TCRAP_Public/090115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, January 15, 2009, Vol. 12, No. 10

                            Headlines

A U S T R A L I A

ACN 000 409 183: Members Hear Wind-Up Report
AUSTRALIAN DAIRIES: Members Hear Wind-Up Report
BBI FINANCE: Moody's Affirms Senior Secured Long-Term Rating
FRATER PTY: Members Receive Wind-Up Report
EMPIRE BUILDING: Declares First Dividend

FELTARA PTY: Members Receive Wind-Up Report
GEORGE NEADER: Placed Under Voluntary Liquidation
H.Y CONTRACTING: Placed Under Voluntary Liquidation
LANDOC PTY: Members Receive Wind-Up Report
MONEY MATTERS: Declares First and Final Dividend

NANDINA PTY: Members Receive Wind-Up Report
RIVENETTE INVESTMENTS: Commences Liquidation Proceedings
SEIZA AUGUSTUS: S&P Junks Ratings on Two Classes of Notes
THE BLACK: Declares First and Final Dividend
TRAVEL RESEARCH: Placed Under Voluntary Liquidation

TRIMBLE CONSTRUCTION: Placed Under Voluntary Liquidation
ZANA CONCRETE: Placed Under Voluntary Liquidation


C H I N A

BANK OF CHINA: RBS Sells All Stake in Bank for $2.37 Bil.
CHINA EASTERN: Mulls Sale of 30% Stake in Happy Airlines to AVIC
CHINA LOGISTICS: Amends Quarterly Reports Ended March 31 & June 30
CHINA SOUTHERN: Expects Loss in 2008; May Scrap Annual Bonus
PICC HEALTH: Solvency Ratio Dropped; To Get CNY2 Bil. Aid


H O N G  K O N G

BEST GAIN: Intends to Declare Dividend
CHAMPION CONTAINER: Court to Hear Wind-Up Petition on January 21
DARRID ENGINEERING: Pays Supplementary Dividend
GENEX HONG KONG: Court Enters Wind-Up Order
GENMAY INDUSTRIES: Creditors and Contributories to Meet on Feb. 5

GUANGDONG INTERNATIONAL ET AL: Members and Creditors Hold Meetings
HANG WO: Members Final Meeting Set for February 9
HOP SHING: Intends to Declare Dividend
INFORMATION SECURITY: Appoints Middleton and Cowley as Liquidators
STEINBOCK ORIGINAL: Court to Hear Wind-Up Petition on January 21

SUNCORP INDUSTRIAL: Court Enters Wind-Up Order
ZFRICTION LIMITED: Court to Hear Wind-Up Petition on February 4


I N D I A

DULI CHAND: CRISIL Puts 'BB+' Rating on Various Bank Facilities
KUTCH RAILWAY: Fitch Assigns 'BB+' Rating on Project Bank Loans
MAVIN TEXTURISERS: CRISIL Rates Rs.50MM Cash Credit Limit at 'BB'
MULTIVISTA GLOBAL: CRISIL Rates Rs.290.0MM Long Term Loan at 'B'
SATYAM COMPUTER: KPMG and Deloitte to Restate Firm's Accounts

SATYAM COMPUTER: 9 Executives Sold Shares Before Fraud Disclosure
SRI GOUTAM: CRISIL Assigns 'BB' Rating on Rs.20MM Long Term Loan


J A P A N

EXCELLENT COLLABORATION: S&P Cuts Ratings on Two Classes to Low-B
GODO KAISHA: Moody's Downgrades Rating on Class D Notes to 'Caa3'
LEHMAN BROTHERS: S&P Keeps Negative Watch on Three Low-B Ratings
LEHMAN BROTHERS: BNC Mortgage Files for Bankruptcy in New York
SONY CORP: May Post First Operating Loss in 14 Years


K O R E A

HYNIX SEMICONDUCTOR: Creditors Agree To Sell Stake by September
SSANGYONG MOTOR: Court Freezes Bonds and Debts


N E W  Z E A L A N D

ARMO HOLDING: Court Hears Wind-Up Petition
BEGLEY PROPERTIES: Court Hears Wind-Up Petition
BIOMARINE LABORATORIES ET AL: Commence Liquidation Proceedings
FAMILY THE BAR: Court Hears Wind-Up Petition
GIBSON'S TILE: Court Hears Wind-Up Petition

IMPACT INTERIORS: Court to Hear Wind-Up Petition on January 30
KGC BORDERS: Court Hears Wind-Up Petition
LEO PLUMBING: Court Hears Wind-Up Petition
NASEBY HARVESTING: Court Hears Wind-Up Petition
PHOENIX GROUP: Appoints Crichton and Horne as Liquidators

SUVIKEN LTD: Court Hears Wind-Up Petition
THE KETO CLINIC: Court to Hear Wind-Up Petition on January 22
THE NZ FLOWER: Court Hears Wind-Up Petition
TOTAL LANDSCAPE: Commences Liquidation Proceedings
WASAN INTERNATIONAL: Court Hears Wind-Up Petition

* NEW ZEALAND: Nov. 2008 Housing Consent Numbers Hit 16-Year Low


P H I L I P P I N E S

BENGUET CORP: Suspends Activities in Kingking Copper Gold Project
EXPRESS TELECOMMUNICATION: Court Dismisses Bayantel's Petition
* PHILIPPINES: Nov. 2008 Export Earnings Dropped 11.9%, NSO Says


S I N G A P O R E

CH2M/PB JV: Creditors' Proofs of Debt Due on February 9
D CHOW TRADING: Creditors' Proofs of Debt Due on February 9
FAIRCHILD FASTENERS: Creditors' Proofs of Debt Due on February 9
OROLL PTE: Members' Final Meeting Set for February 6
STRAITS HOLDINGS ET AL: Creditors' Proofs of Debt Due on Feb. 9


S O U T H  A F R I C A

BRC DIAMONDCORE: To Extend Shutdown of South African Operations
TRONOX INC: Bankruptcy Filing Does Not Affect Joint Venture


                         - - - - -


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

ACN 000 409 183: Members Hear Wind-Up Report
--------------------------------------------
The members of ACN 000 409 183 Pty Ltd 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:

          Stephen Graham Longley
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank VIC 3006


AUSTRALIAN DAIRIES: Members Hear Wind-Up Report
-----------------------------------------------
The members of Australian Dairies 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:

          Nicholas Brooke
          115 Kalinda Road
          Ringwood North VIC 3134


BBI FINANCE: Moody's Affirms Senior Secured Long-Term Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2 senior secured
long-term rating of the bank debt issued by BBI Finance Pty
Limited.  The rating outlook has been changed from stable to
negative.

"The change in outlook reflects the challenging operating
environment for coking and energy coal, which raises counterparty
risk for DBCT, albeit this is mitigated by the shippers' take-or
pay contractual obligations, and the competitive nature of the
Bowen Basin coal, says Ian ChanChong, Vice President, Senior
Analyst.  "In addition, the change in outlook considers the credit
profile of DBCT's parent, BBI (rated B1 for corporate family
rating) which has weakened in recent times", ChanChong adds.
The change in outlook incorporates the terminal's expansion plan,
which would take capacity to 85 million tonnes per annum.  The
current expansion is scheduled by management to be completed in
March 2009 (compared to December 2008 previously), although there
is the potential for further slippage as the remaining work is
being completed in offshore wares.

BBI's corporate family and senior secured ratings have been
recently downgraded to B1 and B2, respectively, and both ratings
are on review with direction uncertain due to near term liquidity
challenges.

"The anticipated slow down in global demand for steel production
is impacting the market for coking coal, with recently announced
cuts in production and sale of assets by key industry players.
The deterioration in the coal industry fundamentals is
highlighting the credit risk of the coal producers who use the
DBCT, although take or pay contracts between the coal producers
and DBCT is a mitigating factor", adds Ian ChanChong.

The rating outlook could revert to stable if 1) the expansion is
completed on the revised plan, 2) there is improvement in BBI's
ratings, and 3) there is a stabilization in the outlook for the
coal sector which is currently pressured.

The rating could be negatively pressured if there are further
delays and/or cost over-runs in the completion of the expansion
program to 85 mtpa. The rating could also be negatively impacted
if there is further deterioration in BBI's rating that could
affect that the credit quality of DBCT.

BBI Finance Pty Limited is the financing affiliate of BBI
Management Pty Limited and BBI Trust, (together DBCT Group), which
together hold a long-term lease on the Dalrymple Bay Coal Terminal
in north Queensland. Babcock & Brown Infrastructure Ltd and
Babcock & Brown Infrastructure Trust own 100% of the DBCT Group,
which comprises BBI Management Pty Ltd, BBI Trust, and BBI Finance
Pty Ltd.  DBCT, near Mackay in north Queensland, has a current
capacity of 72 million tonnes per annum and services the northern
part of the Bowen Basin coal fields.

The last rating action was on May 02, 2008 when the rating of BBI
Finance Pty Ltd was assigned.

BBI Finance Pty Ltd rating was assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as 1) the business risk and competitive position of the
company versus others within the industry, 2) the capital
structure and financial risk of the company, 3) the projected
performance of the company over the near to intermediate term, and
4) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of BBI (DBCT) Finance Pty Ltd's core industry and BBI
(DBCT) Finance Pty Ltd's rating is believed to be comparable to
those of other issuers of similar credit risk.


FRATER PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Frater Pty Limited met on December 1, 2008, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          John Morgan
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


EMPIRE BUILDING: Declares First Dividend
----------------------------------------
Empire Building Developments Pty Limited, which is in liquidation,
declared the first dividend on December 23, 2008.

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

The company's liquidator is:

          Geoffrey Reidy
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


FELTARA PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Feltara Pty. Ltd. met on November 27, 2008, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

Christopher James Fawcett is the company's liquidator.


GEORGE NEADER: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on November 25, 2008, the members of
George Neader Pty Limited resolved to voluntarily liquidate the
company's business.

Alan Neader is the company's liquidator.



H.Y CONTRACTING: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 16, 2008, the members of
H.Y Contracting Services Pty Limited 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 2150
          Telephone: (02) 9633 3333
          Facsimile: (02) 9633 3040


LANDOC PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Landoc Pty. Ltd. met on December 4, 2008, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

Christopher James Fawcett is the company's liquidator.


MONEY MATTERS: Declares First and Final Dividend
------------------------------------------------
Money Matters Financial Solutions Pty Ltd declared the first and
final dividend on December 5, 2008.

Only creditors who were able to file their proofs of debt by
November 17, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Ross Mcdermott
          PO Box 579
          Carlton South VIC 3053
          Telephone: (03) 9347 0411


NANDINA PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Nandina Pty Limited met on December 1, 2008, and
heard the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          John Morgan
          Rodgers Reidy
          333 George Street, Level 8
          Sydney NSW 2000


RIVENETTE INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on October 15, 2008, the
members of Rivenette Investments Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          James Alexander Shaw
          Scott Anthony Newton
          Ferrier Hodgson
          2 Market Street, Level 3
          Newcastle NSW 2300
          Telephone: (02) 4908 4444
          Facsimile: (02) 4908 4499


SEIZA AUGUSTUS: S&P Junks Ratings on Two Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
Class D, E, and F notes issued by Seiza Augustus 2007-1 Trust and
affirmed the ratings on the Class A, B, C, and M notes.  At the
same time, the ratings on the Class D, E, and F notes were removed
from CreditWatch with negative implications, where they were
initially placed on June 30, 2008.

The downgrades are a result of continual deterioration in the
performance of the underlying portfolio of residential and small-
ticket commercial property loans in the transaction.  To date,
there has been a significant charge-off to the unrated Class G
notes.  This weakens the credit support available to the rated
notes, in particular, to the Class D, E, and F notes.
Furthermore, the percentage of loans greater than 30 days in
arrears has reached its highest level of 13.1%, and a large
proportion of loans (10.90%) are greater than 90 days in arrears.
The slowing economic environment and the reduced refinancing
opportunities available for borrowers in financial stress have
reduced the recovery rate of these loans.

In S&P's opinion, further charge-offs are expected as a result of
continual deterioration of the portfolio.  This will further
weaken the credit support available, particularly to the
subordinated notes.

The ratings on the Class A, B, C, and M notes have been affirmed.
The Class A, B, and C notes benefit from increased credit
enhancement as a result of the sequential pay structure, which
provides a buffer against future losses.  The interest and
principal payments on the Class M notes are made from the
collection of interest from the loans and their performance is
within S&P's expectations at the 'A' rating level.

                         Ratings Lowered

Transaction                          Class   Rating to   Rating from
-----------                          -----   ---------   -----------
Seiza Augustus Series 2007-1 Trust   D       BB          BBB/Watch Neg
Seiza Augustus Series 2007-1 Trust   E       CCC+        B/Watch Neg
Seiza Augustus Series 2007-1 Trust   F       CCC-        CCC/Watch Neg

                         Ratings Affirmed

       Transaction                          Class   Rating
       -----------                          -----   ------
       Seiza Augustus Series 2007-1 Trust   A       AAA
       Seiza Augustus Series 2007-1 Trust   B       AA
       Seiza Augustus Series 2007-1 Trust   C       A
       Seiza Augustus Series 2007-1 Trust   M       A


THE BLACK: Declares First and Final Dividend
--------------------------------------------
The Black Stump Enterprises Pty Ltd, which is in liquidation,
declared the first and final dividend on November 19, 2008.

Only creditors who were able to file their proofs of debt by
November 5, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Riad Tayeh
          c/o de Vries Tayeh
          95 Macquarie Street, Level 3
          Parramatta NSW 2124
          Telephone: (02) 9633 3333
          Facsimile: (02) 9633 3040


TRAVEL RESEARCH: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 17, 2008, the members of
Travel Research Centre (Australia) Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          John Frederick Taylor
          Level 15, 309 Kent Street
          Sydney


TRIMBLE CONSTRUCTION: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on October 3, 2008, the members of
Trimble Construction and Design Services Pty Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co Chartered Accountants
          613 Canterbury Road, 1st Floor
          Surrey Hills VIC 3127


ZANA CONCRETE: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 14, 2008, the members of
Zana Concrete 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 2150
          Telephone: (02) 9633 3333
          Facsimile: (02) 9633 3040



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

BANK OF CHINA: RBS Sells All Stake in Bank for $2.37 Bil.
---------------------------------------------------------
The China Daily reported that Royal Bank of Scotland (RBS) has
sold its entire stake in Bank of China for nearly $2.37 billion.

According to media reports cited by China Daily, RBS sold its 4.3
percent stake, about 10.8 billion shares, in the Bank of China for
HK$1.71 per share, representing as 7.6 percent discount over
Tuesday's closing price.

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

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

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

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

                       About Bank of China

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

                          *     *     *

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


CHINA EASTERN: Mulls Sale of 30% Stake in Happy Airlines to AVIC
----------------------------------------------------------------
Winny Wang at the Shanghai Daily reports that China Eastern
Airlines plans to sell its 30 percent stake in Happy Airlines to
Aviation Industry Corp of China.

Shanghai Daily quoted China Eastern spokesman Li Jiang as saying
"China Eastern is in talks with Aviation Industry Corp of China
about the stake sale, and AVIC is highly supportive of the plan as
it understands our situation."

Happy Airlines, the report relates, was set up in March last year
by the two companies with a registered capital of CNY1 billion
(US$146.3 million).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 13, 2009, China View said China Eastern's board secretary
Luo Zhuping confirmed the carrier has been formulating an array of
256 measures to stem further losses during the global economic
recession.

According to China View, board secretary Luo said that the
efficiency-oriented policies include cutting salaries across the
executive suite, urging employees to take unpaid vacations and
making other operating adjustments.  In addition, secretary Luo
said, some unprofitable flights (mostly international) will be
closed down.

                       About China Eastern

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

                          *     *     *

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


CHINA LOGISTICS: Amends Quarterly Reports Ended March 31 & June 30
------------------------------------------------------------------
China Logistics Group Inc. filed on January 12, 2009, Amendment
No. 1 to its Form 10-Qs for the quarterly period ended March 31,
2008, and June 30, 2008, to reflect the application of reverse
accounting to its historical financial statements and the
additional changes to its financial statements necessitated by
these restatements.

The Troubled Company Reporter reported on May 29, 2008, that China
Logistics Group Inc.'s consolidated balance sheet at March 31,
2008, showed US$9,256,266 in total assets, US$9,359,510 in total
liabilities, and US$1,008,853 in minority interest, resulting in a
US$1,112,097 total stockholders' deficit.

In its amended quarterly report, the company's restated March 31,
2008, balance sheet showed total assets of US$5,540,360, total
liabilities of US$5,579,510, and minority interest of US$909,349,
resulting in total stockholders' deficit of US$948,499.

Chief Executive Officer Wei Chen disclosed that the company has
generated minimal revenue since its inception until its
acquisition of a majority interest in Shandong Jiajia
International Freight and Forwarding Co., Ltd., on December 31,
2007, and had an accumulated deficit of approximately US$333,000
at March 31, 2008.  "Additionally, the company has negative
working capital of approximately US$97,000 at March 31, 2008.  The
company's ability to continue as a going concern is dependent upon
its ability to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they become due, to fund possible acquisitions,
and to generate profitable operations in the future. While the
company has sustained losses, a related party and shareholder of
the company, David Aubel, has been funding the operational needs
of the company.  Additionally, management plans to continue to
provide for its capital requirements by issuing additional equity
securities and debt. The outcome of these matters cannot be
predicted at this time and there are no assurances that the
company will have sufficient funds to execute its business plan or
generate positive operating results.  These matters, among others,
raise substantial doubt about the ability of the company to
continue as a going concern."

A full-text copy of the amended quarterly report for the period
ended March 31, 2008, is available for free at:

               http://researcharchives.com/t/s?37fc

In its amended quarterly report, the company's restated June 30,
2008, balance sheet showed total assets of US$7,234,266, total
current liabilities of US$3,026,464, minority interest of
US$1,063,394, and total stockholders' equity of US$3,144,408.

"It should be noted that while our operations reflected profit for
the three month and six month periods ended June 30, 2008, the
entire amount of profit resulted from one-time transactions
including US$764,220 for the forgiveness of debt and US$401,743 in
recovery of bad debts previously recognized as uncollectable.
Additionally, the company has a minimal level of working capital
totaling US$4,167,002 at June 30, 2008, and cash used in
operations totaling US$1,373,869 during the six months ended June
30, 2008. Our  ability to continue as a going concern is dependent
upon our ability to obtain the necessary financing to meet our
obligations and repay our liabilities arising from normal business
operations when they become due, to fund possible acquisitions,
and to generate profitable operations in the future.  These
matters, among others, raise substantial doubt about the ability
of the Company to continue as a going concern," CEO Wei Chen said.

A full-text copy of the amended quarterly report for the period
ended June 30, 2008, is available for free at:

               http://researcharchives.com/t/s?37fd

                      About China Logistics

China Logistics Group Inc. (OTC BB: CHLO) through its subsidiary,
Shandong Jiajia International Freight & Forwarding Co. Ltd.,
operates as a non-asset based international freight forwarder and
logistics management company in the People's Republic of China.
The company was founded in 1997 and is based in Fort Lauderdale,
Florida.


CHINA SOUTHERN: Expects Loss in 2008; May Scrap Annual Bonus
------------------------------------------------------------
China Southern Airlines said it may post a loss for 2008, Reuters
reports.

The carrier, Reuters says, cited the slowdowns in the global and
Chinese economies, which cut traffic demand, as well as high
domestic fuel prices during the year.

Meanwhile, China Daily reported Wednesday that China Southern is
likely to scrap its annual bonus payout to trim expenses.

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2008, Bloomberg News said China Southern slashed
executive salaries by 10% to offset rising jet-fuel costs.

China Southern, Edmund Klamann of Reuters wrote, planned to cut
operating costs by CNY1.3 billion (US$190.9 million) in 2008
to cope with rising fuel costs, declining passenger volumes and
other burdens.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


PICC HEALTH: Solvency Ratio Dropped; To Get CNY2 Bil. Aid
---------------------------------------------------------
PICC Health Insurance Company Limited will receive a capital
injection of CNY2 billion ($292 million) due to weakening
solvency, Hu Yuanyuan at China Daily reports citing industry
sources.

According to Shanghai Securities News, China Daily relates, the
Ministry of Finance has approved PICC Health's CNY2 billion
capital injection plan, with CNY1.62 billion from its parent
company People's Insurance Company of China Group (PICC) have been
in the account.

China Daily notes that by the end of the September 2008, PICC
Health' adequacy ratio of solvency dropped to 53.49%.

Due to the insurer's weakening solvency, China Daily says, the
industry regulator has ordered PICC Health to stop selling certain
life insurance policies in five regions including Beijing,
Shanghai, Jiangsu, Liaoning and Shenzhen.

Established in 2004, PICC Health Insurance Company Limited --
http://www.picchealth.com/Default.aspx?alias=www.picchealth.com/en
glish  -- is the first Chinese professional health insurance
company approved by the State Council and the CIRC.  PICC Health
was set up by PICC and DKV, the health insurance unit of ERGO,
which is a unit of Munich Re Group.



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

BEST GAIN: Intends to Declare Dividend
--------------------------------------
Best Gain Engineering Limited, which is in liquidation, intends to
declare dividend.

Only creditors who were able to file their proofs of debt by
January 9, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Kennic Lai Hang Lui
          Lau Wu Kwai King Lauren
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


CHAMPION CONTAINER: Court to Hear Wind-Up Petition on January 21
----------------------------------------------------------------
A petition to have Champion Container Services Limited's
operations wound up will be heard before the High Court of
Singapore on January 21, 2009, at 9:30 a.m.

Lung Kam Ki filed the petition against the company on Nov. 26,
2008.


DARRID ENGINEERING: Pays Supplementary Dividend
-----------------------------------------------
On December 24, 2008, Darrid Engineering Limited paid the
supplementary dividend to its creditors.

The company paid 0.774% to all received claims.


GENEX HONG KONG: Court Enters Wind-Up Order
-------------------------------------------
On December 15, 2008, the High Court of Hong Kong entered an order
to have Genex Hong Kong Company Limited's operations wound up.


GENMAY INDUSTRIES: Creditors and Contributories to Meet on Feb. 5
-----------------------------------------------------------------
The creditors and contributories of Genmay Industries Limited will
meet on February 5, 2009, at 10:00 a.m. and 11:00 a.m.,
respectively, at the 20th Floor of Prince's Building, in Central,
Hong Kong.

John James Toohey is the company's liquidator.


GUANGDONG INTERNATIONAL ET AL: Members and Creditors Hold Meetings
------------------------------------------------------------------
On January 9, 2009, Jacky CW Muk and Gabriel CK Tam presented the
companies' wind-up report and property disposal to the members and
creditors of:

   -- Guangdong International Trust & Investment Corporation
      Hong Kong (Holdings) Limited;
   -- Guang Xin Enterprises Limited;
   -- Chiefund Investment Company Limited; and
   -- Vastheme International Company Limited.


HANG WO: Members Final Meeting Set for February 9
-------------------------------------------------
The members of Hang Wo Preserved Meat Company Limited will meet on
February 9, 2009, at 11:00 a.m., at the 2nd Floor of Wing  Yee
Commercial Building, 5 Wing Kut Street, in Central, Hong Kong.

At the meeting, Wong Shuet Yung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HOP SHING: Intends to Declare Dividend
--------------------------------------
Hop Shing Loong Lighting Limited intends to declare dividend.

Only creditors who were able to file their proofs of debt by
January 8, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong


INFORMATION SECURITY: Appoints Middleton and Cowley as Liquidators
------------------------------------------------------------------
On October 31, 2008, Edward Simon Middleton and Patrick Cowley
were appointed as liquidators of Information Security One Limited.

The Liquidators can be reached at:

           Edward Simon Middleton
           Patrick Cowley
           Alexandra House, 27th Floor
           18 Chater Road
           Central, Hong Kong


STEINBOCK ORIGINAL: Court to Hear Wind-Up Petition on January 21
----------------------------------------------------------------
A petition to have Steinbock Original German Sausages Limited's
operations wound up will be heard before the High Court of Hong
Kong on Jan , 2009, at 9:30 a.m.

Cheung Sung Lam filed the petition against the company on Nov. 24,
2008.

Cheung Sung's solicitors are:

          Kelvin Cheung & Co.
          Hong Kong Trade Centre, Unit 101, 1st Floor
          161-167 Des Voeux Road Central
          Hong Kong


SUNCORP INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
On December 15, 2008, the High Court of Hong Kong entered an order
to have Suncorp Industrial Limited's operations wound up.


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

Anglo Chinese Corporate Finance, Limited filed the petition
against the company on November 28, 2008.

The Petitioner's solicitor is:

          Richards Butler
          Alexandra House, 20th Floor
          16-20 Chater Road
          Central, Hong Kong



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

DULI CHAND: CRISIL Puts 'BB+' Rating on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Positive' to the various
bank facilities of Duli Chand Narender Kumar Exports Pvt Ltd (Duli
Chand).

   Rs.1350.0 Million Cash Credit Limit*   BB+/Positive (Assigned)
   Rs.180.0 Million Term Loan             BB+/Positive (Assigned)

   *Fungible with Export packing credit (up-to Rs. 790.0 million),
    bill discounting, (up-to Rs. 40.0 million) & Foreign bills
    payable (up-to Rs. 200.0 million).

The rating reflects Duli Chand's weak financial risk profile, and
high exposure to changes in government policies, and risks
relating to raw material prices increases and inadequate monsoons.
These weaknesses are partly offset by Duli Chand's strong growth
in operating income, backed by improving cash accruals and
operating efficiency, and the company's established presence in
the basmati export market.

Outlook: Positive

CRISIL believes that Duli Chand Narender Kumar Pvt Ltd's (Duli
Chand's) management will fund a part of the proposed capex through
private placement of shares. If this materialises, it will ease
the pressure on the company's capital structure and the ratings
may be upgraded.  Conversely, the outlook may be revised to
'Stable' in case the company fails to rope in equity, or in case
of a steep decline in basmati rice prices.

                        About Duli Chand

Duli Chand was promoted by the late Mr. Lala Duli Chand Aggarwal
in 1979 as a partnership firm.  It was converted into a private
limited company in 1998.  In the meantime, Mr. Aggarwal's two
sons, the late Mr. Narender Gupta and Mr. Surendra Gupta, joined
the business.  After death of Mr. Narender Gupta, his wife Mrs.
Kanta Gupta, joined the family business and is presently involved
only in strategic issues.

Duli Chand is engaged in milling, processing, and selling basmati
rice in the export and domestic markets.  The company exports
almost 50 per cent of its production.  The company has rice
milling capacity 24 tonnes per hour (tph) at Karnal (Haryana), at
a single site.  The company also leases processing facilities
(toll milling) of other small players in the nearby regions. It is
currently in the process of setting up paddy storage capacity
(silos) and a boiler for producing par boiled rice, and increasing
its paddy drying, rice grading, and sortex capacity.

Dulichand reported a profit of Rs. 61.2 million on net sales of
Rs.1.8 billion in 2006-07 (refers to financial year, April 1 to
March 31), compared with a PAT and net sales of Rs. 31.0 million &
Rs. 917.4 million for the previous year respectively.


KUTCH RAILWAY: Fitch Assigns 'BB+' Rating on Project Bank Loans
---------------------------------------------------------------
Fitch Ratings has assigned India-based Kutch Railway Company Ltd.
a 'BB+(ind)' rating to its Long-term project bank loans
aggregating INR3,000 million.  The Outlook is Stable.

The ratings reflect the less-than anticipated revenues from
Western Railway, a division of the Government of India's key
department, Indian Railways, in respect to goods traffic
transported on the 301km rail link between Gandhidham and
Palanpur, connecting the Mundra and Kandla ports with states in
north and north western India.  The company was granted a 32-year
concession from the Ministry of Railways, GoI in November 2005 to
construct, finance and maintain this project, entailing the
conversion of the railway line to broad gauge.  Through a
combination of equity (INR2 billion) and term loans (INR3
billion), the project was completed in two phases - Phase I (248km
from Palanpur to Samakhiali) in March 2006 and Phase II (53km from
Samakhiali to Gandhidham) in October 2006.

The ratings are constrained by the project's ramp-up difficulties
and the underachievement of traffic forecasts, caused primarily by
WR's inability to supply an adequate number of diesel locomotives
and capacity constraints in the Palanpur section of the railway
network for carrying traffic through to northern India.  This has
resulted in freight traffic being forced to take a diversion to an
alternative electrified rail link.  While the company has hitherto
been able to meet its quarterly principal and interest
commitments, Fitch expects debt service ability to be under
pressure in the next year or two, when the full year impact of
principal amortization after the initial moratorium is felt;
particularly as this period is expected to coincide with a sharp
economic slow down affecting potential traffic from the ports.

Although a debt service reserve account to the extent of INR117.5m
is available in the form of earmarked fixed deposits with banks,
the lack of working capital lines may strain liquidity, should
there be delays in realizing revenue payments from WR.  Loan
covenants are very light and the agency notes specifically the
absence of a minimum coverage stipulation.  At current revenue
levels, any increase in interest rates on reset dates and a
compressed loan amortization schedule could potentially lead to
very modest coverage levels, further accentuated in stress
scenarios.

Given the strategic location of the two ports, historical traffic
volumes and the massive expansion plans, Fitch believes that the
rail infrastructure has the potential to turn into an asset with
good long-term economic value for KRCL, provided the operational
constraints are resolved; this could present an upside to the
credit profile in the future.  The agency also recognizes that the
extended tail of more than 15 years in the concession, offers a
cushion to lenders for restructuring the loans, if necessary.
Strong sponsors with the counterparty for revenue payments, being
the GoI-owned WR, who is also responsible for operations and
maintenance, strengthen the ratings.

During FY07 and FY08, KRCL reported revenues of INR997.1 million
and INR1,707.1 million, respectively, lower than initial forecasts
by 11.9% and 18.2%.  Management estimates of FY09 revenues also
seem to suggest a wide negative variation vis-a-vis projections.

KRCL is a special-purpose vehicle sponsored by Rail Vikas Nigam
Limited (RVNL, 50%), Kandla Port Trust (KPT, 26%), Mundra Port &
Special Economic Zone Ltd. (MPSEZL, 20%) and the state government
of Gujarat (GoG, 4%).  RVNL is a GoI-owned company created to
undertake project development, mobilisation of financial resources
and the implementation of projects pertaining to the strengthening
of the Golden Quadrilateral and Port Connectivity programmes.

MPSEZL, part of the Adani Group, owns India's largest private port
in Mundra and a special economic zone.  In FY08, the port handled
28.8 million tonnes of cargo.  KPT is one of India's 12 major
government-owned ports.  As per the GoI's National Maritime
Development Programme, KPT's capacity is to be increased to 77
million tones in FY12 from 45 million tones in FY05, at an
aggregate investment of INR50,810 million.


MAVIN TEXTURISERS: CRISIL Rates Rs.50MM Cash Credit Limit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Mavin Texturisers Pvt Ltd (Mavin Texturisers).

   Rs.50.0 Million Cash Credit Limit   BB/Stable(Assigned)
   Rs.14.1 Million Term Loan           BB/Stable(Assigned)
   Rs.10.0 Million Bank Guarantee      P4(Assigned)

The ratings reflect Mavin Texturisers' exposure to risks relating
to the small scale and non-integrated nature of its operations,
limited pricing power, volatile input prices, and moderate
financial risk profile.  These weaknesses are, however, partially
offset by the benefits that the company derives from the
established track record of its promoters.

Outlook: Stable

CRISIL believes that Mavin Texturisers will maintain a stable
credit risk profile on the back of its prudent financial policy,
and adequate financial flexibility.  The outlook may be revised to
'Positive' if increasing demand from the end user industry leads
to improvement in scale of operations and profit margins.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection measures deteriorate on account of
undertaking large, debt- funded capital expenditure.

                   About Mavin Texturisers

Incorporated in 1997, the company manufactures grey and filament
yarn fabric.  It has also invested in a gas-based captive power
plant.  The company procures partially-oriented yarn (POY) and
polyester filament yarn (PFY) from players such as Reliance
Industries and Nova Petrochemicals, and imports bi-shrinkage yarn
(BSY). PFY is used in the manufacture of grey fabric, while POY
and BSY are used in manufacturing filament yarn fabric.  For 2007-
08 (refers to financial year, April 1 to March 31), Mavin
Texturisers reported a profit after tax (PAT) of Rs.0.28 million
on net sales of Rs.196.46 million, as against a PAT of Rs.2.44
million on net sales of Rs.209.21 million for 2006-07.


MULTIVISTA GLOBAL: CRISIL Rates Rs.290.0MM Long Term Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Multivista Global Limited (Multivista).

   Rs.290.0 Million Long Term Loan     B/Stable(Assigned)
   Rs.60.0 Million Foreign Currency       B/Stable(Assigned)
                   Term Loan

   Rs.100.0 Million Cash Credit Limits    B/Stable(Assigned)

   Rs.80.0 Million Packing Credit         P4(Assigned)
                   Limits*

   Rs 44.8 Million Letter of Credit &   P4(Assigned)
                   Bank Guarantee Limits

The ratings reflect Multivista's exposure to risks relating to
weak financial risk profile, and geographic concentration.  These
weaknesses are, however, partially mitigated by Multivista's
established presence in the business of industrial distribution of
compressors, relays & control panel and bearings, and high-end
printing solutions.

Outlook: Stable

CRISIL believes that Multivista will maintain a stable business
position backed by its established distribution business and
growing printing division.  Its credit profile is constrained by
high gearing, weak debt protection measures and low networth. The
outlook may be revised to 'Positive' if Multivista scales up its
operations while improving its profitability and debt protection
measures.  Conversely, the outlook may be revised to 'Negative' if
there is a significant decline in profit margins or if the company
incurs more-than-expected capital expenditure (capex) leading to
further deterioration in its capital structure and debt protection
measures.

                      About Multivista

Incorporated in 1992, Multivista is a closely-held public limited
company engaged in the business of industrial distribution, high-
end printing solutions, and manufacturing of shoes.  The company
is among the main dealers for the products of Kirloskar Pneumatic
Company Ltd, Areva T&D India Ltd and Timken India Ltd, and has
warehouses in major cities in South India.  It has an integrated
printing facility in Chennai for high-end printing, and exports
shoes to European countries.  For 2007-08 (refers to financial
year, April 1 to March 31), Multivista reported a net loss of
Rs.8.8 million on net sales of Rs.676.27 million, as against a PAT
of Rs.9.3 million on net sales of Rs.608.54 million for 2006-07.


SATYAM COMPUTER: KPMG and Deloitte to Restate Firm's Accounts
-------------------------------------------------------------
Harichandan Arakali at Bloomberg News reports Satyam Computer
Services Ltd's government-appointed board has appointed KPMG and
Deloitte Touche Tohmatsu as auditors.

The auditing firms will re-evaluate the software company's books,
the report cited Kiran Karnik, one of the board members, as
saying.

Satyam is under a series of investigations by different agencies
following Chairman Ramalinga Raju's confession on Jan. 7 that he
falsified earnings and assets of the company.

Bloomberg News relates the Indian government said on Jan. 12 it
may provide funds to bail out Satyam, after new director Deepak
Parekh said the company's working capital requires "immediate
attention."

                          About Satyam

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


SATYAM COMPUTER: 9 Executives Sold Shares Before Fraud Disclosure
-----------------------------------------------------------------
Bloomberg News reports Satyam Computer Services Ltd executives
reaped US$1.8 million from share sales in the six months before a
botched takeover and fraud inquiry at the software company
triggered a record fall in its stock.

Citing stock exchange filings, the report discloses nine officials
led by Chief Financial Officer V. Srinivas sold a combined 267,358
shares since July 14, 2008.

The 267,358 shares were sold in 32 transactions on Indian
exchanges, with a combined value of about 86.3 million rupees
(US$1.8 million), according to Bloomberg data.

"The impunity with which promoters sold shares is really
shocking," Bloomberg News quoted R.K. Gupta at Taurus Mutual Fund
in New Delhi as saying.  "It also raises questions about how
effective our regulatory system is that it could not detect the
wrongdoing from the share sales."

On January 7, Chairman Raju acknowledged a "multi-year" fraud in
which Satyam's financial accounts and disclosures were
systematically falsified.

Bloomberg News recalls on Dec. 16, Chairman Raju scrapped the
planned acquisition of Maytas Properties Ltd and Maytas Infra Ltd,
less than 12 hours after announcing it, after the company's
American depositary receipts plunged.

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

The executives, according to Bloomberg data, accelerated sales of
stock in the two weeks before Satyam's aborted bid to buy Maytas
Properties and Maytas Infra
offloading 82,500 shares.

                          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.


SRI GOUTAM: CRISIL Assigns 'BB' Rating on Rs.20MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Sri Goutam Tex (SGT).

   Rs.20 Million Long Term Loan          BB/Stable(Assigned)
   Rs.110 Million Export Packing         P4(Assigned)
                   Credit Limits  
   Rs.10 Million Line of Credit Limits   P4(Assigned)
   Rs.2 Million Bank Guarantee Limits    P4(Assigned)
   Rs.8 Million Letter of Credit Limits   P4(Assigned)

The rating reflects SGT's exposure to geographic concentration
risks and high working capital intensive nature of the operations.
These rating weaknesses are partly offset by SGT's well-
established position and good relationship with Linter Industries,
U.S.A.

Outlook: Stable

CRISIL believes SGT to maintain its established business position
backed by recurring orders from Linter Industries.  The outlook
may be revised to 'Positive' in case of improvement in margins.
Conversely, the outlook may be revised to 'Negative' in case of,
decline in margins, cancellation of orders from customers, or any
major unanticipated debt-funded capital expenditure leading to
further deterioration in capital structure.

                        About SGT

SGT was promoted in 1992 as a partnership firm by
Mr. R. Easwaramurthy, its managing partner.  The company
manufactures various types of knitted garments which are primarily
exported to U.S.A. SGT's manufacturing facility comprises of
embroidery, printing and sewing machineries, that provides
operational efficiencies.  For 2007-08 (refers to financial year,
April 1 to March 31), SGT reported a PAT of Rs.28.6 million on net
sales of Rs.428.63 million, as against a PAT of Rs.19.07 million
on net sales of Rs.233.03 million for 2006-07.



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

EXCELLENT COLLABORATION: S&P Cuts Ratings on Two Classes to Low-B
-----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded three classes of
Excellent Collaboration Tokutei Mokuteki Kaisha's series 1 notes,
due in April/July 2010.  Standard & Poor's lowered its rating on
the class B notes to 'A' from 'AA', its rating on class C to 'BB'
from 'BBB', and its rating on class D to 'B' from 'BB', and placed
the ratings on the three classes on CreditWatch with negative
implications.  At the same time, Standard & Poor's affirmed its
'AAA' rating on the class A notes.  The downgrades and the
negative CreditWatch placements reflect risks associated with
deterioration in the transaction's credit quality, as defaults
have occurred on the underlying asset pool, and with further
deterioration in the creditworthiness of the Japanese small and
midsize enterprises that issued the pool of bonds that back the
aforementioned notes due to a rapid economic slowdown in Japan.

On Oct. 24, 2008, Standard & Poor's lowered its ratings on the
class B to D notes by one notch, citing deterioration in the
financial profiles of the SME obligors (as of the end of March
2008) that issued the pool of bonds.  Three defaults had occurred
in the underlying asset pool between the beginning of October and
the end of December 2008 (the total amount of default was
JPY250 million), representing 1.14% of the total number of SME
obligors at the transaction's closing, and 1.44% of the pool's
initial outstanding balance.  Standard & Poor's sees an increased
likelihood that Japan's rapid economic slowdown in and after the
fourth quarter of 2008, coupled with changes in SMEs' business
conditions, will have a major negative impact on the
transaction's performance.

Within the next 90 days, Standard & Poor's plans to analyze and
assess a number of factors, including the performance of the
underlying asset pool, the creditworthiness of the 263 SME
obligors that issued the underlying pool of bonds based on
interviews with administrative agent Mizuho Bank Ltd., the
degree of improvement in business conditions for Japanese SMEs,
and the effectiveness of government measures to boost lending, and
decide on rating actions (rating change or affirmation)
accordingly.

          Ratings Lowered, Placed On Creditwatch Negative

          Excellent Collaboration Tokutei Mokuteki Kaisha

      JPY16.39 billion fixed-rate series 1 class A to D notes
                     issued on March 23, 2007

                                                       Legal Final
Class   To             From   Initial Issue Amount     Maturity
-----   --             ----   --------------------     -----------
B       A/Watch Neg    AA     JPY10.40 bil.            July 2010
C       BB/Watch Neg   BBB    JPY0.50 bil.             July 2010
D       B/Watch Neg    BB     JPY0.50 bil.             July 2010

                         Rating Affirmed

    Class   Rating   Initial Issue Amount     Legal Final Maturity
    -----   ------   --------------------     --------------------
    A       AAA      JPY4.99 bil.             April 2010


GODO KAISHA: Moody's Downgrades Rating on Class D Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service has changed the rating of the Class D
Note issued by Godo Kaisha JLOC38; the rating agency has also
placed under review the Class C note.  The note's final maturity
falls in April 2016.

  -- Class C, A2 placed under review for possible downgrade; A2
     assigned on September 21, 2007

  -- Class D, downgraded to Caa3; B2 rating had been placed under
     review on November 11, 2008

The November 11 rating action was based on the Special Servicing
Report prepared by the Servicer as of November 10, 2008.  The
action reflected further uncertainty about the collateral recovery
of a specially serviced loan.

Moody's has downgraded the rating of the Class D Note, and is
reviewing the rating of the Class C Note for possible downgrade.
These actions reflect growing concerns about the collateral
recovery of a specially serviced loan.  It also reflects concerns
about the collateral recovery of other loans that will mature in
the future, as well as the collateral recovery of another
specially serviced loan.

Moody's will monitor the maturity payment process and the
collateral recovery of the loans, to decide whether to confirm or
downgrade the Class C rating.

JLOC38, effected in September 2007, represents the securitization
of 34 non-recourse loans originated by Morgan Stanley Japan
Securities Co., Ltd.  The two loans backing the JLOC38 Notes have
been accelerated and have become Specially Serviced Loans.

Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


LEHMAN BROTHERS: S&P Keeps Negative Watch on Three Low-B Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch with
negative implications its ratings on several tranches relating to
five Japanese commercial mortgage-backed securities transactions
arranged by Lehman Brothers Japan Inc.  The actions affect the
ratings on G.K. L-JAC4 Funding's class A-2 to G-3 bonds; L-JAC
Five Trust Beneficial Interest's class A to J-1 trust
certificates; L-JAC Six Trust Beneficial Interest's class A trust
certificates; L-JAC 7 Trust Beneficial Interest and Trust Loan's
class A to C trust certificates, class D-1 to K-1 trust
certificates, and trust loan; and L-JAC 8 Trust Beneficial
Interest's class A trust beneficial interest.

At the same time, Standard & Poor's affirmed its ratings on L-JAC
Six's class B-1 to G-1 trust certificates, L-JAC 7's class D-2 to
J-2 and D-3 to I-3 trust certificates, and L-JAC 8's class B to K
trust certificates, since the ratings on these classes do not
address timely payment of interest.  S&P also affirmed the ratings
on L-JAC4's class X-1 and X-2 trust certificates, L-JAC Five's
class X trust certificates, L-JAC Six's class X-1 and X-2 trust
certificates, L-JAC 7's class X trust certificates, and L-JAC 8's
class X trust certificates, because the ratings address the fact
that interest on these classes is paid on the respective due dates
only when available.

On Oct. 16, 2008, Standard & Poor's had placed its ratings on the
aforementioned tranches on CreditWatch with negative implications,
citing concerns over a possible rise in interest rate mismatch
risk and/or liquidity risk.  Affiliates of Lehman Brothers
Holdings Inc. had served as interest hedge counterparties and/or
advancing agents for the five CMBS transactions.  Following the
Sept. 15, 2008, bankruptcy filing of Lehman Brothers Holdings,
eligible institutions to replace these affiliates have not yet
been appointed.

Today, S&P kept the ratings on CreditWatch with negative
implications, based on S&P's views on:

  -- L-JAC4's class A-2 to G-3 bonds: An eligible institution is
     likely to be appointed as interest hedge counterparty.  An
     advancing agent has yet to be designated.  Even though S&P
     expects liquidity support to be secured through other
     channels, procedures in this respect have yet to be
     finalized.

  -- L-JAC Five's class A to J-1 trust certificates: An eligible
     institution is set to be appointed as interest hedge
     counterparty, but the contract relating to the appointment
     has yet to be signed. In addition, at Standard & Poor's
     initial rating assignments, the ratings on these classes
     addressed the full and timely payment of interest and the
     ultimate repayment of principal by the respective legal final
     maturity dates of the trust certificates.  However, changes
     were made upon the issuer's request, and the ratings now
     address only the full payment of interest and ultimate
     repayment of principal by the respective legal final maturity
     dates of the trust certificates.

  -- L-JAC Six's class A trust certificates: An advancing agent
     has yet to be designated.  Even though S&P expects liquidity
     support to be provided through other channels, procedures in
     this respect have yet to be finalized.

  -- L-JAC 7's class A to C trust certificates, class D-1 to K-1
     trust certificates, and trust loan: An eligible institution
     is likely to be appointed as interest hedge counterparty. An
     advancing agent has yet to be designated.  Even though S&P
     expects liquidity support to be secured through other
     channels, procedures in this respect have yet to be
     finalized.  In addition, there is concern over refinancing
     risk relating to one of the underlying loans, given the
     inherent characteristics of the properties that ultimately
     back that loan.  Hence, even if procedures relating to the
     appointment of an interest hedge counterparty and/or
     advancing agent are finalized as planned, S&P may be unable
     to maintain the ratings on the trust certificates.  S&P will
     therefore continue to closely monitor progress in the
     repayment of the aforementioned loan.

  -- L-JAC 8's class A trust certificates: An advancing agent has
     yet to be appointed.  Although S&P expects liquidity support
     to be provided through other channels, procedures in this
     respect have yet to be finalized.

These five CMBS transactions are backed by nonrecourse loans and
specified bonds originated or underwritten by Lehman Brothers
Japan Inc. and its affiliates, which in turn are ultimately backed
by real estate properties and/or real estate beneficial interests.
Premier Asset management Co. is the servicer for all five
transactions.

Standard & Poor's will review its ratings on the transactions
after examining the prospects for appointing replacement interest
hedge counterparties and advancing agents, and the impact on
interest payments in the event of interest rate increases.
Standard & Poor's will also review how failure to make timely
interest payments on the underlying loans and bonds would affect
liquidity in each transaction.

                Ratings Kept On Creditwatch Negative

                       G.K. L-JAC4 Funding
       Floating/fixed-rate bonds/certificates due May 2015

                                                   Initial
  Class   Rating           Outstanding balance     issue amount
  -----   ------           -------------------     ------------
  A-2     AAA/Watch Neg    JPY18.84 bil.           JPY25 bil.
  B-2     AA/Watch Neg     JPY4.28 bil.            JPY5.2 bil.
  C-2     A/Watch Neg      JPY4.0 bil.             JPY4.8 bil.
  D-2     BBB+/Watch Neg   JPY1.1 bil.             JPY1.9 bil.
  E-2     BBB/Watch Neg    JPY0.46 bil.            JPY0.8 bil.
  F-2     BBB-/Watch Neg   JPY0.29 bil.            JPY0.5 bil.
  G-2     BB+/Watch Neg    JPY0.29 bil.            JPY0.5 bil.
  D-3A    BBB/Watch Neg    JPY1.0 bil.             JPY1.0 bil.
  D-3B    BBB/Watch Neg    JPY2.3 bil.             JPY2.3 bil.
  E-3     BBB-/Watch Neg   JPY1.2 bil.             JPY1.2 bil.
  F-3     BB+/Watch Neg    JPY1.1 bil.             JPY1.1 bil.
  G-3     BB/Watch Neg     JPY0.4 bil.             JPY0.4 bil.

               L-JAC Five Trust Beneficial Interest
         Floating-rate trust certificates due August 2015

   Class Rating         Outstanding balance   Initial issue amt
   ----- ------         -------------------   -----------------
   A     AAA/Watch Neg  JPY37.37 bil.         JPY41.5 bil.
   B     AA/Watch Neg   JPY6.67 bil.          JPY7.2 bil.
   C     A/Watch Neg    JPY5.65 bil.          JPY6.1 bil.
   D-1   BBB/Watch Neg  JPY1.69 bil.          JPY1.7 bil.
   D-2   BBB/Watch Neg  JPY1.53 bil.          JPY1.75 bil.
   D-3   BBB/Watch Neg  JPY0.59 bil.          JPY0.64 bil.
   E-1   BBB-/Watch Neg JPY0.5 bil.           JPY0.5 bil.
   E-2   BBB-/Watch Neg JPY0.7 bil.           JPY0.8 bil.
   F-1   BB+/Watch Neg  JPY0.5 bil.           JPY0.5 bil.
   F-2   BB+/Watch Neg  JPY0.51 bil.          JPY0.58 bil.
   G-1   BB/Watch Neg   JPY0.5 bil.           JPY0.5 bil.
   G-2   BB/Watch Neg   JPY0.35 bil.          JPY0.4 bil.
   H-1   BB-/Watch Neg  JPY0.53 bil.          JPY0.53 bil.
   I-1   B+/Watch Neg   JPY0.56 bil.          JPY0.56 bil.
   J-1   B/Watch Neg    JPY0.37 bil.          JPY0.37 bil.

                L-JAC Six Trust Beneficial Interest
        Floating-rate trust certificates due October 2016

Class   Rating          Outstanding balance   Initial issue amount
-----   ------          -------------------   --------------------
A       AAA/Watch Neg   JPY59.06 bil.           JPY59.7 bil.

         L-JAC 7 Trust Beneficial Interest and Trust Loan
               Trust certificates due October 2014



Class   Rating          Outstanding balance   Initial issue amount
-----   ------          -------------------   --------------------
A       AAA/Watch Neg   JPY11.34 bil.         JPY11.75 bil.
Trust
Loan    AAA/Watch Neg   JPY8.2 bil.           JPY8.50 bil.
B       AA/Watch Neg    JPY3.15 bil.          JPY3.15 bil.
C       A/Watch Neg     JPY3.14 bil.          JPY3.14 bil.
D-1     BBB/Watch Neg   JPY1.88 bil.          JPY1.88 bil.
E-1     BBB-/Watch Neg  JPY0.61 bil.          JPY0.61 bil.
F-1     BB+/Watch Neg   JPY0.8 bil.           JPY0.80 bil.
G-1     BB/Watch Neg    JPY0.71 bil.          JPY0.71 bil.
H-1     BB-/Watch Neg   JPY0.68 bil.          JPY0.68 bil.
I-1     B+/Watch Neg    JPY0.65 bil.          JPY0.65 bil.
J-1     B/Watch Neg     JPY0.5 bil.           JPY0.50 bil.
K-1     B-/Watch Neg    JPY0.15 bil.          JPY0.15 bil.

           L-JAC 8 Trust Beneficial Interest
Trust certificates due January 2013

Class   Rating          Outstanding balance   Initial issue amount
-----   ------          -------------------   --------------------
A       AAA/Watch Neg   JPY8.78 bil.            JPY8.78 bil.

RATINGS AFFIRMED
G.K. L-JAC4 Funding
Floating/fixed-rate bonds/certificates due May 2015

Class   Rating          Outstanding balance   Initial issue amount
-----   ------          -------------------   --------------------
X-1     AAA      JPY35.26 bil.           JPY78.7 bil. (notional
principal)
X-2     AAA      JPY35.26 bil.           JPY78.7 bil. (notional
principal)

L-JAC Five Trust Beneficial Interest
Floating-rate trust certificates due August 2015

   Class  Rating  Outstanding balance   Initial issue amount
   -----  ------  -------------------   --------------------
   X      AAA     JPY57.99 bil.         JPY63.63 bil. (notional
                                                      principal)

                L-JAC Six Trust Beneficial Interest
         Floating-rate trust certificates due October 2016

   Class   Rating  Outstanding balance   Initial issue amount
   -----   ------  -------------------   --------------------
   B-1     AA      JPY8.4 bil.           JPY8.4 bil.
   C-1     A       JPY8.5 bil.           JPY8.5 bil.
   D-1     BBB     JPY9.5 bil.           JPY9.5 bil.
   E-1     BBB-    JPY3.2 bil.           JPY3.2 bil.
   F-1     BB+     JPY4.2 bil.           JPY4.2 bil.
   G-1     BB      JPY4.0 bil.           JPY4.0 bil.
   X-1     AAA     JPY96.86 bil.         JPY97.5 bil.*
   X-2     AAA     JPY96.86 bil.         JPY97.5 bil.*

                      * Notional principal

         L-JAC 7 Trust Beneficial Interest and Trust Loan
               Trust certificates due October 2014

   Class   Rating  Outstanding balance   Initial issue amount
   -----   ------  -------------------   --------------------
   D-2     BBB     JPY1.1 bil.            JPY1.10 bil.
   D-3     BBB     JPY0.6 bil.            JPY0.60 bil.
   E-2     BBB-    JPY0.56 bil.           JPY0.56 bil.
   E-3     BBB-    JPY0.27 bil.           JPY0.27 bil.
   F-2     BB+     JPY0.49 bil.           JPY0.49 bil.
   F-3     BB+     JPY0.26 bil.           JPY0.26 bil.
   G-2     BB      JPY0.48 bil.           JPY0.48 bil.
   G-3     BB      JPY0.26 bil.           JPY0.26 bil.
   H-2     BB-     JPY0.64 bil.           JPY0.64 bil.
   H-3     BB-     JPY0.3 bil.            JPY0.30 bil.
   I-2     B+      JPY0.62 bil.           JPY0.62 bil.
   I-3     B+      JPY0.33 bil.           JPY0.33 bil.
   J-2     B       JPY0.53 bil.           JPY0.53 bil.
   X       AAA     JPY38.26 bil.          JPY38.96 bil.*

                      * Notional principal

                L-JAC 8 Trust Beneficial Interest
               Trust certificates due January 2013

    Class   Rating  Outstanding balance   Initial issue amount
    -----   ------  -------------------   --------------------
    B       AA      JPY1.68 bil.           JPY1.68 bil.
    C       A       JPY1.68 bil.           JPY1.68 bil.
    D       BBB     JPY1.68 bil.           JPY1.68 bil.
    E       BBB-    JPY0.79 bil.           JPY0.79 bil.
    F       BB+     JPY0.76 bil.           JPY0.76 bil.
    G       BB      JPY0.77 bil.           JPY0.77 bil.
    H       BB-     JPY0.87 bil.           JPY0.87 bil.
    I       B+      JPY0.84 bil.           JPY0.84 bil.
    J       B       JPY0.6 bil.            JPY0.6 bil.
    K       B-      JPY0.32 bil.           JPY0.32 bil.
    X       AAA     JPY18.77 bil.          JPY18.77 bil.*

                      * Notional principal


LEHMAN BROTHERS: BNC Mortgage Files for Bankruptcy in New York
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
        745 Seventh Avenue
        New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                 company serves the financial needs of
                 corporations, governments and municipalities,
                 institutional clients, and high net worth
                 individuals worldwide.  Founded in 1850, Lehman
                 Brothers is involved in equity and fixed income
                 sales, trading and research, investment
                 banking, private investment management, asset
                 management and private equity.  The company
                 operates in three segments: Capital Markets,
                 Investment Banking, and Investment Management.
                 It has regional headquarters in London and
                 Tokyo, and operates in a network of offices
                 around the world.  It has about 28,000 full-
                 time employees.

                 See: http://www.lehman.com/

Debtor-affiliate filing separate Chapter 11 petitions on
January 9, 2009:

       Entity                                     Case No.
       ------                                     --------
BNC Mortgage LLC                                   09-10137

Debtor-affiliate filing separate Chapter 11 petitions on
January 7, 2009:

       Entity                                     Case No.
       ------                                     --------
Luxembourg Residential Properties Loan             09-10108
Finance S.a.r.l.

Debtor-affiliates filing separate Chapter 11 petitions on
September 15, 2008:

       Entity                                     Case No.
       ------                                     --------
LB 745 LLC                                         08-13600
PAMI Statler Arms LLC                              08-13664
Lehman Brothers Commodity Services Inc.            08-13885
Lehman Brothers Finance SA                         08-13887
Lehman Brothers Special Financing Inc.             08-13888
Lehman Brothers Derivative Products Inc.           08-13899
Lehman Commercial Paper Inc.                       08-13900
Lehman Brothers Commercial Corporation             08-13901
Lehman Brothers Financial Products Inc.            08-13902
Fundo de Investimento Multimercado Credito Privado 08-13903
Lehman Scottish Finance L.P.                       08-13904
CES Aviation LLC                                   08-13905
CES Aviation V LLC                                 08-13906
CES Aviation IX LLC                                08-13907
East Dover Limited                                 08-13908

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Alfredo R. Perez, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

                  Total Assets              Total Debts
                  ------------              -----------
Lehman Brothers   US$639 billion            US$613 billion

LB 745            More than US$1 billion    More than US$1 billion

Lehman Brothers   More than US$1 billion    More than US$1 billion
Commodity

Lehman Brothers   More than US$1 billion    More than US$1 billion
Finance

Lehman Brothers   More than US$1 billion    More than US$1 billion
Special

Lehman Brothers   More than US$1 billion    More than US$1 billion
Derivative

Lehman Commercial More than US$1 billion    More than US$1 billion
Paper

Lehman Brothers   More than US$1 billion    More than US$1 billion
Commercial

Lehman Brothers   More than US$1 billion    More than US$1 billion
Financial

Fundo de          More than US$1 billion    More than US$1 billion
Investimento

Lehman Scottish   More than US$1 billion    More than US$1 billion
Finance

CES Aviation      More than US$1 billion    More than US$1 billion
LLC

CES Aviation      More than US$1 billion    More than US$1 billion
V LLC

CES Aviation      More than US$1 billion    More than US$1 billion
IX LLC

East Dover        More than US$1 billion    More than US$1 billion
Limited

PAMI Statler      US$20 million             US$38 million

A. Lehman Brothers' 30 Largest Unsecured Creditors:

  Entity                     Nature of Claim   Claim Amount
  ------                     ---------------   ------------
Citibank, N.A., as indenture   bond debt       US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York           bond debt        US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                       letter of credit   US$100,000,000
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan          US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan          US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan          US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan           US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit    US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan           US$59,000,000
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan           US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan           US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan           US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan           US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit    US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan           US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan           US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan           US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan           US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit    US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit    US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan           US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800

B. LB 745's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Rocky-Forty-Ninth LLC          ground lease      US$0
c/o The Rockefeller Group
1221 Avenue of the Americas
New York, NY 10020

C. PAMI Statler's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Steingass                      trade debt        US$76,372
754 Progress Drive
Medina, OH 44256

Statler Arms Garage LLC        litigation        US$50,000
1111 Euclid Ave.               claim
Cleveland, OH 44115

Illuminating                   trade debt        US$40,182
P.O. Box 3638
Akron, OH 44309

TD Security                    trade debt        US$19,795
P.O. Box 81357
Cleveland, OH 44181

Marble Care                    trade debt        US$16,270
5184 Richmond Rd
Cleveland, OH 44146

IGS                            trade debt        US$13,901
P.O. Box 631919
Cincinnati, OH

WCCV                           trade debt        US$13,598
3479 State Rd.
Cuyahoga Falls, OH 44223

Demann                         trade debt        US$9,350
16919 Walden
Cleveland, OH 44128

Dominion                       trade debt        US$5,335
P.O. Box 26225
Richmond, VA 23260

Midwest Realty Advisors, LLC   trade debt        US$5,000
37848 Euclid Avenue
Willoughby, OH 44094

RMC                            trade debt        US$3,340
P.O. Box 31315
Rochester, NY 14603

Republic Waste                 trade debt        US$3,338
P.O. Box 9001826
Louisville, KY 40290

Division Water                 trade debt        US$3,124
P.O. Box 94540
Cleveland, OH 44101

NorthEast                      trade debt        US$3,088
P.O. Box 9260
Akron, OH 44305

Time Warner                    trade debt        US$2,831
P.O. Box 0901
Carol Stream, IL 60132

Best Karpet                    trade debt        US$2,689
1477 E 357 street
EastLake, OH 44095

AT&T                           trade debt        US$2,232
P.O. 8100
Aurora, IL 60507

Account Temps                  trade debt        US$2,087
12400 Collections Drive
Chicago, IL 60693

Rentokil                       trade debt        US$1,742
8001 Sweet Valley Dr
Valleyview, OH 44125


SONY CORP: May Post First Operating Loss in 14 Years
----------------------------------------------------
Sony Corp. is expecting to post a consolidated operating loss of
about JPY1 billion for the business year ending in March 2009, its
first loss in 14 years, various reports say.

The Japan Times says the projected loss is due mainly to the
strong yen and sluggish sales of its main electronics products.

According to Japan Times, Sony had originally projected JPY520
billion in operating profit for fiscal 2008, but due to worsening
business conditions it lowered the projection to JPY470 billion in
July and then to JPY200 billion in October.

Sony, according to Japan Times's sources, may also face a rise in
its projected operating loss if the yen continues to rise against
the dollar and other currencies.

Bloomberg News says Sony shares declined 8.9 percent on Tuesday,
January 13, at 2,000 yen on the Tokyo Stock Exchange, its steepest
decline since Nov. 6.

In a press statement, Sony said it has made no announcement on the
company's operating results for the fiscal year ending March 31,
2009 and declined to comment further.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2008, Sony said in response to the sudden and rapid
changes in the global economic environment, it intends to:

   -- adjust product pricing,
   -- curtail or delay part of its investment plans,
   -- downsize or withdraw from unprofitable or non-core
      businesses,
   -- realign domestic and overseas manufacturing sites,
   -- reallocate its workforce, and
   -- reduce headcount.

Through these measures, Sony aims to save more than JPY100 billion
by the end of the fiscal year ending March 31, 2010.

Sony is planning to reduce investment in the electronics business
by approximately 30% in the fiscal year ending March 31, 2010,
compared to its mid-term plan.

By the end of the current fiscal year, Sony plans to cease
production at two overseas manufacturing sites, including Sony Dax
Technology Center in France, which manufactures tape and other
recording media.

Sony plans to reduce the total number of manufacturing sites by
approximately 10%, from the current total of 57, by March 31,
2010.

By March 31, 2010, Sony plans to reduce headcount in the
electronics business worldwide by approximately 8,000, out of
approximately 160,000 as of September 30, 2008.  At the same time,
Sony plans to reduce headcount in its seasonal and temporary
workforces.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.  It has five
segments: Electronics, Games, Pictures, Financial Services and All
Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.



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

HYNIX SEMICONDUCTOR: Creditors Agree To Sell Stake by September
---------------------------------------------------------------
The creditors of Hynix Semiconductor Inc have agreed to sell their
36 per cent controlling stake in the company by the end of
September, various reports say.

According to TradingMarkets, Korea Exchange Bank (KEB), the main
creditor of Hynix, said it met the co-lead managers for a deal to
sell stake in Hynix last Thursday and agreed on the plan to sell a
combined 36-percent stake held by a group of nine creditors by
September.

In November, the creditors picked Credit Suisse and a consortium
led by state-run Korea Development Bank as sale managers.

The list of potential buyers include some of South Korea's
conglomerates, including LG, GS and SK, top shipbuilder Hyundai
Heavy Industries and KT, the country's top fixed-line and
broadband operator, TradingMarkets relates citing local reports.

As reported in the Troubled Company Reporter-Asia Pacific on
December 9, 2008, Reuters said Hynix's top shareholders are
discussing support plans after the company asked for up to KRW1
trillion (US$685 million) in fresh funding amid a prolonged slump
in the memory chip industry.

According to Reuters, these top shareholders are former creditors
that bailed out Hynix during the industry's last major downturn in
2000-2001.

                           About Hynix

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Dec. 29, 2008, Standard and Poor's Ratings Services lowered to
'B+' from 'BB-' its long-term corporate credit and senior
unsecured debt ratings on Korea-based Hynix Semiconductor Inc. to
reflect the extremely challenging market situation and the rapid
deterioration in the company's financial risk profile.  The
outlook on the long-term corporate credit rating is negative.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


SSANGYONG MOTOR: Court Freezes Bonds and Debts
----------------------------------------------
Yonhap News Agency reports that the Seoul Central District Court
decided on Monday, January 12, to freeze bonds and debts of
Ssangyong Motor Co. prior to deciding whether to grant court
receivership.

According to the news agency, SAIC will be forced to give up its
management control at Ssangyong.  Creditor banks and a court-
appointed manager will then decide whether to keep Ssangyong
afloat or liquidate it, the report notes.

Yonhap News says the creditors, led by state-run Korea Development
Bank, expect Ssangyong will not stay afloat for more than a month
without financial assistance.

Meanwhile, KBS News reports that Ssangyong Motor has promised to
pay its suppliers on schedule despite its liquidity crisis.

The company said it has KRW100 billion in cash it can use before
it undergoes court receivership, KBS relates.

Ssangyong's factories will operate normally and will actively try
to sell cars, even if it has to delay wage payments to employees,
KBS cited a Ssangyong executive as saying.

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong has filed
for receivership with a Seoul district court in a bid to stave off
a complete collapse.

The Tribune related that the decision to file for receivership,
which is similar to bankruptcy protection in the United States,
came a day after the Ssangyong board meet in Shanghai.

"After our talks with the banks failed to produce an agreement, it
became inevitable to file for court receivership to ease the
critical cash flow problem," the company said in a statement
obtained by the Tribune.

Citing Bloomberg News, the TCR-AP reported on January 6, 2009,
that Ssangyong Motor may face liquidation if its Chinese parent
SAIC Motor Corp. fails to provide KRW320 billion ($249 million) in
new financing.

According to Bloomberg News, a bank official said Korea
Development Bank may take steps toward liquidation rather than
debt-restructuring if SAIC pulls out.

Bloomberg News related the bank official said SAIC has to provide
the funds, including a credit line from a Chinese bank, as soon as
possible as Ssangyong Motor will need KRW600 billion of new
financing this year.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.



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

ARMO HOLDING: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Armo Holding Ltd.'s operations wound up was
heard before the High Court at Auckland on Dec. 19, 2008.

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


BEGLEY PROPERTIES: Court Hears Wind-Up Petition
-----------------------------------------------
A petition to have Begley Properties Ltd.'s operations wound up
was heard before the High Court at Auckland on Dec. 19, 2008.

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


BIOMARINE LABORATORIES ET AL: Commence Liquidation Proceedings
--------------------------------------------------------------
On November 25, 2008, Biomarine Laboratories New Zealand Limited
and Dansville Holdings Limited commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
January 12, 2009, were included in the company's dividend
distribution.

The company's liquidator is:

          Robin M. Seal
          Walker Wayland Auckland Limited
          PO Box 2175, Auckland 1140


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

Eftpos 2 Go Limited filed the petition against the company on
November 3, 2008.


GIBSON'S TILE: Court Hears Wind-Up Petition
-------------------------------------------
On December 15, 2008, the High Court at Hamilton heard a petition
to have Gibson's Tile Style Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 6, 2008.


IMPACT INTERIORS: Court to Hear Wind-Up Petition on January 30
--------------------------------------------------------------
A petition to have Impact Interiors Ltd.'s operations wound up
will be heard before the High Court of Auckland on January 30,
2009, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 15, 2008.

The CIR's solicitor is:

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


KGC BORDERS: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have KGC Borders Ltd.'s operations wound up was
heard before the High Court at Wellington on December 15, 2008.

Coq Au Vin filed the petition against the company on Sept. 25,
2008.


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

Crane Distribution (NZ) Limited filed the petition against the
company on November 5, 2008.


NASEBY HARVESTING: Court Hears Wind-Up Petition
-----------------------------------------------
A petition to have Naseby Harvesting Ltd.'s operations wound up
was heard before the High Court at Invercargill on December 17,
2008.

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


PHOENIX GROUP: Appoints Crichton and Horne as Liquidators
---------------------------------------------------------
On November 24, 2008, the shareholders of Phoenix Group Holdings
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


SUVIKEN LTD: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have Suviken Ltd.'s operations wound up was heard
before the High Court at Auckland on December 19, 2008.

Sivasundaram Suharnan filed the petition against the company on
October 15, 2008.


THE KETO CLINIC: Court to Hear Wind-Up Petition on January 22
-------------------------------------------------------------
A petition to have The Keto Clinic (Botany) FN1003 Ltd.'s
operations wound up will be heard before the High Court of
Auckland on January 22, 2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 26, 2008.

The CIR's solicitor is:

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


THE NZ FLOWER: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have The NZ Flower Company Ltd.'s operations wound
up was heard before the High Court at Christchurch on December 15,
2008.

Alexander David Goudie filed the petition against the company on
November 4, 2008.


TOTAL LANDSCAPE: Commences Liquidation Proceedings
--------------------------------------------------
Total Landscape Construction (CH) Ltd. commenced liquidation
proceedings on November 17, 2008.

The company's liquidators are:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


WASAN INTERNATIONAL: Court Hears Wind-Up Petition
-------------------------------------------------
A petition to have Wasan International Co., Ltd.'s operations
wound up was heard before the High Court at Auckland on Dec. 19,
2008.

Jang Ki Baek filed the petition against the company on Nov. 4,
2008.


* NEW ZEALAND: Nov. 2008 Housing Consent Numbers Hit 16-Year Low
----------------------------------------------------------------
Building consent statistics show the number of new housing units
authorized remains at a low level, with 1,168 units authorized in
November 2008, Statistics New Zealand said.  This is the lowest
monthly total since January 1992.

Excluding apartments, there were 1,052 new housing units
authorized in November 2008, the lowest monthly total since the
series began in January 1990.

In November 2008, the seasonally adjusted number of authorized new
housing units (excluding apartments) fell 4.0 percent compared
with October 2008.

For the year ended November 2008, compared with the previous
November year, the authorized number of new housing units
(including apartments) fell 26 percent, to 19,068 units.  This is
the lowest annual total since the April 1994 year.

For the year ended November 2008, the value of consents issued for
residential buildings fell $1,462 million (19 percent), while the
value for non-residential buildings rose $272 million (6.5
percent), compared with the year ended November 2007.



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

BENGUET CORP: Suspends Activities in Kingking Copper Gold Project
-----------------------------------------------------------------
Benguet Corporation said it has temporarily suspended exploration
activity at its Kingking Copper Gold Project in Pantukan,
Compostela Valley until issues arising from the dispute with the
MSPA co-contractor Nationwide Development Corporation ("NADECOR")
are resolved.

In a disclosure to the Philippines Stock Exchange on January 13,
the company said the suspension is intended to give the company
relief from the effects of the pending dispute, which frustrates
the performance of its obligations under the MPSA.

Benguet Corporation said NADECOR last year filed a complaint with
the Department of Energy and Natural Resources (DENR) for the
removal of the company as operator of the project.

BusinessWorld reports that the Kingking project has reserves of
about 353 million metric tons of ore at 0.385% copper and 0.439
grams per ton of gold.

"We are already in the feasibility study preparations, [but] that
will be temporarily suspended," Reynaldo P. Mendoza, vice-
president for legal affairs of Benguet Corp., told BusinessWorld
in a phone interview.
"There will be talks [with Nadecor] for a settlement, though there
is no specific date yet," Mr. Mendoza said.
BusinessWorld relates Benguet Corporation seeks to start the
feasibility study for the King-King project towards the end of the
year.  The company, BusinessWorld recounts, had agreed with SRK
Consulting of Australia early last year to prepare and finalize
the feasibility study, which was scheduled to be completed in a
year and a half.
Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 29,
2008, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of Php4.3 billion and Php4.6 billion in 2007
and 2006, respectively, which resulted to a capital deficiency of
Php1.3 billion and Php2.2 billion as of December 31, 2007, and
2006, respectively.  The Group's current liabilities exceeded its
current assets by Php3.1 billion and Php3.6 billion as of Dec. 31,
2007 and 2006, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests.


EXPRESS TELECOMMUNICATION: Court Dismisses Bayantel's Petition
--------------------------------------------------------------
BusinessWorld reported that the Court of Appeals (CA) has
dismissed a petition by Bayan Telecommunications Inc. seeking to
stop the rehabilitation of Express Telecommunications Co. Inc.
("Extelcom").

"[The rehabilitation plan] is found to be in accordance with the
best interest of the debtor Extelcom, its stockholders, creditors
and all other parties involved," the appellate court said in a 29-
page decision cited by the report.

According to BusinessWorld, Extelcom filed for corporate
rehabilitation with a Manila trial court in 2006.  The court
granted the petition, but Bayantel, an Extelcom major creditor,
and Marifil Holdings Corp., an Extelcom major stockholder, opposed
the rehabilitation plan and proposed their own alternative plans.

But their opposition, filed a year after the original decision,
was dismissed since it had been filed late.

Established in December 1988, Express Telecommunication Co., Inc.
(Extelcom) --  http://www.extelcom.com/is a joint venture of
Marifil Holdings owned by Bayan Telecommunications Holdings Corp,
(BayanTel) the telecommunications arm of Benpres Holdings Corp.
(Benpres), Scott Sproule Cellular and Digital Excel Development,
and Mayon Holdings, Inc. whose shareholders also own GMA Network.


* PHILIPPINES: Nov. 2008 Export Earnings Dropped 11.9%, NSO Says
----------------------------------------------------------------
Export earnings in November 2008 fell by 11.9 percent to $3.494
billion from $3.965 billion in November 2007, the National
Statistics Office said.  The same was true with the previous
month's level, where a 12.0 percent decrease was noted from $3.971
billion.

Electronic products posted a decline of 17.0 percent to $2.017
billion from $2.429 billion in November 2007 and .  The same was
true with the previous month's level, where a decrease of 13.6
percent was observed from $2.335 billion recorded in October 2008.

Articles of apparel and clothing accessories remained the
country's second top earner in November 2008 with a combined share
of 3.8 percent and an aggregate receipt of $133.26 million or 15.8
percent lower than the $158.28 million in November 2007.

Ignition wiring set and other wiring sets used in vehicles,
aircrafts and ships (consisted only of electrical wiring harness
for motor vehicles) followed as the third top earner in November
2008 with total revenue of $108.05 million or a share of 3.1
percent, up by 48.4 percent from $72.79 million in November  2007.

Woodcrafts and furniture, ranked fourth in November 2008 with
sales amounting to $99.21 million or an increase of 14.0 percent
from $87.00 million in November 2007.

Cathodes and sections of cathodes of refined copper, ranked fifth
with export receipts of $78.35 million or an  annual decrease of
19.7 percent from $97.58 million in November 2007.

Rounding up the list of the top ten exports for the month of
November 2008 were Other Products Manufactured from Materials
Imported on Consignment Basis with receipts of $56.89 million
which rose by 23.0 percent; Coconut Oil (including crude and
refined) valued at $48.26 million, declined by 27.7 percent; Metal
Components (excluding brakes and servo - brakes) with receipts of
$44.68 million grew by 8.6 percent; Tuna (including fresh, frozen,
prepared or preserved in airtight containers)  with proceeds
billed at $40.23 million, increased significantly by 63.3 percent;
and Bananas (fresh) with export revenue of $32.74 million
decelerated by 15.9 percent from November 2007 level .



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

CH2M/PB JV: Creditors' Proofs of Debt Due on February 9
-------------------------------------------------------
CH2M/PB JV Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by February 9, 2009, to
be included in the company's dividend distribution.

The company's liquidator is:

          Jacqueline Chan Li Shan
          171 Chin Swee Road
          #08-01 San Centre
          Singapore 169877


D CHOW TRADING: Creditors' Proofs of Debt Due on February 9
-----------------------------------------------------------
D Chow Trading Incorporations Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by February 9, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


FAIRCHILD FASTENERS: Creditors' Proofs of Debt Due on February 9
----------------------------------------------------------------
Fairchild Fasteners Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by February 9,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


OROLL PTE: Members' Final Meeting Set for February 6
----------------------------------------------------
The members of Oroll Pte Ltd will meet on February 6, 2009, at
10:00 a.m., at 25 International Business Park, in #04-22/26 German
Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


STRAITS HOLDINGS ET AL: Creditors' Proofs of Debt Due on Feb. 9
---------------------------------------------------------------
Chee Yoh Chuang and Lim Lee Meng, fixed February 9, 2009, as the
last day to file proofs of debt for the creditors of:

   -- Straits Holdings Private Limited;
   -- Straits Securities Private Limited; and
   -- Walthamston Private Limited.

The Liquidators can be reached at:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



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

BRC DIAMONDCORE: To Extend Shutdown of South African Operations
---------------------------------------------------------------
Antony Sguazzin at Bloomberg News reports BRC DiamondCore Ltd.
said it will extend a shutdown at its operations in South Africa
and will start talks with labor unions over job cuts because of
"persistent depressed diamond prices."

According to the report, the company will shut down its Paardeberg
operation for the "immediate future" and will cut shifts at its
Silverstreams operation to one from three.

In a December 3 statement, BRC said it implemented a strategic
suspension of bulk sampling at its projects in South Africa's
Northern Cape province in view of current depressed diamond
prices.

The company said to minimize any negative impact of these
suspensions on its workforce, all plant and equipment will be
maintained and receive appropriate refurbishment in anticipation
of a resumption of bulk sampling operations at its
Silverstreams alluvial project in early January 2009, with its
Paardeberg East kimberlite and De Kalk alluvial projects expected
to resume operations as diamond prices recover.

Commenting on the suspensions, Dr. Mike de Wit, President of BRC
DiamondCore, said: "While there is a clear short-term need to
conserve cash in light of current market conditions, we anticipate
a recovery in rough diamond prices in 2009.  This, together with a
stronger US Dollar exchange rate against our operating currency
and lower energy costs, should position us more favorably in the
year ahead."

BRC DiamondCore Ltd.(TSE:BCD) -- http://www.brc-diamondcore.com/
-- formerly BRC Diamond Corporation, is a diamond explorer and
developer with a portfolio of landholdings in proven diamond
producing regions of South Africa and in prospective diamond
districts of the Democratic Republic of the Congo.  During the
year ended December 31, 2007, the company's operations consisted
of the exploration of mineral properties for diamonds in the
Democratic Republic of the Congo.  During 2007, the company's
diamond exploration programs in the Democratic Republic of the
Congo continued at its Kwango River, Tshikapa, Candore and Lubao
projects.  The company also commenced field exploration at the
Zongo and Businga projects in the northern Democratic Republic of
the Congo.  On February 11, 2008, the company completed the
acquisition of Diamond Core Resources Limited (Diamond Core),
thereby effecting the merger of its business with Diamond Core's
business. Diamond Core is a South African-based diamond
exploration company.


TRONOX INC: Bankruptcy Filing Does Not Affect Joint Venture
-----------------------------------------------------------
Johannesburg, South Africa-based Exxaro Resources Ltd. (EXX.JO)
said the activities of its Tiwest titanium minerals joint venture
aren't expected to be affected by the Chapter 11 filing of venture
partner Tronox Inc. (TROXB).

The South African diversified resources company said the expansion
of the Tiwest venture's titanium dioxide plant at Kwinana, Western
Australia, also won't be impacted.

"The expansion remains on track for wet commissioning in the first
half of 2010," Exxaro said.

Tronox Western Australia, which holds Tronox's 50% interest in
Tiwest, and Tronox Pigments, which is responsible for marketing
the joint venture partners' share of pigment production, is not
part of the Chapter 11 filing.

"Exxaro has monitored recent events closely and we remain
committed to Tiwest, which forms an important part of our mineral
sands business," Chief Executive Sipho Nkosi said.

Tiwest's facilities include the Cooljarloo mineral sands mine, the
Chandala synthetic rutile plant and the Kwinana titanium dioxide
pigment plant in Western Australia.  On the Net:
http/www.exxaro.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.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156).  The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors.  The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants LLC as claims agent.

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 Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)



                         *********

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

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

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


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

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

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

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

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





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