TCRAP_Public/090114.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

           Wednesday, January 14, 2009, Vol. 12, No. 9

                            Headlines

A U S T R A L I A

A.C.N. 082 155 888: Members and Creditors Hear Wind-Up Report
APEX PEOPLE: Members and Creditors Hear Wind-Up Report
ASHBURY HOLDINGS: Placed Under Voluntary Liquidation
AUSTRALIAN ET AL: Members and Creditors Hear Wind-Up Report
DONDELLO PTY: Members and Creditors Hear Wind-Up Report

E.E.C. ENVELOPE: Declares First and Final Dividend
GD WORLDWIDE: Declares First and Final Dividend
HAWKS VIEW ET AL: Liquidator Presents Wind-Up Report
INTERNATIONAL ET AL: Members and Creditors Hear Wind-Up Report
JOVA PTY: Members and Creditors Hear Wind-Up Report

LAUREL CROOME: Placed Under Voluntary Liquidation
MULYSA PTY: Placed Under Voluntary Liquidation
OZ MINERALS: To Shut Scuddles Mine; 70 Jobs Affected
PRESLANDS FINANCE ET AL: Liquidator Presents Wind-Up Report
RINTOR PTY: Declares First and Final Dividend

SECURITY ROOF: Placed Under Voluntary Liquidation
STORM FINANCIAL: Goes Into Administration
TRONOX INC: Files for Chapter 11 to Address Legacy Liabilities
TRONOX INC: To Get $125MM DIP Loan, Won't Disclose Fees to Lender
TRONOX INC: Case Summary & 30 Largest Unsecured Creditors


C H I N A

AGRICULTURAL BANK: Launches Shareholding Company
AMOI ELECTRONICS: Mulls Insolvency Reorganization
SUNRISE REAL: Sept. 30 Balance Sheet Upside Down by US$4.2MM


H O N G  K O N G

CENTRALPLUS COMPANY: Members' Final Meeting Set for February 2
CHUBB ADMINISTRATIVE: Members' Final Meeting Set for January 30
GAIN SUPER: Placed Under Voluntary Liquidation
GOODWILL INVESTMENT: Members' Final Meeting Set for January 30
GRAYSMITH LIMITED: Creditors' Proofs of Debt Due on January 23

INFINITY HOLDINGS: Creditors' Hold Meeting
NISSHINBO HONG KONG: Lam and Toohey Cease to Act as Liquidators
SENTEX (CHINA): Final General Meeting Set for January 30
WATERCOME (HK): Members' Final Meeting Set for January 26
YAM SINCERE: Members' Final Meeting Set for January 29


I N D I A

BASANT BETONS: CRISIL Puts 'C' Ratings on Various Bank Facilities
GENERAL MOTORS: Viability Not 100% Certain, Says CEO
GLADDER CERAMICS: CRISIL Rates Rs.70.0 Mil. Cash Credit at 'BB-'
MARBOLITE GRANITO: CRISIL Rates Rs.70.0 Mil. Cash Credit at 'BB-'
NK BHOJANI: CRISIL Assigns 'B' Rating on Various Bank Facilities

SATYAM COMPUTER: Court Defers Bail Plea Hearing to January 16
TATA STEEL: Moody's Reviews 'Ba1' Rating for Possible Downgrade
TECUMSEH PRODUCTS: Fitch Assigns 'B' National Long-Term Rating
VASANTDADA SHETKARI: Insolvency Cues RBI to Cancel License


I N D O N E S I A

PAL INDONESIA: Ministry Defers Approval of $60 Mil. Loan Package
PERUSAHAAN LISTRIK: Plans to Issue Another Bonds


J A P A N

FORD MOTOR: May Seek Bailout if Sales Dive Below Projections
LEHMAN BROTHERS: Inks Deal with Sumitomo on Loan Transfer


M A L A Y S I A

APL INDUSTRIES: Bursa to Suspend Security Trading on January 15
KOSMO TECHNOLOGY: Bursa Suspends Securities Trading
NEPLINE BERHAD: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

ANTIOCH COMPANY: Court Confirms Prepackaged Reorganization Plan
AXIOM INTERNATIONAL: Placed in Liquidation
BASEBUILD SYSTEMS: Court to Hear Wind-Up Petition on January 26
BERRYTIME LAND: Court Hears Wind-Up Petition
BLUCKS PROPERTIES: Appoints Toon and Finnigan as Liquidators

CIRCLE ASSET: Court Hears Wind-Up Petition
CSOFT BUSINESS: Court to Hear Wind-Up Petition on January 28
EASTEGG LTD: Fixes January 23 as Last Day to File Claims
EVENTSCAPE LTD ET AL: Appoint Montgomerie as Liquidator
GARLANDS FURNISHING: Commences Liquidation Proceedings

JAM SEVENTEEN: Appoints Rowan Kingstone as Liquidator
NRGNZ LTD ET AL: Appoint Madsen-Ries and Vance as Liquidators
PETERSON FINANCIAL: Court Hears Wind-up Petition
PHOENIX PAINTING: Appoints Crichton and Horne as Liquidators
POLYSEAL (NZ): Fixes January 19 as Last Day to File Claims

STUART ENGINEERING: Court Hears Wind-up Petition
THE HEATPUMP: Commences Liquidation Proceedings


P A K I S T A N

MOBILINK COMMUNICATIONS: Moody's Confirms 'B1' Corporate Rating


S I N G A P O R E

APAC TECH: Pays First and Final Dividend
DTRON SINGAPORE: Pays Final Dividend
FINE RATTAN: Creditors' Proofs of Debt Due on January 23
PROJECTOR SA: Court Enters Wind-Up Order
VISION CORPORATION: Court Enters Wind-Up Order


S O U T H  A F R I C A

PAMODZI GOLD: Mulls R676 million Loan to Avoid Bankruptcy
* SOUTH AFRICA: Individuals Seeking Debt Counseling Triples


S R I  L A N K A

FERNTEA: Commences Liquidation Proceedings


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

A.C.N. 082 155 888: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of A.C.N. 082 155 888 Pty Ltd met on
November 4, 2008, and heard the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Antony de Vries
          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta NSW 2124


APEX PEOPLE: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Apex People Pty Limited met on
November 28, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Manfred Holzman
          Holzman Associates
          32 Martin Place, Level 2
          Sydney NSW 2000


ASHBURY HOLDINGS: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Ashbury Holdings Pty Limited met on October 13,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Daniel I. Cvitanovic
          Peter A. Amos
          Cvitanovic Amos Chartered
          Accountants & Insolvency Specialists
          Shop 5 Old Potato Shed
          74-76 Hoddle Street


AUSTRALIAN ET AL: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
On November 28, 2008, Ozem Kassem presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Australian Boomerang Petroleum Pty Limited;
   -- Davgaz Pty Limited;
   -- Expile (NSW) Pty Limited;
   -- Goodbar Nightclub Pty Limited;
   -- L C Washroom Pty Limited;
   -- Precross Australia Pty Limited;
   -- WPA Waterproofing Australia Pty Limited; and
   -- Beauty Essentials Skin Centre Pty Limited.

The Liquidator can be reached at:

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


DONDELLO PTY: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Dondello Pty Limited met on
November 28, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Daniel I. Cvitanovic
          Old Potato Shed, Shop 5
          74-76 Hoddle Street
          PO Box 3055, Robertson NSW 2577
          Telephone: (02) 4885 2500
          Facsimile: (02) 4885 2995


E.E.C. ENVELOPE: Declares First and Final Dividend
--------------------------------------------------
E.E.C. Envelope Express Courier Pty Limited, which is in
liquidation, declared the first and final dividend on December 18,
2008.

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


GD WORLDWIDE: Declares First and Final Dividend
-----------------------------------------------
GD Worldwide Pty Limited, which is in liquidation, declared the
first and final dividend on December 18, 2008, for priority
unsecured creditors.

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:

          Manfred Holzman
          Holzman Associates
          GPO Box 3667
          Sydney NSW 2001
          Telephone: (02) 9222 9070
          Facsimile: (02) 9222 9071


HAWKS VIEW ET AL: Liquidator Presents Wind-Up Report
----------------------------------------------------
On November 28, 2008, Ozem Kassem presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Hawks View Plumbing Pty Limited; and
   -- H.V.P. Fire Protection Pty Limited.

The Liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          76-80 Clarence Street, Level 10
          Sydney


INTERNATIONAL ET AL: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------------
On November 28, 2008, Anthony W. Elkerton presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- International Public Relations Pty Limited;
   -- Weber Shandwick Worldwide Superannuation Fund Pty Limited;
   -- Product Management Pty Limited;
   -- Directory Investments Pty Limited; and
   -- Lowe Melbourne Pty Limited.

The Liquidator can be reache at:

          Anthony W. Elkerton
          Pitcher Partners
          MLC Centre, Level 22
          19 Martin Place
          Sydney NSW 2000


JOVA PTY: Members and Creditors Hear Wind-Up Report
---------------------------------------------------
The members and creditors of Jova Pty Ltd met on December 8, 2008,
and received 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


LAUREL CROOME: Placed Under Voluntary Liquidation
-------------------------------------------------
The members and creditors of Laurel Croome Pty Limited met on
October 15, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Daniel I. Cvitanovic
          Peter A. Amos
          Cvitanovic Amos Chartered
          Accountants & Insolvency Specialists
          Shop 5 Old Potato Shed, 74-76 Hoddle Street
          Robertson NSW 2577
          Telephone: (02) 4885 2500
          Facsimile: (02) 4885 2995


MULYSA PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on October 20, 2008, the
members of Mulysa Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Martin Green
          Ferrier Green Krejci Silvia Chartered Accountants
          1 Castlereagh Street, Level 13
          Sydney NSW 2000


OZ MINERALS: To Shut Scuddles Mine; 70 Jobs Affected
----------------------------------------------------
OZ Minerals Limited said it would put the Scuddles mine at its
Golden Grove operations in Western Australia on care and
maintenance.  It is estimated that this will improve operating
costs at Golden Grove by US$15 million, reducing total cash costs
at the site.

Some of the Scuddles' resources have been redeployed to the site's
Gossan Hill mine and the focus now will be on improving operations
at this site.  It is expected that this re-focusing will lead to a
reduction in 2009 zinc production of approximately 25,000 tonnes
to 55,000 - 60,000 tonnes and an increase in copper production of
5,000 tonnes to 40,000 45,000 tonnes.

Chief Executive Officer Andrew Michelmore said "What this decision
means is that we will markedly improve the site's cost
performance.  This will allow us to ensure the long term
sustainability of the operation."

OZ Minerals disclosed that this decision will unfortunately result
in the loss of approximately 50 employees and 20 contractors from
the site.  Remaining employees will be redeployed on the site.
This represents a decrease in the workforce of approximately 8%.

"We are very conscious of the effects that this decision will have
on employee and contractor numbers at the site, however given the
current continued slump in commodity prices and the current
financial challenges facing our business we have to make tough
decisions across the board," said Mr. Michelmore.

Golden Grove is located approximately 450 kilometres north-east of
Perth and 280 kilometres east of Geraldton.  Golden Grove zinc,
copper and precious metal concentrates are exported through the
nearby Port of Geraldton to smelters in China, Korea, Thailand and
India.

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

                          *     *     *

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


PRESLANDS FINANCE ET AL: Liquidator Presents Wind-Up Report
-----------------------------------------------------------
On November 28, 2008, R. M. Sutherland presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- Preslands Finance Pty Ltd; and
   -- Fuland Development Pty Ltd.

The Liquidator can be reached at:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          e-mail: admin@jirschsutherland.com.au


RINTOR PTY: Declares First and Final Dividend
---------------------------------------------
Rintor Pty Ltd, which is in liquidation, declared the first and
final dividend on December 16, 2008.

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


SECURITY ROOF: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Security Roof Tiling Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Antony de Vries
          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta NSW 2124


STORM FINANCIAL: Goes Into Administration
-----------------------------------------
Storm Financial Group has appointed voluntary administrators after
its lender, Commonwealth Bank of Australia (CBA), demanded
repayment of its debt, Cynthia Koons at The Australian reports.

According to the Australian, Storm appointed Worrells Solvency and
Forensic Accountants of Brisbane on Friday, January 9, as
administrators.

"We were unable to raise the funds in such a short time period
and, as a result, the directors of Storm have been forced to
appoint administrators," the Australian quoted Storm chief
executive and joint managing director Emmanuel Cassimatis as
saying.

Mr. Cassimatis said Storm had received last Thursday, January 8, a
demand from the bank for full repayment of corporate debt
facilities before last Friday, a notice period of one day.

CBA spokesman Steve Batten, the Australian relates, said the bank
had issued a notice to Storm on December 31 for the repayment of
its corporate debt, after Storm had failed to meet its
obligations.

According to the Sydney Morning Herald, the drama began last month
after hundreds of Storm's highly leveraged clients were found to
owe more than the value of their portfolios.

The clients had obtained margin loans through a division of the
Commonwealth Bank, Colonial Geared Investments, as well as
Macquarie Margin Lending and other providers, the Herald says.

However, the Herald notes, as the sharemarket plunged, it is
alleged margin calls were not made on about 450 accounts, leaving
a shortfall of as much as $30 million.  Four funds, which were
managed by the Commonwealth Bank's funds management arm, Colonial
First State, were also closed after a series of redemptions.

Storm Financial has 13,000 clients around Australia.

                         Class Action

Lucinda Beaman at Money Management reports that law firm Slater &
Gordon is preparing legal action on behalf of more than 230 Storm
Financial clients.

According to Money Management, Slater & Gordon practice group
leader, Brisbane, Damian Scattini, said the firm was looking at
various forms of action, including a potential class action, on
behalf of an ever-increasing group of Storm clients, who are
"still coming in the door."

Slater & Gordon, Money Management says, will be examining whether
or not the advice given by Storm was tailored to clients'
individual requirements, using the Statements of Advice issues to
clients, as well as verbal advice, as part of the evidence.

                    About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.


TRONOX INC: Files for Chapter 11 to Address Legacy Liabilities
--------------------------------------------------------------
Tronox Incorporated and certain of the company's subsidiaries
filed voluntary petitions for reorganization under Chapter 11 of
the U.S. Bankruptcy Code.  The filing does not include Tronox's
operations outside of the U.S., which are based in Australia,
Germany and the Netherlands.

"After careful evaluation of all strategic alternatives, we have
concluded that a Chapter 11 filing is the best way to address the
company's debt, in particular its legacy liabilities," said Dennis
Wanlass, Tronox chairman and chief executive officer.  "We want to
assure customers, suppliers and employees that our operations are
continuing without interruption, and during the restructuring
period, we will remain focused on continuing to provide customers
with quality products and unsurpassed service."

The company has taken steps to ensure the continued supply of
goods and services to its customers, with a commitment for up to
US$125 million in new debtor-in-possession financing from its
existing lending group led by Credit Suisse.

The DIP financing provides Tronox with ample liquidity to continue
operations as usual during the restructuring process.  The company
will use the financing to pay vendors for all goods and services
provided after the filing date.  Additionally, Tronox has
requested court approval to continue to pay employees in the same
manner as before the filing with no disruption, and expects the
request to be granted as part of the court's "first day" orders.

"I want to thank our customers, suppliers and business partners
for their continued commitment. I want to give special thanks to
our employees around the world for their ongoing loyalty and
support for our company," Mr. Wanlass said.

                       Legacy Liabilities

The decision to file was made to address legacy liabilities.
Tronox incurred these liabilities when it was spun off in 2006 by
Kerr-McGee Corporation, which has since been acquired by Anadarko
Petroleum Corporation.  The liabilities include environmental
remediation and litigation costs that Tronox was required to
assume at the time of the spinoff.  As part of the spinoff, Kerr-
McGee required Tronox to assume debt of US$550 million in.
In 2006, the interest expense associated with this debt was
roughly US$49 million.  The net proceeds of the debt went to New
Kerr-McGee --not Tronox.

Gary Barton, Senior Director at Alvarez & Marsal North America
LLC, Tronox's restructuring consultants, said in court papers that
the Legacy Liabilities are almost entirely unrelated to the
operation of Tronox's core titanium dioxide businesses.  The most
significant of the Legacy Liabilities relate to: (a)
environmental remediation and cleanup at allegedly contaminated
sites of the old Kerr-McGee businesses; (b) defense of tort suits
brought by third parties arising from alleged hazardous releases
and contamination related to the Legacy Businesses; and (c)
welfare, benefit and pension obligations for former Old Kerr-McGee
employees who once worked for the Legacy Businesses.

The original Kerr-McGee was founded in 1929 as an oil and gas
exploration company.  Old Kerr-McGee also entered the oil refining
business and expanded into various other energy-related
businesses.  Old Kerr-McGee also entered the uranium industry and
expanded into service station operations and potash mining.  Old
Kerr-McGee also became involved in various other aspects of the
nuclear industry, including exploration, mining, milling, and
conversion of uranium oxide into uranium hexafluoride, pelletizing
of these materials, and fabrication of fuel elements.

According to Mr. Barton, since the spinoff, Tronox has spent more
than US$118 million to satisfy the residual Legacy Liability
obligations.  A nominal amount of that figure relates to titanium
dioxide operations.  Tronox also has spent a total of roughly
US$148 million on environmental remediation costs. Over time,
Tronox has been reimbursed for roughly US$75 million of this
amount from various third parties.  Kerr-McGee, however, has only
contributed roughly US$4 million.

As a result of the Legacy Liabilities, Tronox is required to
maintain a large environmental remediation group that is
responsible for remediation and other activities on roughly
approximately 100 sites related to the Legacy Businesses.

"Absent the Legacy Liabilities, the resources and personnel
focused on ensuring that the Legacy Liabilities are properly
managed could be used to develop other aspects of Tronox's
businesses.  Additionally, the Legacy Liabilities have effectively
eliminated any potential strategic transaction that could have
alleviated Tronox's current financial and operational problems
without the need to file for chapter 11," Mr. Barton says.

According to Mr. Barton, Tronox has concluded that it is in the
best interests of its businesses, creditors, and stakeholders to
commence the chapter 11 cases to, among other things, reduce the
company's Legacy Liability obligations by reallocating them to
their rightful obligors.

                    Anadarko May Be Exposed

Anadarko acquired Kerr-McGee for US$16.4 billion in cash and the
assumption of US$1.6 billion in debt on August 10, 2006 -- less
than five months after the Tronox Spinoff was completed and the
Legacy Liabilities severed.  According to Mr. Barton, Anadarko has
admitted that it could be financially responsible for the Legacy
Liabilities should Tronox fail.  In both its 2006 and 2007 Annual
Reports, Anadarko stated: "Kerr-McGee could be subject to joint
and several liability for certain costs of cleaning up hazardous
substance contamination attributable to the facilities and
operations conveyed to Tronox if Tronox becomes insolvent or
otherwise unable to pay for certain remediation costs.  As a
result of the merger, we will be responsible to provide
reimbursements to Tronox pursuant to the MSA, and we may be
subject to potential joint and several liability, as the successor
to Kerr-McGee, if Tronox is unable to perform certain remediation
obligations."

                   Tronox's Debt Obligations

As of the bankruptcy filing date, Tronox's outstanding prepetition
indebtedness included:

                                  Outstanding Amount
  Financing                       as of Petition Date
  ---------                       -------------------
  Secured Debt Facility
  consisting of:

     US$250 million five-year         US$109,800,000
     multicurrency revolver
     due November 28, 2010

     US$200 million six-year          US$103,000,000
     term loan due
     November 28, 2011

     Letters of credit                US$80,000,000

     9.5% Unsecured Notes             US$350,000,000

Tronox entered into the Secured Debt Facility at the time of the
Spinoff.  It is memorialized by a credit agreement dated as of
November 28, 2005 by and among Tronox Inc., Tronox Worldwide as
borrower, Lehman Brothers Inc. and Credit Suisse as joint lead
arrangers and joint bookrunners, ABN Amro Bank N.V., as
syndication agent, JPMorgan Chase Bank, N.A. and Citicorp USA,
Inc., as co-documentation agents, and Lehman Commercial Paper
Inc., as administrative agent.

The Unsecured Notes are governed by an Indenture, dated as of
November 21, 2005, by and among Tronox Worldwide and Tronox
Finance Corp. as issuers, Tronox Inc. and certain domestic
subsidiaries thereof as guarantors, and Citibank, N.A. as trustee.
The stated maturity date of the Unsecured Notes is December 1,
2012.

In addition, certain of the Tronox entities are parties to a US$75
million accounts receivables securitization program.  The term of
the Receivables Securitization expired on January 9, 2009.  With
the expiration of the waiver, The Royal Bank of Scotland plc, as
conduit purchaser, is no longer purchasing receivables.  The
outstanding balance of the receivables purchased by Tronox Funding
LLC and funded by RBS is roughly US$40.7 million.

Mr. Barton also said that during the second half of 2008, Tronox
and its advisors engaged in discussions with certain parties
regarding potential strategic transactions.  The discussions led
to the execution of a letter of intent with one strategic
participant in December 2008 regarding the potential sale by
Tronox of certain assets.  While negotiations regarding such a
sale have continued, the letter of intent terminated by its own
terms upon the commencement of the Chapter 11 cases prior to the
execution of any sales agreement.

A full-text copy of Mr. Barton's affidavit is available at no
charge at:

             http://ResearchArchives.com/t/s?37d4

The company has established a Restructuring Hotline at 1-866-775-
5009 (toll-free within the U.S. and Canada) or 1-405-775-5000
(outside U.S. and Canada), and a restructuring e-mail address
restructuring@tronox.com

                          About Tronox

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment, an inorganic white pigment used in paint,
coatings, plastics, paper and many other everyday products. The
company's five pigment plants, which are located in the United
States, Australia, Germany and the Netherlands, supply performance
products to approximately 1,100 customers in 100 countries.  In
addition, Tronox produces electrolytic products, including sodium
chlorate, electrolytic manganese dioxide, boron trichloride,
elemental boron and lithium manganese oxide.

The company is the world's third largest maker of titanium dioxide
behind DuPont Co. and Saudi-owned National Titanium Dioxide Co.,
known a Cristal, according to Bloomberg.

Tronox has US$1.6 billion in total assets, including US$646.9
million in current assets, as at September 30, 2008.  The company
has US$881.6 million in current debts and US$355.9 million in
total noncurrent debts.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.


TRONOX INC: To Get $125MM DIP Loan, Won't Disclose Fees to Lender
-----------------------------------------------------------------
Tronox Inc., and its affiliated debtors seek permission from the
U.S. Bankruptcy Court for the Southern District of New York to
access debtor-in-possession financing of up to US$125,000,000.

Pursuant to a credit agreement, Credit Suisse Securities (USA)
LLC, as sole lead arranger and sole bookrunner, Credit Suisse as
administrative agent, JPMorgan Chase Bank, N.A. as collateral
agent, and the banks, financial institutions and other lenders
parties thereto, have agree to provide a US$125 million
superpriority priming senior secured credit facility to Tronox.

As consideration for the DIP Agent's agreements under the DIP
Credit Agreement, the Debtors have agreed to pay the fees set
forth in a Fee Letter signed by the parties.

According to Jonathan S. Henes, Esq., at Kirkland & Ellis LLP,
proposed counsel to Tronox, the Fee Letter contains sensitive,
confidential commercial information regarding, inter alia, the
structure and amount of the fees relating to the DIP Facility.
Because the disclosure of this information could harm Credit
Suisse, the Debtors have agreed to seek authority to file the Fee
Letter under seal and to provide for the
limited disclosure of the Fee Letter.

Tronox asks the Court to approve the filing of the Fee Letter
under seal.

                        About Tronox

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment, an inorganic white pigment used in paint,
coatings, plastics, paper and many other everyday products. The
company's five pigment plants, which are located in the United
States, Australia, Germany and the Netherlands, supply performance
products to approximately 1,100 customers in 100 countries.  In
addition, Tronox produces electrolytic products, including sodium
chlorate, electrolytic manganese dioxide, boron trichloride,
elemental boron and lithium manganese oxide.

The company is the world's third largest maker of titanium dioxide
behind DuPont Co. and Saudi-owned National Titanium Dioxide Co.,
known a Cristal, according to Bloomberg.

Tronox has US$1.6 billion in total assets, including US$646.9
million in current assets, as at September 30, 2008.  The company
has US$881.6 million in current debts and US$355.9 million in
total noncurrent debts.

Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B.  Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK.  As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.


TRONOX INC: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tronox Incorporated
       aka New-Co Chemical, Inc.
       One Leadership Square
       211 N. Robinson, Suite 300
       Oklahoma City, OK 73102

Bankruptcy Case No.: 09-10156

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
Tronox Luxembourg S.ar.L.                          09-10155
Cimarron Corporation                               09-10157
Southwestern Oil & Refining Company                09-10158
Transworld Drilling Company                        09-10159
Triangle Refineries, Inc.                          09-10160
Triple S Environmental Management Corporation      09-10161
Triple S Minerals Resources Corporation            09-10162
Triple S Refining Corporation                      09-10163
Triple S, Inc.                                     09-10164
Tronox Finance Corp.                               09-10165
Tronox Holdings, Inc.                              09-10166
Tronox LLC                                         09-10167
Tronox Pigments (Savannah) Inc.                    09-10168
Tronox Worldwide LLC                               09-10169

Related Information: The Debtors (NYSE:TRX) produces and markets
                    titanium dioxide pigment, an inorganic white
                    pigment used in paint, coatings, plastics,
                    paper and many other everyday products.  The
                    company's five pigment plants, which are
                    located in the United States, Australia,
                    Germany and the Netherlands, supply
                    performance products to approximately 1,100
                    customers in 100 countries.  In addition,
                    Tronox produces electrolytic products,
                    including sodium chlorate, electrolytic
                    manganese dioxide, boron trichloride,
                    elemental boron and lithium manganese oxide.

                    Bloomberg says the company is the world's
                    third largest maker of titanium dioxide.
                    According to Bloomberg, DuPont Co. is the
                    largest maker of the chemical, followed by
                    Saudi-owned National Titanium Dioxide Co.,
                    known a Cristal.

                    Tronox has US$1.6 billion in total assets,
                    including US$646.9 million in current assets,
                    as at September 30, 2008.  The company has
                    US$881.6 million in current debts and
                    US$355.9 million in total noncurrent debts.

                    Tronox has retained the investment banking
                    firm Rothschild Inc. to further assist the
                    company in evaluating strategic options for
                    the business.

                    As of December 4, Robert Y. Brown, III,
                    Tronox Incorporated vice president of
                    strategic planning and business services was
                    no longer with the company.

                    As of December 4, 2008, Robert Y. Brown,
                    III, Tronox Incorporated vice president of
                    strategic planning and business services is
                    no longer with the company.

                    As of November 30, 2008, the Debtors said
                    that these individuals hold 5% or more of
                    the voting securities including: Ardsley
                    Partners; LaGrange Capital Management,
                    L.L.C.; Jonathan Gallen; Ahab Capital
                    Management Inc., L.L.C.; Paulson & Co.,
                    Inc.; Brandes Investment Partners, LP; and
                    RLR Capital Partners GP, L.L.C.

                    The Debtors have (i) number of outstanding
                    shares as of December 31, 2008: 19,107,367
                    class A; and 22,889,431 class B, and (ii)
                    approximate number of holders as of December
                    31, 2008: 824 class A; and 12,592 class B.

                    See: http://www.tronox.com/

Chapter 11 Petition Date: January 13, 2009

Court: Southern District of New York

Judge: Case reassigned from Hon. Stuart M. Bernstein to
      Hon. Allan L. Gropper

Debtor's Counsel: Richard M. Cieri, Esq.
                 Jonathan S. Henes, Esq.
                 Colin M. Adams, Esq.
                 Kirkland & Ellis LLP
                 Citigroup Center
                 153 East 53rd Street
                 New York, NY 10022-4611
                 Tel: (212) 446-4800
                 Fax: (212) 446-4900
                 http://www.kirkland.com

Conflicts Counsel: Togut, Segal & Segal LLP

Investment Banker: Rothschild Inc.

Claims Agent: Kurtzman Carson Consultants LLC

Restructuring Consultants: Alvarez & Marsal North America LLC

The Debtors' financial condition as of November 30, 2008

Total Assets: US$1,557,000

Total Debts:  US$1,221,600

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Wilmington Trust Company       Corporate         US$350,000,000
as indenture trustee           Debenture
Attn: James McGinley
Rodney Square North
1100 North Market Street
Wilmington, DE 19890
Tel: (302) 651-1000
Fax: (302) 651-8010

Richards Bay Iron & Titanium   Trade             US$8,931,290
Pty Ltd
Attn: George Deyzel
Managing Director
P.O. Box 401
Richards Bay, South Africa
39000
Tel: 27 35 901 3111
Fax: 27 35 901 3200

Oxbow Calcining LLC            Trade             US$1,773,480
Attn: Richard Callahan
Chief Executive Officer
1601 Forum Place
West Palm Beach, FL 33401-8101
Tel: (561) 697-4300
Fax: (561) 697-1876

Gulbrandsen Co Inc.            Trade             US$902,725
Attn: Donald Gulbrandsen
President
2 Main Street
Clinton, NJ 08809
Tel: (908) 735-5458
Fax: (908) 735-0983

Olin Corp - Chlor Al           Trade             US$838,609
Attn: Joseph D. Rupp
Chairman, President & Chief
Executive Officer
190 Carondelet Plaza, Ste. 1350
Clayton, MO 63105-3443
Tel: (314) 480-1400
Fax: (314) 862-7406

Powertrack Network             Trade             US$686,549
Attn: Richard K. Davis
Chairman, President &
Chief Executive Officer
800 Nicolett Mall
Minneapolis, MN 55402-7014
Tel: (651) 466-3000
Fax: (612) 303-0782

Southern Ionics, Inc.          Trade             US$376,143

Marmetal Industries, LLC       Trade             US$347,477

Veolia Water North America     Trade             US$345,092

Lanxess Corp.                  Trade             US$344,491

Watson Wyatt                   Trade             US$335,484

Macaljon/Scl Inc.              Trade             US$334,946

K.A. Steel Chemicals           Trade             US$301,311

De Nora Tech Inc.              Trade             US$285,000

ESK Ceramics                   Trade             US$266,405

Ideal Chemical & Supply        Trade             US$256,541
Company

Kemira Water Solutions, Inc.   Trade             US$243,610

Jimco Integrated Services      Trade             US$241,441

Gulf Coast Marine Supply Co.   Trade             US$232,571
Inc.

Industrial Metalworks          Trade             US$227,964

Rath Refractories Inc.         Trade             US$220,706

Brenntag Pacific Inc.          Trade             US$206,010

CSAV, Inc.                     Trade             US$190,512

AECOM                          Trade             US$188,298

Oracle Corporation             Trade             US$181,051

Tubes Inc.                     Trade             US$165,792

B E & K Industrial Services    Trade             US$147,723

The G.C. Broach Company        Trade             US$135,550

Aberdeen Machine Works Inc.    Trade             US$134,941

The petition was signed by vice-president Michael J. Foster.



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

AGRICULTURAL BANK: Launches Shareholding Company
------------------------------------------------
The Agricultural Bank of China ("ABC") has launched a shareholding
company with registered capital of CNY260 billion (US$38 billion),
People's Daily Online reports citing Xinhua News Agency.

The bank, Daily Online relates, will be restructured into a state-
controlled, shareholding commercial bank and renamed Agricultural
Bank of China Ltd.  It will be publicly listed, but no details
have been released yet, the Daily Online adds.

As reported in the Troubled Company Reporter-Asia Pacific on
November 10, 2008, various report said that ABC received a CNY130
billion (US$19 billion) capital injection from Central Huijin
Investment Ltd, to start off its restructuring plan.

According to the Shanghai Daily, the bank said Central Huijin, an
arm of China's sovereign wealth fund, and the Ministry of Finance
will each hold a 50 percent stake in ABC after the bailout.

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

As reported in The Troubled Company Reporter-Asia Pacific on
October 28, 2008, Moody's Investors Service affirmed all ratings
of the Agricultural Bank of China and changed the outlook on its E
bank financial strength rating to positive from stable.  The
action does not affect ABC's A1/Prime-1 foreign currency deposit
ratings, which maintain their stable outlook.

The Bank also carries an 'E' Individual rating from Fitch Ratings.


AMOI ELECTRONICS: Mulls Insolvency Reorganization
-------------------------------------------------
Trading Markets reports that Amoi Electronics Co. Ltd. is on the
edge of bankruptcy in 2009.

According to Trading Markets, a person in the know on January 7,
2009, disclosed that the electronics maker is mulling an
insolvency reorganization, adding that the company shut down its
production lines in China previously.

Lv Dong, Amoi board secretary, Trading Markets relates, confirmed
that the company had closed down its production lines in China
with some running in overseas market.

Trading Markets says that Amoi suffered net loss of CNY465 million
for the first three quarters of 2008.  As of September 30, 2008,
its total liabilities had amounted to CNY2.73 billion while total
assets stood at CNY2.03 billion.

In a bid to save resources and cut costs, Trading Markets notes,
Amoi pared branches, set up regional sales centers and sold assets
in different regions.  Amoi also got a CNY1.27 billion capital
injection from its effective and majority shareholders.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2008, Shanghai Daily said Amoi Electronics will probably
be delisted this year as it is expected to continue losing money.

Amoi, the Daily noted, posted a loss of CNY811.12 million in
2007.

According to the Daily, Chinese stock market regulations say any
firm which has posted losses for three consecutive years will be
delisted.

                     About Amoi Electronics

Amoi Electronics Co. Ltd (SHA:600057) -- http://www.amoi.com.cn--
is principally engaged in the development, manufacture and sale of
telecommunications terminal products and consumer electronic
products.  During the year ended December 31, 2007, the company
obtained approximately 68% and 17% of its total revenue from its
mobile phones and household electronic products, respectively.  As
of December 31, 2007, the company had four wholly owned
subsidiaries, four partially owned subsidiaries and four
associates.  The company distributes its products in China's
domestic and overseas markets under the brand name of Amoi.


SUNRISE REAL: Sept. 30 Balance Sheet Upside Down by US$4.2MM
------------------------------------------------------------
Sunrise Real Estate Group, Inc.'s September 30, 2008, balance
sheet showed total assets of US$16,139,498, total liabilities of
US$11,630,691, deposits received from underwriting sales total
US$8,295,509, and minority interests total US$439,907, resulting
in total shareholders' deficit of US$4,226,609.

In a regulatory filing dated November 19, 2008, Chief Executive
Officer Chi-Jung Lin and Chief Financial Officer Wen-Yan Wang
disclosed that the company has incurred losses of US$2,612,920 for
the first three quarters of 2008 and had a net working capital
deficiency of US$1,930,788 as of September 30, 2008.  "The
company's net working capital deficiency, recurring losses and
negative cash flows from operations raise substantial doubt about
its ability to continue as a going concern."

"However, management believes that the company is able to generate
sufficient cash flow to meet its obligations on a timely basis and
ultimately to attain successful operations in respect of the
agency sales and building management operations."

"In the first three quarters of 2008, our principal sources of
cash were revenues from our agency sales business.  We expect
these sources of revenues will continue to meet our cash
requirements, including debt service, operating expenses and
promissory deposits for various property projects.  Most of our
cash resources were used to fund our revenue related expenses,
such as salaries and commissions paid to the sales force, daily
administrative expenses, the maintenance of regional offices and
promissory deposits, and the repayments of our bank loans and
promissory notes.  We ended the period with a cash position of
US$841,236.  The company's operating activities used cash in the
amount of US$3,481,149 in the first three quarters of 2008, which
was primarily attributable to the company's net loss and payment
of promissory deposits.  The company's investing activities
generated cash in the amount of US$1,810,085 in the first three
quarters of 2008, which was primarily attributable to the
decreased in restricted cash balance.  The company's financing
activities generated cash in the amount of US$10,648 in the first
three quarters of 2008, which was primarily attributable to the
obtain of promissory notes.  The potential cash needs for 2008
will be the repayments of our bank loans and promissory notes, the
rental guarantee payments and promissory deposits for various
property projects."

"We anticipate that our current available funds, cash inflows from
our agency sales and property management, and proceeds from our
investment properties will be sufficient to meet our anticipated
needs for working capital expenditures, business expansion and the
potential cash needs during 2008.  If our business grows more
rapidly than we currently predicted, we plan to raise funds
through the issuance of additional shares of our equity securities
in one or more public or private offerings.  We will also consider
raising funds through credit facilities obtained with lending
institutions.  There can be no guarantee that we will be able to
obtain such funds through the issuance of debt or equity that are
with terms satisfactory to management and our board of directors."

A full-text copy of the company's quarterly report is available
for free at: http://researcharchives.com/t/s?37c7

                About Sunrise Real Estate Group

Sunrise Real Estate Group, Inc.'s principal activities are
property brokerage services, real estate marketing services,
property leasing services and property management services in the
People's Republic of China.



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

CENTRALPLUS COMPANY: Members' Final Meeting Set for February 2
--------------------------------------------------------------
The members of Centralplus Company Limited will hold their final
meeting on February 2, 2009, at 10:00 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CHUBB ADMINISTRATIVE: Members' Final Meeting Set for January 30
---------------------------------------------------------------
The members of Chubb Administrative Services (Hong Kong) Limited
will meet on January 30, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GAIN SUPER: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on December 17, 2008, the
members of Gain Super Development Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Lee King Yue
          Two International Finance Centre, 72-76th Floor
          8 Finance Street
          Central, Hong Kong


GOODWILL INVESTMENT: Members' Final Meeting Set for January 30
--------------------------------------------------------------
The members of Goodwill Investment Property Management Limited
will hold their final meeting on January 30, 2009, at 10:00 a.m.,
at the 76th Floor of Two International Company, 8 Finance Street,
in Central, Hong Kong.

At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


GRAYSMITH LIMITED: Creditors' Proofs of Debt Due on January 23
--------------------------------------------------------------
The creditors of Graysmith Limited are required to file their
proofs of debt by January 23, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 25, 2008.

The company's liquidators are:

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


INFINITY HOLDINGS: Creditors' Hold Meeting
------------------------------------------
The creditors of Infinity Holdings Limited met on January 9, 2009,
and appointed liquidator and considered others matters relevant to
the company's voluntary wind-up.

The company's liquidator is:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road, Yaumatei, Kowloon
          Hong Kong


NISSHINBO HONG KONG: Lam and Toohey Cease to Act as Liquidators
---------------------------------------------------------------
On December 16, 2008, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Nisshinbo Hong Kong Limited.

The company's former Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          Central, Hong Kong


SENTEX (CHINA): Final General Meeting Set for January 30
--------------------------------------------------------
The members of Sentex (China) Limited will meet on January 30,
2009, at 11:00 a.m., at the 12th Floor of 3 Lockhart Road, in
Wanchai, Hong Kong,

At the meeting, LI Sze Kuen, Billy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WATERCOME (HK): Members' Final Meeting Set for January 26
---------------------------------------------------------
The members of Watercome (HK) Company Limited will meet on
Jan. 26, 2009, at 8:00 a.m., at Room 1705 of Ginza Plaza, 2A Sai
Yeung Choi Street, in Mongkok, Kowloon.

At the meeting, Kong Chung On, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


YAM SINCERE: Members' Final Meeting Set for January 29
------------------------------------------------------
The members of Yam Sincere Limited will meet on January 29, 2009,
at 11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Tse Chiang Kwok, Nassar
          Tam Chun Wan
          Wing On House, Room 403, 4th Floor
          71 Des Voeux Road, Central
          Hong Kong



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

BASANT BETONS: CRISIL Puts 'C' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its rating of 'C' to the various bank
facilities of Basant Betons (Basant).

   Rs.280.00 Million Long Term Loan       C(Assigned)
   Rs.15.00 Million Cash Credit Limits    C(Assigned)

The rating reflects Basant's weak liquidity position because of
its low and reducing cash accruals vis--vis large term debt
repayments.  The firm's financial risk profile is marked by small
scale of operations, high gearing and weak debt protection
measures.  The company is also exposed to risks relating to
revenue dependence on the construction and real estate segments.
These weaknesses are partially mitigated by Basant's established
presence in the concrete products industry and healthy operating
efficiencies.

                        About Basant

Basant, set up by Mr. Suresh Patil in 1993, manufactures concrete
products for paving areas, pathways, car parks, and landscape
areas.  The company also sells natural granite for landscaping.
Its product range includes short pavers, curbs, wall-cladding
tiles, paving tiles, and garden edging.  The company has a
manufacturing capacity of 4000 square feet of pavers per day.
Basant recently diversified into engineered blocks, including
hollow and solid blocks, and decorative blocks.


GENERAL MOTORS: Viability Not 100% Certain, Says CEO
----------------------------------------------------
John D. Stoll and Sharon Terlep at The Wall Street Journal report
that General Motors Corp. CEO and chairperson Rick Wagoner said
during the North American International Auto Show in Detroit that
the company's viability is "not 100%" certain at this point.

WSJ relates that the Treasury Department said that GM must have a
plan by March 2009 to become "viable" and have "positive net
value."

According to WSJ, GM's requirements under the federal loan package
include the cutting of labor costs by renegotiating its contract
with the United Auto Workers union, which is ready to negotiate.
Citing UAW President Ron Gettelfinger, the report says that it is
unclear what kind of reductions the group will have to agree to.

WSJ states that Mr. Wagoner told reporters that he met last week
with advisers on the restructuring.  The report says that Mr.
Wagoner left the meeting convinced that "there are options that
can work in each of these areas," saying that he is optimistic
about cost-cutting negotiations with the union.

GM could be forced to ask for additional loans after March 31,
2009, WSJ reports, citing Mr. Wagoner.

Kimberly Rodriguez, a principal at Grant Thorton LLP and advises
on auto industry restructurings and bankruptcies, said that the
government may have left the terms "sufficiently vague in order to
hold GM's feet to the fire," WSJ states.

As reported by the Troubled Company Reporter, the U.S. Treasury,
in its Jan. 7, 2009, report to Congress, said it will provide an
additional US$4 billion on February 17, 2009, subject to certain
conditions.  The loan is provided pursuant to the new Automotive
Industry Financing Program, which was implemented as part of the
Emergency Economic Stabilization Act of 2008.

On Dec. 31, 2008, Treasury completed a transaction with GM, under
which the Treasury will provide GM with up to a total of US$13.4
billion in a three-year loan from the Troubled Assets Relief
Program, secured by various collateral.  Treasury funded
US$4 billion of this loan immediately, and committed to fund an
additional US$5.4 billion on January 16, 2009.  The Treasury will
provide the remaining US$4 billion on February 17.

To protect taxpayers, the agreement requires GM to develop and
implement a restructuring plan to achieve long-term financial
viability.  The restructuring plan is to be reviewed by a designee
of the President, who will determine whether the goals of the
restructuring have been met.  If the President's Designee does not
find that the goals have been met, the loan will be automatically
accelerated and will come due 30 days thereafter.  This agreement
also includes other binding terms and conditions designed to
protect taxpayer funds, including compliance with certain enhanced
executive compensation and expense control requirements.

            Union Wants Gov't to Name "Car Czar"

Neal E. Boudette at WSJ reports that Mr. Gettelfinger said on
Monday that he would like the government to appoint a "car czar"
who "knows something about the auto industry," and not a Wall
Street expert, to supervise the restructuring of GM, Chrysler LLC,
and Ford Motor Corp.  According to WSJ, President-elect Barrack
Obama would appoint a car czar.

WSJ relates that an auto czar can force automakers, their banks,
creditors, suppliers, and the union to give concessions to put GM
and Chrysler back to profitability.  Ford Motor, according to the
report, is trying to end its losses, but said that it doesn't need
short-term help.

Chrysler must partner with another auto maker, WSJ says, citing
Mr. Gettelfinger.  "I don't know what Chrysler is going to look
like, but it is going to be viable.  I think Chrysler will be
here" in a year, the report quoted him as saying.

                  GM May Lose 500 Dealers

GM, Jeff Green at Bloomberg News reports, said that it may lose as
many as 500 dealers in its home market in 2009, an increase
compared to 350 in 2008, as part of its plan to convince the U.S.
Treasury Department that it can survive and repay US$13.4 billion
in promised federal loans.  Bloomberg says that GM trying to cut
1,700 by 2012.

According to Bloomberg, GM North American President Mark LaNeve
said that the reduction of dealers will increase due to the strain
of a fourth straight year of U.S. auto-sales declines and a
company initiative to cut brands and sell only Chevrolet,
Cadillac, GMC and Buick.  Citing Mr. LaNeve, Bloomberg states that
GM may also have to spend more to get some of its 6,400 dealers to
consolidate.

Bloomberg quoted Mr. LaNeve as saying, "We had 13,000 dealers 18
years ago, so we've already cut that in half.  We don't want them
to close all at once because we figure we lose sales for 18 months
after a dealership closes until other dealers pick up the
business."

Mr. LaNeve, says Bloomberg, said that the reduction of dealers
will include:

    -- owners retiring without being replaced,
    -- outlets failing in the slowing economy, and
    -- GM helping consolidate stores in markets with too many
       locations for the same brand.

Bloomberg relates that GM is considering selling its Hummer and
Saab brands.  It is also considering options for Saturn and
shrinking Pontiac to as little as one model.  Citing Mr. Wagoner,
Bloomberg states that GM may keep Saturn as it undergoes a needed
pruning of its brands.

                     About General Motors

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

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

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

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

                       *     *     *

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

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

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

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


GLADDER CERAMICS: CRISIL Rates Rs.70.0 Mil. Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative' to the various
bank facilities of Gladder Ceramics Ltd (Gladder Ceramics).

   Rs.70.0 Million Cash Credit    BB-/Negative (Assigned)
   Rs.110.0 Million Term Loan     BB-/Negative (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Gladder Ceramics, Marbolite Granito
India Ltd (MGL), and Akik Tiles Ltd, collectively referred as the
Swastik group.  This is because the three companies are in the
same line of business, have a common management, and share
business functions of finance, procurement of raw material, and
marketing of tiles.  The rating reflects the Swastik group's weak
financial risk profile, and low financial flexibility, on account
of its small net worth.  These weaknesses are mitigated by the
expected improvement in the group's profitability, on account of
the higher proportion of value-added vitrified tiles in the
group's product mix.

Outlook: Negative

CRISIL expects the Swastik group's financial risk profile to
remain constrained, owing to its small net worth and the expected
increase in gearing during 2008-09 (refers to financial year,
April 1 to March 31).  The outlook may be revised to 'Stable' in
case the group improves its profitability and capital structure
over the medium term.  Conversely, the rating may be downgraded if
there is a steeper-than-expected decline in the group's
profitability and debt coverage indicators.

                   About the Swastik group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24000 to 25000
square metres per day.  The group's manufacturing facilities are
located in the ceramic zone at Himmatnagar and Mehsaana in North
Gujarat.  The group operates in all three major tile segments:
ceramic tiles (Akik Tiles), porcelain tiles (Gladder Ceramics),
and vitrified tiles (MGL).  Products under all the three segments
are sold under the brand name Swastik Tiles.

Gladder Ceramics profit after tax (PAT) was estimated at around
Rs.1.3 million on net sales of Rs.120.8 million in 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
Rs.1.9 million on net sales of Rs.93.8 million, the previous year.


MARBOLITE GRANITO: CRISIL Rates Rs.70.0 Mil. Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative' to the various
bank facilities of Gladder Ceramics Ltd (Gladder Ceramics).

   Rs.70.0 Million Cash Credit     BB-/Negative (Assigned)
   Rs.110.0 Million Term Loan      BB-/Negative (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Gladder Ceramics, Marbolite Granito
India Ltd (MGL), and Akik Tiles Ltd, collectively referred as the
Swastik group.  This is because the three companies are in the
same line of business, have a common management, and share
business functions of finance, procurement of raw material, and
marketing of tiles.  The rating reflects the Swastik group's weak
financial risk profile, and low financial flexibility, on account
of its small net worth.  These weaknesses are mitigated by the
expected improvement in the group's profitability, on account of
the higher proportion of value-added vitrified tiles in the
group's product mix.

Outlook: Negative

CRISIL expects the Swastik group's financial risk profile to
remain constrained, owing to its small net worth and the expected
increase in gearing during 2008-09 (refers to financial year,
April 1 to March 31).  The outlook may be revised to 'Stable' in
case the group improves its profitability and capital structure
over the medium term. C onversely, the rating may be downgraded if
there is a steeper-than-expected decline in the group's
profitability and debt coverage indicators.

                 About the Swastik group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24000 to 25000
square metres per day. The group's manufacturing facilities are
located in the ceramic zone at Himmatnagar and Mehsaana in North
Gujarat.  The group operates in all three major tile segments:
ceramic tiles (Akik Tiles), porcelain tiles (Gladder Ceramics),
and vitrified tiles (MGL). Products under all the three segments
are sold under the brand name Swastik Tiles.

Gladder Ceramics profit after tax (PAT) was estimated at around
Rs.1.3 million on net sales of Rs.120.8 million in 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
Rs.1.9 million on net sales of Rs.93.8 million, the previous year.


NK BHOJANI: CRISIL Assigns 'B' Rating on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of NK Bhojani Pvt Ltd (NK Bhojani).

   Rs.154 Million Cash Credit Limits@      B/Stable (Assigned)
   Rs.28.5 Million Term Loan               B/Stable (Assigned)
   Rs.22.5 Million Standby Line of Credit  P4 (Assigned)
   Rs.10 Million Letter of Credit          P4 (Assigned)
   Rs.15 Million Bank Guarantee            P4 (Assigned)

   @ Includes proposed facility of Rs.24 million

The ratings reflect the recent delays by NK Bhojani in repayment
of its term loan obligations, and the company's marginal market
share and exposure to cyclicality in the steel industry.  These
weaknesses are, however, partially offset by NK Bhojani's stable
operating margins and support from diversified operations.

Outlook: Stable

CRISIL expects NK Bhojani to maintain a moderate business risk
profile over the medium term. The outlook may be revised to
'Positive' if NK Bhojani's revenues and profitability increase
substantially, or if the company integrates operations to a
greater degree than currently expected.  Conversely, the outlook
may be revised to 'Negative' if lower-than-expected utilisation of
capacities weakens the company's operating margins, or if the
company takes on significantly larger debt than expected.

                           About NK Bhojani

Set up as a proprietorship firm by Mr. Nimish Kumar Bhojani in
1992, NK Bhojani was engaged in mining and transportation
activities. It was converted into a private limited company in
1996, when it also began production of steel ingots.  The company
has an installed capacity to produce 36,000 tonnes per annum (tpa)
of sponge iron and 48,000 tpa of ingots; its crusher machines have
a combined capacity to crush 208,000 tpa of iron ore.  The company
also undertakes iron ore mining works and has a dealership from
Larsen & Toubro for spares sales and service.  NK Bhojani reported
a profit after tax (PAT) of Rs.47 million on net sales of Rs 832
million in 2007-08 (refers to financial year, April 1 to March
31), up from a PAT of Rs.31 million on net sales of Rs 561 million
in 2006-07.


SATYAM COMPUTER: Court Defers Bail Plea Hearing to January 16
-------------------------------------------------------------
The Financial Express reports that a city court on Monday,
January 12, deferred until January 16, a hearing on bail
applications filed by Satyam Computer Services Limited's three
executives including Chairman Ramalinga Raju.  The court also
deferred Securities and Exchange Board of India or SEBI's plea for
quizzing Chairman Raju, the report says.

Chairman Raju's lawyer Bharat Kumar, Financial Express relates,
told reporters that hearing on the bail plea will be taken up by
the 6th Chief Metropolitan Magistrate on January 16.

According to Financial Express, Chairman Raju, his brother Rama
Raju and Satyam's CFO Vadlamani Srinivas are in judicial custody
until January 23 and are lodged in the Chanchalguda central
prison.

SEBI, Financial Express notes, had also filed a petition seeking
the court's approval for interrogating Chairman Raju and the two
others while they are in judicial custody.

               Government Constituted Board Members

The Economic Times reports that Satyam's three-member board
constituted by the government on Sunday, January 11, met for the
first time on Monday, January 12, to discuss ways to get the IT
company back on track.

The three board members are banker Deepak Parekh, IT expert Kiran
Karnik and former SEBI member C Achuthan.

In its first meeting, the Times relates, the board is likely to
elect Deepak Parekh as its chairman.  The other members will be
appointed by the government with the consultation of the chairman
and other appointed board members.

According to the Economic Times, at present, Satyam has no cash
reserves, despite the fact that the balance sheet prepared on
March 31, 2008, shows a cash reserve of Rs 5,700 crore.

                        Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 9, 2009, Bloomberg News said Satyam 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 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.


TATA STEEL: Moody's Reviews 'Ba1' Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service placed Tata Steel Ltd's Ba1 corporate
family rating on review for possible downgrade.

The rating action follows the rating downgrade of Tata Steel UK's
rating (formerly Corus) to B1, which remains on review for
possible downgrade, and reflects the close linkages between the
credit profiles of the two entities.

"The rating review was triggered by the deterioration in the
operating and financial profiles of Tata Steel UK compared to
previous expectations, as a result of an unprecedented decline in
the steel markets with regard to both magnitude and speed" says
Ivan Palacios, a Moody's AVP Analyst and lead analyst for Tata
Steel.

"Given that Tata Steel UK accounts for a substantial proportion of
Tata Steel's operations, continued deterioration in the financial
profile of the European subsidiary could lead to further support
requirements from the Indian operations, which may weaken Tata
Steel's financial flexibility to levels below the Ba1 rating",
adds Palacios.

In its review, Moody's will assess the impact on Tata Steel's
financial profile stemming from the requirement to continue
supporting Tata Steel UK's liquidity and covenant compliance
management in light of severe deterioration in market conditions.
Moody's will also focus on the dimension and time horizon of the
expected deterioration in Tata Steel's financial metrics under the
current market conditions, as well as the effects of the
counteractive measures announced by the company to adapt
production rates and costs to the lower demand trends.

Moody's last rating action on Tata Steel was taken on 22 October
2008, when the rating agency changed the outlook on the company's
rating to negative.

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for the European steel operations
principally consisting of the Corus group.  For the year ended
March 2008, Tata Steel UK contributed more than two thirds of the
group's liquid steel output, and generated 76% of its revenues and
49% of its EBITDA.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai, India.  After the acquisition of Corus in 2007, Tata Steel
became the world's sixth largest steelmaker with an annual
production capacity of around 29.9 million tons of crude steel.


TECUMSEH PRODUCTS: Fitch Assigns 'B' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned Tecumseh Products India Private Limited
a 'B(ind)' National Long-term rating.  The Outlook is Stable.
Fitch has simultaneously assigned these ratings to Tecumseh's bank
loans:

  - Outstanding term loan aggregating INR30 million: 'B(ind)'
    National Long-term rating;

  - Non fund-based working capital banking lines of INR532.5
    million (interchangeable between letter of credit and bank
    guarantees): 'F4(ind)' National Short-term rating; and

  - Fund-based working capital banking lines aggregating INR530
    million (interchangeable between cash credit, export credit
    and vendor financing): 'B(ind)' National Long-term rating
    and 'F4(ind)' National Short-term rating.

The ratings assigned to TPIPL reflect the highly competitive and
price sensitive environment (given the competition from low cost
Chinese and South Korean compressors), the high volatility in the
prices of major raw materials (copper and steel), its operating
losses till December 2006 (FYE06) and H109, combined with sharp
decline in revenues in H109.  The ratings are also moderated by
the concentration risk that exists with the top two domestic
customers contributing around 47% of total domestic revenues in
the calendar year 2008.  The ratings also reflect the weak
financials of US-based parent company, Tecumseh Products Company
with operating losses in Q308.  The ratings are moderated by the
seasonality in the business, with a pick-up during summer.

The ratings are supported by the business strength of TPC, with
its low level of debt at December 2007 due to disposal of some
fixed assets.  TPC has shown major thrust on the Indian operations
with upcoming expansion plans, particularly as India has been
identified as a low cost country.  The parent has also provided
financial assistance to TPIPL over the last four years - deferred
repayment terms have enabled TPIPL to meet its financial
obligations despite having negative EBITDAR till FYE06.  TPIPL
supplies compressors to established OEMs, such as Whirlpool,
Videocon ('A-(ind)' (A minus (ind))/Negative), Haier and Maharaja,
which also provides some comfort to the rating.  Also of
significance is the fact that the company has exported around 60%
of its total production to the gulf countries in the year FY06 and
FY08.

TPIPL has changed its accounting year from December to March with
effect from March 2008.  At FYE08, the company reported net
revenues of INR6514.5 million, an operating EBITDAR margin of
9.1%, versus net revenues of INR4455.1 million and operating
EBITDAR margin of -4.2% in FYE06.  Total adjusted debt amounted to
INR1038.1 million at FYE08 (INR1428.9 million a year ago) which
resulted in a total adjusted debt/operating EBITDAR at 2.2x
(FYE06:-7.7x).

TPIPL is the largest independent manufacturer of air-conditioner
and refrigerator compressors in India and is a 100% subsidiary of
TPC, USA, which is the world's only full-line, independent
compressors manufacturer.  TPIPL has 20 sales offices and an
extensive network of over 200 dealers and more than 600 registered
small-scale manufacturers.


VASANTDADA SHETKARI: Insolvency Cues RBI to Cancel License
----------------------------------------------------------
The Reserve Bank of India has canceled the license of Vasantdada
Shetkari Sahakari Bank Limited after examining all options for the
bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies to wind up Vasantdada Shetkari
Sahakari Bank and appoint a liquidator for the bank.

RBI's decision came after determining that the Bank has ceased
to be solvent and has already caused inconvenience to its
depositors due to mismanagement of the Bank's affairs.

According to RBI, Ankleshwar Nagarik Sahakari Bank's financial
statements as of March 31, 2007, revealed that its financial
position was precarious.  The latest statutory inspection of the
bank with reference to its financial position as on March 31, 2008
revealed severe deterioration in its financial position, RBI
disclosed.

RBI had issued a notice to the bank on October 22, 2008, asking
it to show cause as to why the license granted to it to conduct
banking business should not be cancelled.  As the Bank did not
have any concrete plan of action for its revival or any proposal
for its merger, RBI cancelled the Bank's license in the interest
of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors will be set in motion subject to the terms and
conditions of the Deposit Insurance Scheme.



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

PAL INDONESIA: Ministry Defers Approval of $60 Mil. Loan Package
----------------------------------------------------------------
The State Ministry for State Enterprises had decided not to
immediately approve a $55 million to $60 million loan package for
state shipbuilder PT PAL Indonesia, Janeman Latul at the Jakarta
Globe reports citing a senior official.

State ministry secretary Muhammad Said Didu, the report relates,
said a detailed audit of the loan proposal would be needed before
any decision could be made.

"We cannot just hand out the money to PAL and make the same
mistakes as we did with other ailing SOEs, like PT Merpati
Nusantara Airlines," Jakarta Globe quoted secretary Didu as
saying.

PAL, the report notes, has suffered huge losses in recent years,
including a IDR120 billion deficit in 2006 and a IDR40 billion
loss in 2007.

According to the Jakarta Globe, PAL's president director,
Harsusanto, said PAL's assets were currently worth IDR3 trillion,
while the company owed $120 million in short-term debts to local
private and state banks.

Ministry figures cited by the report show that PAL's total debt
amounts to IDR1.9 trillion.  The state ministry has categorized
the company as being in an "unsound" state since 2003, the report
adds.

PT Pal Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

Pal Indonesia's factory is located at Ujung, Surabaya.  The
company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.


PERUSAHAAN LISTRIK: Plans to Issue Another Bonds
------------------------------------------------
Antara News reported that PT Perusahaan Listrik Negara (PLN) plans
to issue another bonds following favorable market responses to its
bonds issued earlier.

According to the report, PLN Finance Director Setio Anggoro Dewo
said the value of the bonds would be adjusted to the existing
needs.

Director Dewo said proceeds from the issuance of the last bonds
rose 46.67 percent to IDR2.2 trillion from IDR1.5 trillion.

The IDR2.2 trillion bonds consisted of conventional bonds worth
IDR1.7 trillion and sharia bonds worth IDR500 billion, he said.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.



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

FORD MOTOR: May Seek Bailout if Sales Dive Below Projections
------------------------------------------------------------
Ford Motor Co., may be forced to seek a bailout as the weakening
economy threatens to drive domestic sales 10% lower than the
company's forecast, Bloomberg News reports.

Chairman William Clay Ford Jr. told reporters January 11 that
Ford's "game plan is to keep going on our own" and not seek
federal loans unless "the world implodes as we know it."

To recall, Ford is the lone U.S. automaker that has so far not
sought federal aid.  On Dec. 31, 2008, the Treasury completed a
transaction with General Motors Corp., under which the Treasury
will provide GM with up to a total of US$13.4 billion in a three-
year loan from the Troubled Assets Relief Program, secured by
various collateral.  On January 2, 2009, the Treasury provided a
three-year US$4 billion loan to Chrysler Holding LLC.  The
Treasury
has required each of the two to submit a plan that would allow
long-term viability to be achieved.  The loan agreement provides
for acceleration of the loan if those goals under the plan, which
are subject to review by a designee of the U.S. President, are not
met.

According to Bloomberg, Ford revised its outlook for 2009 U.S.
light-vehicle sales over the weekend, allowing that as few as 12
million cars and light trucks may be sold.  However, Ford still
expects to make it through this year without aid.

That outlook is considerably more optimistic than the views of
rival automakers and many analysts.  General Motors Corp., IHS
Global Insight and Citigroup all expect fewer than 11 million cars
and light trucks to be sold this year.

"Ford has painted a rather rosy picture of where the market's
going," said IHS Global Insight Analyst Aaron Bragman, whose
consulting house forecasts 2009 sales of 10 million to
10.5 million.  "I think they've painted an optimistic scenario and
they're going to have to take some federal money."

            Union Wants Gov't to Name "Car Czar"

Neal E. Boudette at The Wall Street Journal reports that United
Auto Workers Union President Ron Gettelfinger said on Monday that
he would like the government to appoint a "car czar" who "knows
something about the auto industry," and not a Wall Street expert,
to supervise the restructuring of General Motors, Chrysler LLC,
and Ford Motor.  According to WSJ, President-elect Barrack Obama
would appoint a car czar.

WSJ relates that an auto czar can force automakers, their banks,
creditors, suppliers, and the union to give concessions to put GM
and Chrysler back to profitability.  Ford Motor, according to the
report, is trying to end its losses, but said that it doesn't need
short-term help.

Chrysler must partner with another auto maker, WSJ says, citing
Mr. Gettelfinger.  "I don't know what Chrysler is going to look
like, but it is going to be viable.  I think Chrysler will be
here" in a year, the report quoted him as saying.

                  About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


LEHMAN BROTHERS: Inks Deal with Sumitomo on Loan Transfer
---------------------------------------------------------
Lehman Brothers Holdings, Inc., asks the U.S. Bankruptcy Court for
the Southern District of New York to approve amendments to a
stipulation it signed with Sumitomo Mitsui Banking Corporation.

The stipulation, originally approved by the Court on December 17,
2008, granted Sumitomo adequate protection from any diminution in
the value of the collateral, which Lehman Brothers and Lehman
Commercial Paper, Inc., pledged to secure payment of the loan they
availed from Sumitomo under a loan and security agreement dated
May 27, 2008.  The collateral consists of the Debtors' financial
assets including corporate loans.

As of Sept. 15, 2008, Lehman Brothers Holdings owes US$350,573,307
to Sumitomo under the loan agreement.

LBHI's attorney, Jacqueline Marcus, Esq., at Weil Gotshal &
Manges, LLP, in New York, says the amendments to the stipulation
would facilitate the transfer of the US$78,340,663 "Imperial
Tobacco SFA" to Sumitomo.

The stipulation provides that to adequately protect Sumitomo for
any diminution in the value of the collateral from and after
Sept. 15, 2008, resulting from the automatic stay imposed by the
Bankruptcy Code, and to enable the Debtors to reduce interest
accrual, LCPI or LBHI has made and will make these payments to
Sumitomo:

     * an amount equal to US$3,720,208 (accrued and unpaid
       interest from August 29 to Dec. 1, 2008 at non-default
       rate);

     * on the last day of each month, an amount equal to
       accrued and unpaid interest on the principal amount of
       the obligations outstanding under the loan agreement at
       a non-default rate of interest; and

     * within five days following the later of (i) the entry of
       amended stipulation and (ii) the date of receipt by LCPI
       thereof, an amount equal to any permanent principal
       payments made to LCPI with respect to the corporate
       loans including any voluntary or mandatory prepayments
       received in connection with any refinancing, the
       principal payments of which will be reduced from the
       US$350,573,307 in outstanding debt.

As further adequate protection, (i) LBHI will irrevocably sell,
transfer, assign, grant and convey the "Imperial Tobacco SFA"
term loan and the related transferred rights to Sumitomo, and
(ii) Sumitomo will irrevocably acquire the term loan, and will
comply with all obligations and liabilities of LBHI with respect
to, or in connection with the term loan from events occurring on
or after the transfer becomes effective.  To accomplish the
assignment of the "Imperial Tobacco SFA" term loan, LBHI will
execute and deliver an LMA Transfer Agreement within five days
after approval of the amended stipulation.

LCPI will hold the collateral, other than cash, separate and
identifiable from its other properties and will mark its books
and records to record Sumitomo's interests.  LCPI will provide
Sumitomo a schedule, identifying any fixed payment dates for
principal, interest or fees for each of the corporate loans.
LCPI will also provide Sumitomo a rolling schedule, identifying
all amounts it received from and after its bankruptcy filing for
each of the corporate loans.  LCPI will also monitor and
administer the corporate loans.

Upon approval of the amended stipulation, Sumitomo will withdraw
its request to foreclose the collateral filed in LCPI's Chapter
11 case, provided that Sumitomo reserves the right to seek
additional protection or relief from stay after March 15, 2009.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers led in the global financial
markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offered a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).  Several other affiliates followed
thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only $2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

             International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on
Sept. 16.  The two units of Lehman Brothers Holdings, Inc., which
has filed for bankruptcy protection in the U.S. Bankruptcy Court
for the Southern District of New York, have combined liabilities
of JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion ($33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., <http://bankrupt.com/newsstand/>or
215/945-7000).



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

APL INDUSTRIES: Bursa to Suspend Security Trading on January 15
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd will suspend the trading of APL
Industries's securities starting Jan. 15, 2009, after the company
aborted its proposals for regularization.  APL Industries also
disclosed it does not intend to undertake a new scheme to
regularize its financial position.

In addition to the imposition of suspension, Bursa Securities had
commenced delisting procedures against APL Industries securities.
The company has been served with a notice by Bursa Securities to
make representations to Bursa Securities as to why the company's
securities should not be de-listed from the Official List of Bursa
Securities.

                       About APL Industries

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

                          *     *     *

The APLI Group had triggered the Enhanced PN17 criteria and was
classified as PN17 in 2007.  Since then, the Group has been facing
increasing difficulties in terms of its operations and business.

The ability of the Group to continue as a going concern is
dependent upon achieving future profitable results, generating
positive cash flow and continuous financial support from its
bankers to meet its liabilities when they fall due.

As reported by the Troubled Company Reporter-Asia Pacific on
September 4, 2008, APL Industries Berhad disclosed that for the
fourth quarter ended June 30, 2008, the group incurred MYR18.30
million net loss as compared with MYR21.09 million net loss in the
same quarter of 2007.

For the fourth quarter ended June 30, 2008, the Group recorded
sales revenue of MYR34.4 million which was significantly (33.1%)
lower compared to MYR51.4 million achieved during the
corresponding quarter in the previous financial year.  Operating
losses were higher by MYR15.7 million (431.1%) while losses before
tax increased by MYR15.1 million (277.1%).


KOSMO TECHNOLOGY: Bursa Suspends Securities Trading
---------------------------------------------------
The Bursa Malaysia Securities Bhd suspended the trading of Kosmo
Technology Industrial Berhad's securities effective Jan. 12, 2009,
after the company failed to timely submit its regularization
plan to relevant authorities for approval.

In addition to the imposition of suspension, the bourse also
commenced delisting procedures against Kosmo Technology
securities.  The company has been served with a notice by Bursa
Securities to make representations as to why the company's
securities should not be de-listed from the Official List of Bursa
Securities.

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                          *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


NEPLINE BERHAD: Classified as Affected Listed Issuer Under PN17
---------------------------------------------------------------
Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline's obligations as an Affected Listed Issuer are to:

   1. submit a plan to regularize the company's condition to the
      Securities Commission and other relevant authorities for
      approval within eight months;

   2. implement the Regularization Plan within the timeframe
      stipulated by the relevant approving authority;

   3. announce the status of the Regularization Plan on a
      monthly basis until further notice from Bursa;

   4. announce the company's compliance or non-compliance
      with a particular obligation imposed pursuant to
      Practice Note 17/2005 on an immediate basis; and

   5. announce the details of the Regularization Plan as
      referred to in Paragraph 8.14C(3) of the Listing
      Requirements.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd. On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.



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

ANTIOCH COMPANY: Court Confirms Prepackaged Reorganization Plan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio at a
hearing held on Jan. 9, 2009, confirmed Antioch Company, and its
debtor-affiliates' joint prepackaged plan of reorganization which
was filed with the Court on Nov. 13, 2009.  The Court still has to
issue its confirmation order.  All objections were withdrawn with
the exception of Walthall A&B, LP's which was overruled by the
Court.

                          Plan Summary

The primary objectives of the Plan are to (i) alter the Debtors'
debt and capital structures to permit them to emerge from their
Chapter 11 cases with a viable capital structure, (ii) maximize
the value of the ultimate recoveries to all creditor groups on a
fair and equitable basis, and (iii) settle, compromise or
otherwise dispose of certain Claims and Interests on terms that
the Debtors believe to be fair and reasonable and in the best
interests of their respective estates and creditors.  The Plan
provides for, among other things: (A) the cancellation of certain
indebtedness in exchange for new debt and equity and (B) the
discharge of certain claims and cancellation of interests.

The Debtors believe that (i) through the Plan, holders of allowed
claims will obtain a substantially greater recovery from the
estates of the Debtors than the recovery they would receive if the
Debtors filed their Chapter 11 petitions without prior approval of
the Plan by a majority of their creditors and (ii) the Plan will
afford the Debtors the opportunity and ability to continue their
business as a viable going concern and preserve ongoing employment
for the Debtors' employees.

                     Means of Distribution

All cash necessary for Reorganized Debtors to make payments
pursuant to the Plan will be obtained from existing cash balances,
the operations of the Debtors and the Reorganized Debtors, or
borrowings under the Exit Facility Credit Agreement.  The
Reorganized Debtors may also make the payments using cash received
from their non-debtor subsidiaries through the Reorganized
Debtors' consolidated cash management systems.

                 General Structure of the Plan

Under the Plan, there are two classes of Impaired Claims (Class 4
Prepetition Secured Lender Claims and Class 5 Impaired Unsecured
Claims) and two classes of Impaired Interests (Class 7 Employee
Stock Ownership Trust (ESOT) Allocated Stock Interests and Class 8
Old Equity Interests).  All other Claims and Interests are
Unimpaired.  Holders of Class 1 Non-Tax Priority Claims, Class 2
Other Secured Claims, Class 3 Unimpaired Unsecured Claims and
Class 6 Intercompany Interests will be unaffected by the Plan.

Based upon the valuation of the company, given that the value of
the company is substantially less than the aggregate amount of the
Claims held by the Prepetition Secured Lenders, holders of Class 5
Impaired Unsecured Claims and Class 7 ESOT Allocated Stock
Interests would not be entitled to receive or retain any property
on account of such Claims and Interests under the Plan.
Recognizing, however, that the continued dedication of the
company's employees, consultants, trade, and other unsecured
creditors is critical to maximizing value of the company's
business, the Prepetition Secured Lenders have consented to a
carve-out from their collateral to provide for (i) the payment in
full of all unsecured creditors other than holders of the Employee
Stock Option (ESOP) Notes, the Subordinated Notes, and certain
unsecured creditors who are no longer necessary to the future
operation of the business, and (ii) the transfer of the New Common
Member Interests to an intermediate holding company that will be
owned by a trust established for the benefit of the Holders of
Class 5 Impaired Unsecured Claims and Class 7 ESOT Allocated Stock
Interests (the Creditor/Equityholder Trust).  Specifically, the
Plan provides for the company's balance sheet to be restructured
by:

   i) converting the Prepetition Secured Lender Claims into the
      New Secured Term Loan Notes and the New Preferred Member
      Interests; and

  ii) reinstating all unsecured creditors (other than those
      holding Impaired Unsecured Claims, as described below).

Holders of Impaired Unsecured Claims will not receive a
distribution with respect to their Claims under the Plan.  Even
though Holders of such Claims are not entitled to a distribution
under the Plan, the Prepetition Secured Lenders have agreed to
provide such creditors that timely submit a Class 5 Release Form,
in consideration for the releases granted therein, with an 80%
interest in the Creditor/Equityholder Trust on a pro rata basis
out of the proceeds of the collateral securing the Prepetition
Lender Claims.  Similarly, Holders of ESOT Allocated Stock
Interests will not receive a distribution with respect to their
Claims under the Plan.  Even though the Holders of such Interests
are not entitled to a distribution under the Plan, the Prepetition
Secured Lenders have agreed to provide such interest holders that
timely submit a Class 7 Release Form, in consideration for the
releases granted therein, with a 20% interest in the
Creditor/Equityholder Trust on a pro rata basis out of the
proceeds of the collateral securing the Prepetition Lender Claims.
Holders of Class 8 Old Equity Interests will not be entitled to
receive or retain any property on account of such Interests under
the Plan.

The New Common Member Interests and New Preferred Member Interests
issued pursuant to the Plan will be subject to the terms and
conditions of the New Limited Liability Company Operating
Agreement, which will be deemed binding on and enforceable by the
Reorganized Debtors, the Prepetition Secured Lenders, and any
party that receives New Common Member Interests.  The material
terms and conditions that govern the New Secured Term Loan Notes
to be distributed to holders of Prepetition Secured Lender Claims
are summarized in Section VII.I of this Disclosure Statement.

Claims of the Debtors' current employees and trade creditors who
are necessary for the continued business operations of the
Reorganized Debtors are classified in Class 3 as Unimpaired
Unsecured Claims and will be Unimpaired.

                 Exit Facility Credit Agreement

If the Plan is consummated, on the Effective Date, the Reorganized
Debtors will enter into the Exit Facility Credit Agreement.  The
Exit Facility Credit Agreement will replace the DIP Financing and
will provide for up to US$4 million of additional liquidity to
fund
operations after the Effective Date (the "Exit Facility").

        Treatment of Claims and Interests Under the Plan

As contemplated by the Bankruptcy Code, Administrative Claims, DIP
Facility Claims, and Priority Tax Claims are not classified under
the Plan.  Allowed Administrative Claims are to be paid in full on
the Effective Date, or, for ordinary course Administrative Claims,
when such claims become due.  DIP Facility Claims will be paid in
full in Cash.  Each holder of an Allowed Priority Claim will have
its claim reinstated.

The Plan classifies and treats claims and interests in this
manner:

  Class 1 - Non-Tax Priority Claims

   Each holder of an Allowed Class 1 Claim will have its Claim
   reinstated.

  Class 2 - Other Secured Claims

   Each holder of an Allowed Class 2 Claim will have its Claim
   reinstated.

  Class 3 - Unimpaired Unsecured Claims

   Each holder of an Allowed Class 3 Claim will have its Claim
   reinstated.

  Class 4 - Prepetition Secured Lender Claims

   Each holder of an Allowed Class 4 Claim will receive its
   Pro rata share of (a) the New Secured Term Loan Notes and (b)
   the New Preferred Member Interests.

  Class 5 - Impaired Unsecured Claims

   Holders of Class 5 Claims will not receive or retain any
   property under the Plan.

  Class 6 - Intercompany Interests

   On the Plan Effective Date, the common stock and membership
   interests of each of the Reorganized Debtors (other than
   Reorganized Antioch) and each of the Non-Debtor Affiliates
   will be reinstated in consideration for Reorganized Antioch's
   agreement to provide management services to such Reorganized
   Debtors and Non-Debtor Affiliates from and after the Effective
   Date.

   On the Effective Date, Reorganized Antioch will retain the
   Intercompany Interests.

  Class 7 - ESOT Allocated Stock Interests

   Holders of ESOT Allocated Stock Interests will not receive or
   retain any property under the Plan.

  Class 8 - Old Equity Interests.

   On the Effective Date, all Old Equity Interests will be deemed
   cancelled and the holders of Old Equity Interests will not
   receive any property under the Plan.

Classes 1, 2, 3 and 6 are unimpaired under the Plan and are
conclusively presumed to have accepted the Plan and are not
entitled to vote to accept or reject the Plan.

Class 4 is impaired and is the only Class entitled to vote to
accept or reject the Plan.

Classes 5, 7 and 8 are impaired under the Plan and are deemed to
have rejected the Plan, owing to their zero recoveries.

A full-text copy of the Debtors' Joint Prepackaged Plan of
Reorganization, dated Nov. 12, 2008, is available for free at:

    http://bankrupt.com/misc/AntiochCoPrepackagedPlan.pdf

A full-text copy of the Debtors' Disclosure Statement with respect
to the Debtors' Joint Prepackaged Plan of Reorganization, dated
Nov. 12, 2008, is available for free at:

  http://bankrupt.com/misc/AntiochCoDisclosureStatement.pdf

                       About Antioch Co.

Headquartered in Yellow Springs, Ohio, The Antioch Company --
http://www.antiochcompany.com/-- produces and sells books, book
accessories and scrapbooking products.  The company and subsidiary
companies Antioch International, Inc., Antioch Framers Supply Co.,
Antioch International-New Zealand, Inc., Antioch International-
Canada, Inc., Creative Memories Puerto Rico, Inc. and ZeBlooms
Inc. filed separate petitions for Chapter 11 relief along with
plans to reorganize and restructure the company's debt on Nov. 13,
2008 (Bankr. S.D. Ohio Lead Case No. 08-35741).  Chris L.
Dickerson, Esq., Rena M. Samole, Esq., and Timothy R. Pohl, Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP; Michael J. Kaczka,
Esq., and Sean D. Malloy, Esq., at McDonald Hopkins LLC; and Tony
M. Alexander, Esq., at Jenks, Pyper & Oxley Co. L.P.A., represent
the Debtors in their restructuring efforts.  The United States
Trustee for Region 9 appointed creditors to serve on an Official
Committee of Unsecured Creditors.  W. Timothy Miller, Esq., at
Taft Stettinius & Hollister LLP, represent the Committee as
counsel.  In their summary of schedules, the Debtors listed
US$66,388,321 in total assets and US$141,142,236 in total
liabilities.


AXIOM INTERNATIONAL: Placed in Liquidation
------------------------------------------
Axiom International has gone into liquidation, The National
Business Review reports.  The company owes creditors more than
NZ$2 million.

According to the report, directors Robert Nelson and Mark Yaxley
blamed Axiom International's failure on the failure of an
Australian venture, and a sales downturn in the last six months.

Axiom, the Business Review says, was an importer and wholesaler of
clothing, most of which was sold on to Satori Retail for sale in
the luxury fashion chain's six stores.


BASEBUILD SYSTEMS: Court to Hear Wind-Up Petition on January 26
---------------------------------------------------------------
A petition to have Basebuild Systems Ltd.'s operations wound up
will be heard before the High Court at Dunedin on January 26,
2009, at 10:00 a.m.

Dynex Extrusions Limited filed the petition against the company on
November 6, 2008.


BERRYTIME LAND: Court Hears Wind-Up Petition
--------------------------------------------
On December 12, 2008, the High Court at Tauranga heard a petition
to have Berrytime Land Ltd.'s operations wound up.

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


BLUCKS PROPERTIES: Appoints Toon and Finnigan as Liquidators
------------------------------------------------------------
On November 27, 2008, the shareholders of Blucks Properties Ltd.
appointed Victoria Toon and Peri Micaela Finnigan as the company's
liquidators.

Only creditors who were able to file their proofs of debt by
January 7, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Victoria Toon
          Peri Micaela Finnigan
          McDonald Vague
          PO Box 6092, Wellesley Street
          Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz


CIRCLE ASSET: Court Hears Wind-Up Petition
------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Circle Asset Group Christchurch Ltd.'s operations wound
up.

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


CSOFT BUSINESS: Court to Hear Wind-Up Petition on January 28
------------------------------------------------------------
A petition to have CSoft Business Software Ltd.'s operations wound
up will be heard before the High Court at Auckland on January 28,
2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 20, 2008.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213 or DX CP 24063, Auckland
          Telephone: (09) 336 7556)


EASTEGG LTD: Fixes January 23 as Last Day to File Claims
--------------------------------------------------------
The creditors of Eastegg Ltd. are required to file their proofs of
debt by January 23, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Graeme G. Mcdonald
          Apex Accounting Limited
          3A/517 Mt Wellington Highway
          Mt Wellington, Auckland 1060
          Telephone: (09) 573 5840
          Facsimile: (09) 573 5359


EVENTSCAPE LTD ET AL: Appoint Montgomerie as Liquidator
-------------------------------------------------------
On November 19, 2008, Bernard Spencer Montgomerie was appointed as
liquidator of:

   --  Eventscape Ltd; and
   --  Eventscape No.2 Limited.

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


GARLANDS FURNISHING: Commences Liquidation Proceedings
------------------------------------------------------
Garlands Furnishing Specialists Ltd. commenced liquidation
proceedings on November 25, 2008.

The company's liquidators are:

          Gareth Russel Hoole
          Kevin David Pitfield
          Staples Rodway Limited, Chartered Accountants
          PO Box 3899, Auckland
          Telephone: (09) 309 0463


JAM SEVENTEEN: Appoints Rowan Kingstone as Liquidator
-----------------------------------------------------
On November 25, 2008, it was resolved by the shareholders of
Jam Seventeen Consultants Ltd. that Rowan Kingstone be appointed
as the company's liquidator.

The Liquidator can be reached at:

          Rowan Kingstone
          KDB Chartered Accountants Limited
          123 Carlton Gore Road, Level 2
          Newmarket, Auckland
          Telephone: (09) 524 0791
          Facsimile: (09) 524 0271


NRGNZ LTD ET AL: Appoint Madsen-Ries and Vance as Liquidators
-------------------------------------------------------------
On November 21, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of:

   -- NRGNZ Limited;
   -- Strategos Sales and Marketing Solutions Limited;
   -- Kape at Kusina Limited; and
   -- Grove Builders Waiheke Limited.

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

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street, Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


PETERSON FINANCIAL: Court Hears Wind-up Petition
------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Peterson Financial Mortgagelink Ltd.'s operations wound
up.

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


PHOENIX PAINTING: Appoints Crichton and Horne as Liquidators
------------------------------------------------------------
On November 24, 2008, the shareholders of Phoenix Painting Ltd.
appointed David Donald Crichton and Keiran Anne Horne as the
company's liquidators.

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

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone: (03) 352 9189


POLYSEAL (NZ): Fixes January 19 as Last Day to File Claims
----------------------------------------------------------
The creditors of Polyseal (NZ) Ltd. are required to file their
proofs of debt by January 19, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Stanley Rea
          Paul Graham Sargison
          Gerry Rea Partners
          PO Box 3015, Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


STUART ENGINEERING: Court Hears Wind-up Petition
------------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Stuart Engineering Ltd.'s operations wound up.

Transport Specialties Limited filed the petition against the
company on September 26, 2008.


THE HEATPUMP: Commences Liquidation Proceedings
-----------------------------------------------
The Heatpump Store Ltd. commenced liquidation proceedings on
November 27, 2008.

The company's liquidators are:

          Paul William Gerrard Jenkins
          Iain Andrew Nellies
          c/o Insolvency Management Limited
          Burns House, Level 3
          10 George Street
          PO Box 1058, Dunedin



===============
P A K I S T A N
===============

MOBILINK COMMUNICATIONS: Moody's Confirms 'B1' Corporate Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed Pakistan Mobilink
Communications Limited B1 local currency corporate family rating
and B3 senior unsecured bond rating; at the same time Moody's has
changed the outlook on all ratings to negative from stable.  This
action closes the review for possible downgrade which commenced on
October 28, 2008.  "The outlook for the ratings is negative,
primarily in respect of the difficult economic situation in
Pakistan and the impact that this may have on Mobilink's ability
to achieve its projections," says Laura Acres, a Moody's Vice
President, adding, "However this risk is tempered by the company's
reduced need for debt-funded capex; as a result the credit profile
is not expected to be materially adversely affected.

"Specifically, Moody's has concerns over Mobilink's ability to
achieve forecast revenue and EBITDA growth given the challenging
domestic economic and political situation.  This will result in
capex being scaled back and/or cause demand for cellular services
to slow," says Acres, also Moody's Lead Analyst for Mobilink.
"However, lower than expected demand-driven capex will also result
in a lower debt burden.  Therefore the decline in financial
metrics will be lessened and so are expected to remain consistent
with the rating," she adds.

Moody's also has concerns over Mobilink's ability to meet its
financial covenants and liquidity requirements which is negative
for the rating.  However, these risks are partially mitigated by
the past and expected future financial support from the parent,
Orascom Telecom Holding, in helping Mobilink maintain covenant
compliance.

Upward pressure on the rating is unlikely over the next 12-24
months given the negative outlook and the reliance on financial
support from the parent and the deteriorating domestic economic
environment.  However, the outlook could revert to stable should
Mobilink deliver on its financial projections and develop a
sustainable cushion under its existing bank loan covenants.

Moody's would also like for Mobilink to demonstrate an ability to
become self funding, evidenced by improving free cash flows as
well as the ability to cover its capex and interest, evidenced by
(EBITDA-capex)/interest exceeding 1.0x.

Downward pressure on the ratings could emerge should Mobilink: a)
experience a significant deterioration in market share (based on
active subscribers) such that it loses market leadership status;
b) increase its dividend payout ratio or management fees thereby
reducing available retained cash flow, such that retained cash
flow/adjusted debt falls below 15%; c) is unable to access
finances to fund ongoing growth or repay/refinance lines as and
when they fall due; and/or d) seeks to renegotiate further, or
obtain a waiver under, its bank loan financial covenants.

Furthermore, given the company's reliance on cash injections from
the parent to aide covenant compliance, Moody's would also be
concerned about any deterioration in Orascom's credit profile such
that any negative action on its rating may have a commensurate
impact on Mobilink.

The last rating action was on October 28, 2008, when Mobilink's
ratings were placed under review for possible downgrade.
Mobilink is the largest mobile operator in Pakistan.  It offers
voice and value-add telecommunications services to 31.4 million
subscribers in over 9,500 cities, towns and villages throughout
the country through more than 7,500 cell sites.  As of Sept. 30,
2008, Mobilink enjoyed a market share of 34.8% and provided
network coverage to 73% of the total population.
Mobilink is indirectly 100%-owned by Orascom - itself rated
Ba3/negative.



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

APAC TECH: Pays First and Final Dividend
----------------------------------------
Apac Tech Systems Pte. Ltd. paid the first and final dividend on
January 15, 2009.

The company paid 100 percent to all admitted preferential claims
while 45.37 percentum to all admitted ordinary claims.

The company's liquidator is:

          Chia Soo Hien
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


DTRON SINGAPORE: Pays Final Dividend
------------------------------------
DTRON Singapore Pte Ltd, which is in liquidation, paid the final
dividend on January 15, 2009.


FINE RATTAN: Creditors' Proofs of Debt Due on January 23
--------------------------------------------------------
The creditors of Fine Rattan Collection Pte Ltd. are required to
file their proofs of debt by January 23, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


PROJECTOR SA: Court Enters Wind-Up Order
----------------------------------------
On December 12, 2008, the High Court of Singapore entered an order
to have Projector S.A.'s operations wound up.

ING Belgium N.V. filed the petition against the company.

The company's liquidators are:

          Kon Yin Tong
          Aw Eng Hai
          c/o Foo Kon Tan Grant Thorton
          47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


VISION CORPORATION: Court Enters Wind-Up Order
----------------------------------------------
On January 9, 2008, the High Court of Singapore entered an order
to have Vision Corporation Holdings Pte Ltd's operations wound up.

Visionhealthone Corporation Pte Ltd filed the petition against the
company.

Vision Corporation's liquidator is:

          Tam Chee Chong
          M/s Deloitte & Touche LLP
          6 Shenton Way, #32-00
          DBS Building Tower Two
          Singapore 068809



======================
S O U T H  A F R I C A
======================

PAMODZI GOLD: Mulls R676 million Loan to Avoid Bankruptcy
---------------------------------------------------------
Pamodzi Gold Limited Chief Executive Officer Peter Steenkamp said
the company
will avoid bankruptcy with an injection of up to R676 million,
Justin Brown at Business Report wrote.

According to the Johannesburg newspaper, Pamodzi Gold was
arranging R400 million in five-year loans from the Industrial
Development Corporation (IDC) and Pamodzi Resources.  Both loans
carry an effective interest rate of 35 percent.

The company also plans to raise R103 million by March through a
rights issue and a further US$18 million (R170 million) by
converting an outstanding hedge payment into a loan, the newspaper
said.

Pamodzi Gold shareholders will be asked to approve the loans at a
meeting on Thursday, January 15.

                         JSE Delisting

Mr. Steenkamp, Business Report related, is downplaying African
exchange JSE Limited's threat to delist the company unless two
loan agreements were amended, stating that the risk is remote.

The report recalled last month, the JSE said Pamodzi Gold would
have to change the conditions of its loans with the IDC and
Pamodzi Resources.  The agreements as they stand require that any
material acquisitions and disposals must have prior approval from
the lenders, the report stated.  The JSE, the report noted, said
it will consider suspending or terminating Pamodzi's listing
unless this condition is removed.

                         Mounting Losses

For the nine months ended September 30, 2008, Pamodzi Gold
incurred a net loss of R427,673,000.  The company recorded a
R208,488,000 loss in the year ended December 31, 2007.

According to Business Report, Pamodzi Gold incurred mounting
losses after selling gold below market price and with the
acquisition of two gold mines early last year.

As of September 30, 2008, the company's total assets and total
liabilities stood at R1,917,030,000 and R1,757,518,000
respectively.

Pamodzi Gold said it will use the R400 million fund from the IDC
and Pamodzi Resources for these purposes:

   -- R180 million to settle long outstanding creditors;

   -- settle the loan from MC Resources Limited and Casten
      Holdings Limited, shareholders of Thistle, amounting
      to R34.2 million;

   -- settle the RMB revolving credit facility of
      R26.8 million; and

   -- R160 million for future capital expansion and assumed
      to be split evenly between IDC loan and Pamodzi
      Resources loan.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.


* SOUTH AFRICA: Individuals Seeking Debt Counseling Triples
-----------------------------------------------------------
The number of South Africans seeking debt counseling between
December 2007 and January last year has "tripled", The Times
reported citing Mpho Thekiso, a project manager for the National
Credit Regulator.

The report said at the end of last year, 39,450 South Africans
were registered for debt counselling and the regulator predicts
that by the middle of the year, 200,000 indebted South Africans
will be on its books.

The rapid increase in interest rates caught everyone by surprise,
Luke Doig, senior economist at Credit Guarantee, was cited by the
report as saying.

The report related Luke Hirst, managing director of debt
management experts Debtbusters.co.za, expects the number of South
Africans in debt counseling to increase by 500% in the next six
months.

"We received a mass of applications from indebted people during
the festive season and particularly since January 1.  We don't
expect the numbers to subside any time soon," Mr. Hirst said.



================
S R I  L A N K A
================

FERNTEA: Commences Liquidation Proceedings
------------------------------------------
Ferntea, a Sri Lankan company that went through a crisis after a
major stake was acquired by GoldQuest-related companies, has gone
into liquidation, The Sunday Times reports.

The report says the wind-up order was given by the Colombo
District Court last month based on an application for liquidation
by Carmel Consolidated Pvt Ltd, which is owned by Jayantha
Fernando.

Jayantha Fernando said that after GoldQuest purchased Carmel's
stake in Ferntea, he and his two daughters were removed as
directors and GoldQuest's representative Anura Fernando took over
as Ferntea's chairman in July 2006, The Sunday Times relates.

Subsequently, Ferntea collapsed due to the court cases, other
issues and also a cheating case, Jayantha Fernando was cited by
the report as saying.

According to the report, GoldQuest is an international company
that  is suspected of promoting pyramid schemes.



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Jan. 21-22, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Bellagio, Las Vegas, Nevada
          Contact: www.turnaround.org

Jan. 22-23, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference
       Bellagio, Las Vegas, Nevada
          Contact: www.turnaround.org

Jan. 22-24, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colorado
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Caribbean Insolvency Symposium
       Westin Casurina, Grand Cayman Island, AL
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons, Las Vegas, Nevada
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***