TCRAP_Public/090116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, January 16, 2009, Vol. 12, No. 11

                            Headlines

A U S T R A L I A

A.C.N. 006 223 ET AL: Members and Creditors Hear Wind-Up Report
A.C.N. 110 551 276: Placed Under Voluntary Liquidation
A.C.N. 009 128 545: Members and Creditors Hear Wind-Up Report
ABC LEARNING: Receives Buyer Inquiries for 241 Centers
BISHOP PLASTERING: Members and Creditors Hear Wind-Up Report

CENTRO PROPERTIES: Obtains Three Year Debt Repayment Extension
CHURCH ELECTRICAL: Declares Dividend for Priority Creditors
CONCERT PROMOTIONS: Placed Under Voluntary Liquidation
CROMWELL GROUP: Puts Unlisted CPF Fund On Hold
DONALD HALL: Placed Under Voluntarily Liquidation

KOBAYASHI PTY: Members and Creditors Hear Wind-Up Report
LITTLE VILLAGE: Placed Under Voluntary Liquidation
MASTRO CONCRETE: Placed Under Voluntary Liquidation
NEAGLES ROCK: To Sell Winery Business for AU$3 Mil.
NEPEAN MOTOR: Goes Into Receivership

PAT GAVIN: Placed in Liquidation
PETERSON BUILDING: Declares First Dividend
RIO TINTO: Appoints Jim Leng as Chairman
SMIGG'S PTY: Placed Under Voluntary Liquidation
THIRTEENTH CORP: Commences Liquidation Proceedings

TRANSURBAN GROUP: Won't Take 50% Stake in MIG's M7 Tollway
VERMONT HEIGHTS: Commences Liquidation Proceedings


C H I N A

HOPSON DEVELOPTMENT: Moody's Cuts Rating to 'B1' on Added Risks
SINOPEC CORP: Get Gov't. Approval on Unit's CNY423MM Ethanol Plant


H O N G  K O N G

BILLION TREASURE: Appoints Chan Yau Choi as Liquidator
DVB SERVICE: Placed Under Voluntary Liquidation
EASTPOOL TRADING: Members' Final Meeting Set for February 3
FORTUNE CENTRAL: Chan Wing Kit Cease to Act as Liquidator
GLOBAL SILVERHAWK: Yau Tsz Sang Steps Down as Liquidator

HONG KIN: Creditors' Proofs of Debt Due on February 2
LUEN SHING: Kit and Ling Cease to Act as Liquidators
MAK HON: Placed Under Voluntary Liquidation
REALUCK LIMITED: Creditors' Proofs of Debt Due on January 30
REFCO FUTURES: Creditors' Proofs of Debt Due on February 2

ROYAL SINCERE: Creditors' Proofs of Debt Due on January 16
SHANGHAI LAND: Keung Steps Down as Liquidator
SOUDRONIC (FAR EAST): Placed Under Voluntary Liquidation
UNIVERSAL INTERNATIONAL:  Gilligan Cease to Act as Liquidator


I N D I A

UNITECH UNLIMITED: Fitch Downgrades Ratings on Loan Transactions
UNITECH LIMITED: Fitch Downgrades Long-Term Rating to 'B'


I N D O N E S I A

BETA INTI: Moody's Downgrades National Scale Debt Rating to 'Ba1'


J A P A N

CITIGROUP INC: Will Keep Brokerage Firm Nikko Cordial
NISSAN MOTOR: May Post First Operating Loss Amid Declining Demand
* Fitch Reports Adverse Impact of Non-Railway Investments
* JAPAN: Corporate Bankruptcies Rose 11% in 2008


K O R E A

HYUNDAI MOTOR: Fitch Downgrades Issuer Default Rating to 'BB+'
SSANGYONG MOTOR: Suspends Production Amid Parts Shortage


N E W  Z E A L A N D

621534 LTD: Court Hears Wind-Up Petition
BERRYTIME LTD: Court Hears Wind-Up Petition
BETA PROCESSING: Commences Liquidation Proceedings
BREAKWATER LTD: Appoints Colin Brian Wilson as Liquidator
EASTLAND HOLDINGS: Court to Hear Wind-Up Petition on January 28

FIRST CLASS: Court Hears Wind-Up Petition
KIPPA'S CONTRACTING: Appoints Sheriff and Vance as Liquidators
LFS HOLDINGS: Court to Hear Wind-Up Petition on January 22
ORBIT FINANCIAL: Commences Liquidation Proceedings
PHOENIX BUILDING: Appoints Crichton and Horne as Liquidators

PORTA HOMES ET AL: Creditors' Proofs of Debt Due on January 30
STONEYLAND TRUCK: Court Hears Wind-Up Petition
SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition
S.W.A LTD: Court Hears Wind-Up Petition
TRANZ STAR: Appoints Tubbs and Gower as Liquidators

UPPER QUEEN ET AL: Creditors' Proofs of Debt Due on February 21


P H I L I P P I N E S

ALLIED BANKING: Moody's Confirms 'Ba3' Currency Debt Rating


S I N G A P O R E

FASCON CRANE: Court to Hear Wind-Up Petition on January 23
TEO BROS: Court Pays Second Interim
THE ORACLEWORKS: Creditors' Proofs of Debt Due on January 23
THE SHANGHAI: Court to Hear Wind-Up Petition Today
TIC CAPITAL: Creditors' Proofs of Debt Due on February 9


T A I W A N

DAH CHUNG: Fitch Affirms Individual Rating at 'C/D'
TAISHIN FINANCIAL: Moody's Downgrades Issuer Rating to 'Ba1'
TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D'
* TAIWAN: Investors in China Need Immediate Aid


X X X X X X X X

NORTEL NETWORKS: To Seek Creditor Protection in Europe
NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings
* S&P Puts Junk Ratings on 7 Asia-Pacific CDOs on Negative Watch
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N. 006 223 ET AL: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
On November 28, 2008, N. Giasoumi and R. D. Grant presented the
companies' wind-up report and property disposal to the members and
creditors of:

   -- A.C.N. 006 223 543 Pty Ltd.;
   -- A.C.N. 061 173 706 Pty Ltd.;
   -- A.C.N. 095 663 611 Pty Ltd.;
   -- A.C.N. 098 968 042 Pty Ltd.;
   -- A.C.N. 104 137 117 Pty Ltd.;
   -- A.C.N. 124 637 725 Pty Ltd.;
   -- Australasia Telecommunications Consultants Pty Ltd;
   -- Cruise Commercial 1 Pty Ltd;
   -- Cutra Investments Pty Ltd;
   -- Da Jin Industrial Co. Pty. Ltd.;
   -- DGH Building and Design Pty Ltd;
   -- Equine Science Distributions Pty Limited;
   -- Evan Stafford & Associates Pty Ltd;
   -- Dederal's Black Swan Hotel Pty. Ltd.;
   -- Flashwords Pty Ltd;
   -- A.C.N. 090 757 761;
   -- Heywood Contracting Pty Ltd;
   -- John George Cutting Pty Ltd;
   -- Latuadungavel Pty Ltd;
   -- Lisa Barber Pty Ltd;
   -- Namcaj Pty Ltd;
   -- Parpety Pty. Ltd.;
   -- Pinewood Prolab Pty Ltd;
   -- Sawaithe Pty Ltd;
   -- Stabat Solutions Pty. Ltd.;
   -- The Sheriff Group Pty Ltd; and
   -- Zero Mobile Pty. Ltd.

The Liquidators can be reached at:

          N. Giasoumi
          R. D. Grant
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


A.C.N. 110 551 276: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of A.C.N. 110 551 276 Pty Ltd met on Oct. 16, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          David Scott
          Richard Rohrt
          Scott Partners Consulting
          173 Burke Road, Level 1
          Glen Iris VIC 3146


A.C.N. 009 128 545: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of A.C.N. 009 128 545 Pty Ltd met on
Dec. 1, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          Praemium House, Level 8
          406 Collins Street
          Melbourne VIC 3000


ABC LEARNING: Receives Buyer Inquiries for 241 Centers
------------------------------------------------------
The receivers of ABC Learning Centres Ltd. have received more than
300 new inquiries from potential buyers for ABC's unviable 241
childcare centres, collectively known as the ABC2 group, The
Canberra Times reports.

Receivers McGrath Nichol, Canberra Times notes, is still managing
the remaining 720 ABC Learning centres, while the ABC2 group has
been given AU$34 million by the Federal Government to stay open
until March 31.

According to The Sydney Morning Herald, acting Prime Minister
Julia Gillard said more than 300 new inquiries were made on top of
the 3,300 expressions of interest (EOI) already received by
receivers McGrath Nicol, following the collapse of ABC Learning in
November last year.

The EOI process for the sale of the 241 ABC Learning centres was
announced by the court-appointed receivers PPB on Wednesday,
January 13, the Herald states.

Receiver Stephen Parbery, Canberra Times relates, said his group
would consider a range of options for the centres, including their
sale to new owners and the transfer of children to other centres
that could not be kept open.

"We will continue to work closely with the Government to ensure
the provision of sustainable, high quality child care is available
for Australian families into the future," Canberra Times quoted
Mr. Parbery as saying.

"The release of this EOI is an important step in our detailed plan
to determine the future of each and every child care centre in the
ABC2 Group."

The Herald says that submissions of EOI must be lodged by Jan. 21,
2009.

                   About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include ABC Developmental Learning Centres Pty Ltd, ABC
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, ABC  Developmental Learning Centres (NZ) Ltd.,
ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of ABC and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


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

The company's liquidator is:

          Daniel P. Juratowitch
          Cor Cordis Chartered Accountants
          Praemium House, Level 8
          406 Collins Street
          Melbourne VIC 3000


CENTRO PROPERTIES: Obtains Three Year Debt Repayment Extension
--------------------------------------------------------------
Centro Properties Group said it has completed the long term
refinancing and debt stabilization agreement with its financiers.

The key features of the refinancing and debt stabilization
include:

                   Debt Stabilization Features

   -- A three year extension on A$3.9 billion of the senior
      syndicated debt facility.

   -- A A$1.05 billion Hybrid Security to improve cash flow
      servicing and balance sheet strength for the Group.

   -- Issuance of new stapled securities to Centro's lenders.

   -- A new A$35 million liquidity facility to assist in the
      ongoing cash flow requirements of the Group.

   -- Extension of the debt facilities within Super LLC
      (Centro's US joint venture investment with Centro Retail
      Trust (CER) and CMCS 40).

   -- A simplification of the Group's borrowing structure, with
      the removal of existing lending guarantees to Super LLC.

   -- Agreement for the extension of debt facilities for many
      of Centro's managed funds.

   -- Reduced pressure to sell property assets within Centro and
      its managed funds.

Centro CEO Glenn Rufrano said, "The three year debt stabilization
agreement achieves our objective of securing the long term
viability of the Group, and will have the effect of maximizing
cash flow through the re-structuring of our debt arrangements and
minimizing asset sale requirements.  The debt stabilization is the
result of a year long review of alternatives including more
extensive asset sales and new equity.  This debt stabilization
provides sufficient time and liquidity to navigate difficult
market conditions and maintain focus on our shopping centres and
the operation of the funds management business to ensure the best
value for all stakeholders."

Centro Chairman Paul Cooper said, "Finalization of the debt
stabilization provides a solid foundation for the future of the
Group and retains as much value as possible for investors.  As we
said on December 16 when we announced the agreement in principle,
the Board has carefully considered all alternatives available to
Centro over the last 12 months and has concluded that this
agreement maintains some value for our securityholders.  The Board
and management believe this is the best outcome for our
stakeholders and is superior to the alternative of Centro entering
administration or liquidation."

                  Debt Stabilization Agreement

Centro said the A$4.95 billion* senior secured debt owed to the
Australian lending group and US private placement noteholders will
continue but on amended terms comprising A$3.9 billion of term
debt loans and A$1.05 billion of Hybrid Securities.

The key items in the stabilization agreement are:

                            Term Loans

A$3.9 billion** (comprising A$1.69 billion and US$1.54 billion) of
the existing senior secured debt owed to the Australian lending
group and US private placement noteholders will continue as term
loans with the following key terms:

   -- The term loans will mature on December 15, 2011 (including
      the previously advised liquidity facility of A$145 million).

   -- The interest margin for cash payment of interest is no
      greater than the rate applied under the extension
      facilities, which was 175bps.  The margin on the previously
      advised liquidity facility remains at 375bps.

                     Hybrid Securities

The A$1.05 billion hybrid securities are senior secured
convertible bonds (Hybrid Securities) subscribed for by the
Australian lending group and US private placement noteholders with
the following features:

   -- The Hybrid Securities have a seven year term, with a
      maturity date of January 15, 2016.

   -- Cash debt service costs are reduced through the
      capitalisation of interest. Interest on the Hybrid
      Securities will accrue at a rate of 5% per annum until
      January 14, 2012 and 7.5% per annum thereafter.

   -- Holders can request early redemption at any time from
      January 15, 2014.  If Centro is not able to redeem
      following a request, this will not be a default but will
      lead to an increase in the interest rate to 10% per
      annum until maturity.

   -- All interest payable on the Hybrid Securities will be
      capitalized, unless all senior debt has been repaid in
      full.

   -- Centro may redeem all of the Hybrid Securities in cash
      at any time with 30 days notice, subject to the election
      of any of the Lenders to retain the Hybrid Securities.
      Centro could only exercise this right once it has repaid
      the Term Loans.

   -- Any conversion to ordinary stapled securities will be
      subject to a number of conditions, including the approval
      of Centro ordinary securityholders.  Centro anticipates
      that an Extraordinary General Meeting of ordinary
      securityholders will be held for this purpose during 2009.

* This amount was $5.05 billion as at December 16, 2008, with the
primary cause of the movement being attributed to exchange rate
changes.

** Converted @ 0.6928 AUD/USD FX rate.

   -- If converted in full, the Hybrid Securities and the
      ordinary stapled securities described below would convert
      into 90.1% of the post-conversion (fully diluted) ordinary
      stapled securities of Centro.

   -- Centro is prohibited from paying the coupon on the
      Exchangeable Notes for the term of the Hybrid Securities.

As disclosed on June 26, 2008, Centro stated a "capital and
distribution stopper" was triggered as a result of Centro's
election not to make the 3.5% coupon payment on its Exchangeable
Notes on June 30, 2008.  Centro also elected not to make the
December 31, 2008, payment.

                Ordinary Stapled Securities Issued

The company said 124,904,301 Centro stapled securities equivalent
to 14.8% of existing issued securities have been issued to the
Australian lenders and US private placement noteholders on a pro
rata basis as follows in part payment of accrued lender fees and
expenses:

   -- The ordinary stapled securities were issued at 11.27 cents
      per security based on the 10 day VWAP to the end of trading
      on Thursday, January 15, 2009.

   -- Centro now has 970,020,269 ordinary stapled securities on
      issue.

   -- The Australian lending group and US private placement
      noteholders have agreed not to dispose of the new
      securities until December 15, 2011.

The 14.8% of securities issued will contribute towards (and not be
in addition to) the 90.1% of ordinary securities that would be
held by the Australian lenders and US private placement
noteholders following the conversion of the Hybrid Securities.

                         Additional Terms

Additional aspects of the debt stabilization package are:

   -- Surplus cash will be utilized to repay the senior secured
      debt.

   -- All facilities have consistent and simplified financial
      covenant structures.

   -- Reporting requirements will be reduced over time which
      will reduce compliance costs.

                    Working Capital Facility

The Australian lending group has provided a revolving working
capital facility of up to A$35 million for operational liquidity
requirements.  The margin of 375bps does not exceed the margin on
the previously provided liquidity facility.

Super LLC

   -- Centro's facilities of US$1.3 billion associated with
      Super LLC, Centro's joint venture with CER and CMCS 40,
      continue as term loans maturing December 31, 2010.
      US$105 million of these facilities relates to a previous
      liquidity facility which will continue on the same terms.

   -- Centro has also secured the release of a number of
      guarantees it had provided to various US lenders,
      including a US$1.8 billion guarantee provided to the
      Super LLC lender group as a whole.  This has been
      achieved through the provision by Centro of additional
      collateral to the Super lenders.  This additional
      collateral comprises other investments and US based
      assets outside Centro's Super interests together with
      the corresponding income streams.  The additional income
      streams will be injected into Super in the form of
      preferred equity.

   -- The interest margin on the vast majority of this facility
      is no greater than the rate applied under the extension
      facilities of 175bps.  The previous liquidity facility
      component continues to have a margin of 375bps.

   -- A new facility of US$370 million has been provided to
      Super LLC by the existing US lenders with a maturity of
      December 31, 2010.  This new facility will be used
      primarily for the repayment of indebtedness including
      expiring debt maturities and will provide additional
      operational liquidity.  The margin on this facility of
      375bps is consistent with previously announced liquidity
      facilities.

                 Distributions to Securityholders

No distributions to ordinary securityholders are permitted to be
paid for the duration of the senior secured debt facility, and it
is unlikely that distributions will be paid prior to conversion of
the Hybrid Securities.

Centro believes that it is in the best interest of all of its
stakeholders to ensure that its debt levels are reduced, given the
current conditions in capital markets and given that trading
conditions within Australia and the United States are expected to
soften in the near future.

                    Agreement to Restructure
                 Centro's Hedging Arrangements

Centro said it has historically provided hedging to its managed
funds and in turn Centro has sourced derivatives from the external
market to, in part, cover its related party hedge risk.  These
hedges have included interest rate and currency exposures for both
income from investments (income hedges) and equity in properties
or funds (equity hedges).

Since December 2007, the reduced availability of external hedging
facilities coupled with significant movements in the AUD/USD
exchange rate and also interest rates, has served to introduce
volatility to Centro's cash flow and net asset position.
In order to stabilise the cash flow, Centro has agreed with many
of its managed funds to close out certain interest rates swaps and
forward currency contracts.  The respective managed funds will
over time, seek replacement cover directly from rated external
counterparties.

Centro has also agreed with most of the relevant managed funds to
close out equity hedges if their mark to market value reaches
zero.  This would require significant 5 strengthening in the
Australian dollar for the majority of the funds and consequently
the close out is unlikely to take effect for some time.

Some of Centro's lenders have converted part of their US$
denominated debt into A$ debt to achieve a matching of the
currencies required by Centro to service debt with the currencies
received from operations.  These and other modifications to
hedging arrangements have had a positive outcome for Centro's cash
flows and capital management.

The outcomes are:

   -- Forecast foreign income 100% naturally hedged.

   -- Interest rates on Centro debt is fixed for a period of
      three years subject to certain counterparty break rights.

   -- In respect of Centro's US$ denominated net asset position,
      it has US$ denominated liabilities that exceed US$
      denominated assets by approximately US$1.0 billion, which
      is currently unhedged.

The relevant Centro managed funds will benefit from the revised
hedging arrangements through directly managing their ongoing
hedging with external parties and reducing counterparty risk.

                 Improvements to Centro Managed
                      Fund Debt Facilities

Centro's Australian lending group has agreed to the following key
improvements for facilities provided to Centro's managed funds:

   -- Loan to Value Ratio (LVR) covenants have been increased
      to 65% (other than for the facility for the Centro
      Australia Wholesale Fund which has been increased to 55%).

   -- The termination date has been extended to no earlier than
      December 15. 2011.

   -- For existing facilities, the interest rate margins will
      not exceed 200bps plus an establishment fee not exceeding
      30bps.

Centro's US lending group has agreed for facilities provided to
Centro's managed funds:

   -- The termination date has been extended to a date no
      earlier than December 31, 2010.

   -- No change in interest rate margins.

This will provide many of Centro's managed funds with certainty of
debt financing for two to three years which despite the current
dislocation of debt markets, helps reduce the pressure to sell
assets given current difficult market conditions.

                        Half Year Results

Centro plans to announce its December half year results in the
last week of February.

                     About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.


CHURCH ELECTRICAL: Declares Dividend for Priority Creditors
-----------------------------------------------------------
Church Electrical Industries Pty Ltd, which is in liquidation,
declared the first and final dividend for its priority creditors
on December 10, 2008.

Only creditors who were able to file their proofs of debt by
December 3, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          D. A. Turner
          PKF Chartered Accountants
          140 William Street, Level 14
          Melbourne VIC 3000


CONCERT PROMOTIONS: Placed Under Voluntary Liquidation
------------------------------------------------------
During a general meeting held on October 17, 2008, the members of
Concert Promotions Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


CROMWELL GROUP: Puts Unlisted CPF Fund On Hold
----------------------------------------------
Cromwell Group disclosed in a regulatory filing that it has placed
a temporary suspension on all applications to, and withdrawals
from, the unlisted Cromwell Property Fund ("CPF").

Cromwell said it will re-open CPF to applications and withdrawals
as soon as the Board believes it is appropriate.

Cromwell CEO, Paul Weightman, said, "The Board believes it to be
in the best interests of investors to temporarily suspend CPF
applications and withdrawals because of increasing uncertainty
around property valuations and the resulting difficulty in
continuing to ensure accurate unit prices."

"We expect there to be further uncertainty over property
valuations in the next few months.  We anticipate that there will
continue to be relatively few property transactions in the near
term," Mr. Weightman said.

However, Mr. Weightman added "there is the expectation that the
transactions which do occur will reflect a higher proportion of
distressed selling."

"This has the potential to have a negative impact on valuations in
the short-term and this could advantage or disadvantage investors
if applications or withdrawals occur at prices which cannot be
supported by market evidence or which are potentially distorted by
current market conditions."

"We would expect to be able to reopen the CPF when we are
satisfied that market values can be established with some
confidence."

Mr. Weightman noted the CPF is not in breach of any financial
covenants under any of its debt facilities, with the core debt
facility having been recently refinanced until March 2011.

"The suspension of applications and withdrawals for CPF will
allow Cromwell to maintain the capital position of the fund and
ensure the best outcome for existing investors given current
market uncertainty."

"The decision to suspend applications and withdrawals in the CPF
and uncertainty around property valuations is not expected to have
a material impact on Cromwell's funds management or investment
earnings in the FY09 financial year."

Mr. Weightman commented that "Cromwell sees the current
uncertainty in the property market and the potential for
distressed sellers as providing the Group with significant buying
opportunities.  For example, Cromwell expects to be able to offer
investors single property syndicate opportunities before the end
of the financial year, which will in turn generate upfront and
recurring funds management income for the Group."

                      About Cromwell Group

Based in Australia, Cromwell Group (ASX:CMW), formerly Cromwell
Corporation Limited -- http://www.cromwell.com.au/ -- engages in
the property investment and management, the promotion and
management of property related managed investment schemes and
property development.  The company consists of Cromwell
Corporation Limited (CCL), Cromwell Diversified Property Trust
(the Trust) and their controlled entities.  It is organized in
three divisions: Property Investment, wherein the Trust and its
controlled entities invest directly in properties located
throughout Australia; Property Funds Management, where the Company
and its controlled entities establish and manage property trusts
and funds throughout Australia, and Property Development, in which
the Company and its controlled entities develop commercial land
throughout Australia for sale to external purchasers.


DONALD HALL: Placed Under Voluntarily Liquidation
-------------------------------------------------
At an extraordinary general meeting held on October 15, 2008, the
members of Donald Hall Pty. Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

          Victor Raymond Dye
          Roger Darren Grant
          Dye & Co. Pty Ltd Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


KOBAYASHI PTY: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Kobayashi Pty Ltd met on Nov. 27,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stan Traianedes
         Suite 5, Level 1
         443 Little Collins Street
         Melbourne VIC 3000


LITTLE VILLAGE: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on October 14, 2008, the members of
Little Village Pty resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


MASTRO CONCRETE: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Mastro Concrete Pumping Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


NEAGLES ROCK: To Sell Winery Business for AU$3 Mil.
--------------------------------------------------
Meredith Booth at The Advertiser reports that Neagles Rock has put
its new winery, vineyards and brand on the market for an estimated
price of $3 million.

Neagles Rock, the report relates, opened a 250-tonne capacity
winery last year.  The winery be sold for personal reasons.

According to the Advertiser, brokers Gaetjens Langley expected
Neagles Rock's experienced management to stay under new ownership.

Neagles Rock is a wine company based in Clare Valley, South
Australia.


NEPEAN MOTOR: Goes Into Receivership
------------------------------------
Amanda Perry at the Hawkesbury Gazette reports that Nepean Motor
Group (NMG), owner of Winford Motors in McGraths Hill, has gone
into receivership.

Nepean Motor Group (NMG) had come under "significant financial
pressures" and went into receivership on December 11, Hawkesbury
Gazette states citing receiver Said Jahani from Grant Thornton.

According to the report, the receivers have since advertised the
businesses for sale, and are prepared to sell them either jointly
or separately.

Mr. Jahani said that at this stage it was still "business as
usual" for both NMG and Winford, Hawkesbury Gazette relates.

Nepean Motor Group, a multi-franchise dealership at Penrith is on
a freehold site, which includes Mitsubishi, Nissan, Volkswagen,
Suzuki, Jeep, Chrysler and Skoda, with revenues of around $86
million, while the leasehold site at McGraths Hill includes a Ford
and Kia franchise, with revenues of around $28 million.


PAT GAVIN: Placed in Liquidation
--------------------------------
Northland's biggest kitchen manufacturer Pat Gavin (Northland) Ltd
went into liquidation on January 13, The New Zealand Herald
reports.

The report relates that according to a Northern Advocate report,
30 jobs have been made redundant at the Whangarei-based company.

Majority shareholder Colin Gavin, the Herald relates, said in a
statement that a fire more than two years ago had been disastrous
for the company.

Mr. Gavin said the substantial amount of insurance claim remaining
unpaid had contributed to the company's collapse.

Pat Gavin (Northland) Ltd -- http://www.patgavin.co.nz/--
produces custom kitchens for the residential, building and
commercial market in Auckland and Northland.


PETERSON BUILDING: Declares First Dividend
------------------------------------------
Peterson Building Group Pty Ltd, which is in liquidation, declared
the first dividend on December 12, 2008.

Only creditors who were able to file their proofs of debt by
November 28, 2008, were included in the company's dividend
distribution.


RIO TINTO: Appoints Jim Leng as Chairman
----------------------------------------
Rio Tinto said it will appoint Jim Leng as Chairman of the Boards
with effect from the conclusion of the Annual General Meeting of
Rio Tinto Limited on April 20, 2009.  Mr. Leng joined the Boards
on January 14 as Chairman Designate and a non executive director.

Rio Tinto's current Chairman, Paul Skinner, has notified the
Boards of his preference to retire from the Boards at the
conclusion of the AGM.

Mr. Leng is currently Deputy Chairman of Tata Steel Ltd in India,
a position he has held since Corus Group was acquired by Tata
Steel in 2007.  He is also Chairman of Tata Steel Europe, a
position he has held since 2003.  Mr Leng's previous roles include
Chief Executive of Laporte plc and Chief Executive of Low and
Bonar plc.

Mr. Leng said "I am absolutely delighted to be joining Rio Tinto
and taking up the Chairmanship.  Rio Tinto has a superb set of
assets and strong prospects.  I look forward to working closely
with Chief Executive Tom Albanese and his team as we steer the
company through the challenges of the current economic climate and
beyond."

Mr. Andrew Gould, Senior Independent Director, Rio Tinto, said,
"As indicated last October, the Rio Tinto Boards, through the
Nominations Committee, have undertaken a thorough process to
identify a successor to Paul Skinner.  Jim Leng brings to Rio
Tinto extensive industrial company experience and is a seasoned
Board room operator.  He is ably qualified to lead Rio Tinto into
the next phase of its development.  On behalf of the Board, I
would like to thank Paul Skinner for his excellent leadership of
the Boards for the last five years and significant contribution
during his tenure."

Paul Skinner, Chairman, Rio Tinto said "After the termination of
the BHP Billiton pre-conditional Offers for the Group, and the
identification of a well-qualified successor, now is a good time
for me to announce my decision to stand down at the AGMs this
year.  Rio Tinto is an exciting and challenging company to lead,
and I am very pleased that we have found someone of Jim's calibre
to take over from me as Chairman."

               Fourth Quarter 2008 Operations Review

Chief executive Tom Albanese said: "Production for the quarter was
in line with expectations.  We are taking firm action in response
to the global economic downturn and, given the resilience of Rio
Tinto's low cost assets, expect to remain well positioned when
recovery comes."

   -- Quarterly global production of iron ore down 18 per cent
      on the fourth quarter of 2007 following a ten per cent
      reduction in the Pilbara annualised production in line
      with guidance provided on November 10, 2008.

   -- Annual iron ore production (100 per cent basis) from the
      Pilbara operations of 175 million tonnes (142 million
      tonnes on an attributable basis) up seven per cent on 2007.
      Pilbara iron ore shipments for 2008 of 171 million tonnes
      (100 per cent basis), up seven per cent on 2007, in line
      with previous guidance.

   -- Bauxite production up 19 per cent, alumina up 26 per cent
      and aluminium up 21 per cent, compared with the fourth
      quarter of 2007, reflecting the completion of the Alcan
      acquisition with effect from 24 October 2007.  On a
      proforma basis the respective increases for bauxite and
      alumina were six per cent and three per cent while
      aluminium declined by two per cent, primarily due to
      production cutbacks in France, New Zealand and the UK.

   -- Continued recovery in copper grades at Kennecott Utah
      Copper offset by a further grade decline and operational
      difficulties at Escondida, leading to an overall decrease
      in mined copper of 18 per cent compared with the fourth
      quarter of 2007 and an associated increase in unit costs.

   -- Australian hard coking and thermal coal production up
      40 per cent and 21 per cent respectively on the fourth
      quarter of 2007.

   -- Uranium production up 20 per cent on the same quarter of
      2007 due to higher grades.

   -- The QMM mineral sands operation in Madagascar commenced
      ilmenite production on schedule at the end of December 2008.

   -- Fourth quarter earnings at Rio Tinto Alcan will be
      negatively impacted by the sharp decline in the aluminium
      price.  In addition, inventories are expected to be written
      down to reflect realizable values at the year end.

   -- Copper provisional pricing expected to lower underlying
      earnings by approximately $360 million in the second half
      of 2008.

   -- Estimated total exploration and evaluation expenditure of
      $1,135 million (pre-tax) for the year, including the write
      off of $176 million of project costs and undeveloped
      exploration properties.

                       Debt Reduction Plan

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2008, Rio Tinto plans to further reduce its net debt by US$10
billion by the end of 2009.  The Group's net debt has reduced by
US$3.2 billion in the period from June 30 to October 31, 2008 to
US$38.9 billion.

Bloomberg News related BHP Billiton abandoned its hostile US$66
billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt and
slumping demand for commodities.

BHP Billiton, in a November 27 statement, confirmed its offer for
Rio Tinto plc has lapsed and that, given the inter-conditionality
of its offers for Rio Tinto plc and Rio Tinto Limited, its offer
for Rio Tinto Limited has also lapsed.

Rio Tinto disclosed total capital expenditure for the Group in
2009 is forecast to reduce from over US$9 billion to US$4 billion,
of which US$2 billion will be sustaining capital expenditure.
There will be impacts on projects across the board and stakeholder
engagements are currently underway.  Some projects will be
canceled and others deferred until markets recover, the Group
said.

To further reduce costs, Rio Tinto will be cutting its global
headcount by 14,000, comprising 8,500 contractor jobs and 5,500
employee roles, will consolidate offices around the Group,
including its London head office and will accelerate
outsourcing and off-shoring of IT and procurement in 2009.

                         About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


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

The company's liquidator is:

          Roger David Midgley Smith
          126 George Street, Morwell


THIRTEENTH CORP: Commences Liquidation Proceedings
--------------------------------------------------
The members of Thirteenth Corp Pty Ltd met on October 16, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Paul Vartelas
          B. K. Taylor & Co.
          608 St. Kilda Road, 8th Floor
          Melbourne


TRANSURBAN GROUP: Won't Take 50% Stake in MIG's M7 Tollway
----------------------------------------------------------
Transurban Group said it will not exercise its preemptive
right to acquire Macquarie Infrastructure Group's 50 per cent
stake in the Westlink M7 toll road in Sydney.

In a statement to the stock exchange, Transurban noted the
decision follows MIG's announcement on December 1, 2008, that it
will sell its stake in the Westlink M7 for $805 million to a newly
created entity known as the Western Sydney Road Group (WSRG), of
which it owns half.

Transurban has maintained its 50 per cent interest in Westlink M7
alongside WSRG.

Adele Ferguson at The Australian relates the move lifted
Transurban's share price by 3.4 per cent to $5.12 after it had
fallen in the past month on concerns that an acquisition of this
size would need to be funded with a rights issue that would dilute
cash flow for two years.

Transurban CEO Chris Lynch said, "The Westlink M7 is an attractive
road with a strong growth profile and we are happy to hold a 50
per cent stake in that asset alongside Macquarie Infrastructure
Group and its partner in the Western Sydney Road Group."

"However, any acquisition of additional equity in the Westlink M7
at the price created by the formation of WSRG would not have been
value creative for Transurban security holders given the funding
options in this current market."

"We remain focused on finding opportunities that will add value
for our security holders and financial
discipline remains core to our approach in evaluating growth
opportunities."

                     About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

                          *     *     *

Transurban incurred net losses of AU$60.90 million, AU$152.18
million and AU$140.45 million for the years ended June 30, 2006
through 2008.


VERMONT HEIGHTS: Commences Liquidation Proceedings
--------------------------------------------------
The members of Vermont Heights Pty Ltd met on October 17, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Paul Vartelas
          B. K. Taylor & Co.
          608 St. Kilda Road, 8th Floor
          Melbourne



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

HOPSON DEVELOPTMENT: Moody's Cuts Rating to 'B1' on Added Risks
---------------------------------------------------------------
Moody's Investors Service has downgraded Hopson Development
Holdings Limited's corporate family rating to B1 from Ba3.  At the
same time, Moody's has downgraded Hopson's senior unsecured bond
rating to B2 from B1. The outlook for both ratings remains
negative.  This concludes the ratings review initiated on December
3, 2008.

"The downgrades reflect Moody's expectation that Hopson's business
and liquidity risks will increase as a result of its aggressive
expansion against the backdrop of a highly uncertain market
environment," says Kaven Tsang, a Moody's AVP/Analyst.

"In addition to its sizable land payments, the company also has
material near-term refinancing needs, including a RMB1.83 billion
convertible bond due in February 2010," adds Tsang, also the lead
analyst for Hopson.

"Hopson relies on proceeds from property sales to support its land
payment and construction loan obligations, but its cash flow
generation capacity could be affected by the unfavorable sentiment
surrounding China's property market," says Tsang.

"In Moody's view, Hopson will have to draw on more debt and hence
increase its balance sheet leverage and interest burden, but the
uncertain credit environment in China could affect the
availability of liquidity," continues Tsang.

While Hopson has some flexibility to slow down development to
preserve liquidity, such a move could delay progress on projects
and eventually impact on future cash flow.

Moody's expects Hopson's EBITDA interest coverage could drop to
around 3x or below in the near-to-medium term. This projected
ratio is considered more appropriate for its B1 rating level.
The B1 rating also factors in Moody's expectations that the
company would maintain access to onshore bank funding in view of
its established banking relationships and development track
record.

The negative outlook reflects Moody's ongoing concerns over the
company's liquidity position in view of the challenging nature of
the market environment, its significant amount of committed land
payments and near-term refinancing needs.

The ratings would be downgraded if Hopson (1) continues its
aggressive land acquisition strategy, further pressuring its
liquidity position; (2) sees further declines in balance sheet
liquidity due to slow sales, tighter bank credit, or increased
land payments; and/or (3) experiences weakening credit metrics, as
measured by Adjusted Debt to Capitalization above 55-60% or
EBITDA/interest below 2x.

The ratings outlook would return to stable if Hopson (1) achieves
its sales targets and improves its credit profiles with
EBITDA/interest consistently above 3.0-3.5x; and (2) refinances or
repays future debt, including the convertible bond and bank loans,
without impairing balance sheet liquidity.

Moody's last rating action occurred on December 3, 2008, when
Hopson's ratings outlook was put on review for possible downgrade.

Hopson Development Company Holdings Limited is one of the largest
property developers in China.  Its principal businesses are
residential developments in 4 major cities -- Guangzhou, Beijing,
Shanghai and Tianjin -- and their surrounding areas.


SINOPEC CORP: Get Gov't. Approval on Unit's CNY423MM Ethanol Plant
------------------------------------------------------------------
Sinopec Jingmen Co, a unit of China Petroleum and Chemical Corp.
(Sinopec), and Hubei Jinlongquan Group Co received approval from
the government for a CNY423 million (US$62 million) ethanol plant,
Shanghai Daily reports.

Citing China Petroleum's statement on its Website, Shanghai Daily
says, Sinopec Jingmen and Hubei Jinlongquan will jointly construct
the 100,000-ton-a-year ethanol plant.

Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai.  The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations.  The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.

Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China.  The company is one of the largest crude oil
and petrochemical companies in China and Asia.  It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.

                          *     *     *

The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.

The company had CNY185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.



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

BILLION TREASURE: Appoints Chan Yau Choi as Liquidator
------------------------------------------------------
At an extraordinary general meeting held on December 22, 2008, the
members of Billion Treasure Output Limited appointed Chan Yau Choi
as the company's liquidator.

The Liquidator can be reached at:

          Chan Yau Choi
          Causeway Bay Comm. Bldg., Room 1101A
          1 Sugar Street
          Hong Kong


DVB SERVICE: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of DVB Service Company (HK) Limited met on Dec. 23,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

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


EASTPOOL TRADING: Members' Final Meeting Set for February 3
-----------------------------------------------------------
The members of Eastpool Trading Limited will meet on February 3,
2009, at 10:00 a.m., at 1904 Hong Kong Club Building, 3A Chater
Road, in Central, Hong Kong.

At the meeting, J R Lees, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


FORTUNE CENTRAL: Chan Wing Kit Cease to Act as Liquidator
---------------------------------------------------------
On December 28, 2008, Chan Wing Kit cease to act as liquidator of
Fortune Central Enterprises Limited.

The company's former Liquidator can be reached at:

          Chan Wing Kit
          United Centre, Flat A
          16th Floor, 95 Queensway
          Hong Kong


GLOBAL SILVERHAWK: Yau Tsz Sang Steps Down as Liquidator
--------------------------------------------------------
On December 31, 2008, Yau Tsz Sang cease to act as liquidator of
Global Silverhawk Limited.

The company's former Liquidator can be reached at:

          Yau Tsz Sang
          Exchange Tower, Suite No. 12, 9th Floor
          33 Wang Chiu Road
          Kowloon Bay
          Hong Kong


HONG KIN: Creditors' Proofs of Debt Due on February 2
-----------------------------------------------------
The creditors of Hong Kin Holdings Limited are required to file
their proofs of debt by February 2, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Teung Lui Ming (Edmund)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


LUEN SHING: Kit and Ling Cease to Act as Liquidators
----------------------------------------------------
On December 23, 2008, Lui Chi Kit and Tai Yuen Ling stepped down
as liquidators of Luen Shing Rice Company Limited.

The company's former Liquidators can be reached at:

          Lui Chi Kit
          Tai Yuen Ling
          JCG Building
          Flat A, 14th Floor
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


MAK HON: Placed Under Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting held on December 31, 2008, the
members of Mak Hon Fun King Mun Tong Commemorative Association
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Mak King Mun, Philip
          Constellation Cove
          Block 11, 7th Floor, Flat B
          1 Hung Lam Drive, Tai Po
          New Territories
          Hong Kong


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

The company commenced liquidation proceedings on Dec. 18, 2008.

The company's liquidators are:

          Wan Ho Yuen, Terence
          Lau Chi Yuen
          Austin Tower, Unit 303-305, 3rd Floor
          22-26A Austin Avenue, Tsimshatsui
          Kowloon, Hong Kong


REFCO FUTURES: Creditors' Proofs of Debt Due on February 2
----------------------------------------------------------
The creditors of Refco Futures (Hong Kong) Limited are required to
file their proofs of debt by February 2, 2009, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark, 15 Queen's Road
          Central, Hong Kong


ROYAL SINCERE: Creditors' Proofs of Debt Due on January 16
----------------------------------------------------------
The creditors of Royal Sincere Limited are required to file their
proofs of debt by January 16, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 18, 2008.

The company's liquidator is:

          Chan Chi Kei Ronald
          Shanhai Industrial Investment Bldg., Room 1304
          60 Hennessy Road
          Wanchai, Hong Kong


SHANGHAI LAND: Keung Steps Down as Liquidator
---------------------------------------------
On November 28, 2008, Stephen Liu Yiu Keung stepped down as
liquidator of Shanghai Land Holdings Limited.

The company's former Liquidator can be reached at:

          Stephen Liu Yiu Keung
          One Island East, 62nd Floor
          18 Westlands Road
          Island East
          Hong Kong


SOUDRONIC (FAR EAST): Placed Under Voluntary Liquidation
--------------------------------------------------------
The members of Soudronic (Far East) Limited met on Dec. 29, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

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


UNIVERSAL INTERNATIONAL:  Gilligan Cease to Act as Liquidator
-------------------------------------------------------------
On December 22, 2008, Philip Brendan Gilligan stepped down as
liquidator of Universal International (Holdings) Limited.



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

UNITECH UNLIMITED: Fitch Downgrades Ratings on Loan Transactions
----------------------------------------------------------------
Fitch Ratings has downgraded single loan sell down transactions
where the ratings of the Pass Through Certificates are directly
linked to Fitch's National Long-term and Short-term ratings of
Unitech Limited.  The downgrade of the PTCs follows the downgrade
of Unitech Limited's National Long-term and Short-term ratings to
'B(ind)' from 'BBB(ind)' and to 'F4(ind)' from 'F3(ind)',
respectively.  The ratings have been placed on Rating Watch
Negative.  For further information, please refer to the release,
"Fitch Downgrades Unitech to 'B(ind)'/'F4(ind)'; On Negative
Watch", published 14 January 2009.

These series of single loan sell down transactions have been
downgraded to 'B(ind)(SO)' from 'BBB (ind)(SO)', and placed on
RWN:

  -- INR455.3 million Corporate Loan Securitisation Series 44
     Trust 2008 Series A;

  -- INR507.9 million Corporate Loan Securitisation Series 45
     Trust 2008 Series A;

  -- INR761.9 million Corporate Loan Securitisation Series 64
     Trust 2008 Series A;

  -- INR761.9 million Corporate Loan Securitisation Series 65
     Trust 2008 Series A;

  -- INR507.9 million Corporate Loan Securitisation Series 66
     Trust 2008 Series A;

  -- INR760.3 million Corporate Loan Securitisation Series 67
     Trust 2008 Series A;

  -- INR760.2 million Corporate Loan Securitisation Series 68
     Trust 2008 Series A;

  -- INR506.8 million Corporate Loan Securitisation Series 69
     Trust 2008 Series A;

  -- INR254.7 million Corporate Loan Securitisation Series 70
     Trust 2008 Series A;

  -- INR764.7 million Corporate Loan Securitisation Series 71
     Trust 2008 Series A;

  -- INR505.2 million Corporate Loan Securitisation Series 79
     Trust 2008 Series A;

  -- INR755.8 million Corporate Loan Securitisation Series 80
     Trust 2008 Series A;

  -- INR755.7 million Corporate Loan Securitisation Series 81
     Trust 2008 Series A;

  -- INR503.8 million Corporate Loan Securitisation Series 82
     Trust 2008 Series A;

  -- INR503.8 million Corporate Loan Securitisation Series 83
     Trust 2008 Series A;

  -- INR501.1 million KUL Loan Trust Series A1;

  -- INR400.0 million KBH Loan Trust Series A1;

  -- INR313.6 million KUT Loan Trust Series A1;

  -- INR261.4 million KUT Loan Trust Series A2;

  -- INR250.1 million ULS Trust Series I Series A4;

  -- INR21.9 million ULS Trust - Series III Series A1;

  -- INR904.9 million ULS Trust - Series III Series A2;

  -- INR1,002.9 million RB Loan Trust Series VI Series A;

  -- INR18.7 million RB Loan Trust Series VII Series A1 (IO);

  -- INR518.2 million RB Loan Trust Series VII Series A2 (PO);

  -- INR100.2 million RB Loan Trust Series IX Series A.

These series of single loan sell down transactions have been
downgraded to 'F4(ind)(SO)' from 'F3(ind)(SO)' and placed on RWN:

  -- INR3.6 million RB Loan Trust Series 21 Series A1 (IO);
  -- INR471 million RB Loan Trust Series 21 Series A2 (PO).


UNITECH LIMITED: Fitch Downgrades Long-Term Rating to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded India's Unitech Limited's National
Long-term rating to 'B(ind)' from 'BBB(ind)' The agency has also
downgraded the ratings of its debt instruments,:

  - INR5,000 million, INR20,000 million and INR19,000 million
    long-term debt programmes downgraded to 'B(ind)' from
    'BBB(ind)';

  - INR5,000 million and INR6,000 million short-term debt
    programmes downgraded to 'F4(ind)' from 'F3(ind)';

  - INR1,000 million short-term bank loan programme downgraded to
    'F4(ind)' from 'F3(ind)'; and

  - INR3,000 million non-fund based bank limits downgraded to
    'F4(ind)' from 'F3(ind)'.

All of ratings have been placed on Rating Watch Negative.

The downgrade reflects the company's continued delay in raising
the required funds as earlier projected and increasing uncertainty
regarding its ability to service its interest cost and fulfil its
immediate debt/land payment obligations.  Fitch notes that
Unitech's immediate ability to service/refinance its debt
obligations is largely dependent on asset sales and the cash
inflow from Telenor ASA ('BBB+'/Negative) to repay an estimated
INR11bn of debt during the current month.  While the company has
made some progress on its asset sales and fundraising from other
sources, the quantum and timing of these remain uncertain,
increasing the risk of delays in servicing its debt obligations in
a timely manner.  Fitch also notes that management is in
discussion with a few banks and expects to raise an estimated
INR9bn in bank loans in the next few days.

The rating downgrades also reflect the rapidly deteriorating real
estate sector and the likely impact on Unitech's operating
performance.  Fitch anticipates that operating performance in 2009
will continue to be weak due to the significant slowdown in demand
for properties.  Fitch will continue to monitor the company's
financial and operating prospects, as well as its liquidity
position.

The RWN reflects that the ratings may be downgraded or remain at
the current level.  The timeliness of servicing the large payments
falling due this month would be the key to resolving the RWN.
Unitech is one of India's largest real estate developers.  It
originally started out as a civil consultancy, then operated as a
construction company and now more focused on real estate
development.  The company made INR22 billion in operating EBITDAR
on revenue of INR41.1 billion in the financial year ended March
2008.  The corresponding figures for Q209 were INR6 billion and
INR9.8 billion, respectively.



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

BETA INTI: Moody's Downgrades National Scale Debt Rating to 'Ba1'
-----------------------------------------------------------------
PT Moody's Indonesia has downgraded the Baa3.id national scale
debt rating of Beta Inti Multifinance to Ba1.id with negative
outlook.  This rating action concludes the review for possible
downgrade begun on December 15, 2008.

"This rating action reflects the reduced level of Beta's liquidity
cushion after the expected repayment of the IDR13.2billion
outstanding bond in Feb, 2009," says Cherry Huang, a Moody's
VP/Senior Analyst.

Beta had obtained a bank credit line in Dec. 2008 which will be
partly utilized to repay the above-mentioned bond.  "However,
Moody's considers a more diversified liquidity management plan
crucial to Beta's rating stability, given its business nature and
the challenging liquidity and economic conditions prevalent in
Indonesia," adds Huang.

The negative rating outlook also reflects the firm's continued
refinancing risks in the face of the pressing due date on one
banking facility, at a time when its liquidity sources are
somewhat limited.  Beta has been exploring alternative sources of
funding, such as corporate deposits and new bank lines, though
securing such sources is proving challenging in view of the
prevailing liquidity crunch.

Upholding of a satisfactory asset quality against the backdrop of
economic downturn is also essential to Beta's rating stability.
While the company's reported 60-days delinquency ratio improved to
1.1% in December 2008 from 1.3% in June 2008, the size of the
restructured amount, as classified as performing receivables, may
overshadow the true underlying asset quality and undermine the
liquidity profile.

The last rating action on Beta was taken on December 15, 2008,
when Moody's placed the company's Baa3.id rating on review for
possible downgrade.

Beta Inti Multifinance is headquartered in Jakarta, Indonesia.  It
reported assets of IDR128.1billion (approximately US$13.7million)
at September 30, 2008.

Moody's National Scale Ratings are intended for use primarily by
domestic investors in those countries where Moody's National Scale
Ratings exist -- such as Indonesia -- and serve to rank debt
issuers in a particular country relative to each other.
Specifically, a rating of Aaa.id on Moody's Indonesia National
Scale indicates an issuer or issue with the strongest domestic
creditworthiness and the lowest likelihood of credit loss on local
currency obligations relative to other local issuers or issues.

Updated Rating List:

  -- Obligasi Amortisasi Beta Inti Multifinance I 2004 of
     IDR13.2 billion: changed to Ba1.id from Baa3.id, with
     negative outlook.



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

CITIGROUP INC: Will Keep Brokerage Firm Nikko Cordial
----------------------------------------------------
Alison Tudor at The Wall Street Journal reports that a Citigroup
Inc. spokesperson said that the company will keep Japanese
brokerage firm Nikko Cordial Securities, after disclosing the sale
of its retail brokerage business Smith Barney to Morgan Stanley.

According to WSJ, Citigroup acquired Nikko Cordial for about
$17.95 billion in 2008 as part of an overseas expansion strategy.

WSJ states that Citigroup would likely sell Nikko Cordial at a
large discount if it decides to sell the brokerage now.  WSJ says
that analysts suggest that Citigroup keep Nikko Cordial as it
could potentially be rewarding in the long run.  According to the
report, Japanese households have about $15 trillion in financial
assets, mostly in cash, and Citigroup is hoping to reach out to
them through its retail banking network Citibank.  Citigroup is
aiming to sell them more financial products including from Nikko
Cordial, states the report.

Integrating Nikko Cordial into Citigroup's Japanese operations has
proved troublesome, says WSJ.  Citigroup, according to WSJ, said
in December 2008 that it was delaying the merger of Nikko Cordial
and its wholesale securities business in Japan indefinitely, due
in part to complications in integrating technology.

Citigroup is also keeping its Mexican retail banking business,
Grupo Financiero Banamex SA, WSJ relates.

                       About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had $2.0 trillion in total
assets on $1.9 trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.


NISSAN MOTOR: May Post First Operating Loss Amid Declining Demand
-----------------------------------------------------------------
Nissan Motor Co. Ltd. will post an annual operating loss, its
first, instead of a previously forecast profit, Reuters reports
citing a person with direct knowledge of the matter.

The news sent shares of Nissan down as much as 4.9 percent in
early trade on  January 15, 2009, the report says.

"The yen is climbing, the U.S. economy is worsening at an
unprecedented pitch, and structural changes in the car industry
mean the pie will grow smaller and smaller for some time," Reuters
quoted Tatsuya Mizuno, analyst at Fitch Ratings, as saying. "I
would not be surprised to see Nissan fall into the red."

According to the report, the auto industry downturn caused
Nissan's vehicle sales to drop 31 percent last month in the United
States, its key market, forcing the company to maintain a four-day
work week indefinitely for its two U.S. auto assembly plants.

Nissan has yet to decide on the size of the projected loss, the
person at the company told Reuters.

In October, Reuters recalls, Nissan more than halved its operating
profit forecast for the business year to March 31 to JPY270
billion from JPY550 billion.  Nissan is set to cut its forecasts
this month, Reuters notes.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
19, 2008, Nissan said it would cut production by 78,000 units from
its plants in Japan starting from January 2009.

This further reduction is necessary to manage inventory levels and
ensure a balanced production supply, in response to continued
declines in global vehicle sales, the company said in a statement.

The company will also implement some production adjustments at its
several production and engine plants effective January 2009.

Nissan said it will gradually reduce 500 short-term employees
within the first quarter from January through March 2009.

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.


* Fitch Reports Adverse Impact of Non-Railway Investments
---------------------------------------------------------
Fitch Ratings has said in a recently published special report,
"Japanese Private Railways - The Credit Impacts of
Diversification", that any further increase in investments in non-
railway activities could have an adverse impact on the credit
quality of Fitch rated private railway companies - Odakyu Electric
Railway Co., Ltd. (Odakyu, 'BBB+'), Tokyu Corporation (Tokyu,
'BBB+'), Hankyu Hanshin Holdings, Inc. (HHHD, 'BBB-' (BBB minus))
and Kintetsu Corporation (Kintetsu, 'BB') - given their already
high leverage and the current cyclical weakening of their profit
and cash flow generation.

With the maturity of the core railway operations and the solid
operational franchise in their respective railway service areas,
including the strong customer base and ownership of significant
real estate properties, the private railway companies' non-railway
businesses, such as real estate and retail, are expected to be the
main growth engines in the long term.  Accordingly, the four
companies have been increasing investment in these areas,
especially for the development/redevelopment of leasing real
estate properties.

"However, from a credit perspective, it is not necessarily
positive news as non-railway investments, such as real estate
development/redevelopment projects, will not immediately generate
cash to service debt used to fund the projects.  Also, given the
slowdown in the economy and the deterioration of the business
environment, the companies may not be able to achieve their profit
and cash flow targets from these investments," notes Satoru
Aoyama, Director on the agency's Asia-Pacific Corporate team.

A key challenge in investing in the non-railway businesses is that
the volatility of these businesses does not support leverage as
high as the railway operations'.  Fitch's report brings to the
fore several credit issues arising from high investments in the
non-railway businesses, as well as from the strategy of business
diversification, namely cyclical and weak operating results of the
non-railway businesses relative to those of the core railway
operations, high investment requirements to support the
diversified business portfolios, commingling of cash flow
generated by different businesses, and very high estimated-railway
leverage (higher than consolidated leverage) - factors which point
to the possibility that the railway operations are financially
supporting the non-railway businesses, especially for their
investment needs.

In the last three years, all four companies launched new
investment plans which targeted growth of their non-railway
businesses, and increased levels of investments.  Odakyu, HHHD,
and Kintetsu increased gross debt in FYE08.  Odakyu and Kintetsu
have since further increased their leverage.  Tokyu is also
expected to increase debt and leverage in the current fiscal year.
Fitch cautions that the four companies' investments have been
increasingly onerous.  The cyclical weakening of the non-railway
businesses is likely to require the private railway companies to
adopt measures to withstand the cyclical downturn, such as a
strict investment discipline, tighter operating expense controls
and liquidity preservation.  Moreover, high growths of the non-
railway businesses could lead to pressures on ratings if the
private railway companies do not re-assess their current capital
structure and leverage, which should reflect financial risks of
the diversified business portfolios, including significant non-
railway business activities, and not of mainly railway operations.


* JAPAN: Corporate Bankruptcies Rose 11% in 2008
------------------------------------------------
The number of Japan's corporate bankruptcies in 2008 jumped 11
percent from a year earlier to 15,646 cases last year, the third
consecutive yearly increase and passing the 15,000 mark for the
first time in five years, The Black Ship reports citing Tokyo
Shoko Research Ltd.

The report says that according to Tokyo Shoko Research, debts left
by the failed firms surged 114.59 percent to JPY12.29 trillion,
with those of the Japanese arm of U.S. investment bank Lehman
Brothers Holdings Inc. and its affiliates accounting for 38.2
percent of the total.

According to the report, corporate bankruptcies posted a double-
digit increase for the first time since 2000.  The rate of
increase was relatively moderate in the first half of the year at
6.9 percent but a series of failures of large corporations from
around the summer boosted the rate to 15.1 percent in the second
half.  Bankruptcies accompanied by liabilities of at least JPY10
billion soared to 108, up from 63 in the previous year.

A total of 33 exchange-listed companies went out of business in
2008, the highest number since postwar period, the report notes.

The Tokyo Shoko Research figures cover bankrupt companies with
debts of JPY10 million or more.



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

HYUNDAI MOTOR: Fitch Downgrades Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Hyundai Motor's and Kia Motors' Long-
term foreign currency Issuer Default Ratings to 'BB+' from 'BBB-'
(BBB minus), and the Short-term ratings to 'B' from 'F3'.
Simultaneously, the agency has revised the Outlook to Negative
from Stable.

The global auto industry faces unprecedented challenges with auto
demand in major markets such as the US and Western Europe
contracting at a larger and quicker scale than earlier
anticipated.  US light vehicle sales were down 18% yoy in 2008,
with sales decline accelerating in H208. Fitch expects further
decline of more than 10% in 2009.  Western Europe showed similar
trends with overall November YTD sales falling by 7%; Fitch
expects a bigger decline in 2009.

Hyundai and Kia have fared better than their competitors as rising
sales in emerging markets have compensated for the decline in the
developed markets.  However, as the economic slowdown has been
spreading into the emerging markets, auto demand in these markets
started to show signs of weakness in late 2008.  Hyundai and Kia
posted a 2.4% and 8.3% increase in 2008 global sales,
respectively, but yoy sales growth has turned negative towards
Q408 (Hyundai: -16%; Kia: -8%).  Reflecting the expected decline
in global auto demand, Fitch expects Hyundai and Kia to post
negative sales growth in 2009 as well.

With declining auto demand expected, as well as rising debt and
interest burden mostly as a result of Kia's ongoing CAPEX, the
agency views that Hyundai's and Kia's profitability and credit
metrics will show further deterioration.  Fitch expects that
adjusted net debt to operating EBITDAR from industrial operations,
which Fitch estimated was 2.5x in FY07, could show deterioration
to a level no longer commensurate to investment grade levels.

Nevertheless, Fitch notes that Hyundai and Kia are relatively
better positioned within the auto sector to weather the downturn
with a well diversified geographical portfolio, favorable product
mix focused on fuel efficient vehicles, and favorable currency
environment.

Kia's credit rating is linked to Hyundai's due to its strong
strategic and operational ties to the latter.  These include
platform integration, shared R&D and procurement, Kia's
significant contribution to Hyundai's consolidated revenue and
production and a senior management team led by Hyundai Group
chairman Chung Mong Koo.  Fitch believes that Kia is integral to
Hyundai's long-term growth strategy as a global automaker, as well
as to its Group structure.  Kia's rating continues to be equalised
with Hyundai's.

Further negative rating actions could be triggered by factors such
as a longer than expected duration of the downturn in the global
auto market, an increase in negative free cash flow, and support
extended to the financial subsidiaries, suppliers or dealer
networks.


SSANGYONG MOTOR: Suspends Production Amid Parts Shortage
--------------------------------------------------------
Ssangyong Motor Co. Ltd suspended production at its factories in
Pyeongtaek and Changwon on Tuesday amid difficulty obtaining
parts, various reports say.

According to english.chosun.com, a company spokesman said some of
the 250 direct suppliers that produce tires and bumpers stopped
delivering goods for fear that they would not be paid, so it
became hard to operate assembly lines for finished vehicles.

Suppliers, english.chosun.com relates, stopped delivering because
they are at a higher risk of not getting paid until the court
decides whether to instigate revival proceedings.

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.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong 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.



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

621534 LTD: Court Hears Wind-Up Petition
----------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have 621534 Ltd.'s operations wound up.

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


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

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


BETA PROCESSING: Commences Liquidation Proceedings
--------------------------------------------------
On November 17, 2008, the High Court at Christchurch entered an
order to have Beta Processing Ltd.'s operations wound up.

The company's liquidators are:

          Paul William Gerrard Jenkins
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch


BREAKWATER LTD: Appoints Colin Brian Wilson as Liquidator
---------------------------------------------------------
On November 24, 2008, Colin Brian Wilson was appointed as
liquidator of Breakwater Ltd.

Only creditors who were able to file their proofs of debt by
December 23, 2008, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Colin Brian Wilson
          RSM Prince
          PO Box 3685, Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778
          e-mail: office@prince.co.nz


EASTLAND HOLDINGS: Court to Hear Wind-Up Petition on January 28
---------------------------------------------------------------
A petition to have Eastland Holdings Ltd.'s operations wound up
will be heard before the High Court of Rotorua on January 28,
2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 24, 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)


FIRST CLASS: Court Hears Wind-Up Petition
-----------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have First Class Plastering Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on May  27, 2008.


KIPPA'S CONTRACTING: Appoints Sheriff and Vance as Liquidators
--------------------------------------------------------------
On November 24, 2008, Greg Sheriff and David Stuart Vance were
appointed as liquidators of Kippa's Contracting (2002) Ltd.

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

The Liquidators can be reached at:

          Greg Sheriff
          David Stuart Vance
          c/o Louise Craig
          Deloitte, Levels 11-16
          10 Brandon Street
          Wellington 6011
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


LFS HOLDINGS: Court to Hear Wind-Up Petition on January 22
----------------------------------------------------------
A petition to have LFS Holdings 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)


ORBIT FINANCIAL: Commences Liquidation Proceedings
--------------------------------------------------
Orbit Financial Services Ltd. commenced liquidation proceedings on
November 28, 2008.

The company's liquidators are:

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


PHOENIX BUILDING: Appoints Crichton and Horne as Liquidators
------------------------------------------------------------
On November 24, 2008, the shareholders of Phoenix Building 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, were included in the company's dividend
distribution.

The Liquidators can be reached at:

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


PORTA HOMES ET AL: Creditors' Proofs of Debt Due on January 30
--------------------------------------------------------------
Stephen Mark Lawrence and Anthony John Mccullagh fixes January 30,
2009, as the last day to file proofs of debt for the creditors of:

   -- Porta Homes NZ Ltd.; and
   -- Lister Developments Limited.

The Liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John Mccullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone:(09) 306 7421
          Facsimile:(09) 302 0536


STONEYLAND TRUCK: Court Hears Wind-Up Petition
----------------------------------------------
On December 15, 2008, High Court at Christchurch heard a petition
to have Stoneyland Truck & Trailer Ltd.'s operations wound up.

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


SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition
------------------------------------------------
On December 19, 2008, the High Court at Auckland heard a petition
to have Sydney Productions (No.7) Ltd.'s operations wound up.

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


S.W.A LTD: Court Hears Wind-Up Petition
---------------------------------------
On December 17, 2008, the High Court at Auckland heard a petition
to have S.W.A Ltd.'s operations wound up.

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


TRANZ STAR: Appoints Tubbs and Gower as Liquidators
---------------------------------------------------
On November 24, 2008, the shareholders of Tranz Star Distribution
Ltd. appointed Stephen John Tubbs and Colin Anthony Gower as the
company's liquidators.

Only creditors who were able to file their proofs of debt by
December 30, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Stephen John Tubbs
          Colin Anthony Gower
          c/o Jim Barber
          BDO Spicers, Level 6
          148 Victoria Street
          Christchurch 8013
          Telephone: (03) 943 6094
          Facsimile: (03) 353 5526
          e-mail: jim.barber@chc.bdospicers.com


UPPER QUEEN ET AL: Creditors' Proofs of Debt Due on February 21
---------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed Feb. 21,
2009, as the last day to file proofs of debt for the creditors of:

   -- Upper Queen Street Properties Limited;
   -- Pinpoint Trustees Limited;
   -- Takapuna Procurement Limited;
   -- Crystal Waters Limited; and
   -- McEwan Group Limited.

The Liquidators can be reached at:

           Vivian Judith Fatupaito
           Colin Thomas McCloy
           PricewaterhouseCoopers
           Private Bag 92162, Victoria Street West
           Auckland 1142
           Telephone: (09) 355 8000
           Facsimile: (09) 355 8013



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

ALLIED BANKING: Moody's Confirms 'Ba3' Currency Debt Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed Allied Banking
Corporation's local currency subordinated debt at Ba3, with a
stable outlook.

This effectively removes the review for possible upgrade.  The
review was initiated on June 26, 2008 following the approval of
the merger of ABC and Philippine National Bank (E+/Ba1-NP) by
their respective shareholders.

"Although it remains likely that the two banks will eventually
merge, Moody's is removing the review for possible upgrade due to
the prolonged and uncertain timing for the transaction to close,"
says Richard Lung, a Moody's Vice President.

The action follows the banks' recent disclosures that the merger
has encountered legal and regulatory hurdles to its formal
completion.  It was originally planned to close in the third
quarter of 2008 and will now be delayed until the second half of
2009.

Prior to completion of the merger, the U.S. federal banking
authorities have required ABC to dispose of its shareholdings in
Oceanic Bank Holdings, a U.S. bank holding company in which ABC
currently has a 28% stake.  A remaining legal challenge on certain
shareholdings in ABC provides an additional hurdle for the
merger's close.

This rating of ABC was confirmed with a stable outlook:
ABC's local currency subordinated debt rating of Ba3.

These ratings of ABC were unaffected by the action:

  -- Foreign currency deposit ratings of B1/Not-prime; and BFSR of
     E+.

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

The last rating action for ABC was on June 26, 2008 when the
bank's local currency subordinated debt rating was placed on
review for possible upgrade.

Allied Banking Corp, headquartered in Manila, is the 12th largest
commercial bank in the Philippines with P 147.8 billion in assets
as of year-end 2007.

Philippine National Bank, headquartered in Manila, is the 6th
largest bank in the Philippines with P239.7 billion in assets as
of year-end 2007.



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

FASCON CRANE: Court to Hear Wind-Up Petition on January 23
----------------------------------------------------------
A petition to have Fascon Crane Services Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
January 23, 2009, at 10:00 a.m.

Empire Technology Pte Ltd filed the petition against the company
on December 29, 2008.

Plaintiffs' solicitors are:

          Margaret George
          Messrs. Belinda Ang Tang & Partners
          No. 19 Carpenter Street
          #03-00, Singapore 059908


TEO BROS: Court Pays Second Interim
-----------------------------------
Teo Bros Pte Ltd, which is in liquidation, paid the second interim
on January 16, 2009.

The company paid SGD1.40 to all its creditors.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


THE ORACLEWORKS: Creditors' Proofs of Debt Due on January 23
------------------------------------------------------------
The Oracleworks Pte Ltd, which is in liquidation, requires the
company's creditors to file their proofs of debt by January 23,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road, #03-08, Wilkie Edge
          Singapore 228095


THE SHANGHAI: Court to Hear Wind-Up Petition Today
--------------------------------------------------
A petition to have The Shanghai Book (CNPIEC) Co Pte Ltd's
operations wound up will be heard before the High Court of
Singapore today, January 16, 2009, at 10:00 a.m.

The Shanghai Book Co (Pte) Ltd filed the petition against the
company on December 11, 2008.

The Plaintiffs' solicitor is:

          Messrs. KhattarWong
          80 Raffles Place
          #25-01, UOB Plaza 1
          Singapore 048624


TIC CAPITAL: Creditors' Proofs of Debt Due on February 9
--------------------------------------------------------
TIC Capital Pte Ltd, which is in liquidation, requires the
company's 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:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



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

DAH CHUNG: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has affirmed Taiwan's Dah Chung Bills Finance
Corporation's Long-term foreign currency Issuer Default Rating at
'BBB-' (BBB minus), Short-term foreign currency IDR at 'F3',
National Long-term at 'A(twn)', National Short-term Rating at
'F1(twn)', Individual rating at 'C/D', Support rating at '5' and
Support Rating Floor at 'NF'.  The Outlook is Stable.

The ratings are supported by DCBFC's above-average capitalization
and improving liquidity position, but also consider its less
diversified revenue sources and weak profitability.

Fitch views Taiwan's Bills Finance Companies' ratings to be under
pressure, given the increasingly difficult local economic
conditions amidst the global downturn.  The agency will be
conducting a top-down sector review to assess the likely negative
impact of the economic downturn on the BFCs' financial standings
and may take further rating actions as appropriate.

DCBFC has managed to cut down its exposure to the property and
construction sector amid the global financial turmoil.
Nevertheless, the still-sizeable exposure could render DCBFC
vulnerable to a pronounced property market downturn.  DCBFC has so
far maintained adequate asset quality; its impaired credits were
0.6% of total guarantees at end-H108, with strong loan loss
reserves of 188.0%.

DCBFC is adequately capitalized with a capital adequacy ratio of
16.2% at end-H108.  DCBFC's liquidity position has improved thanks
to the relatively short remaining tenor of its less liquid
investments, which comprised structured deposits and notes,
convertible bonds and straight bonds from convertible bonds.  Its
long-term funding is sufficient to cover the company's less liquid
assets.

DCBFC's earnings performance improved, although still weak. Its
preliminary un-audited ROE was 3.6% in 2008, up from 2.3% in 2007.
Fitch expects DCBFC to deliver modest profit in 2009, although the
associated credit risks arising from its guarantee offerings could
also increase.

DCBFC is one of the new established after industry deregulation in
1995.  Its two major shareholders are Far Eastern International
Bank ('BBB-' (BBB minus)/'F3'/Outlook Stable) and Taishin
International Bank ('BBB'/'F3'/Outlook Negative) with respective
shareholdings of 22.6% and 18.8%.


TAISHIN FINANCIAL: Moody's Downgrades Issuer Rating to 'Ba1'
------------------------------------------------------------
Moody's Investors Service lowered the issuer rating of Taishin
Financial Holding Co. to Ba1 from Baa3, and the long-term global
local and foreign currency bank deposit ratings on its main
banking subsidiary, Taishin International Bank to Baa2 from Baa1.

TIB's bank financial strength rating was confirmed at D+.
However, its baseline credit assessment was lowered from Baa3 to
Ba1. The outlook for all ratings is stable.

This rating action concludes the review for possible downgrade
announced on October 6, 2008.

At the same time, Moody's Taiwan Corporation has changed Taishin
FHC's national scale issuer rating of A2.tw to A3.tw and its
national scale subordinated debt rating of Baa1.tw to Baa2.tw.
TIB's national scale deposit rating of Aa3.tw was downgraded to
A1.tw. The outlook for all ratings is stable.

"The downgrade reflects Moody's view that TIB's thinner capital
cushion, relative to its D+ BFSR rated peers, places it closer to
the lower end of the rating band," says Cherry Huang, a Moody's
Vice President/Senior Analyst.  "TIB's relative standing on this
metric will remain lower even after a planned capital injection
from its parent."

Over 2008, TIB had been working on various initiatives to
replenish its capital, which had been depleted by card losses it
suffered during Taiwan's consumer credit crisis.  Repeated
attempts to attract new outside investors failed to materialize.
However, the bank will be recapitalized by its parent TSFHC
following a relaxation announced in December 2008 of regulatory
restrictions on capital allocation within Taiwanese FHCs.

"Beyond this one-off injection, TIB's ability to further replenish
its capital to levels comparable to its higher rated peers will
likely be constrained by the downturn in Taiwan's domestic
economy, which is expected to lead to higher credit costs, and
slowing earnings momentum given the diminished investor appetite
for wealth management products, previously a key driver for the
bank's earnings." says Huang.

TIB's stable rating outlook reflects its moderately healthier
asset quality and gradual improvement in the risk profile of its
unsecured consumer finance portfolio, which was hard hit by the
2006 card crisis.  However, containing an expected influx of NPLs
resulting from the economic downturn while also regaining earnings
power will be crucial to TIB's rating stability.

TSFHC's Ba1 issuer rating is two notches below TIB's Baa2 deposit
rating.  This is based on Moody's opinion that a holding company's
obligations are structurally subordinated to the claims on its
operating subsidiaries.  It also results from the relatively high
double leverage ratio at TSFHC which was over 140% at the end of
September 2008.

To improve its leverage position, TSFHC has announced plans for a
secondary public offering of NT$7 billion.  While the capital
increase by itself may not warrant a rating upgrade, the offering,
if well-received, will indicate improved market confidence in the
company following a run on TIB's deposits last October.  A
favorable sentiment will be regarded as a building block to long-
term profitability.

The last rating actions for Taishin FHC and TIB were taken on
October 6, 2008, when all the group's ratings were placed under
review for possible downgrade.

Full details of the rating action are:

Issuer: Taishin International Bank

Following ratings were downgraded:

  -- Long-term global local/foreign currency deposit rating
     downgraded to Baa2 from Baa1

  -- Foreign currency issuer rating downgraded to Baa2 from Baa1

  -- Long-term national scale deposit rating downgraded to A1.tw
     from Aa3.tw

Following ratings were confirmed:

  -- Bank financial strength rating of D+
  -- Short-term local/foreign currency deposit rating of Prime-2
  -- Short-term national scale deposit rating of TW-1
  -- Outlook change
  -- Outlook, Changed to Stable from Rating Under Review

Issuer: Taishin FHC:

Following ratings were downgraded:

  -- Issuer rating changed to Ba1 from Baa3

  -- National scale issuer rating changed to A3.tw from A2.tw

  -- National scale subordinated-debt rating changed to Baa2.tw
     from Baa1.tw

  -- Outlook change

  -- Outlook, Changed to Stable from Rating Under Review

Taishin FHC is a bank-dominated financial group controlling six
operating subsidiaries: TIB, Taishin Securities Company, Taishin
Bills Finance, Taishin Asset Management Ltd, Taishin Marketing
Consulting Company Ltd, and Taishin Venture Capital Company Ltd.
Both Taishin Financial Holding Company and Taishin International
Bank are headquartered in Taipei, Taiwan.  On a consolidated
basis, the holding company reported assets of NT$2.4 trillion
(US$77.6 billion) and the bank NT$929 billion (US$30.6 billion) at
the end of 1H2008.


TAIWAN FINANCE: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has affirmed Taiwan Finance Corporation's Long-term
foreign currency Issuer Default Rating at 'BBB-' (BBB minus),
Short-term foreign currency IDR at 'F3', National Long-term rating
at 'A(twn)', National Short-term rating at 'F1(twn)', Individual
rating at 'D' and Support rating at '2'. The Outlook is Stable.

TFC's IDRs are predicated on expected support from its major
shareholders.  The company is 95%-owned by reasonably strong
financial institutions, including Cathay United Bank (Individual
rating: 'B/C'), Mega International Commercial Bank Company Limited
(Long-term IDR: 'A-' (A minus)/Stable), International Bills
Finance Corporation (Long-term IDR: 'BBB'/Negative), Shanghai
Commercial and Savings Bank (Individual rating: 'B/C') and city
government-controlled Bank of Kaohsiung.

TFC's Individual rating primarily reflects its satisfactory asset
quality and adequate capitalisation; its limited business scope
and weak profitability are major offsetting factors.  The company
recorded a small net profit of TWD67m in the first nine months of
2008.  However its net worth rose 5% for the period, benefiting
from the valuation gains in bond holdings, as yields fell in Q308.
Meanwhile, the company advised that its capital adequacy ratio
rose notably to 24.2% at end-2008 from 10.8% at end-2007, due to
net profits, valuation gains, and balance sheet contraction during
the year.  Meanwhile, its management is vigilant in maintaining an
enlarged capital cushion to cope with a challenging credit
environment.  Despite TFC's reliance on repos to fund its bond
trading and warehoused commercial papers, liquidity risk appears
manageable, given its good quality underlying securities against
repos.  In addition, the company has access to liquidity support
from its parents, if needed.

Established in 1995, TFC is one of the smallest bills finance
companies in Taiwan.


* TAIWAN: Investors in China Need Immediate Aid
-----------------------------------------------
The Taipei-based Straits Exchange Foundation (SEF) has urged
Beijing authorities to take swift and effective measures to help
Taiwan's enterprises operating in China cope with the effects of
the global economic downturn, The China Post reports.

SEF Chairman Chiang Pin-kung, the Post relates, said capital
shortage has long been a cardinal difficulty for Taiwan's
businesses operating in China.

According to the report, Chairman Chiang said the sharp retreat
into global recession, shrinking orders, and the tax rebates
lowered by Beijing have made the problem more acute.

The investors have also come under mounting pressures from the
officials of local-level city and counterparts regarding their
revised economic development policies, the Post adds citing
Chairman Jiang.

After taking a four-day visit to meet with Taiwanese businessmen
operating on the Chinese mainland, the Post notes, Chairman Chiang
together with other delegates immediately brought up the issues
with officials at the Beijing-based Association for Relations
Across the Taiwan Straits (ARATS).

The Post states that in addition to relaying the requests of the
Taiwanese investors, Chairman Chiang said the SEF has gathered the
opinions of investors in various region to provide suggestions to
Beijing's policymakers via the ARATS.



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

NORTEL NETWORKS: To Seek Creditor Protection in Europe
------------------------------------------------------
Nortel Networks Corporation said that following it and its units'
decision to seek creditor protection under the Companies'
Creditors Arrangement Act in Canada, and Chapter 11 of the
Bankruptcy Code in the U.S., its units located in the Europe,
Middle East and Africa area will seek consequential filings in
Europe.

According to John Doolittle, vice president of Nortel, the
majority of the EMEA Entities are subsidiaries of Nortel Networks
UK Limited, with the exception of (a) Nortel Networks SA -- NN
France -- which is jointly owned by NNL and Nortel International
Finance & Holding BV, and Nortel Networks France SAS, which is a
subsidiary of NN France; and (b) Nortel Networks (Ireland)
Limited, which is a wholly owned subsidiary of NNL for fiscal
reasons.  NN UK is the largest business of the EMEA Entities and
is the headquarters for the EMEA region.

In a Jan. 14 news release, the company said that it commenced a
process to turn around and transform Nortel in late 2005, and the
company made important progress on a number of fronts.  However,
the global financial crisis and recession have compounded Nortel's
financial challenges and directly impacted its ability to complete
this transformation.  Nortel said it is taking this action now,
with a $2.4 billion cash position, to preserve its liquidity and
fund operations during the restructuring process.  Nortel has
concluded that, in the absence of seeking creditor protection, in
later portions of this year there is a significant risk it would
have insufficient cash resources on a regional basis and would
likely be unable to remedy this deficit position through third-
party financing.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: LatAm and Asia Units Excluded From Filings
-----------------------------------------------------------
Despite its decision to seek creditor protection in the United
States, Canada and Europe, Nortel Networks Corp. said in a
statement that worldwide normal day-to-day operations are expected
to continue without interruption.  NNC also said that its
affiliates in Asia, including LG Nortel and in the Caribbean and
Latin America are not included in the insolvency proceedings and
are expected to continue to operate in the ordinary course.

Nortel said it remains 100% focused on serving customers worldwide
through continued R&D investments and support of its product
portfolio to fulfill customer needs.

"Nortel must be put on a sound financial footing once and for
all," said Nortel President and CEO Mike Zafirovski, in connection
with Nortel's decision to seek creditor protection.  "These
actions are imperative so that Nortel can build on its core
strengths and become the highly focused and financially sound
leader in the communications industry that its people, technology
and customer relationships show it ought to be.  I am confident
that the actions we're announcing today will be the fastest, most
effective means to translate our improved operational efficiency,
double-digit productivity, focused R&D and technology leadership
into long-term success.  I want to reaffirm Nortel's dedication to
delivering world-class solutions and services to customers."

In a Jan. 14 news release, the company said that it commenced a
process to turn around and transform Nortel in late 2005, and the
company made important progress on a number of fronts.  However,
the global financial crisis and recession have compounded Nortel's
financial challenges and directly impacted its ability to complete
this transformation.  Nortel said it is taking this action now,
with a $2.4 billion cash position, to preserve its liquidity and
fund operations during the restructuring process.  Nortel has
concluded that, in the absence of seeking creditor protection, in
later portions of this year there is a significant risk it would
have insufficient cash resources on a regional basis and would
likely be unable to remedy this deficit position through third-
party financing.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Bankruptcy Creditors' Service, Inc., is publishing Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


* S&P Puts Junk Ratings on 7 Asia-Pacific CDOs on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 40 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  At the
same time, the ratings on six CDOs were affirmed and removed from
Creditwatch negative, and three other CDOs were placed on
CreditWatch positive.  The CreditWatch on the ratings on Hercules
Global CDO Trust I and Alpha Financial Products Ltd. Series I was
revised from negative to positive.

These rating actions reflect the credit risk of the CDO portfolios
and probability of loss in the transactions.  The synthetic rated
overcollateralization levels for the ratings placed on CreditWatch
positive rose above 100% at a higher rating level during the SROC
analysis for Jan. 6, 2009, indicating positive rating migration
within the reference portfolio.  For those transactions that have
been placed on CreditWatch negative, the SROC fell below 100% at
the current rating level.

The rating actions also take into consideration the auction
results from the recent International Swaps and Derivatives
Association, Inc. protocol for Tribune Company as applicable to
relevant portfolios.

The Global SROC Report with the SROC analysis as of Jan. 6, 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.

The rating actions taken on the affected transactions are:

Deal Name                           Rating To           Rating From
---------                           ---------           -----------
Alpha Financial Products Ltd.
  Series 1                           B+pNRi/Watch Pos    B+pNRi/Watch Neg
Aphex Pacific Capital Ltd.
  Series 5 DESIGN 2006               BB/Watch Neg        BB
ARLO Ltd. Series 2005
(SKL CDO - Series 6)                BB+pNRi/Watch Neg   BB+pNRi
Athenee CDO PLC Series 2007-3       AA/Watch Neg        AA
Athenee CDO PLC Series 2007-5       A/Watch Neg         A
Athenee CDO PLC Series 2007-8       AA/Watch Neg        AA
Athenee CDO PLC Series 2007-12      A/Watch Neg         A
Athenee CDO PLC Series 2007-15      AA/Watch Neg        AA
Cairn SC Jersey Finance Ltd. I      CCC-/Watch Neg      CCC-
Castle Finance I Ltd. Series 1      BBB+/Watch Neg      BBB+
Castlereagh Trust Series 1          CCC+/Watch Neg      CCC+
Castlereagh Trust Series 2          CCC/Watch Neg       CCC
Chess II Ltd. Series 2004-7         AAA/Watch Neg       AAA
Chess II Ltd. Series 2004-8         AA-/Watch Neg       AA-
Corsair (Cayman Islands) No. 4 Ltd.
  Series 5                           CCC+/Watch Neg      CCC+
Corsair (Jersey) No. 2 Ltd.
  Series 68                          BB                  BB/Watch Neg
Corsair (Jersey) No. 2 Ltd.
  Series 72                          BBB-/Watch Neg      BBB-
Corsair (Jersey) No. 2 Ltd.
  Series 97                          CCC-/Watch Neg      CCC-
Dragon A (CDS BNP)                  A-srp               A-srp/Watch Neg
Dragon AA (CDS BNP)                 AAAsrp/Watch Neg    AAAsrp
Echo Funding Pty Ltd. Series 18     BBB-/Watch Neg      BBB-
Echo Funding Pty Ltd. Series 19     BB-/Watch Neg       BB-
Echo Funding Pty Ltd. Series 20     BB/Watch Neg        BB
Echo Funding Pty Ltd. Series 21     BBB-/Watch Neg      BBB-
Eirles Two Ltd. Series 241          BBB/Watch Neg       BBB
Hercules Global CDO I Trust         BB/Watch Pos        BB/Watch Neg
Jacaranda Trust Series 2            AA-                 AA-/Watch Neg
Magnolia Finance I PLC
  Series 2006-21                     BBB-/Watch Neg      BBB-
Magnolia Finance I PLC
  Series 2006-22                     BBB-/Watch Neg      BBB-
Morgan Stanley Managed ACES SPC
  Series 2006-12 Class IA            B/Watch Neg         B
Morgan Stanley ACES SPC
  Series 2006-31                     BBB/Watch Neg       BBB
Morgan Stanley ACES SPC
  2007-9 Class III (Principal)       BBB-p/Watch Neg     BBB-p
Morgan Stanley ACES SPC
  2007-21 Class I                    BB/Watch Neg        BB
Morgan Stanley ACES SPC 2007-29     BBB-/Watch Neg      BBB-
Morgan Stanley ACES SPC
  2007-38 Class I                    BBB/Watch Neg       BBB
Obelisk Trust 2005-1                A/Watch Neg         A
Obelisk Trust 2005-3 - Mica         BBB-/Watch Neg      BBB-
Obelisk Trust 2006-3 Eden           B+/Watch Neg        B+
Rembrandt Australia Trust 2004-2    AA                  AA/Watch Neg
Salisbury International Investments Ltd.
  Series 2006-18                     CCC+/Watch Neg      CCC+
Sceptre Capital B.V. Series 2005-3  BBB-/Watch Pos      BBB-
Sceptre Capital B.V. Series 2007-2  BB-/Watch Neg       BB-
SELECT ACCESS Investments Ltd.
  Series 2005-2                      BBB-/Watch Neg      BBB-
Signum Platinum II Ltd.
  Series 2006-1                      CCC-/Watch Pos      CCC-
STARTS (Cayman) Ltd. Series 2005-5  CCC/Watch Neg       CCC
Thunderbird Investments PLC
  Series 20                          BBB-                BBB-/Watch Neg
United Investment Grade
  ABS CDO Fund 2005-1A               AA                  AA/Watch Neg
Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
  Tranche B                          BB-/Watch Neg       BB-
Xelo PLC Series 2007 (Spinnaker III Asia Mezzanine 2)
  Tranche C                          BB+/Watch Neg       BB+
Xelo PLC Series 2007
  (Spinnaker III Asia Mezzanine 3)   B/Watch Neg         B
Zenesis SPC Series 2006-1           BBB+/Watch Pos      BBB+


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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

PHILIPPINES

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


SINGAPORE

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


TAIWAN

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


THAILAND

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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