Inc. trade debt        US$73,510

Calorie Control Council        marketing         US$71,730

Holohan Heating & Sheet Metal  trade debt        US$68,349

Northwest Pallets              trade debt        US$67,164

C&S Wholesale Grocer           trade debt        US$65,645

Catalina Marketing             marketing         US$62,550

Brady Enterprises Inc.         trade debt        US$61,446

David Kessler & Associates     trade debt        US$36,000
Inc.

TS Logistics Inc.              shipping          US$35,000

Schawgraphics Incorporated     trade debt        US$32,451

Synovate                       marketing         US$32,000

The petition was signed by Jonathan W. Cole, the company's vice
president, general counsel and secretary.



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

* KMPG Survey Says More Auto Companies to Go Out Business
---------------------------------------------------------
KPMG's 2009 survey of the global automotive industry says that
senior executives expect more companies will go out of business -
as revenues and profits continue to fall.  Optimism reported a
year ago has now been deferred, if not abandoned.  In established
markets, sales expectations continue to fall, investments are
being reviewed and some very large auto companies are close to
insolvency.

Key findings include:

    * One in four auto executives believing that the profitability
      of their business will decrease between 2009 and 2013

    * The numbers of executives who highlighted the risk of
      company insolvencies or bankruptcies has more than doubled
      (77 percent).  Major producers are the most pessimistic,
      with 87 percent of executives predicting increasing number
      of business failures

    * High costs and declining economies will drive restructuring
      - including more mergers and acquisitions and alliances

    * In emerging markets, prospects are being scaled back fast,
      as consumer markets are hit by rapid credit contraction

    * Technology and innovation remain key to the future of the
      industry - with fuel efficiency, advanced fuel technologies
      and environmental pressures considered the most important
      trends

Mike Steventon, Automotive Partner at KPMG in the UK commented:
"The current economic climate is having an unprecedented impact on
the automotive industry.  The combination of evaporating consumer
confidence combined with significant restrictions on available
finance, uncertainties over residual values and inherited
overcapacity have created the automotive industry's "perfect
storm".

"Although there are turbulent times ahead and the level of
restructuring globally will be unprecedented, I believe we will
look back on 2009 as the year the automotive industry addressed
its legacy issues of overcapacity, productivity and inherent
duplication".

Uwe Achterholt, Global Head of Automotive for KPMG, said: "It is
clear that the near future is going to be very tough for the
automotive industry.  Almost half of the respondents expect
fluctuations in revenues or cannot estimate with confidence the
profitability of their business.  This is an unusually high result
and not a good sign for the industry which is dependent on long
term planning to a great extent.  Yet our survey shows the
industry is well aware of the challenges they face - ad innovation
and technology are likely to be at the heart of industry efforts
to recapture profitability in the coming months and years."

Other key findings include:

    * Fear of overcapacity has increased significantly - Last year
      70 percent of the auto managers believed that too many cars
      were produced.  Now all respondents believe that
      overcapacity is a problem.  The proportion of respondents
      that expect over capacity of 11-20 percent in the next 5
      years has almost doubled in comparison with the previous
      year's results increasing from 32-59 percent and one in five
      respondents even expect overcapacity of at least 21 percent.

    * Hope for the future: alternative fuels, new technologies and
      emerging markets - Irrespective of the current crisis
      respondents are hopeful for the future of the automotive
      industry.  This is based on the development of alternative
      fuels, new technologies and the potential in the emerging
      markets.  Respondents expect the auto industry in emerging
      markets to grow faster than in all other regions.  Outside
      China and India, the biggest potential growth is expected in
      Central and Eastern Europe as well as central and south
      America especially in Brazil.

    * Consumers are becoming increasingly price sensitive -
      Respondents are expecting cost to be an increasingly
      important factor in consumer purchase decisions, more so
      that the quality of the vehicle.  Nearly all respondents (96
      percent) are convinced that lower fuel consumption will be
      the most important criteria in the next 5 years and
      affordability of vehicles is likely to be more important
      than quality in Europe.

    * Chinese brands are catching up - Chinese and Indian auto
      brands are expected to significantly expand their market
      share according to respondents.  81 percent of respondents
      believe that Chinese manufacturers will increase their
      market share between 2009 and 2013.  Similarly 78 percent
      expect a positive development for Indian auto brands.  There
      is also quite a positive outlook in Germany 60 percent of
      the experts interviewed expect VW to increase its market
      share.  40 percent of respondents expect BMW's market share
      to rise and 32 percent predict a market share rise for
      Mercedes.  US manufacturers on the other hand are losing
      out.  Two thirds of respondents believe that GM, Ford and
      Chrysler will lose market share.

In the KPMG survey, conducted during late September and October
2008, the 200 executives interviewed represented vehicle
manufacturers and suppliers in Canada, United States, United
Kingdom, France, Germany, Sweden, India, China, South Korea,
Japan, Thailand, Brazil, Mexico, Spain, Poland, Slovakia, Russia,
Czech Republic, Italy, Switzerland, South Africa and Australia.
KPMG has released an annual survey of automotive executives
expressing their views on the state of the industry since 1999.

                          About KPMG

KPMG -- http://www.kpmg.com/-- is a global network of
professional firms providing Audit, Tax, and Advisory services.
Its operate in 144 countries and have more than 104,000
professionals working in member firms around the world.  The
independent member firms of the KPMG network are affiliated with
KPMG International, a Swiss cooperative.  KPMG International
provides no client services.


* BOND PRICING: For the Week January 12 to January 16, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Aust & NZ Bank                6.540%   06/29/49   GBP      67.98
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      63.61
Antares Energy               10.000%   10/31/13   AUD       1.10
Babcock & Brown Pty           8.500%   11/17/09   NZD      21.52
Becton Property Group         9.500%   06/30/10   AUD       0.15
Bemax Resources               9.375%   07/15/14   USD      58.38
Bemax Resources               9.375%   07/15/14   USD      58.38
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      60.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.97
FMG Finance                   9.750%   09/01/13   EUR      45.00
FMG Finance                   9.750%   09/01/13   EUR      45.00
FMG Finance                  10.000%   09/01/13   USD      60.38
FMG Finance                  10.000%   09/01/13   USD      60.38
FMG Finance                  10.625%   09/01/16   USD      65.38
FMG Finance                  10.625%   09/01/16   USD      65.38
Griffin Coal Min              9.500%   12/01/16   USD      36.13
Griffin Coal Min              9.500%   12/01/16   USD      36.13
Hanson Australia              5.250%   03/15/13   USD      34.13
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.64
Nylex Ltd.                   10.000%   12/08/09   AUD       1.00
Orchard Invest                9.000%   12/15/10   AUD      46.00
Paladin Energy                4.500%   12/15/11   USD      58.61
Paladin Energy                5.000%   03/11/13   USD      51.37
Rio Tinto Financ              5.875%   07/15/13   USD      69.86
Rio Tinto Financ              6.500%   07/15/18   USD      65.62
Rio Tinto Financ              7.125%   07/15/28   USD      68.78
Timbercorp Ltd                8.900%   12/01/10   AUD      44.00
Westfield Fin                 3.625%   06/27/12   GBP      71.12
Westfield Fin                 5.500%   06/27/17   GBP      72.05


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Jiangxi Copper                  1.000%  09/22/16     CNY    70.93


   HONG KONG
   ---------
Chinatrust Comm                5.625%  03/29/49     USD    59.75


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    69.26
Astrazeneca Phar               8.000%  01/11/09     INR    29.70
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    55.44
ICICI Bank Ltd                 7.250%  08/29/49     USD    43.17
State BK India                 6.439%  02/28/49     USD    70.09
Subex Azure                    2.000%  03/09/12     USD    20.75
Tata Motors                    1.000%  04/27/11     USD    63.75
Videocon Indus                 5.000%  03/07/11     USD    39.50
Videocon Indus                 4.500%  07/25/11     USD    44.50


   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    70.00
Indonesia (Rep)                6.625%  02/17/37     USD    73.09


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     USD    73.37
Aiful Corp                     4.450%  02/16/10     USD    73.37
Aiful Corp                     5.000%  08/10/10     USD    65.34
Aiful Corp                     5.000%  08/10/10     USD    65.34
Aiful Corp                     6.000%  12/12/11     USD    49.14
Aiful Corp                     6.000%  12/12/11     USD    49.14
Aozora Bank                    0.660%  11/12/12     JPY    74.40
Aozora Bank                    0.660%  11/27/12     JPY    74.15
Aozora Bank                    0.660%  12/12/12     JPY    73.90
Aozora Bank                    0.600%  12/27/12     JPY    73.67
Aozora Bank                    0.660%  01/12/13     JPY    73.42
Aozora Bank                    0.660%  01/27/13     JPY    73.19
Aozora Bank                    0.560%  02/12/13     JPY    72.56
Aozora Bank                    0.560%  02/27/13     JPY    72.33
Aozora Bank                    1.300%  02/27/13     JPY    74.86
Aozora Bank                    0.560%  03/12/13     JPY    72.12
Aozora Bank                    0.560%  03/27/13     JPY    71.89
Aozora Bank                    1.250%  03/27/13     JPY    74.30
Aozora Bank                    0.560%  04/12/13     JPY    71.63
Aozora Bank                    1.300%  04/26/13     JPY    74.03
Aozora Bank                    0.560%  04/27/13     JPY    71.41
Aozora Bank                    0.560%  05/12/13     JPY    71.20
Aozora Bank                    0.560%  05/27/13     JPY    70.93
Aozora Bank                    1.600%  05/27/13     JPY    74.68
Aozora Bank                    0.560%  06/12/13     JPY    70.68
Aozora Bank                    0.560%  06/27/13     JPY    70.45
Belluna Co Ltd                 1.100%  03/31/12     JPY    61.62
Ebara Corp                     1.300%  09/30/13     JPY    69.62
Hiroshima Bank                 1.720%  05/14/14     JPY    70.61
Hiroshima Bank                 1.890%  09/20/17     JPY    58.96
Hitachi Zosen                  1.500%  09/30/12     JPY    69.25
Nis Group                      2.730%  02/26/10     JPY    71.98
Orix Corp                      5.480%  11/12/11     USD    74.50
Promise Co Ltd                 5.950%  06/13/12     USD    74.46
Promise Co Ltd                 5.950%  06/13/12     USD    74.46
Resona Bank                    4.125%  09/29/49     EUR    54.17
Resona Bank                    5.850%  09/29/49     USD    51.07
Resona Bank                    5.986%  08/29/49     EUR    64.82
Shinsei Bank                   1.960%  03/25/15     GBP    68.13
Shinsei Bank                   2.010%  10/30/15     JPY    66.10
Shinsei Bank                   3.750%  02/23/16     EUR    38.65
Softbank Corp                  7.750%  10/15/13     EUR    68.38
Sumitomo Mitsui                4.375%  07/29/49     EUR    55.00
Sumitomo Mitsui                5.625%  07/29/49     EUR    69.25
Takefuji Corp                  9.200%  04/15/11     USD    73.76
Takefuji Corp                  9.200%  04/15/11     USD    64.23
Takefuji Corp                  8.000%  11/01/17     USD    45.97


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    69.48
GS Caltex Corp                 5.500%  10/15/15     USD    69.48
GS Caltex Corp                 6.000%  08/08/16     USD    62.57
GS Caltex Corp                 5.500%  04/24/17     USD    65.38
GS Caltex Corp                 5.500%  04/24/17     USD    65.38
Hynix Semi Inc.                4.500%  12/14/12     USD    56.35
Hynix Semi Inc.                7.875%  06/27/17     KRW    36.88
Korea Dev Bank                 7.350%  10/27/21     KRW    52.04
LG-Caltex Oil                  5.500%  08/25/14     USD    73.35
Woori Bank                     6.125%  05/03/16     USD    69.46



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Huat Lai Resources             5.000%  03/28/10     MYR     0.31
Insas Berhad                   8.000%  04/19/09     MYR     0.29
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.16
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     1.92
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Silver Bird Grp                1.000%  02/15/09     MYR     0.32
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.91
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Wah Seong Corp.                3.000%  05/21/12     MYR     2.00
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.41


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    65.32
Allied Nationwid              11.520%  12/29/49     NZD    55.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    19.92
Blue Star Print                9.100%  09/15/12     NZD    64.18
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    61.03
Fidelity Capital               9.250%  07/15/13     NZD    68.94
Fletcher Building              7.800%  03/15/09     NZD    10.10
Fletcher Building              7.550%  03/15/11     NZD     9.00
Hellaby Holdings               8.500%  06/15/11     NZD    70.52
Infratil Ltd                  10.180%  12/29/49     NZD    62.50
Pins Securities                9.250%  01/31/14     NZD    25.96
Sky Network TV                 9.370%  10/16/16     NZD    75.00
South Canterbury              10.430%  12/15/12     NZD     1.08
St Laurence Prop               9.250%  07/15/10     NZD    72.52
Trustpower Ltd                 8.500%  09/15/12     NZD     7.75
Trustpower Ltd                 8.500%  03/15/14     NZD     8.50
Vector Ltd                     8.000%  12/29/49     NZD     7.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.06


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    70.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    68.00
Capitaland Ltd.                2.100%  11/15/16     SGD    72.18
Capitaland Ltd.                3.125%  03/05/18     SGD    67.90
Capitaland Ltd.                2.950%  06/20/22     SGD    53.93
Capitaland Prop NZ             8.000%  04/15/10     NZD    15.00
Sengkang Mall                  8.000%  11/20/12     SGD     0.00
Empire Cap Res                 9.375   12/15/11     USD    64.82
Olam International Limited     1.000%  07/03/13     USD    66.19


   SRI LANKA
   ---------
Rep of Sri Lanka              8.250%  10/24/12     USD     66.37
Sri Lanka Govt                7.000%  08/01/11     LKR     73.90
Sri Lanka Govt                7.000%  10/15/11     LKR     72.38
Sri Lanka Govt                6.850%  04/15/12     LKR     68.85
Sri Lanka Govt                6.850%  10/15/12     LKR     65.67
Sri Lanka Govt                8.500%  01/15/13     LKR     68.75
Sri Lanka Govt               10.500%  04/01/13     LKR     73.65
Sri Lanka Govt                8.500%  07/15/13     LKR     67.47
Sri Lanka Govt                7.500%  08/01/13     LKR     64.46
Sri Lanka Govt                7.500%  11/01/13     LKR     63.85
Sri Lanka Govt                8.500%  02/01/18     LKR     61.19
Sri Lanka Govt                8.500%  07/15/18     LKR     60.51
Sri Lanka Govt                7.500%  08/15/08     LKR     55.95
Sri Lanka Govt                7.000%  10/01/23     LKR     47.65



  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
Italian-Thai Dey              4.500%  06/10/13     USD     44.50
Thoresen Thai AG              2.500%  09/24/12     USD     63.60



                         *********

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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